Healthpeak Properties, Inc. (DOC) vs SBA Communications Corporation (SBAC)
A side-by-side comparison of Healthpeak Properties, Inc. and SBA Communications Corporation across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of September 8, 2026. Differences are shown without an overall score or investment verdict.
Total return — DOC vs SBAC
growth of $100 · dividends reinvested · last 10yDOC vs SBAC: by the numbers
- •SBAC is the larger company ($20.20B vs $14.24B market cap).
- •SBAC converts more revenue to profit (34.51% vs 8.60% net margin).
- •DOC grew revenue faster over the past five years (19.15% vs 5.63% CAGR).
- •DOC pays the higher dividend yield (5.91% vs 2.49%).
Metrics side by side
Valuation
| Metric | DOC | SBAC |
|---|---|---|
| P/E ratio | 59.00 | 20.39 |
| Forward P/E | 46.07 | 24.62 |
| P/S ratio | 4.83 | 7.01 |
| P/B ratio | 1.82 | N/A |
| EV / EBITDA | 14.19 | 18.82 |
| FCF yield | 2.08% | 5.22% |
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 SBA Communications Corporation, 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 | SBAC |
|---|---|---|
| Gross margin | 22.48% | 41.61% |
| Operating margin | 17.61% | 50.79% |
| Net margin | 8.60% | 34.51% |
| ROE | 3.23% | N/A |
| ROIC | 2.36% | 11.87% |
Dividends
| Metric | DOC | SBAC |
|---|---|---|
| Dividend yield | 5.91% | 2.49% |
| Payout ratio | 348.58% | 50.81% |
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.
SBA Communications Corporation'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 | SBAC |
|---|---|---|
| Revenue CAGR (5Y) | 19.15% | 5.63% |
| EPS CAGR (5Y) | -33.52% | 115.83% |
| FCF CAGR (5Y) | 10.55% | 1.35% |
| Total return CAGR (5Y) | -3.79% | -10.87% |
Frequently asked
- Which has grown faster, DOC or SBAC?
- Over the past five years, DOC grew revenue faster — DOC at a 19.15% CAGR versus SBAC at 5.63%.
- Does DOC or SBAC pay a bigger dividend?
- DOC yields 5.91% and SBAC yields 2.49% based on trailing dividends and the latest price.
- Is DOC or SBAC more profitable?
- SBAC runs the higher net margin — DOC at 8.60% versus SBAC at 34.51%.
- How have DOC and SBAC total returns compared?
- Over the past 10 years, DOC delivered 1.37% and SBAC delivered 6.09% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Healthpeak Properties & SBA Communications 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 September 8, 2026.