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HEALTHPEAK PROPERTIES INC (PEAK) Stock Fundamental Analysis

NYSE:PEAK - New York Stock Exchange, Inc. - US42250P1030 - REIT - Currency: USD

17.1  +0.35 (+2.09%)

After market: 17.1 0 (0%)

Fundamental Rating

3

Overall PEAK gets a fundamental rating of 3 out of 10. We evaluated PEAK against 130 industry peers in the Diversified REITs industry. While PEAK is still in line with the averages on profitability rating, there are concerns on its financial health. PEAK is quite expensive at the moment. It does show a decent growth rate.


Dividend Valuation Growth Profitability Health

5

1. Profitability

1.1 Basic Checks

In the past year PEAK was profitable.
In the past year PEAK had a positive cash flow from operations.
In the past 5 years PEAK has always been profitable.
In the past 5 years PEAK always reported a positive cash flow from operatings.
PEAK Yearly Net Income VS EBIT VS OCF VS FCFPEAK Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500M -500M 1B -1B

1.2 Ratios

The Return On Assets of PEAK (1.94%) is better than 65.60% of its industry peers.
PEAK has a better Return On Equity (4.79%) than 68.80% of its industry peers.
PEAK has a Return On Invested Capital of 2.45%. This is comparable to the rest of the industry: PEAK outperforms 47.20% of its industry peers.
The Average Return On Invested Capital over the past 3 years for PEAK is in line with the industry average of 3.16%.
The 3 year average ROIC (2.14%) for PEAK is below the current ROIC(2.45%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 1.94%
ROE 4.79%
ROIC 2.45%
ROA(3y)2.8%
ROA(5y)2.26%
ROE(3y)6.66%
ROE(5y)5.35%
ROIC(3y)2.14%
ROIC(5y)1.89%
PEAK Yearly ROA, ROE, ROICPEAK Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 5 -5 10 15

1.3 Margins

With a decent Profit Margin value of 13.95%, PEAK is doing good in the industry, outperforming 68.00% of the companies in the same industry.
PEAK's Profit Margin has declined in the last couple of years.
PEAK's Operating Margin of 20.53% is in line compared to the rest of the industry. PEAK outperforms 49.60% of its industry peers.
In the last couple of years the Operating Margin of PEAK has declined.
With a Gross Margin value of 59.28%, PEAK is not doing good in the industry: 73.60% of the companies in the same industry are doing better.
PEAK's Gross Margin has declined in the last couple of years.
Industry RankSector Rank
OM 20.53%
PM (TTM) 13.95%
GM 59.28%
OM growth 3Y15.69%
OM growth 5Y-5.54%
PM growth 3Y-17.66%
PM growth 5Y-30.94%
GM growth 3Y4.39%
GM growth 5Y-2.65%
PEAK Yearly Profit, Operating, Gross MarginsPEAK Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 20 -20 40 60 80

1

2. Health

2.1 Basic Checks

PEAK has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
PEAK has about the same amout of shares outstanding than it did 1 year ago.
PEAK has more shares outstanding than it did 5 years ago.
PEAK has a worse debt/assets ratio than last year.
PEAK Yearly Shares OutstandingPEAK Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 100M 200M 300M 400M 500M
PEAK Yearly Total Debt VS Total AssetsPEAK Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 5B 10B 15B 20B

2.2 Solvency

PEAK has an Altman-Z score of 0.34. This is a bad value and indicates that PEAK is not financially healthy and even has some risk of bankruptcy.
The Altman-Z score of PEAK (0.34) is worse than 64.80% of its industry peers.
The Debt to FCF ratio of PEAK is 32.87, which is on the high side as it means it would take PEAK, 32.87 years of fcf income to pay off all of its debts.
Looking at the Debt to FCF ratio, with a value of 32.87, PEAK is in line with its industry, outperforming 52.00% of the companies in the same industry.
PEAK has a Debt/Equity ratio of 1.08. This is a high value indicating a heavy dependency on external financing.
With a Debt to Equity ratio value of 1.08, PEAK perfoms like the industry average, outperforming 53.60% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 1.08
Debt/FCF 32.87
Altman-Z 0.34
ROIC/WACC0.37
WACC6.55%
PEAK Yearly LT Debt VS Equity VS FCFPEAK Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 2B 4B 6B 8B 10B

