15 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 6.7% per year over the past 5 years.
Net income has grown slower than revenue (-29.6% vs 6.7% per year).
Financial health
Total debt ($9.8B) exceeds cash ($467M); net debt is $9.4B.
Total debt has grown in line with revenue (8.3% vs 6.7% per year).
Shareholder returns
Dividends have been paid for 15 consecutive years, consuming 1190.1% of earnings and 237.8% of free cash flow.
The dividend has grown 1.5% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$604M
$71M
0.0%
0.0%
$357M
$9.8B
$467M
2024
$568M
$243M
-89.1%
0.0%
$334M
$8.7B
$120M
2023
$527M
$306M
-71.0%
0.0%
$182M
$6.9B
$118M
2022
$495M
$500M
-74.4%
0.0%
-$62M
$6.5B
$72M
2021
$471M
$506M
-64.1%
0.0%
$36M
$6.2B
$158M
2020
$436M
$414M
-79.3%
0.0%
-$30M
$6.6B
$44M
2019
$144M
$46M
-180.8%
0.0%
$169M
$6.3B
$80M
2018
$144M
$1.1B
-162.6%
0.0%
$288M
$5.5B
$54M
2017
$524M
$414M
-27.1%
0.0%
$375M
$7.8B
$55M
2016
—
$628M
—
—
$755M
$9.1B
$95M
2015
—
-$559M
—
—
$837M
$11.0B
$347M
2014
—
$922M
—
—
$976M
$9.7B
$182M
2013
—
$971M
—
—
—
$8.6B
$301M
2012
—
$833M
—
—
—
$8.6B
$248M
2011
—
$539M
—
—
—
$7.6B
$34M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
Mar '26
$200M
$194M
0.0%
0.0%
—
$10.4B
$1.2B
Dec '25
$156M
$114M
0.0%
0.0%
—
$9.8B
$467M
Sep '25
$150M
-$117M
-94.0%
0.0%
—
$9.1B
$91M
Jun '25
$149M
$32M
-85.5%
0.0%
—
$9.0B
$89M
Mar '25
$149M
$43M
-83.4%
0.0%
—
$8.9B
$71M
Dec '24
$146M
$5M
-89.8%
0.0%
—
$8.7B
$120M
Sep '24
$143M
$86M
-96.2%
0.0%
—
$8.6B
$180M
Jun '24
$141M
$146M
-94.4%
0.0%
—
$8.6B
$107M
Mar '24
$139M
$7M
-75.6%
0.0%
—
$8.8B
$102M
Dec '23
$136M
$71M
-64.6%
0.0%
—
$6.9B
$118M
Sep '23
$134M
$64M
-73.9%
0.0%
—
$6.7B
$63M
Jun '23
$130M
$52M
-70.4%
0.0%
—
$6.6B
$104M
Mar '23
$127M
$119M
-75.5%
0.0%
—
$6.5B
$59M
Dec '22
$126M
$7M
-75.2%
0.0%
—
$6.5B
$72M
Sep '22
$122M
$354M
-80.3%
0.0%
—
$6.6B
$112M
Jun '22
$125M
$68M
-71.5%
0.0%
—
$6.5B
$73M
Mar '22
$122M
$72M
-70.5%
0.0%
—
$6.3B
$89M
Dec '21
$119M
$29M
-67.6%
0.0%
—
$6.2B
$158M
Sep '21
$119M
$55M
-69.8%
0.0%
—
$5.5B
$201M
Jun '21
$117M
$276M
-62.1%
0.0%
—
$5.1B
$97M
Valuation over time
How the market has priced DOC against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has risen from 20.6× (Mar '23) to 205.1× (Jun '26).
The price-to-sales ratio has risen from 20.8× (Mar '23) to 24.2× (Jun '26).
The dividend yield has fallen from 6.3% (Mar '23) to 5.8% (Jun '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is DOC growing its revenue and profit?
Over the past 5 years, Healthpeak Properties's revenue has grown 6.7% per year, and net income declined 29.6% per year. These are computed facts, not advice.
How much debt does DOC have?
As of FY2025, Healthpeak Properties reported $9.8B of total debt against $467M of cash.
What is DOC's profit margin?
In FY2025, gross margin was —, operating margin —, and net margin 11.8%.
What is DOC's P/E ratio?
As of Jun '26, Healthpeak Properties traded at a price-to-earnings ratio of about 205.1× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.