{"schemaVersion":1,"research":true,"symbol":"doc","name":"Healthpeak Properties","topic":"moat","path":"/stock/doc/moat","status":"published","version":4,"updatedAt":"2026-10-18T14:33:51.563Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Healthpeak demonstrates contractual tenant stickiness, repeat leasing demand and some realized pricing power. Early termination penalties and a major lease extension support current customer dependency, while increased resident fees contributed to earnings growth. However, the passages do not establish that these benefits differentiate Healthpeak from competing landlords or create a durable portfolio-wide advantage. Scale, relationships and irreplaceable assets remain partly management claims. The evidence establishes operating strengths but leaves the economic moat unresolved.","advantages":[{"mechanism":"switching_costs","claim":"Certain leases impose economically disadvantageous early termination penalties, and a disclosed renewal extended tenant commitments through December 2035. These provide current contractual stickiness, but their competitive distinctiveness and portfolio-wide reach are unproven.","durability":"Protection lasts within applicable contractual terms. Renewal activity supports continued demand, but does not establish persistent pricing premiums after expiration.","risks":"Extension options generally reference prevailing market rents. CommonSpirit received space-reduction rights, and tenant financial distress can weaken contractual protection.","invalidation":"The broader switching-cost thesis would be undermined by persistent renewal losses, material space reductions, or rent concessions and incentives that offset contractual escalations. Evidence that comparable landlords routinely offer identical protections would undermine differentiation.","competitors":[],"evidenceIds":["e1","e2","e5"],"counterEvidenceIds":["e3","e4","e10"]},{"mechanism":"intangible_assets","claim":"Hospital proximity and affiliations support outpatient tenant demand. Management also claims advantages from scale and industry relationships, but exclusive access, scarce locations and superior economics versus alternatives are not demonstrated.","durability":"Potentially persistent while hospital affiliations and local demand remain valuable; no demonstrated duration or exclusivity supports a firm moat conclusion.","risks":"Demand depends on affiliated hospitals remaining viable and competitive. Lab supply and demand headwinds can erode bargaining power despite relationships.","invalidation":"The location-and-relationship thesis would be undermined if affiliated properties repeatedly lose tenants to alternatives, hospital deterioration reduces leasing demand, or claimed sourcing advantages fail to produce superior investment outcomes.","competitors":[],"evidenceIds":["e8","e9"],"counterEvidenceIds":["e8","e11","e12"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Notes to financial statements / operating leases / early termination penalties","excerpt":"Certain operating leases contain early termination options that require advance notice and payment of a penalty, which in most cases is substantial enough to be deemed economically disadvantageous by a tenant to exercise."},{"id":"e2","sourceId":"filing-1","location":"Notes to financial statements / tenant renewal / lease term and escalations","excerpt":"The renewal, which is subject to a master agreement, extended the weighted average lease term of existing leases from July 2027 to December 2035, amended the contractual rents to current market rates, and increased the annual contractual lease escalations from 2.5% to 3.0%."},{"id":"e3","sourceId":"filing-1","location":"Notes to financial statements / CommonSpirit space-reduction rights","excerpt":"In connection with this extension, CommonSpirit was provided the right to reduce the amount of space leased by up to approximately 200,000 square feet at any time after the original lease maturity dates."},{"id":"e4","sourceId":"filing-1","location":"Notes to financial statements / extension options at prevailing market rates","excerpt":"The Company’s operating leases generally contain options to extend lease terms at prevailing market rates at the time of expiration."},{"id":"e5","sourceId":"filing-3","location":"Compensation discussion / 2025 Lab leasing and renewal achievements","excerpt":"Bohn ​ ​ ​ Chief Development Officer and Head of Lab Individual Performance Scorecard ● Oversaw solid Lab segment leasing results despite a challenging macroeconomic backdrop, with over 500,000 square feet of new leases and nearly 900,000 square feet of lease renewals ● Advanced major development and redevelopment campuses, including design, construction, and leasing ● Supported a key opportunistic Lab portfolio acquisition ● Advanced sustainability initiatives within development and operating portfolio, including submitting for and/or achieving six LEED certifications Individual Performance Payout: 140% of Target ​ Tracy A."