2.3 Liquidity

A Current Ratio of 0.14 indicates that PEAK may have some problems paying its short term obligations.
PEAK's Current ratio of 0.14 is on the low side compared to the rest of the industry. PEAK is outperformed by 96.80% of its industry peers.
PEAK has a Quick Ratio of 0.14. This is a bad value and indicates that PEAK is not financially healthy enough and could expect problems in meeting its short term obligations.
With a Quick ratio value of 0.14, PEAK is not doing good in the industry: 96.80% of the companies in the same industry are doing better.
Industry RankSector Rank
Current Ratio 0.14
Quick Ratio 0.14
PEAK Yearly Current Assets VS Current LiabilitesPEAK Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2B 4B 6B

4

3. Growth

3.1 Past

The earnings per share for PEAK have decreased strongly by -38.86% in the last year.
Measured over the past years, PEAK shows a very negative growth in Earnings Per Share. The EPS has been decreasing by -23.30% on average per year.
The Revenue has been growing slightly by 5.81% in the past year.
The Revenue has been growing by 12.86% on average over the past years. This is quite good.
EPS 1Y (TTM)-38.86%
EPS 3Y-12.64%
EPS 5Y-23.3%
EPS Q2Q%1200%
Revenue 1Y (TTM)5.81%
Revenue growth 3Y9.86%
Revenue growth 5Y12.86%
Sales Q2Q%5.56%

3.2 Future

Based on estimates for the next years, PEAK will show a decrease in Earnings Per Share. The EPS will decrease by -3.48% on average per year.
PEAK is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 8.55% yearly.
EPS Next Y-30.18%
EPS Next 2Y-0.06%
EPS Next 3Y-5.39%
EPS Next 5Y-3.48%
Revenue Next Year15.38%
Revenue Next 2Y10.7%
Revenue Next 3Y8.55%
Revenue Next 5YN/A

3.3 Evolution

The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
PEAK Yearly Revenue VS EstimatesPEAK Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 500M 1B 1.5B 2B 2.5B
PEAK Yearly EPS VS EstimatesPEAK Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0.5 1 1.5 2

2

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 30.54, which means the current valuation is very expensive for PEAK.
61.60% of the companies in the same industry are more expensive than PEAK, based on the Price/Earnings ratio.
PEAK is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 26.82, which is the current average of the S&P500 Index.
A Price/Forward Earnings ratio of 43.73 indicates a quite expensive valuation of PEAK.
Compared to the rest of the industry, the Price/Forward Earnings ratio of PEAK indicates a somewhat cheap valuation: PEAK is cheaper than 65.60% of the companies listed in the same industry.
PEAK is valuated rather expensively when we compare the Price/Forward Earnings ratio to 36.21, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 30.54
Fwd PE 43.73
PEAK Price Earnings VS Forward Price EarningsPEAK Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40 50

4.2 Price Multiples

PEAK's Enterprise Value to EBITDA ratio is a bit cheaper when compared to the industry. PEAK is cheaper than 62.40% of the companies in the same industry.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of PEAK is on the same level as its industry peers.
Industry RankSector Rank
P/FCF 44.73
EV/EBITDA 13.46
PEAK Per share dataPEAK EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 2 4 6 8 10

4.3 Compensation for Growth

A cheap valuation may be justified as PEAK's earnings are expected to decrease with -5.39% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-0.06%
EPS Next 3Y-5.39%

5

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 7.02%, PEAK is a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 6.52, PEAK pays a bit more dividend than its industry peers.
Compared to an average S&P500 Dividend Yield of 2.35, PEAK pays a better dividend.
Industry RankSector Rank
Dividend Yield 7.02%

5.2 History

The dividend of PEAK decreases each year by -11.76%.
PEAK has been paying a dividend for at least 10 years, so it has a reliable track record.
Dividend Growth(5Y)-11.76%
Div Incr Years0
Div Non Decr Years0
PEAK Yearly Dividends per sharePEAK Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0.5 1 1.5 2

5.3 Sustainability

215.92% of the earnings are spent on dividend by PEAK. This is not a sustainable payout ratio.
The Dividend Rate of PEAK has been decling, while earnings will also be declining. This means the current dividend is most likely not sustainable.
DP215.92%
EPS Next 2Y-0.06%
EPS Next 3Y-5.39%
PEAK Yearly Income VS Free CF VS DividendPEAK Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500M -500M 1B -1B
PEAK Dividend Payout.PEAK Dividend Payout, showing the Payout Ratio.PEAK Dividend Payout.PayoutRetained Earnings

HEALTHPEAK PROPERTIES INC

NYSE:PEAK (3/1/2024, 8:04:00 PM)

After market: 17.1 0 (0%)

