HEALTHPEAK PROPERTIES, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data HEALTHPEAK PROPERTIES, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,129	1,848	1,191	1,240	1,645	1,896	2,061	2,181	2,700	2,823
Cost of revenue	738	666	379	405	783	773	863	902	1,075
Gross profit	1,391	1,182	813	835	862	1,123	1,198	1,279	1,626
General and administrative	104	88.8	96.7	93	93.2	98.3	131	95.1	97.2	90.4
Operating expenses	738	666	379	405	783	773	863	902
Interest expense	464	308	261	218	218	158	173	200	280	305
Other non-operating income	122	334	801	107	282	-29	335	93.3	238	70
Pre-tax income	11.4	10.9	-2.59	-8.63	218	128	507	315	273	284
Income tax	4.47	-1.33	-4.4	-5.48	-9.42	-3.26	-4.43	-9.62	4.35	9.28
Income from continuing operations	362	414	825	161	146	120	498	306	243	71.3
Net income to minority interests	12.2	8.47	12.4	14.5
Net income	628	414	1,061	45.5	414	506	500	306	243	71.3
EPS, basic	1.34	0.88	2.25	0.09	0.77	0.93	0.92	0.56	0.36	0.10
EPS, diluted	1.34	0.88	2.24	0.09	0.77	0.93	0.92	0.56	0.36	0.10
Shares, basic (weighted)	467	469	471	486	531	539	539	547	676	696
Shares, diluted (weighted)	467	469	475	489	531	539	539	547	676	696
Dividend per share	2.10	1.48	1.48	1.48	1.48	1.20	1.20	1.20	1.20	1.22

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	94.7	55.3	54	80.4	44.2	158	72	118	120	467
Lease right-of-use assets			0	167	192	234	237	240	424	412
Goodwill	42	47	47	17	18	18	18	18	68.5	68.5
Intangible assets	480	410	305	260	520	520	418	314	817	655
Total assets	15,759	14,088	12,719	14,033	15,920	15,258	15,771	15,699	19,938	20,336
Total liabilities	9,818	8,494	6,206	7,365	8,573	8,111	8,483	8,774	10,881	12,034
Total debt	9,097	7,786	5,477	6,299	6,617	6,170	6,498	6,876	8,716	9,848
Paid-in capital	8,199	8,226	8,399	9,184	10,175	10,100	10,350	10,406	12,847	12,768
Other comprehensive income	-29.6	-24	-4.71	-2.86	-3.69	-3.15	28.1	19.4	28.8	-9.94
Shareholders' equity	5,548	5,301	5,944	6,085	6,734	6,515	6,655	6,350	8,401	7,500
Minority interests	394	294	568	582	556	543	528	526	654	643
Total equity	5,941	5,595	6,513	6,659	7,290	7,059	7,183	6,876	9,055	8,143
Total liabilities and equity	15,759	14,088	12,719	14,033	15,920	15,258	15,771	15,699	19,938	20,336
Shares outstanding	468	469	477	505	538	539	547	547	699	695

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	640	423	1,073	60.1	428	526	516	335	267	101
Depreciation and amortization	568	535	405	435	554	684	711	750	1,057	1,059
Stock-based compensation	22.9	14.3	16.6	18.2	17.4	18.2	26.5	14.5	15.5	14.4
Deferred income tax	-13.7	-5.52	-9.34	-6.03	-1.69	-4.39	-5.75	-14.6	-1.69	3.85
Change in receivables	3.81
Change in payables	42	4.82	40.6	71.7	93.5	7.77	136	-40.7	-28.6	-25.3
Cash from operations	1,214	847	849	846	758	795	900	956	1,070	1,252
Capital expenditures	-459	-472	-561	-677	-789	-760	-962	-775	-737	-895
Purchases of investments	-73.3	0	0
Cash from investing	-429	1,246	1,829	-1,449	-1,008	531	-876	-577	-114	-1,035
Stock issued			57
Share buybacks	-8.69	-4.79	-3.43	-5.04	-10.5	-12.8	-67.8	-6.52	-191	-97.1
Dividends paid	-980	-695	-697	-720	-787	-650	-648	-657	-795	-849
Cash from financing	-1,054	-2,148	-2,621	647	246	-1,289	-117	-337	-941	136
Exchange rate effect	-1.02	0.38	0.19	0.25	-0.15	0	0
Net change in cash	-270	-54.8	57.6	44.8	-2.97	37.8	-92.6	42.2	15.3	353
Free cash flow	755	375	288	169	-30.5	35.5	-61.7	182	334	357
Interest paid	489	309	276	202	210	173	162	188	249	260
Income taxes paid	13.7	10	4.48	1.43	-0.79	4.52	-1.9	1.92	7.86	3.41

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $20.31 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	15.1%	Pre-tax income / revenue.
Net margin	8.2%	Net income / revenue.
Operating cash flow margin	41.7%	Cash from operations / revenue.
Effective tax rate	0.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	3.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.1%	Net income / average total assets.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	37.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-70.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-47.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-29.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-72.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-52.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-33.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	17.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	11.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	10.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	7.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	1.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-3.8%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-10.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	2.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	8.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	5.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	1.28x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	46.3%	Total debt / total assets.
Liabilities / assets	56.2%	Total liabilities / total assets.
Net debt	$8.41B	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	3.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$7.06B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.14x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.35	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$4.28	Revenue / diluted weighted shares.
Operating cash flow per share	$1.78	Cash from operations / diluted weighted shares.
Book value per share	$11.38	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$10.24	Tangible book value / shares outstanding.
Cash per share	$2.36	(Cash + short-term investments) / shares outstanding.
Payout ratio	347.7%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$14.00B	Share price x shares outstanding.
Enterprise value	$22.41B	Market cap + total debt - cash - short-term investments.
P/E	57.6x	Market cap / net income. Only when net income is positive.
P/S	4.75x	Market cap / revenue.
P/B	1.79x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.98x	Market cap / tangible book value, when positive.
P/OCF	11.4x	Market cap / cash from operations, when positive.
EV/Sales	7.60x	Enterprise value / revenue.
Earnings yield	1.7%	Net income / market cap (the inverse of P/E).
Dividend yield	6.0%	Dividends paid over the period / market cap.
Shareholder yield	6.8%	(Dividends paid + share buybacks) / market cap.

What was HEALTHPEAK PROPERTIES, INC.'s revenue in fiscal 2025?

HEALTHPEAK PROPERTIES, INC. reported revenue of $2.82B for fiscal 2025, 4.5% higher than the year before.

Was HEALTHPEAK PROPERTIES, INC. profitable in fiscal 2025?

Yes. Net income was $71.3M, a net margin of 2.5%.

How much free cash flow did HEALTHPEAK PROPERTIES, INC. generate in fiscal 2025?

Cash from operations of $1.25B minus capital expenditures of $894.9M left free cash flow of $357.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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