Latest Ratios: P/E Ratio 217.5x · EV/EBITDA 15.6x · ROE 0.8%. (2011–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $15.1B | $11.2B | $13.7B | $10.8B | $13.5B | $19.5B | $16.1B | $16.9B | $13.3B | $12.2B | $13.9B |
| Enterprise Value | $25.0B | $21.1B | $22.6B | $17.8B | $20.2B | $25.7B | $22.5B | $22.9B | $14.8B | $13.7B | $14.9B |
| P/E Ratio → | 217.50 | 160.80 | 56.31 | 35.36 | 27.25 | 38.81 | 39.26 | 383.00 | 12.47 | 29.64 | 22.18 |
| P/S Ratio | 5.36 | 3.97 | 5.08 | 4.97 | 6.56 | 10.26 | 9.76 | 13.60 | 11.15 | 6.62 | 6.52 |
| P/B Ratio | 1.82 | 1.35 | 1.51 | 1.56 | 1.85 | 2.72 | 2.18 | 2.53 | 5.37 | 4.78 | 7.68 |
| P/FCF | 13.19 | 9.76 | 12.80 | 11.33 | 15.01 | 24.47 | 21.17 | 19.94 | 15.64 | 14.44 | 11.44 |
| P/OCF | 11.81 | 8.74 | 12.80 | 11.33 | 15.01 | 24.47 | 21.17 | 19.94 | 15.64 | 14.44 | 11.44 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.47 | 8.37 | 8.16 | 9.78 | 13.54 | 13.67 | 18.50 | 12.42 | 7.41 | 6.98 |
| EV / EBITDA | 15.61 | 13.16 | 14.79 | 15.04 | 18.88 | 25.06 | 24.65 | 23.73 | 17.18 | 12.53 | 11.55 |
| EV / EBIT | 45.99 | 38.77 | 40.84 | 34.55 | 29.63 | 89.67 | 51.57 | 58.24 | 13.45 | 19.08 | 17.88 |
| EV / FCF | — | 18.40 | 21.12 | 18.62 | 22.38 | 32.29 | 29.65 | 27.12 | 17.43 | 16.18 | 12.24 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.5% | 22.5% | 60.2% | 58.6% | 58.1% | 59.2% | 52.4% | 67.3% | 68.2% | 64.0% | 65.3% |
| Operating Margin | 19.3% | 19.3% | 17.4% | 19.9% | 17.3% | 17.9% | 13.1% | 24.7% | 26.1% | 30.2% | 33.8% |
| Net Profit Margin | 2.5% | 2.5% | 9.0% | 14.0% | 24.3% | 26.7% | 25.1% | 3.7% | 89.1% | 22.4% | 29.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 0.8% | 0.8% | 3.0% | 4.3% | 6.9% | 7.0% | 5.9% | 1.0% | 42.2% | 19.0% | 43.1% |
| ROA | 0.4% | 0.4% | 1.4% | 1.9% | 3.2% | 3.2% | 2.8% | 0.5% | 25.5% | 11.7% | 27.7% |
| ROIC | 2.3% | 2.3% | 2.2% | 2.3% | 2.0% | 1.9% | 1.2% | 2.8% | 5.8% | 12.3% | 24.7% |
| ROCE | 2.8% | 2.8% | 2.8% | 3.1% | 2.6% | 2.4% | 1.6% | 3.7% | 8.5% | 19.0% | 42.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.26 | 1.26 | 1.00 | 1.02 | 0.92 | 0.89 | 0.88 | 0.92 | 0.62 | 0.58 | 0.55 |
| Debt / EBITDA | 6.51 | 6.51 | 5.90 | 5.98 | 6.28 | 6.22 | 7.10 | 6.37 | 1.78 | 1.35 | 0.77 |
| Net Debt / Equity | — | 1.19 | 0.98 | 1.01 | 0.91 | 0.87 | 0.88 | 0.91 | 0.61 | 0.58 | 0.54 |
| Net Debt / EBITDA | 6.18 | 6.18 | 5.83 | 5.88 | 6.22 | 6.07 | 7.05 | 6.28 | 1.76 | 1.35 | 0.76 |
| Debt / FCF | — | 8.64 | 8.32 | 7.28 | 7.37 | 7.82 | 8.48 | 7.18 | 1.78 | 1.74 | 0.80 |
| Interest Coverage | 1.78 | 1.78 | 1.97 | 2.57 | 3.93 | 1.81 | 2.00 | 1.81 | 4.21 | 2.33 | 1.79 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.09 | 1.09 | 1.13 | 0.41 | 0.34 | 0.37 | 2.28 | 4.17 | 0.14 | 0.20 | 0.09 |
| Quick Ratio | 1.09 | 1.09 | 1.13 | 0.41 | 0.34 | 0.37 | 2.28 | 4.17 | 0.18 | 0.26 | 0.11 |
| Cash Ratio | 0.55 | 0.55 | 0.14 | 0.09 | 0.04 | 0.08 | 0.03 | 0.08 | 0.03 | 0.01 | 0.02 |
| Asset Turnover | — | 0.14 | 0.14 | 0.14 | 0.13 | 0.12 | 0.10 | 0.09 | 0.29 | 0.44 | 0.74 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.6% | 7.6% | 5.8% | 6.1% | 4.8% | 3.3% | 4.9% | 4.3% | 5.2% | 5.7% | 7.1% |
| Payout Ratio | 1190.1% | 1190.1% | 326.9% | 214.7% | 129.5% | 128.6% | 190.3% | 1581.6% | 65.7% | 167.8% | 156.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.5% | 0.6% | 1.8% | 2.8% | 3.7% | 2.6% | 2.5% | 0.3% | 8.0% | 3.4% | 4.5% |
| FCF Yield | 7.6% | 10.2% | 7.8% | 8.8% | 6.7% | 4.1% | 4.7% | 5.0% | 6.4% | 6.9% | 8.7% |
| Buyback Yield | 0.6% | 0.9% | 1.4% | 0.1% | 0.5% | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.1% |
| Total Shareholder Yield | 6.3% | 8.5% | 7.2% | 6.1% | 5.3% | 3.4% | 5.0% | 4.3% | 5.3% | 5.7% | 7.1% |
| Shares Outstanding | — | $696M | $676M | $547M | $539M | $539M | $531M | $489M | $475M | $469M | $467M |
Merger integration and leverage
Based on reported financial data, the P/FFO multiple has fluctuated between 11.93 and 15.97 over the last ten quarters, suggesting that the market is struggling to assign a consistent valuation premium to the combined entity following the Physicians Realty Trust merger and subsequent portfolio realignment.
