Healthpeak Properties, Inc. (DOC) vs Annaly Capital Management, Inc. (NLY)
A side-by-side comparison of Healthpeak Properties, Inc. and Annaly Capital Management, Inc. across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of October 2, 2026. Differences are shown without an overall score or investment verdict.
Total return — DOC vs NLY
growth of $100 · dividends reinvested · last 10yDOC vs NLY: by the numbers
- •NLY is the larger company ($13.94B vs $13.44B market cap).
- •NLY converts more revenue to profit (40.52% vs 8.60% net margin).
- •NLY grew revenue faster over the past five years (22.35% vs 19.15% CAGR).
- •NLY pays the higher dividend yield (15.27% vs 6.28%).
Metrics side by side
Valuation
| Metric | DOC | NLY |
|---|---|---|
| P/E ratio | 55.69 | 4.63 |
| Forward P/E | 43.48 | 5.98 |
| P/S ratio | 4.56 | 1.91 |
| P/B ratio | 1.71 | 0.82 |
| EV / EBITDA | 13.69 | 16.67 |
| FCF yield | 2.20% | N/A |
For REITs like Healthpeak Properties, Inc., GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
For REITs like Annaly Capital Management, Inc., GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
Profitability
| Metric | DOC | NLY |
|---|---|---|
| Gross margin | 22.48% | 99.28% |
| Operating margin | 17.61% | 102.58% |
| Net margin | 8.60% | 40.52% |
| ROE | 3.23% | 17.44% |
| ROIC | 2.36% | 5.74% |
Dividends
| Metric | DOC | NLY |
|---|---|---|
| Dividend yield | 6.28% | 15.27% |
| Payout ratio | 348.58% | 71.25% |
Healthpeak Properties, Inc.'s payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Annaly Capital Management, Inc.'s payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Growth (annualized)
| Metric | DOC | NLY |
|---|---|---|
| Revenue CAGR (5Y) | 19.15% | 22.35% |
| EPS CAGR (5Y) | -33.52% | N/A |
| FCF CAGR (5Y) | 10.55% | N/A |
| Total return CAGR (5Y) | -3.64% | 1.94% |
Frequently asked
- Which has grown faster, DOC or NLY?
- Over the past five years, NLY grew revenue faster — DOC at a 19.15% CAGR versus NLY at 22.35%.
- Does DOC or NLY pay a bigger dividend?
- DOC yields 6.28% and NLY yields 15.27% based on trailing dividends and the latest price.
- Is DOC or NLY more profitable?
- NLY runs the higher net margin — DOC at 8.60% versus NLY at 40.52%.
- How have DOC and NLY total returns compared?
- Over the past 10 years, DOC delivered 1.11% and NLY delivered 4.54% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Healthpeak Properties & Annaly Capital Management appear in these rankings
Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified October 2, 2026.