DOC

Healthpeak Properties, Inc. Real Estate Real Estate Investment Trusts S&P 500Russell 3000

$19.03Close $971.1MMarket cap $15.11 – $22.5952-week range Nov 2, 2026Next report · after the close

Highlights

Cautions

Not in an uptrend 4 of 8 trend conditions
Results soon Nov 2, 2026, in 1 day

Price

Filing Results Screen pick 52-week high and low Adjusted prices

Key figures

FY to Dec 31, 2025 · filed Oct 30, 2026

Off 12-month high 16%

1wk 1.1% price change

1mo 4.2% price change

12-month return 15% market up 11% · its own up 4%

F-score — — Not assessed

Altman Z — Unknown

P/E 6.3× price / earnings

PEG 47.11 P/E / EPS growth

P/B 1.7× price / book

Earnings yield 1.7% EBIT / enterprise value

Cheaper than — of the market · not assessed

Revenue growth 6% year on year

EPS growth 0% latest quarter · -68 pts

Sales growth — latest quarter

ROE 29% return on equity

Free cash margin 21% -$126.4M FCF

D/E 17.52 long-term debt / equity

Net debt / EBITDA 51.7×

Interest cover 0.6×EBIT / interest

Trade setup

ATR% 2.4% $0.46 a day · 2×ATR $18.11

RS 53 / 99 vs the universe

Trend 4 / 8 trend template

Relative volume 1.2× vs 50-day average

Up/down volume 0.86 50 sessions

Implied move 7.5% by Nov 20, 2026 · report Nov 2, 2026

Trend template · 4 of 8

Price above the 150 and 200-day averages: fails
150-day average above the 200-day: passes
200-day average rising for a month: passes
50-day average above the 150 and 200-day: passes
Price above the 50-day average: fails
At least 30% above the 52-week low: fails
Within 25% of the 52-week high: passes
RS rank 70 or higher: fails

Screen verdict

Did not qualify for any screen.

Warning signs

3 flagged

Interest is covered, but thinly Earnings before interest cover the interest bill 0.6 times, leaving little room if profits fall.
Heavily indebted Net debt is 51.7 times EBITDA — roughly 52 years of earnings before interest, tax and depreciation to repay borrowings in full.
Profit not backed by cash Reported profit of $153.2M came with -$120.4M of operating cash flow. Profit that cash does not follow is the classic signature of aggressive accounting.

Last reported Aug 4, 2026

Results reaction Aug 4, 2026-1% vs market2 sessions after results

Options $12,947— IV · activity

Financials

6 fiscal years · from filings

Revenue What customers paid the company over its fiscal year, before any cost, as filed in its annual report. The change is against the year before. Methodology $604.0M +6% on FY2024

Net income Profit left after every cost, interest and tax for the year. A column below the line is a loss. Methodology $153.2M +1% on FY2024

Free cash flow Cash from running the business less what it spent on equipment and buildings: the cash a year actually left behind, which profit alone does not show. Not shown for banks and insurers, whose cash moves with their loans. Methodology -$126.4M down to a loss

Margins Each as a share of revenue. Gross: left after the direct cost of what was sold. Net: left after every cost. Free cash: free cash flow over revenue. A margin rising over years means the business keeps more of each dollar it sells. Methodology

Gross
Net 25%
Free cash -21%

Cash and long-term debt Cash on the balance sheet at the year's end beside debt due after a year. Net cash is cash less that debt; net debt is the shortfall. Debt some filers do not tag shows as a gap, not as zero. Methodology $9.7B net debt

Cash
Long-term debt

Shares outstanding Shares in issue at the year's end. A rising count means each share owns a smaller slice of the company (stock pay, share sales); a falling one, buybacks. The chart's scale is fitted to the count, so a small change looks large: read the percentage. Methodology 51.03m -4.5% since FY2020