The volatility in the P/FFO multiple indicates that investors remain cautious regarding the earnings trajectory of the newly merged platform. The current valuation appears to discount the potential for long-term synergies, likely reflecting uncertainty over whether the Life Science development pipeline can deliver sufficient growth to offset the slower-moving medical office portfolio.
As reported in quarterly filings, NOI margins have exhibited extreme instability, ranging from a negative 87.2% in 2025Q4 to a peak of 61.1% in 2025Q1, which suggests that the company is currently grappling with significant operational friction and non-recurring costs related to its recent structural expansion.
The erratic margin performance implies that the integration of Physicians Realty Trust is creating temporary but substantial headwinds for property-level profitability. Investors should monitor whether these margins stabilize above the 60% threshold, as failure to do so may indicate that the cost structure of the combined portfolio is higher than initially anticipated.
According to historical financial statements, the FFO payout ratio reached a concerning 145.9% in 2025Q3, indicating that dividend distributions significantly exceeded recurring earnings during that period, which warrants further investigation into the long-term sustainability of the current payout policy amidst ongoing capital-intensive development requirements.
The high payout ratio in recent periods suggests that the company's ability to fund both its dividend and its Life Science development pipeline is currently constrained. Unless FFO per share shows consistent, non-volatile growth, the dividend may remain under pressure, potentially limiting the capital available for reinvestment into the core portfolio.
Based on the provided financial data, the debt-to-equity ratio has hovered near 1.0 to 1.26, a level that appears to reflect the significant debt financing utilized to facilitate the recent merger, necessitating close observation of interest coverage ratios which have dipped as low as 0.95 in 2024Q4.
The fluctuating interest coverage ratio suggests that the company's debt service capacity is sensitive to the timing of merger-related integration costs and interest rate volatility. While the current leverage profile appears manageable, the reliance on debt to fund growth in a high-rate environment may limit the company's financial flexibility in the near term.
As indicated by the company's financial disclosures, the use of standard P/E ratios is deeply misleading for Healthpeak, as it fails to account for the massive non-cash depreciation charges inherent in real estate ownership that artificially suppress GAAP earnings and obscure the true cash-generating capacity of the assets.
Investors should prioritize FFO and AFFO metrics over P/E, as the latter ignores the recurring capital expenditures required to maintain the specialized Life Science and medical office facilities. Relying on P/E likely leads to a significant undervaluation of the company's actual earnings power and fails to capture the economic reality of the REIT's business model.
Includes 30+ ratios · 15 years · Updated daily
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Quick answers to the most common questions about buying DOC stock.
Healthpeak Properties, Inc.'s current P/E ratio is 217.5x. The historical average is 39.8x. This places it at the 100th percentile of its historical range.
Healthpeak Properties, Inc.'s current EV/EBITDA is 15.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.2x.
Healthpeak Properties, Inc.'s return on equity (ROE) is 0.8%. The historical average is 24.5%.
Based on historical data, Healthpeak Properties, Inc. is trading at a P/E of 217.5x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Healthpeak Properties, Inc.'s current dividend yield is 5.61% with a payout ratio of 1190.1%.
Healthpeak Properties, Inc. has 22.5% gross margin and 19.3% operating margin. Operating margin between 10-20% is typical for established companies.
Healthpeak Properties, Inc.'s Debt/EBITDA ratio is 6.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.