Healthpeak Properties Inc (DOC) is overvalued and Welltower Inc (WELL) is overvalued.
Both trade above our estimate of their intrinsic value. WELL is the closer of the two: -215%, against -327% for DOC.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.9% (average of 2 methods) values the shares at $4.83; the price of $20.60 is 327% above that value, and 80% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
Discounting its cash flows at 8.7% (average of 2 methods) values the shares at $73.15; the price of $230.39 is 215% above that value, and 78% of that value comes from beyond year five.
Leak Score 49/100 on 8 of 12 signals
| Metric | DOC | WELL |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $20.60 | $230.39 |
| Intrinsic value | $4.83 | $73.15 |
| Margin of safety | -327% | -215% |
| Leak Score | 0/100 (2/12) | 49/100 (8/12) |
| Market cap | $14.6B | $166.1B |
| Revenue growth, 5 years | 11.4% | 18.7% |
| Operating margin | 17.9% | 5.3% |
| Net margin | 8.2% | -2.8% |
| Return on equity | 3.1% | 3.8% |
| Debt to equity | 1.32 | 0.42 |
| P/E | 58.9x | — |
| Forward P/E | 93.3x | 70.9x |
| P/B | 1.8x | 3.6x |
| Dividend yield | 6.0% | 1.4% |