# Healthpeak Properties, Inc. (DOC)

> Source: Nexqual · https://nexqual.com/DOC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Healthpeak Properties, Inc. (DOC), nexqual.com/DOC" · informational, not investment advice.

**Price:** USD 19.34 (+4.65% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 18.48 · day 18.47–19.36 · 52w 15.7–22.95 · market cap $13.7B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.95B, net income $243M (8.2% margin) (SEC filings).
- Valuation: P/E 56.4x (avg 82.9x at the last 3 fiscal year-ends), net debt $8.41B.
- 1 of 80 tracked superinvestors hold DOC (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $214K; 1 not under a Rule 10b5-1 plan ($214K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.55 on a 1–5 scale) (22 analysts), mean target USD 22.39 (range 17–29).
- Total return with dividends: 1Y +11.4% vs S&P 500 +14.9%; 5Y -25.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 0.03, revenue estimate $744M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.90B | $2.06B | $2.18B | $2.70B | $2.82B | $2.95B |
| Gross profit | $1.12B | $1.20B | $1.28B | $1.63B | — | — |
| Net income | $506M | $500M | $306M | $243M | $71.3M | $243M |
| EPS (diluted) | $0.93 | $0.92 | $0.56 | $0.36 | $0.10 | — |
| Free cash flow | $35.5M | -$61.7M | $182M | $334M | $357M | — |
| Gross margin | 59.2% | 58.1% | 58.6% | 60.2% | — | — |
| Net margin | 26.7% | 24.3% | 14.0% | 9.0% | 2.5% | 8.2% |
| Revenue growth | +15.3% | +8.7% | +5.8% | +23.8% | +4.5% | — |
| Cash + short-term investments | $158M | $72.0M | $118M | $120M | $467M | — |
| Total debt | $6.17B | $6.50B | $6.88B | $8.72B | $9.85B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 56.4x · P/S 4.7x · EV/Sales 7.5x · P/B 1.8x · Earnings yield 1.77% · Dividend yield (paid, TTM) 6.17% · Buyback yield (TTM) 0.74% · Net debt $8.41B · EV $22.1B
P/E at fiscal year-ends: Dec 2025 156.9x, Dec 2024 56.4x, Dec 2023 35.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold DOC. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Christopher Davis | Davis Advisors | 0.06% | $13.5M | Reduced -2.2% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-12 | Bohn Scott R | CDO and Head of Lab | 10,989 | $214K | 59% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.55 on a 1–5 scale), 22 analysts; mean target USD 22.39 (low 17, high 29).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Wells Fargo | Target lowered | Equal-Weight | $22 → $19 |
| 2026-10-13 | UBS | Target lowered | Neutral | $21.5 → $20 |
| 2026-10-13 | Barclays | Target lowered | Equal-Weight | $24 → $21 |
| 2026-09-21 | Evercore ISI Group | Target lowered | In-Line | $23 → $22 |
| 2026-08-31 | Barclays | Target raised | Equal-Weight | $23 → $24 |
| 2026-08-13 | Baird | Target raised | Outperform | $21 → $24 |
| 2026-08-11 | Citigroup | Target raised | Neutral | $20 → $22 |
| 2026-08-10 | RBC Capital | Target raised | Outperform | $21 → $24 |
| 2026-08-06 | Cantor Fitzgerald | Target raised | Neutral | $20 → $23 |
| 2026-07-15 | Wells Fargo | Target raised | Equal-Weight | $20 → $22 |
| 2026-07-08 | UBS | Target raised | Neutral | $19 → $21.5 |
| 2026-07-07 | Barclays | Initiated | Overweight → Equal-Weight | $23 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +11.4% | -25.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +11.5% | -5.7% |
| Volatility (annualized) | 29.1% | 26.4% |
| Max drawdown | -18.1% (Jul 2026→Oct 2026) | -51.2% (Dec 2021→Nov 2023) |

## Peers (REIT - Healthcare Facilities)
OHI (Omega Healthcare Investors, Inc) USD 46.3 +4.16% · AHR (American Healthcare REIT, Inc.) USD 53.4 +1.02% · CTRE (CareTrust REIT, Inc.) USD 36.62 +2.72% · HR (Healthcare Realty Trust Incorpo) USD 17.93 +4.00% · SBRA (Sabra Health Care REIT, Inc.) USD 19.6 +3.70% · VTR (Ventas, Inc.) USD 86.99 +1.89%

## More
Full page: https://nexqual.com/DOC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Outpatient medical | $310.7M | 40.3% | -1.3% |
| Senior housing | $216.5M | 28.1% | +45.4% |
| Lab | $216.1M | 28.0% | +3.3% |
| Total revenue | $771.6M | 100% | — |
The lines above cover 96.3% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.03 | $0.00 | — | $743.5M | 2 |
| Next quarter (ends 2026-12-31) | $0.03 | $0.00 | — | $759.3M | 2 |
| Current fiscal year (ends 2026-12-31) | $0.09 | $0.00 | — | $2.94B | 1 |
| Next fiscal year (ends 2027-12-31) | $0.14 | $-0.15 | -193.3% | $3.17B | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-02): ±6.7%; last 8 reports averaged ±5.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 25.0% | ±6.7% |
| 2026-12-18 | 56 | 26.0% | ±9.0% |
| 2027-01-15 | 84 | 29.5% | ±12.4% |
| 2027-04-16 | 175 | 29.7% | ±16.9% |