AHR vs DOC: American Healthcare REIT and Healthpeak Properties compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Healthpeak Properties is the larger company, worth $12.8B, about 1.4 times American Healthcare REIT.
- Healthpeak Properties grew revenue faster over the last year (+45.4% vs +26.6%).
- American Healthcare REIT keeps more of each dollar of revenue as operating profit (20.5% vs -287.3%).
- On earnings, Healthpeak Properties is the cheaper stock (58.2x vs 82.3x).
- Healthpeak Properties's price assumes faster free cash flow growth: about 13% a year, against 11% for American Healthcare REIT (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | AHR | DOC |
|---|---|---|
| Market cap | $9.4B | $12.8B |
| Share price | $50.80 | $18.80 |
| Revenue (last fiscal year) | $2.1B | $604M |
| Free cash flow (last fiscal year) | $294M | $357M |
| Revenue growth, last year | +26.6% | +45.4% |
| Revenue growth per year, last 5 fiscal years | +16.8% | +6.4% |
| Operating margin | 20.5% | -287.3% |
| Net margin | 5.2% | 33.6% |
| Return on equity | 3.3% | 3.1% |
| P/E (trailing) | 82.3x | 58.2x |
| Price / free cash flow | 56.4x | 10.3x |
| EV / EBITDA | 27.0x | 10.9x |
| FCF growth the price implies | 11.1% | 12.7% |
| Dividend yield | 2.0% | 6.5% |
| Debt / equity | 0.53x | 1.55x |
| Fundamental grade | C | C |
| Superinvestors holding it | 3 | 2 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
American Healthcare REIT
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.1B | $17M | 19.0% |
| 2022 | $1.4B | $145M | 21.4% |
| 2023 | $1.7B | $93M | 18.4% |
| 2024 | $1.9B | $176M | 19.3% |
| 2025 | $2.1B | $294M | 19.8% |
Healthpeak Properties
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $471M | $36M | -268.9% |
| 2022 | $495M | -$62M | -281.7% |
| 2023 | $527M | $182M | -271.5% |
| 2024 | $568M | $334M | -368.9% |
| 2025 | $604M | $357M | -331.8% |
Where the revenue comes from
American Healthcare REIT · by segments, 2025
ISHC$1.8B78%
SHOP$331M15%
OM$126M6%
Triple-net leased properties$40M2%
Healthpeak Properties · by segments, 2023
Lab$878M40%
Outpatient Medical$753M35%
CCRC$527M24%
Other non-reportable$22M1%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open AHR in InvestinglyQuestions
Which is bigger, American Healthcare REIT or Healthpeak Properties?
Healthpeak Properties (DOC), at $12.8B against $9.4B.
Is AHR or DOC cheaper?
By trailing P/E, Healthpeak Properties (58.2x) is cheaper than American Healthcare REIT (82.3x). A lower multiple can also mean the market expects less growth.
Which grows faster, AHR or DOC?
Healthpeak Properties: revenue grew +45.4% over the last year, against +26.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.