},{"id":"e6","sourceId":"filing-1","location":"Results of operations / senior housing resident rates and occupancy","excerpt":"•an increase in Adjusted NOI generated from our senior housing segment related to: (i) increased rates for resident fees and (ii) higher occupancy;"},{"id":"e7","sourceId":"filing-3","location":"Appendix A / 2025 merger-combined same-store cash Adjusted NOI growth","excerpt":"​ YEAR-OVER-YEAR TOTAL MERGER-COMBINED SS CASH (ADJUSTED) NOI GROWTH ​ ​ ​ ​ ​ Full Year ​ SS GROWTH % Outpatient Medical ​ 3.8% Lab 1.5% Senior Housing 12.6% Total Merger-Combined SS Cash (Adjusted) NOI 3.9% ​ 2026 PROXY STATEMENT 97 Table of Contents Appendix A Definitions Cash (Adjusted) Net Operating Income (“NOI”)."},{"id":"e8","sourceId":"filing-1","location":"Risk factors / outpatient demand from hospital proximity and affiliations","excerpt":"Because we rely on our proximity to, and affiliations with, these hospitals to create tenant demand for space in our outpatient medical buildings, their inability to remain competitive or financially viable, or to attract physicians and physician groups, could adversely affect our outpatient medical building operations and have a material adverse effect on us."},{"id":"e9","sourceId":"filing-2","location":"Management strategy / claimed scale and relationship advantages","excerpt":"We have built scale and fostered deep industry relationships, two unique factors that provide us with a competitive advantage."},{"id":"e10","sourceId":"filing-1","location":"Risk factors / potential amendments on less favorable contractual terms","excerpt":"If widespread default or nonpayment of outstanding obligations from our tenants, operators, or borrowers occurs at a time when terminating our agreements with them and replacing them would be difficult or impossible, we could elect instead to amend our agreements on materially less favorable terms to us."},{"id":"e11","sourceId":"filing-3","location":"Corporate governance / stockholder engagement / Lab supply and demand headwinds","excerpt":"​ OUTREACH ​ ​ FOCUS AREAS ● Participated in a broad range of industry investor conferences, non-deal roadshows, and one-on-one meetings to maintain active dialogue with stockholders and the investment community ● Hosted numerous property tours to provide direct insight into portfolio strategy, asset quality, and operational execution ​ ● Business and operational performance ● Balance sheet and liquidity management ● Corporate impact matters KEY TAKEAWAYS – WHAT WE HEARD ​ WHAT WE DID IN RESPONSE ● Support for our strategy and solid operational performance ● Questions about the impact of macroeconomic conditions and strategy to deal with supply and demand headwinds in the Lab sector ​ ● Published two investor decks highlighting operational performance ● Communicated sector fundamental and capital allocation priorities in quarterly earnings releases and conference calls ​ 2026 PROXY STATEMENT 27 Table of Contents Corporate Governance Communicating with the Board If you wish to contact members of our Board, our Board Chair, any Board committee, or our Independent Directors as a group, you may send written correspondence to our Corporate Secretary at Healthpeak Properties, Inc., 4600 South Syracuse Street, Suite 500, Denver, Colorado 80237."},{"id":"e12","sourceId":"filing-1","location":"Auditor critical audit matter / 2025 equity-method investment impairments","excerpt":"The Company concluded that the decline in fair value of certain equity method investments was other-than-temporary and recorded impairment charges of $178 million for the year ended December 31, 2025, which is included in “Equity income (loss) from unconsolidated joint ventures” within the Consolidated Statements of Operation."},{"id":"e13","sourceId":"filing-2","location":"Note 11 / actual first-half 2026 share repurchases","excerpt":"During the three and six months ended June 30, 2026, the Company repurchased 5.95 million shares of its common stock under the 2024 Share Repurchase Program at a weighted average price of $16.81 per share for a total of $100 million."},{"id":"e14","sourceId":"filing-2","location":"Financing activities / June 2026 mortgage repayment","excerpt":"•In June 2026, we repaid $142 million of mortgage debt secured by a portfolio of 13 outpatient medical buildings upon maturity."