PEAK · Healthpeak Properties, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $2.82B | $2.70B | $2.18B | $2.06B | $1.90B | $1.64B |
| Cost of Revenue | - | $1.07B | $902.06M | $862.99M | $773.28M | $782.54M |
| Gross Profit | - | $1.63B | $1.28B | $1.20B | $1.12B | $862.33M |
| R&D | - | - | - | - | - | - |
| SG&A | $90.42M | $97.16M | $95.13M | $131.03M | $98.30M | $93.24M |
| Total Operating Expenses | $2.61B | $2.67B | $902.06M | $862.99M | $773.28M | $782.54M |
| D&A | $1.06B | $1.06B | $749.90M | $710.57M | $684.29M | $553.95M |
| Operating Income | $284.29M | $273.17M | $314.94M | $507.13M | $128.37M | $217.68M |
| Interest Expense | $305.18M | $280.43M | $200.33M | $172.94M | $157.98M | $218.34M |
| Income Tax | $9.28M | $4.35M | ($9.62M) | ($4.42M) | ($3.26M) | ($9.42M) |
| Net Income | $71.35M | $243.14M | $306.01M | $500.45M | $505.54M | $413.56M |
| EPS - Basic | $0.10 | $0.36 | $0.56 | $0.92 | $0.93 | $0.77 |
| EPS - Diluted | $0.10 | $0.36 | $0.56 | $0.92 | $0.93 | $0.77 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $467.46M | $119.82M | $117.64M | $72.03M | $158.29M | $44.23M |
| Accounts Receivable | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - |
| Total Assets | $20.34B | $19.94B | $15.70B | $15.77B | $15.26B | $15.92B |
| Current Liabilities | - | - | - | - | - | - |
| Long-term Debt | $9.85B | $8.72B | $6.88B | $6.50B | $6.17B | $6.62B |
| Total Liabilities | $12.03B | $10.88B | $8.77B | $8.48B | $8.11B | $8.58B |
| Stockholders' Equity | $7.50B | $8.40B | $6.35B | $6.65B | $6.52B | $6.79B |
| Retained Earnings | - | - | - | - | - | - |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.25B | $1.07B | $956.24M | $900.26M | $795.25M | $758.43M |
| Investing Cash Flow | ($1.03B) | ($113.80M) | ($576.75M) | ($876.34M) | $531.03M | ($1.01B) |
| Financing Cash Flow | $136.11M | ($941.42M) | ($337.30M) | ($116.53M) | ($1.29B) | $246.45M |
| CapEx | $894.95M | $736.76M | $774.56M | $961.99M | $759.72M | $788.89M |
| Free Cash Flow | $357.01M | $333.73M | $181.68M | ($61.73M) | $35.53M | ($30.46M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | 60.2% | 58.6% | 58.1% | 59.2% | 52.4% |
| Operating margin | 10.1% | 10.1% | 14.4% | 24.6% | 6.8% | 13.2% |
| EBITDA margin | 47.6% | 49.3% | 48.8% | 59.1% | 42.9% | 46.9% |
| Net margin | 2.5% | 9.0% | 14.0% | 24.3% | 26.7% | 25.1% |
| Free cash flow margin | 12.6% | 12.4% | 8.3% | -3.0% | 1.9% | -1.9% |
| FCF / Net income | 5.00 | 1.37 | 0.59 | -0.12 | 0.07 | -0.07 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 3.2% | 3.6% | 4.4% | 6.4% | 5.2% | 5.7% |
| Effective tax rate | 11.5% | 1.8% | -3.2% | -0.9% | -0.6% | -2.3% |
| Return on assets | 0.4% | 1.2% | 1.9% | 3.2% | 3.3% | 2.6% |
| Return on equity | 1.0% | 2.9% | 4.8% | 7.5% | 7.8% | 6.1% |
| Return on invested capital | 1.5% | 1.6% | 2.4% | 3.9% | 1.0% | 1.6% |
| Liquidity | ||||||
| Current ratio | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - |
| Leverage | ||||||
| Debt / Equity | 1.31 | 1.04 | 1.08 | 0.98 | 0.95 | 0.97 |
| Debt / Assets | 0.48 | 0.44 | 0.44 | 0.41 | 0.40 | 0.42 |
| Debt / EBITDA | 7.33 | 6.55 | 6.46 | 5.34 | 7.59 | 8.58 |
| Interest coverage | 0.9x | 1.0x | 1.6x | 2.9x | 0.8x | 1.0x |
| Equity multiplier | 2.71 | 2.37 | 2.47 | 2.37 | 2.34 | 2.35 |
| Liabilities / Assets | 0.59 | 0.55 | 0.56 | 0.54 | 0.53 | 0.54 |
| Efficiency | ||||||
| Asset turnover | 0.14 | 0.14 | 0.14 | 0.13 | 0.12 | 0.10 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 4.5% | 23.8% | 5.8% | 8.7% | 15.3% | -17.6% |
| Revenue CAGR (3y) | 11.0% | 12.5% | 9.9% | 1.1% | 0.9% | -3.8% |
| Revenue CAGR (5y) | 11.4% | 6.2% | 3.4% | 2.2% | -2.3% | -8.4% |
| Gross profit growth (YoY) | - | 27.1% | 6.7% | 6.7% | 30.2% | -22.9% |
| Operating income growth (YoY) | 4.1% | -13.3% | -37.9% | 295.1% | -41.0% | 323.3% |
| Net income growth (YoY) | -70.7% | -20.5% | -38.9% | -1.0% | 22.2% | 808.3% |
| EPS growth (YoY) | -72.2% | -35.7% | -39.1% | -1.1% | 20.8% | 755.6% |
| EPS CAGR (3y) | -52.3% | -27.1% | -10.1% | 117.0% | -25.4% | -4.4% |
| EPS CAGR (5y) | -33.5% | 32.0% | -24.2% | 0.9% | -7.0% | - |
| FCF growth (YoY) | 7.0% | 83.7% | - | - | - | - |
| FCF CAGR (5y) | - | 26.7% | -5.5% | - | -45.7% | - |
| Book value growth (YoY) | -10.7% | 32.3% | -4.6% | 2.1% | -4.0% | 11.6% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$2.74B totalOutpatient Medical$1.27B · 46.5%
Lab$860.02M · 31.4%
Senior Housing$603.99M · 22.1%
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
4/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- -Current ratio improved
- ✗No share dilution
- -Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Real Estate Investment Trusts
Comparing HEALTHPEAK PROPERTIES against the 5 most active filers in the same SIC group.