# Healthpeak Properties (DOC.US)

Canonical: https://gigainvestors.com/s/DOC

Analysis as of: 2026-10-16T07:28:04.204Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $18.96 per share; close as of 2026-10-15.

Estimated value: low $22.12 per share, central $24.95 per share, high $28.71 per share. Buy at or below the central value $24.95 per share. Valuation as of 2026-10-16T07:28:04.204Z; scenarios are not confidence intervals.

Expected annual return: 12.5% at the stated quote. About 12.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.24×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.30×

- FY2018: 0.26×

- FY2019: 0.25×

- FY2020: 0.13×

- FY2021: 0.18×

- FY2022: 0.17×

- FY2023: 0.20×

- FY2024: 0.17×

- FY2025: 0.19×

- LTM to Jun 2026: 0.18×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 37.2pp below the typical margin (limit 4pp)

- ROIC, median of available years: 2.8%

- ROIC, second-lowest year: 2.5%

- Typical minus recent gross margin: 37.2 pp

- Typical gross margin (annual median): 59.7%

- Recent gross margin (lower of latest and 3-year median): 22.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.0%

- ROIC including acquisitions, ten-year median: 7.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 26.2%

- FY2017: 14.1%

- FY2018: 8.0%

- FY2019: 2.5%

- FY2020: 1.6%

- FY2021: 2.7%

- FY2022: 2.7%

- FY2023: 3.3%

- FY2024: 2.7%

- FY2025: 2.9%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 3.24×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $5.3B

- Net income, five-year total: $1.6B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 5.8 pp

- Working capital / revenue, change between three-year averages: 45.6 pp

- Working capital / revenue, final three-year average: 15.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 2.13×

- FY2022: 2.20×

- FY2023: 3.08×

- FY2024: 4.87×

- FY2025: 13.45×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 14.1% vs 2.9%

- Per-share earnings: 0.88 to 0.35 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 4.1%

- Ordinary dilution, 5-year annual growth: 5.3%

- Market cap gain: -$2.7B

- Cumulative retained earnings: -$5.8B

- Diluted shares, 10-year annual growth: 4.1%

- Diluted shares, 5-year annual growth: 5.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -11.0%

- Per-share value change: -$0.54

- Per-share value, starting three-year median: $0.88

- Per-share value, ending three-year median: $0.35

- Buybacks concentrated in cheaper years (correlation): -0.36

- Average buyback yield: 0.3%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $831M

- Cumulative net income, 10 years: $4.2B

- ROIC, first three-year median: 14.1%

- ROIC, last three-year median: 2.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.34

- FY2017: $0.88

- FY2018: $2.21

- FY2019: $0.09

- FY2020: $0.77

- FY2021: $0.94

- FY2022: $0.93

- FY2023: $0.56

- FY2024: $0.35

- FY2025: $0.10

### accounting: pass

- Sloan accruals: -5.8%

- Receivables to sales index (DSRI): 0.82×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 17.55×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.10×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -20.3%

- FY2017: -10.4%

- FY2018: 5.1%

- FY2019: -5.7%

- FY2020: -2.2%

- FY2021: -1.9%

- FY2022: -2.5%

- FY2023: -4.1%

- FY2024: -4.1%

- FY2025: -5.8%

## Holders

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 47% since Dec 2021 · "Healthpeak Properties misses Q2 earnings estimates, lowers guidance; Shares fall" (investing.com, Jul 2025) · sales +4.5%

Story as of 2026-10-16T09:58:38.911Z; price observation 2026-10-15.

Price needs cash profits to shrink 2.8% a year for ten years

- 2025-07-24: Healthpeak Properties misses Q2 earnings estimates, lowers guidance; Shares fall ([investing.com](https://www.investing.com/news/earnings/healthpeak-properties-misses-q2-earnings-estimates-lowers-guidance-shares-fall-93CH-4152000))

- 2026-05-06: Healthpeak Properties Q1 FFOA Tops Estimates on Steady Leasing Momentum ([finance.yahoo.com](https://finance.yahoo.com/sectors/healthcare/articles/healthpeak-properties-q1-ffoa-tops-145300017.html))

### Sales · FY2025–2026

sales +4.5%; source https://www.sec.gov/Archives/edgar/data/1036081/000119312507147091/d10k.htm; observed 2007-06-29.