},{"id":"e15","sourceId":"filing-2","location":"Other activities / June 2026 seller-financing principal recovery","excerpt":"Other Activities •In June 2026, we received a $399 million partial principal repayment of a seller financing loan receivable secured by outpatient medical buildings."},{"id":"e16","sourceId":"filing-2","location":"Non-GAAP reconciliation / first-half 2026 FFO and recurring capital expenditures","excerpt":"Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income (loss) applicable to common shares $ 52,668 $ 31,558 $ 246,152 $ 73,922 Real estate related depreciation and amortization 283,390 265,916 573,124 534,462 Healthpeak’s share of real estate related depreciation and amortization from unconsolidated joint ventures 7,644 12,530 14,856 24,730 Noncontrolling interests’ share of real estate related depreciation and amortization (15,421) (4,426) (20,123) (8,879) Loss (gain) on sales of depreciable real estate, net (9,988) (1,636) (60,657) (1,636) Healthpeak’s share of loss (gain) on sales of depreciable real estate, net, from unconsolidated joint ventures 1,793 — 1,793 — Noncontrolling interests’ share of gain (loss) on sales of depreciable real estate, net 973 — 973 — Loss (gain) upon change of control, net(1) (226) — (138,343) — Taxes associated with real estate dispositions (1,863) (335) (1,805) (335) Nareit FFO applicable to common shares 318,970 303,607 615,970 622,264 Distributions on dilutive convertible units and other 4,384 4,560 8,930 9,183 Diluted Nareit FFO applicable to common shares $ 323,354 $ 308,167 $ 624,900 $ 631,447 Impact of adjustments to Nareit FFO: Transaction, merger, and restructuring-related costs(2) $ 7,734 $ 10,215 $ 28,302 $ 15,749 Other impairments (recoveries) and other losses (gains), net(3) (1,479) 3,499 (3,754) 179 Loss (gain) on debt extinguishments — — 302 — Casualty-related charges (recoveries), net(4) (4,191) 3,919 (4,381) 8,145 Recognition (reversal) of valuation allowance on deferred tax assets(5) — — (3,058) — Total adjustments $ 2,064 $ 17,633 $ 17,411 $ 24,073 FFO as Adjusted applicable to common shares $ 321,034 $ 321,240 $ 633,381 $ 646,337 Distributions on dilutive convertible units and other 4,382 4,545 8,916 9,161 Diluted FFO as Adjusted applicable to common shares $ 325,416 $ 325,785 $ 642,297 $ 655,498 Other operating data: Amortization of deferred financing costs and debt discounts (premiums) $ 8,900 $ 7,875 $ 17,264 $ 15,727 Non-refundable entrance fee sales in excess of (less than) the related GAAP amortization 12,866 19,042 20,621 23,739 Stock-based compensation amortization expense 4,351 1,738 8,853 6,365 Deferred income taxes 48 2,597 3,101 5,168 AFFO capital expenditures (42,105) (25,729) (66,061) (48,864) Straight-line rents (12,183) (5,401) (23,088) (16,554) Amortization of above (below) market lease intangibles, net (6,308) (10,085) (12,905) (20,296) Other items(6) (3,055) (1,069) (5,662) 381 Refer to footnotes on the next page."},{"id":"e17","sourceId":"filing-3","location":"Compensation discussion / actual 2025 incentive structure and vesting conditions","excerpt":"Key Compensation Elements BASE SALARY ​ ​ ANNUAL CASH INCENTIVE OPPORTUNITIES ​ ​ LONG-TERM EQUITY INCENTIVE OPPORTUNITIES ● Competitive base salary to attract and retain talent based on experience, job scope, market data and individual performance ● Annually reviewed against similarly situated executives at peer companies to maintain competitive levels ● Based on the achievement of objective Company performance metrics to align compensation with strategic goals ● Includes primarily objective financial performance metrics of Normalized FFO per share, and Net Debt to Adjusted EBITDAre, which are common REIT performance measures and help advance our business strategy ● Includes quantitative and qualitative corporate impact metrics ● A limited portion of the annual cash incentive, or bonus, is based on individual performance to reward individual achievements and contributions and ensure that executives are driving execution of our business strategy ● Performance-based awards and service-based awards with a performance hurdle (granted in the form of RSUs or profits interest units) ● Performance-based awards earned by achieving 3-year Company TSR performance relative to constituents in two select indices comprised of REIT peers ● Service-based awards encourage retention by vesting ratably over three years, subject to a performance hurdle requiring achievement of a minimum Normalized FFO per share threshold in the grant year ​ 2026 PROXY STATEMENT 41 Table of Contents Compensation Discussion and Analysis Pay-for-Performance Philosophy Our executive compensation program rewards successful annual performance and encourages long-term value creation for our stockholders."