Healthpeak Properties, Inc.

DOCNYSEReal Estate● Active

$19.70

$-0.10(-0.48%)

Market Cap$13.6B

P/E Ratio—

52W High$20.27

52W Low$15.7

Avg Volume9.1M

Open$20.00

Beta1.03

Free Cash Flow Financials Revenue

Healthpeak Properties, Inc. (DOC) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

DOC · free cash flow · updated Jun 8, 2026

Core FCF metrics

DOC · FCF · TTM · margin & CAGR

Free cash flow was $1.25B for FY2025 (fiscal year ending 2025-12-31), up 17.0% year-over-year The FCF margin was 44.4%. Five-year CAGR stands at +10.5%.

FY2025 Free Cash Flow$1.25B▲ +17.0% YoY

Trailing 12M (TTM)$1.18Btrailing 4 quarters sum

FCF Margin44.4%$1.25B ÷ revenue

3-Year CAGR+11.6%FY2022 → FY2025

5-Year CAGR+10.5%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

DOC · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$1.25B(0M)$1.25B▲ +17.0%44.4%

FY2024$1.07B(0M)$1.07B▲ +11.9%39.6%

FY2023$956.2M(0M)$956.2M▲ +6.2%43.8%

FY2022$900.3M(0M)$900.3M▲ +13.2%43.7%

FY2021$795.2M(0M)$795.2M▲ +4.9%41.9%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

DOC · P/FCF · FCF yield · FCF per share

Healthpeak Properties, Inc. (DOC) trades at a FCF yield of 8.71% and a price-to-free-cash-flow ratio of 11.6x. FCF per share stands at $1.70, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

8.71%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$1.70

TTM FCF ÷ Shares Outstanding

Price / FCF

x11.6

Share Price ÷ FCF per Share

EV / FCF (TTM)

x19.6

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

DOC · cash flow statement · operating / investing / financing

For FY2025, Healthpeak Properties, Inc. generated $1.25B in operating cash flow and spent 0M in capital expenditures, yielding $1.25B in free cash flow.

Operating Activities

+$1.25B

Cash from core business operations

2025-12-31

Investing Activities

−$1.03B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$136.1M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($1.25B) − |CapEx| (0M) = FCF ($1.25B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Real Estate)

DOC vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Healthpeak Properties, Inc.YOU

DOC

$1.25B+17.0%44.4%

25%

American Tower Corporation

AMT

$3.78B+2.2%35.5%

76%

Simon Property Group, Inc.

Real Estate · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Healthpeak Properties, Inc. (DOC) reported free cash flow of $1.25B for FY2025 (fiscal year ending 2025-12-31), up 17.0% year-over-year. The FCF margin was 44.4%.

Based on available data, Healthpeak Properties, Inc. has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $1.25B in FY2025. The 5-year CAGR stands at +10.5%.

Healthpeak Properties, Inc.'s FCF yield is 8.71% and price-to-FCF ratio is 11.6x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

DOC free cash flow · 8 questions

Healthpeak Properties, Inc. free cash flow was $1.25B for FY2025, up 17.0% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $1.18B.

DOC free cash flowDOC FCFDOC FCF 2025DOC free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Healthpeak Properties, Inc. · Healthpeak Properties, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026