- FY2017: $1.8B 

- FY2018: $1.2B 

- FY2019: $1.2B 

- FY2020: $1.6B 

- FY2021: $1.9B 

- FY2022: $2.1B 

- FY2023: $2.2B 

- FY2024: $2.7B 

- FY2025: $2.8B 

- FY2026: $2.9B 

### Gross margin · FY2025

gross margin 22.5%; source https://www.sec.gov/Archives/edgar/data/1036081/000119312507147091/d10k.htm; observed 2007-06-29.

- FY2016: 65.3% 

- FY2017: 64.0% 

- FY2018: 68.2% 

- FY2019: 67.3% 

- FY2020: 52.4% 

- FY2021: 59.2% 

- FY2022: 58.1% 

- FY2023: 58.6% 

- FY2024: 60.2% 

- FY2025: 22.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are USD 2.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2007-06-29); FY2025: revenue 2822512000; grossProfit 634548000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DOC.US: Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns, operates, and develops high-quality real estate for healthcare discovery and delivery. Healthpeak Properties, Inc. is based in Denver, Colorado. Healthpeak Properties, Inc. was incorporated in 1985 in Maryland.

### Why customers stay

Margins ranged from 22.5% to 60.2% during 2023–25; it earns 2.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2007-06-29); FY2023: grossProfit / revenue = 58.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2007-06-29); FY2024: grossProfit / revenue = 60.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2007-06-29); FY2025: grossProfit / revenue = 22.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2007-06-29); 10-year return on capital observations [[2016,0.26184602529741186],[2017,0.14149982535076128],[2018,0.07995485458352095],[2019,0.025243040066740618],[2020,0.016361847270108965],[2021,0.026767620080324253],[2022,0.026869900880858926],[2023,0.032630079457187565],[2024,0.0269012518043559],[2025,0.028748891719370378]]; median 0.02782507176186314. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 58% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1036081/000119312507147091/d10k.htm (filed 2007-06-29); Gross margin observations: [[2021,0.5921920024638959],[2022,0.5813117547344285],[2023,0.5864013025199873]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 97.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2007-06-29); FY2016: growth capex 0; upkeep 11304000; owner earnings 1184551000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2007-06-29); FY2017: growth capex 0; upkeep 23243000; owner earnings 925652000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2007-06-29); FY2018: growth capex 0; upkeep 34638000; owner earnings 1575954000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2007-06-29); FY2020: growth capex 0; upkeep 639287000; owner earnings 471419000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2007-06-29); FY2021: growth capex 0; upkeep 111480000; owner earnings 1078346000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2007-06-29); FY2022: growth capex 0; upkeep 108510000; owner earnings 1102508000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2007-06-29); FY2023: growth capex 0; upkeep 113596000; owner earnings 942314000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2007-06-29); FY2024: growth capex 0; upkeep 115784000; owner earnings 1184563000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2007-06-29); FY2025: growth capex 0; upkeep 133951000; owner earnings 959514000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2007-06-29); Dividend observations: [[2016,979542000],[2017,694955000],[2018,696913000],[2019,720123000],[2020,787072000],[2021,650082000],[2022,648047000],[2023,657021000],[2024,794783000],[2025,849095000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2007-06-29); FY2025: cash repurchases 97145000 USD.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DOC.US SharesStats.PercentInsiders = 0.296 percentage points; cache date 2026-10-16.

### What could break it

"Our level of indebtedness may increase and materially adversely affect our future operations." (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/765880/000162828026005044/peak-20251231.htm (filed 2026-02-03); Our level of indebtedness may increase and materially adversely affect our future operations.

### What the price says

The price assumes cash profits shrink 2.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2007-06-29); Ten-year compound average after fade. Initial solved rate -0.05253013422459013. Price 18.96; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.12769507145417341 → FY2025 1.3785249208383379. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $34.25 per share

