DOCNYSEReal Estate Investment TrustsFiscal year ends December 31
HEALTHPEAK PROPERTIES, INC.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026
$18.40−0.58 (-3.06%)
Close on Oct 19, 2026
- Market cap
- $12.69B
- P/E (TTM)
- 52.6
- Dividend yield
- 6.63%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
–
Net margin
2.5%−22.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +4.5% | +11.0% | +11.4% | +3.8% | |
| Net income | -70.7% | -47.8% | -29.6% | – | |
| EPS, diluted | -72.2% | -52.3% | -33.5% | – | |
| Free cash flow | +7.0% | – | – | -8.2% | |
| Dividend per share | +1.7% | +0.6% | -3.8% | -6.0% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 8.4% | 6.5% | 0.9% | |
| Return on assets | 3.4% | 2.8% | 0.4% | |
| Capex to revenue | 21.6% | 48.0% | 31.7% | |
| Diluted shares | 467M | 531M | 696M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Healthpeak Properties generated $4.97B from operations and spent $8.10B on capital expenditure, dividends and share buybacks. 51% of that went back into the business.
Generated
$4.97B
Used
$8.10B
Capital expenditure$4.13B51%Dividends$3.60B44%Share buybacks$375.04M5%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin2.5%
×Asset turnover0.14×
×Equity multiplier2.53×
=Return on equity, FY20250.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 2.5% | 0.14× | 2.53× | 0.9% |
| FY2024 | 9.0% | 0.15× | 2.42× | 3.3% |
| FY2023 | 14.0% | 0.14× | 2.42× | 4.7% |
| FY2022 | 24.3% | 0.13× | 2.36× | 7.6% |
| FY2021 | 26.7% | 0.12× | 2.35× | 7.6% |
| FY2020 | 25.1% | 0.11× | 2.34× | 6.5% |
| FY2019 | 3.7% | 0.09× | 2.22× | 0.8% |
| FY2018 | 89.1% | 0.09× | 2.38× | 18.9% |
| FY2017 | 22.4% | 0.12× | 2.75× | 7.6% |
| FY2016 | 29.5% | 0.11× | 2.50× | 8.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$71.35M
- Cash generatingOperating cash flow above zero$1.25B
- Return on assets improvedROA up on the prior year1.5% → 0.4%
- Earnings backed by cashOperating cash flow above net income$1.25B vs $71.35M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise676M → 696M
- Gross margin improvedGross margin up on the prior year60.20% → –
- More efficientAsset turnover rose0.17 → 0.14