Healthpeak Properties, Inc. (DOC) — Fundamental Analysis & Key Financial Ratios

Kaplio's reading: Healthpeak Properties, Inc.

Updated on October 3, 2026 · accounts published on August 4, 2026

Reading of October 3, 2026: A REIT with growing revenue and a well-covered dividend, held back by heavy debt

Healthpeak Properties trades at 10.8× fiscal 2025 FFO, below the 15× to 20× REIT range, and its FFO covers the dividend 1.5 times.

• Is Healthpeak Properties expensive or cheap? At 10.8× fiscal 2025 FFO, Healthpeak Properties trades below the 15× to 20× range considered healthy for REITs.
• How is the business doing? The operating margin fell to 18 % over the last 12 months, against a 25 % average for fiscal 2014 to 2025.
• How strong is the balance sheet? Net debt was 6.7× EBITDA in fiscal 2025, above the 6.0× ceiling considered healthy for REITs.
• Does FFO cover the dividend, and at what multiple does it trade? Fiscal 2025 FFO covered the dividend 1.5 times, above the 1.1× level considered healthy for REITs.
• What to expect from the next earnings? Results are due October 22, 2026, and analysts expect EPS of $0.05 after last quarter's $0.08 beat.

Is Healthpeak Properties expensive or cheap?

For a REIT, price to FFO comes first. Healthpeak Properties trades at 10.8× its fiscal 2025 FFO, below the 15× to 20× band of a healthy REIT. Price to book is 1.7× over the last 12 months, and the free cash flow yield is 12.8 %, a high figure for a property owner. EV/EBITDA stands at 12.4×. Over the past decade the P/E has ranged from 16.2× to 64.3×, which shows how little it tells you here. The stock is up 10 % over 12 months but still 12 % below its 52-week high of $22.82.

How is the business doing?

Revenue grew 4.5 % over the last 12 months, a modest pace that keeps the top line moving. Profitability looks weaker. The operating margin was 18 % over the last 12 months, down from 19 % in fiscal 2025 and well below the 25 % average for fiscal 2014 to 2025. Healthpeak Properties keeps less of each dollar of revenue as operating profit than it did for most of the past decade. FFO per share, estimated from operating cash flow per share, was $1.80 in fiscal 2025. Its direction from year to year matters more than its level.

How strong is the balance sheet?

Leverage is the weak point. Net debt stood at 6.7× EBITDA in fiscal 2025. That is above the 6.0× limit for a sound REIT and well past the 5.0× mark of the strongest ones. Other measures look calmer. Debt equaled 51 % of assets in fiscal 2025, inside the 60 % ceiling, and debt to equity is 1.32 over the last 12 months. The dividend yields 6.3 % over the last 12 months, solid income that depends on keeping lenders comfortable. With debt this high relative to earnings, a further slide in margins would leave less room to pay it down.

Does FFO cover the dividend, and at what multiple does it trade?

In a REIT, EPS and the P/E mislead because property depreciation is a large non-cash charge that pushes reported earnings down. FFO adds that charge back and comes closer to the cash the properties generate, which is why the dividend is measured against it. Healthpeak Properties covered its payout 1.5 times with fiscal 2025 FFO, comfortably above the 1.1× healthy level. The market values that FFO at 10.8×, below the 15× to 20× REIT range. A covered dividend at a low multiple usually means investors are worried more about the debt than about the income.

What to expect from the next earnings?

Healthpeak Properties reports on October 22, 2026, and the consensus calls for EPS of $0.05. In the quarter published August 4, 2026, it earned $0.08 against $0.03 expected, a 184 % surprise. Its record is mixed, with beats in 4 of the last 8 quarters. Estimates are steady: the 2026 EPS consensus has held at $0.45 over the last 18 days, and revenue forecasts have barely moved. Of 41 analysts, 19 rate the stock a buy, 22 a hold and none a sell. For this REIT, the FFO and debt figures will say more than EPS.

How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.