},{"id":"e18","sourceId":"filing-3","location":"Compensation policies / objective performance criteria and actual results","excerpt":"Compensation decisions with respect to objective performance criteria were based on actual performance against the pre-established goals and were not discretionary."},{"id":"e19","sourceId":"filing-3","location":"Compensation practices / prohibition on pledging and hedging","excerpt":"​ ​ ​No pledging or hedging of our securities by directors, officers or other employees"},{"id":"e20","sourceId":"filing-3","location":"Corporate governance / adopted proxy access rights","excerpt":"Proxy Access Our Bylaws permit a stockholder, or group of up to 25 stockholders, owning at least 3% of our outstanding common stock continuously for three years to nominate up to the greater of two directors or a number of directors constituting up to 20% of our Board for inclusion in our proxy materials for an annual meeting of stockholders, subject to complying with the requirements contained in our Bylaws."},{"id":"e21","sourceId":"filing-3","location":"Auditor oversight / mandatory pre-approval of audit and non-audit services","excerpt":"The Audit Committee must pre-approve all audit and non-audit services performed by Deloitte, including the types of services to be provided and the estimated fees relating to those services."},{"id":"e22","sourceId":"filing-2","location":"Risk disclosures / ownership limits and transaction restrictions","excerpt":"•ownership limits in our charter that restrict ownership in our stock, and provisions of Maryland law and our charter that could prevent a transaction that may otherwise be in the interest of our stockholders;"},{"id":"e23","sourceId":"filing-1","location":"Tenant concentration / CommonSpirit share of 2025 revenues","excerpt":"During the year ended December 31, 2025, CommonSpirit represented 6% of revenues for the outpatient medical segment and 3% of total revenues."},{"id":"e24","sourceId":"filing-1","location":"Note 3 / merger consideration and common shares issued","excerpt":"The consideration transferred on the Closing Date was as follows (in thousands, except per share data): March 1, 2024 Physicians Realty Trust common shares and Physicians Realty Trust restricted shares, PSUs, and RSUs exchanged(1) 240,699 Exchange Ratio 0.674 Shares of Healthpeak common stock issued 162,231 Closing price of Healthpeak common stock on March 1, 2024(2) $ 17.10 Fair value of Healthpeak common stock issued to the former holders of Physicians Realty Trust common shares, restricted shares, PSUs, and RSUs $ 2,774,147 Less: Fair value of share consideration attributable to the post-combination period(3) (16,223) Physicians Realty Trust revolving credit facility termination(4) $ 175,411 Settlement of Physicians Realty Trust’s transaction costs 23,913 Payments made in connection with share settlement(5) 11,315 Cash consideration $ 210,639 Consideration transferred $ 2,968,563 _______________________________________ (1)Includes 241 million Physicians Realty Trust common shares and Physicians Realty Trust restricted shares outstanding as of March 1, 2024, inclusive of: (i) 200 thousand Physicians Realty Trust restricted shares; (ii) 1 million Physicians Realty Trust common shares issuable pursuant to outstanding Physicians Realty Trust performance-based restricted stock unit (“PSUs”) (reflected at the maximum level of performance); and (iii) 300 thousand Physicians Realty Trust common shares issuable pursuant to outstanding Physicians Realty Trust restricted stock units (“RSUs”)."},{"id":"e25","sourceId":"filing-2","location":"Note 11 / absence of first-half ATM direct share issuances","excerpt":"ATM Direct Issuances During each of the three and six months ended June 30, 2026 and 2025, there were no direct issuances of shares of common stock under the ATM Program."