Healthpeak PROPERTIES, Inc. (DOC) intrinsic value & 10-year financials
Healthpeak PROPERTIES, Inc. (DOC) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 13.1% a year to $604.0M, with an average return on invested capital of 3.2%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $18.98
- Market cap
- $13.2B
- Revenue (FY2025)
- $604.0M
- Revenue growth (10-yr CAGR)
- -13.1%
- ROIC (10-yr avg)
- 3.2%
- Free cash flow (FY2025)
- $357.0M
DOC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $604.0M | $71.3M | $0.10 | $357.0M | — | 0.4% |
| FY2024 | $568.5M | $243.1M | $0.36 | $333.7M | — | 1.6% |
| FY2023 | $527.4M | $306.0M | $0.56 | $181.7M | — | 2.3% |
| FY2022 | $494.9M | $500.4M | $0.92 | -$61.7M | — | 3.9% |
| FY2021 | $471.3M | $505.5M | $0.93 | $35.5M | — | 3.9% |
| FY2020 | $436.5M | $413.6M | $0.77 | -$30.5M | — | 3.2% |
| FY2019 | $728.0M | $45.5M | $0.09 | $102.1M | — | 0.4% |
| FY2018 | $544.8M | $1.1B | $2.24 | $241.5M | — | 8.7% |
| FY2017 | $524.3M | $414.2M | $0.88 | $375.3M | — | 3.0% |
| FY2016 | $2.1B | $627.7M | $1.34 | $755.2M | — | 4.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Healthpeak Properties is facing top-line stagnation, with revenue contracting over the decade.
Healthpeak Properties has historically struggled to out-earn its cost of capital, averaging just 3.2% ROIC.
Healthpeak Properties has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Healthpeak Properties is modeled at -25.1% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-3.59 per share.