17.1

+0.35 (+2.09%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)02-08 2024-02-08/amc
Earnings (Next)N/A N/A
Inst Owners117.78%
Inst Owner Change-0.05%
Ins Owners0.15%
Ins Owner Change0%
Market Cap9.36B
Analysts78.18
Price Target22.19 (29.77%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 7.02%
Yearly Dividend1.2
Dividend Growth(5Y)-11.76%
DP215.92%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)34.48%
Min EPS beat(2)25.88%
Max EPS beat(2)43.09%
EPS beat(4)3
Avg EPS beat(4)50.32%
Min EPS beat(4)-17.64%
Max EPS beat(4)149.96%
EPS beat(8)6
Avg EPS beat(8)80.62%
EPS beat(12)9
Avg EPS beat(12)65.46%
EPS beat(16)12
Avg EPS beat(16)81.29%
Revenue beat(2)1
Avg Revenue beat(2)-0.5%
Min Revenue beat(2)-1.62%
Max Revenue beat(2)0.62%
Revenue beat(4)1
Avg Revenue beat(4)-0.51%
Min Revenue beat(4)-1.62%
Max Revenue beat(4)0.62%
Revenue beat(8)2
Avg Revenue beat(8)-0.54%
Revenue beat(12)3
Avg Revenue beat(12)-1.7%
Revenue beat(16)3
Avg Revenue beat(16)-8.89%
PT rev (1m)-1.34%
PT rev (3m)2.46%
EPS NQ rev (1m)-15.62%
EPS NQ rev (3m)-7.95%
EPS NY rev (1m)-12.55%
EPS NY rev (3m)-6.5%
Revenue NQ rev (1m)-1.28%
Revenue NQ rev (3m)-1.28%
Revenue NY rev (1m)6.65%
Revenue NY rev (3m)16.7%
Valuation
Industry RankSector Rank
PE 30.54
Fwd PE 43.73
P/S 4.29
P/FCF 44.73
P/OCF 9.78
P/B 1.47
P/tB 1.55
EV/EBITDA 13.46
EPS(TTM)0.56
EY3.27%
EPS(NY)0.39
Fwd EY2.29%
FCF(TTM)0.38
FCFY2.24%
OCF(TTM)1.75
OCFY10.22%
SpS3.99
BVpS11.61
TBVpS11.03
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 1.94%
ROE 4.79%
ROCE 3.1%
ROIC 2.45%
ROICexc 2.47%
ROICexgc 2.68%
OM 20.53%
PM (TTM) 13.95%
GM 59.28%
FCFM 9.59%
ROA(3y)2.8%
ROA(5y)2.26%
ROE(3y)6.66%
ROE(5y)5.35%
ROIC(3y)2.14%
ROIC(5y)1.89%
ROICexc(3y)2.16%
ROICexc(5y)1.9%
ROICexgc(3y)2.33%
ROICexgc(5y)2.05%
ROCE(3y)2.71%
ROCE(5y)2.39%
ROICexcg growth 3Y28.26%
ROICexcg growth 5Y4.6%
ROICexc growth 3Y28.51%
ROICexc growth 5Y3.28%
OM growth 3Y15.69%
OM growth 5Y-5.54%
PM growth 3Y-17.66%
PM growth 5Y-30.94%
GM growth 3Y4.39%
GM growth 5Y-2.65%
F-Score6
Asset Turnover0.14
Health
Industry RankSector Rank
Debt/Equity 1.08
Debt/FCF 32.87
Debt/EBITDA 5.74
Cap/Depr 99.62%
Cap/Sales 34.25%
Interest Coverage 2.38
Cash Conversion 79.85%
Profit Quality 68.75%
Current Ratio 0.14
Quick Ratio 0.14
Altman-Z 0.34
F-Score6
WACC6.55%
ROIC/WACC0.37
Cap/Depr(3y)183.97%
Cap/Depr(5y)234.29%
Cap/Sales(3y)65.04%
Cap/Sales(5y)98.86%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-38.86%
EPS 3Y-12.64%
EPS 5Y-23.3%
EPS Q2Q%1200%
EPS Next Y-30.18%
EPS Next 2Y-0.06%
EPS Next 3Y-5.39%
EPS Next 5Y-3.48%
Revenue 1Y (TTM)5.81%
Revenue growth 3Y9.86%
Revenue growth 5Y12.86%
Sales Q2Q%5.56%
Revenue Next Year15.38%
Revenue Next 2Y10.7%
Revenue Next 3Y8.55%
Revenue Next 5YN/A
EBIT growth 1Y13.63%
EBIT growth 3Y27.09%
EBIT growth 5Y6.6%
EBIT Next Year208.15%
EBIT Next 3Y49.06%
EBIT Next 5Y31.97%
FCF growth 1Y249.96%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y6.21%
OCF growth 3Y8.03%
OCF growth 5Y2.41%