}],"changes":["Retain the previous uncertain verdict: contractual stickiness is established, but competitive differentiation and enduring portfolio-wide protection remain unresolved.","Revise the previous statement that realized pricing power is unproven: increased senior housing resident rates contributed to Adjusted NOI growth, and a disclosed renewal increased contractual escalations from 2.5% to 3.0%. Neither establishes portfolio-wide rental pricing premiums.","Add assessments supported by actual compensation and governance disclosures, financing actions and investment impairments."],"limitations":["All evidence comes from supplied issuer filings, including an auditor passage. Management descriptions of irreplaceability, relationships and competitive advantage do not independently demonstrate superiority.","No entities are established as current competitors in the relevant passages. Named merger parties, tenants, advisers and directors' former employers are not treated as competitors; competitor arrays are empty.","No comparative property costs, local supply shares, exclusive hospital access, portfolio renewal rate, rent spreads or incentive-adjusted leasing economics establish durable differentiation.","The disclosed CommonSpirit relationship represented 3% of total 2025 revenues, limiting extrapolation from its renewal to the entire portfolio.","Same-store Adjusted NOI growth measures property earnings rather than margin stability or economic returns after recurring capital expenditures.","The proxy supplies actual incentive structures and ownership guidelines, but the supplied passages omit complete individual beneficial ownership amounts and guideline compliance.","Source dates are filing dates, retaining dateKind filed. Subsequent events reported in those filings are distinguished from period-end results; anticipated awards and proposed votes are not treated as completed actions."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Contract penalties and hospital-linked demand provide plausible advantages, but the passages cannot establish differentiation from alternative landlords. The moat remains uncertain.","evidenceIds":["e1","e8","e9"]},{"criterion":"durability","grade":null,"rationale":"The disclosed lease extension offers contractual duration, but its limited revenue coverage and space-reduction rights do not establish durable portfolio-wide competitive protection.","evidenceIds":["e2","e3","e23"]},{"criterion":"customer_dependency","grade":null,"rationale":"Renewals and termination penalties demonstrate some dependency, but its strength relative to competing properties and its portfolio prevalence remain unresolved.","evidenceIds":["e1","e5"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Positive same-store earnings growth coexists with Lab headwinds and investment impairments. These do not resolve whether a competitive advantage withstands erosion.","evidenceIds":["e7","e11","e12"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Increased resident rates contributed to senior housing earnings growth, and an executed renewal increased annual escalations. Evidence is positive but segment-specific; resetting rents to market does not establish a rental premium.","evidenceIds":["e6","e2","e4"]},{"criterion":"retention","grade":3,"rationale":"Nearly 900,000 square feet of Lab renewals, a lease extension through December 2035 and early termination penalties demonstrate repeat demand and contractual friction. No portfolio retention percentage is supplied, and the major renewal includes space-reduction rights.","evidenceIds":["e5","e2","e1","e3"]},{"criterion":"margin_resilience","grade":2,"rationale":"Positive 2025 same-store property earnings growth across all three segments supports operating resilience indirectly. First-half 2026 adjusted FFO declined while recurring capital expenditures increased, limiting evidence of sustained earnings protection. Stable margins are not directly demonstrated.","evidenceIds":["e7","e16"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Contracts support scheduled escalations and termination penalties, but generally market-based extension terms and negotiated space-reduction rights constrain unilateral repricing. Disclosed freedom is meaningful but bounded.","evidenceIds":["e1","e2","e3","e4"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual repurchases, mortgage repayment and seller-financing recovery demonstrate active capital management. These coexist with substantial merger share issuance, $178 million of 2025 investment impairments and higher recurring capital expenditures. No ATM issuance alone does not imply absence of dilution, and repurchase value creation is unproven.","evidenceIds":["e13","e14","e15","e12","e16","e24","e25"]},{"criterion":"incentive_alignment","grade":3,"rationale":"The actual 2025 program ties cash incentives to operating and leverage metrics and performance equity to three-year relative shareholder returns. Objective criteria determine payouts, and hedging and pledging are prohibited. Complete ownership amounts and realized long-term alignment outcomes are missing.","evidenceIds":["e17","e18","e19"]},{"criterion":"execution","grade":2,"rationale":"Renewal activity, positive same-store property