- 2016-11: $29.53 per share

- 2016-12: $29.72 per share

- 2017-01: $30.32 per share

- 2017-02: $32.79 per share

- 2017-03: $31.28 per share

- 2017-04: $31.35 per share

- 2017-05: $31.34 per share

- 2017-06: $31.96 per share

- 2017-07: $31.65 per share

- 2017-08: $29.81 per share

- 2017-09: $27.83 per share

- 2017-10: $25.84 per share

- 2017-11: $26.44 per share

- 2017-12: $26.08 per share

- 2018-01: $24.08 per share

- 2018-02: $21.64 per share

- 2018-03: $23.23 per share

- 2018-04: $23.36 per share

- 2018-05: $23.97 per share

- 2018-06: $25.82 per share

- 2018-07: $25.90 per share

- 2018-08: $27.03 per share

- 2018-09: $26.32 per share

- 2018-10: $27.55 per share

- 2018-11: $29.26 per share

- 2018-12: $27.93 per share

- 2019-01: $31.54 per share

- 2019-02: $30.77 per share

- 2019-03: $31.30 per share

- 2019-04: $29.78 per share

- 2019-05: $31.71 per share

- 2019-06: $31.98 per share

- 2019-07: $31.93 per share

- 2019-08: $34.71 per share

- 2019-09: $35.63 per share

- 2019-10: $37.62 per share

- 2019-11: $34.88 per share

- 2019-12: $34.47 per share

- 2020-01: $35.99 per share

- 2020-02: $31.64 per share

- 2020-03: $23.85 per share

- 2020-04: $26.14 per share

- 2020-05: $24.64 per share

- 2020-06: $27.56 per share

- 2020-07: $27.29 per share

- 2020-08: $27.64 per share

- 2020-09: $27.15 per share

- 2020-10: $26.97 per share

- 2020-11: $28.86 per share

- 2020-12: $30.23 per share

- 2021-01: $29.65 per share

- 2021-02: $29.09 per share

- 2021-03: $31.74 per share

- 2021-04: $34.34 per share

- 2021-05: $33.38 per share

- 2021-06: $33.29 per share

- 2021-07: $36.97 per share

- 2021-08: $36.00 per share

- 2021-09: $33.48 per share

- 2021-10: $35.51 per share

- 2021-11: $32.86 per share

- 2021-12: $36.09 per share

- 2022-01: $35.37 per share

- 2022-02: $31.06 per share

- 2022-03: $34.33 per share

- 2022-04: $32.81 per share

- 2022-05: $29.69 per share

- 2022-06: $25.91 per share

- 2022-07: $27.63 per share

- 2022-08: $26.25 per share

- 2022-09: $22.92 per share

- 2022-10: $23.73 per share

- 2022-11: $26.26 per share

- 2022-12: $25.07 per share

- 2023-01: $27.48 per share

- 2023-02: $24.06 per share

- 2023-03: $21.97 per share

- 2023-04: $21.97 per share

- 2023-05: $19.96 per share

- 2023-06: $20.10 per share

- 2023-07: $21.83 per share

- 2023-08: $20.58 per share

- 2023-09: $18.36 per share

- 2023-10: $15.55 per share

- 2023-11: $17.32 per share

- 2023-12: $19.80 per share

- 2024-01: $18.50 per share

- 2024-02: $16.75 per share

- 2024-03: $18.75 per share

- 2024-04: $18.61 per share

- 2024-05: $19.90 per share

- 2024-06: $19.60 per share

- 2024-07: $21.82 per share

- 2024-08: $22.28 per share

- 2024-09: $22.87 per share

- 2024-10: $22.45 per share

- 2024-11: $21.99 per share

- 2024-12: $20.27 per share

- 2025-01: $20.66 per share

- 2025-02: $20.46 per share

- 2025-03: $20.22 per share

- 2025-04: $17.84 per share

- 2025-05: $17.41 per share

- 2025-06: $17.51 per share

- 2025-07: $16.94 per share

- 2025-08: $17.94 per share

- 2025-09: $19.15 per share

- 2025-10: $17.95 per share

- 2025-11: $18.26 per share

- 2025-12: $16.08 per share

- 2026-01: $17.24 per share

- 2026-02: $17.68 per share

- 2026-03: $16.43 per share

- 2026-04: $16.17 per share

- 2026-05: $19.15 per share

- 2026-06: $21.40 per share

- 2026-07: $21.83 per share

- 2026-08: $20.82 per share

- 2026-09: $19.97 per share

- 2026-10: $18.96 per share

## Annual estimated value (USD per share)

- FY2016: low $29.87 per share, central $33.99 per share, high $39.47 per share

- FY2017: low $23.95 per share, central $27.26 per share, high $31.65 per share

- FY2018: low $15.09 per share, central $17.18 per share, high $19.95 per share

- FY2019: low $13.68 per share, central $15.55 per share, high $18.04 per share

- FY2020: low $16.74 per share, central $19.05 per share, high $22.12 per share

- FY2021: low $19.46 per share, central $22.11 per share, high $25.65 per share

- FY2022: low $22.44 per share, central $25.53 per share, high $29.63 per share

- FY2023: low $18.95 per share, central $21.55 per share, high $25.00 per share

- FY2024: low $18.60 per share, central $21.15 per share, high $24.55 per share

- FY2025: low $20.13 per share, central $22.81 per share, high $26.38 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:33:45.424Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1036081/000119312507147091/d10k.htm); period 2007-03-31, filed 2007-06-29.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.