	FY2020Dec 31, 2020	FY2021Dec 31, 2021	FY2022Dec 31, 2022	FY2023Dec 31, 2023	FY2024Dec 31, 2024	FY2025Dec 31, 2025
Revenue	$436.5M	$471.3M	$494.9M	$527.4M	$568.5M	$604.0M
Gross margin	-79%	-64%	-74%	-71%	-89%	—
Operating income	$95.1M	$260.4M	$215.9M	$164.5M	$172.9M	$177.7M
Net income	$76.6M	$211.4M	$171.0M	$129.0M	$151.3M	$153.2M
Net margin	18%	45%	35%	24%	27%	25%
Earnings per share	$1.57	$4.31	$3.47	$2.60	$2.97	$2.97
Free cash flow	$86.7M	$240.2M	$57.5M	$115.0M	$85.0M	-$126.4M
Free cash margin	20%	51%	12%	22%	15%	-21%
Cash	$44.2M	$158.3M	$247.4M	$187.4M	$119.8M	$145.5M
Long-term debt	$6.6B	$6.2B	$6.5B	$6.9B	$8.7B	$9.8B
Shareholders' equity	$174.2M	$255.2M	$337.6M	$381.2M	$511.7M	$562.0M
Shares outstanding	53.46m	54.27m	55.05m	49.16m	50.57m	51.03m

Next report

Nov 2, 2026 · after the close

Expected move The move, either way, the option market prices in through the next scheduled report: the at-the-money straddle for the first expiry that contains it, over the price. It includes the days around the report, so it slightly overstates the report alone. Methodology ±7.5% $18 – $20 by Nov 20, 2026

Usual move The median, over the company's last four reports, of how far the stock moved either way from the close before the filing to the close of the session after it. Methodology ±2.7% last 4: +0.7% · +19.7% · -4.6% · +0.8%

Expected against usual The move the options price through this report over the move the last four reports delivered. Above 1 the event is priced bigger than the company's own record; below 1, smaller. A price, not a forecast: it says what protection through the report costs, not which way the stock will go. Methodology Bigger than usual 2.8× the usual move

What options price now

Crash protection What options that pay off in a fall cost against options that pay off in a rise (the 25-delta skew), compared with this company's own normal - the median of its stored nightly readings, once there are 20 - and with five sessions ago. Protection costs a little more than upside on most shares. More than usual means readers of the chain are paying up to insure against a drop; it does not say which way the stock will go. Methodology: past week: costs less

Positioning

Premium traded: $12,947 calls $6,007 · puts $6,940 · latest session
Puts against calls, by premium Money spent on puts divided by money spent on calls. Measured in dollars rather than contracts on purpose: counting contracts treats a hundred cheap lottery tickets as more meaningful than one large position, which is backwards. Methodology: 1.16× -0.21 over the week
Open interest added The change over five sessions in option positions left open overnight, calls and puts. A rise means positions were added. It cannot say whether they were bought or sold, so more calls is not a vote for a rise: a call is as often sold against shares already held. Methodology: calls +310 · puts +105 past week

For options traders: ATM IV — · 1m ÷ 3m IV — · 25Δ skew 2.4 pts · Net GEX $398,282

Most traded contracts

No contract passed the liquidity filters this week.

Filings

SEC EDGAR

Filed	Report	Period to	Lag
Oct 30, 2026	Quarterly ↗	Sep 30, 2026	30d
Aug 5, 2026	Quarterly ↗	Jun 30, 2026	36d
Jul 31, 2026	Quarterly ↗	Jun 30, 2026	31d
May 6, 2026	Quarterly ↗	Mar 31, 2026	36d
May 1, 2026	Quarterly ↗	Mar 31, 2026	31d
Feb 27, 2026	Annual ↗	Dec 31, 2025	58d
Feb 3, 2026	Annual ↗	Dec 31, 2025	34d
Oct 31, 2025	Quarterly ↗	Sep 30, 2025	31d
Oct 24, 2025	Quarterly ↗	Sep 30, 2025	24d
Aug 1, 2025	Quarterly ↗	Jun 30, 2025	32d
Jul 25, 2025	Quarterly ↗	Jun 30, 2025	25d
May 2, 2025	Quarterly ↗	Mar 31, 2025	32d

Current reports

Filed	Disclosed
Aug 4, 2026	Results · Regulation FD ↗
May 5, 2026	Results · Regulation FD ↗
May 4, 2026	Shareholder vote ↗
Mar 23, 2026	Material agreement · New obligation ↗
Feb 27, 2026	Regulation FD ↗
Feb 2, 2026	Results · Regulation FD ↗
Oct 23, 2025	Results · Regulation FD ↗
Aug 14, 2025	Other events ↗
Aug 6, 2025	Other events ↗
Aug 5, 2025	Other events ↗
Jul 24, 2025	Results · Regulation FD ↗
May 12, 2025	Regulation FD ↗