earnings growth and completed debt and loan repayments support execution. Assessment uses operating outcomes rather than individual executive scorecard praise; impairments and declining first-half adjusted FFO temper the record.","evidenceIds":["e5","e7","e14","e15","e12","e16"]},{"criterion":"governance","grade":2,"rationale":"Adopted proxy access, auditor-service pre-approval and trading restrictions provide concrete safeguards. Charter ownership limits and provisions that could prevent otherwise beneficial transactions offset these protections. Exceptional oversight effectiveness is not established.","evidenceIds":["e20","e21","e19","e22"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"4419ad3cde062ddd13d1f4a47a78d3badc2f828e032cc6c7c371a6856eb26164","updatedAt":"2026-10-18T14:33:51.563Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/765880/000162828026005044/peak-20251231.htm","publishedAt":"2026-02-03","sha256":"c8eb583b3a117c0a6a44fd1c961896cee8f0b66fc164ccfccd8fd5411e5a69e1","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/765880/000162828026053373/peak-20260630.htm","publishedAt":"2026-08-05","sha256":"2724767b175a556f7a3f080e14f0988804c4afcfb8151f27de122acb5c3282be","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/765880/000110465926027086/doc-20260430xdef14a.htm","publishedAt":"2026-03-12","sha256":"b572fb3d51b49c69891ac785c6548e3ed5b8406caa1e4b87b7272388529df4da","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/765880/000162828025003748/peak-20241231.htm","publishedAt":"2025-02-04","sha256":"4f986c23a5250a34d0e5a8cc3604331849231fe9d2017c5b24c7a88caafabd84","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/765880/000162828024004094/peak-20231231.htm","publishedAt":"2024-02-09","sha256":"12cb46fb8091bb17b17fe19d4ac3d991c0bd73e57fc9628778140e5dc519e34b","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/765880/000162828026031287/peak-20260331.htm","publishedAt":"2026-05-06","sha256":"dcd3098ba5ff8c04bd77b8fb15a021f08316720db5b5ae61b44aeb694bad64a8","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:b2485787fe8efdb24e2186f193980fd03b5cb779cf9ed97966d71530f6aed4d0","usage":{"input_tokens":84298,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3328,"reasoning_output_tokens":124},"basisSupplement":{"previousHash":"bc55d7642104687032cd741e2f952b5f8a90f250cfd6b7d7767243c234d5c9b9","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":-64.06492335437332,"operating_margin":null,"roic":null,"fcf_margin":7.537898477695862,"sbc_revenue":3.8618787460881565},"issues":{"pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":-74.36451251174397,"operating_margin":null,"roic":null,"fcf_margin":-12.472950993564824,"sbc_revenue":5.345348379080081},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":-71.03354651063579,"operating_margin":null,"roic":null,"fcf_margin":34.4473158809822,"sbc_revenue":2.7454556830743035},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":-89.07797176656847,"operating_margin":null,"roic":null,"fcf_margin":58.70689124411804,"sbc_revenue":2.7341571748977525},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":59.10869237684794,"sbc_revenue":2.3858050394957524},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/765880/000162828026005044/peak-20251231.htm","publishedAt":"2026-02-03","sha256":"c8eb583b3a117c0a6a44fd1c961896cee8f0b66fc164ccfccd8fd5411e5a69e1","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/765880/000162828026053373/peak-20260630.htm","publishedAt":"2026-08-05","sha256":"2724767b175a556f7a3f080e14f0988804c4afcfb8151f27de122acb5c3282be","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/765880/000110465926027086/doc-20260430xdef14a.htm","publishedAt":"2026-03-12","sha256":"b572fb3d51b49c69891ac785c6548e3ed5b8406caa1e4b87b7272388529df4da","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/765880/000162828025003748/peak-20241231.htm","publishedAt":"2025-02-04","sha256":"4f986c23a5250a34d0e5a8cc3604331849231fe9d2017c5b24c7a88caafabd84","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/765880/000162828024004094/peak-20231231.htm","publishedAt":"2024-02-09","sha256":"12cb46fb8091bb17b17fe19d4ac3d991c0bd73e57fc9628778140e5dc519e34b","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/765880/000162828026031287/peak-20260331.htm","publishedAt":"2026-05-06","sha256":"dcd3098ba5ff8c04bd77b8fb15a021f08316720db5b5ae61b44aeb694bad64a8","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"uncertain","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"uncertain","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"uncertain","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}