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Healthcare Realty Trust Inc

Real Estate • CIK: 0001360604

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Market Cap
$5.93B
P/E (TTM)
-23.9x
Rev Growth (TTM)
-6.9%
Net Margin (TTM)
-20.8%
FCF Yield (TTM)
7.7%
FCF Margin (TTM)
38.7%

LATEST EARNINGS

Q4 2025
21 days ago
View source
Revenue
$286.30M
-7.6%
Net Income
$14.39M
-234.7%
EPS
$0.04
-112.9%
Net
5.0% +39.5%
  • Completed asset sales of $682 million in Q4 2025 and through February 2026, with one transaction expected to close later this month.
  • Moody's Investors Service revised outlook to Stable and affirmed a Baa2 credit rating in December.
  • Same store cash NOI growth of +5.5% in Q4 2025 driven by tenant retention of 82.7% with +3.7% cash leasing spreads.
  • Lease executions totaled 1.5 million square feet in Q4 2025, with sequential lease up of over 500 bps in redevelopment projects.

Cash Flow Health

Free Cash Flow8/8 positive
TTM$457M
Q4 '25
$132M+16%
Q2 '25
$114M-30%
FCF Margin
TTM38.7%
Q4 '2546.2%+21%
Sector: 13.8%Above Avg
OCF Margin38.7%
OCF/NI-1.86x
CapEx Coverage
FCF Yield7.7%
FCF Growth (2Y)+19%
Cash Conversion Cycle
0 days
DSO: 0+DIO: 0DPO: 0

Capital Allocation & Returns

Shareholder Friendly
Total Shareholder YieldTTM
TTM6.7%
Div Yield6.6%
+
Buyback (TTM)0.1%

Strong capital returns to shareholders

Dividend & Payout Metrics
Dividend Yield (TTM)6.6%
FCF Payout Ratio85.8%
Free Cash Flow (TTM)$457.1M
Stock Repurchases (TTM)$4.0M
Capital Return / FCF86.6%
Est. Dividends Paid (TTM)$392.0M
Shows how management rewards shareholders

Operational Efficiency & Returns

Return on Invested CapitalTTM
P25MedianP75
(med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
Asset Turnover
0.12x
8Q: 0.11x
Leverage (1+D/E)
1.00x
D/E: 0.00x
Asset & CapEx Efficiency
Asset-based ROIC formula

QUARTERLY TRENDS

Last 8 quarters + TTM

MetricTTMQ4 2025Q2 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024
Revenue
$1.2B
$286.3M3.8%
$297.8M0.1%
$297.5M0.5%
$299.0M3.5%
$309.8M1.8%
$315.4M0.3%
$316.3M3.2%
$326.8M
Operating Income
$658.9M
$161.8M0.5%
$162.5M0.9%
$164.1M3.7%
$170.5M5.8%
$161.1M8.0%
$175.1M5.2%
$184.6M3.3%
$190.9M
Net Income
$-246.1M
$14.4M124.9%
$-57.7M63.4%
$-157.9M251.8%
$-44.9M58.0%
$-106.8M14.9%
$-93.0M35.3%
$-143.8M53.7%
$-310.8M
Operating Cash Flow
$457.1M
$132.3M16.3%
$113.8M30.3%
$163.2M241.5%
$47.8M65.4%
$138.0M15.7%
$119.3M29.1%
$168.2M120.8%
$76.2M
Free Cash Flow
$457.1M
$132.3M16.3%
$113.8M30.3%
$163.2M241.5%
$47.8M65.4%
$138.0M15.7%
$119.3M29.1%
$168.2M120.8%
$76.2M
Total Equity
N/A

Valuation Analysis

Fair Value
Price-to-EarningsTTM
-23.9x
Volatile
8Q: -47.6x+23289%
Valuation Lenses
Earnings
-23.9x
vs sector
Cash Flow
12.9x
EV/FCF vs
Growth-Adj
PEG
N/A
Quality-Adj
P/E per %ROIC
ROIC: –
Shareholder Returns
Dividend
6.6%
Buyback
0.1%
Total Yield
6.7%
Market Cap$5.93B
EV$5.89B
Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score
-14/100
Below Average

Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)

Returns on Capital

Return on Equity (ROE)Above Avg
-5.0%
8Q:
Return on Invested Capital (ROIC)
8Q:
vs Sector:0.1%

Earnings Quality

Cash Conversion

-1.86x

OCF / Net Income

FCF Consistency

Positive quarters

Competitive Moat Indicators

Pricing Power

Gross Margin

Capital Efficiency

Invested Capital Turnover

Working Capital

Cash Conversion Cycle0 days

Growth Quality & Momentum

Moderate Growth
Growth Quality Score
52/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%

Growth Rates

Revenue Growth YoY
-6.9%
OpInc Growth YoY
0.4%
EPS Growth YoY
60.3%
FCF 3Y CAGR
18.8%

Growth Quality Analysis

Efficient Growth: Free cash flow growing faster than revenue

Margin Quality & Sustainability

Moderate
Profitability Cascade
Gross
Operating
Net
-20.8%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
FCF vs Net Gap
+59.6 pts
FCF: 38.7% | Net: -20.8%

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $26.17M
Interest Coverage
+Net cash position: $26.17M
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis