The business behind the dividend
| Measure | HR | Median | Formula |
|---|---|---|---|
| Return on equity | -5.3% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $-12.26m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $126.94m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | -872.1% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.85x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion, Current ratio, Interest cover, Operating margin, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -5.3% | -12.5% | -4.1% | 0.5% | 3.1% | 2.3% | 0.9% | 6.6% | 1.9% | 2.7% | 0.9% |
| Return on capital employed | — | — | — | — | — | — | — | — | 2.0% | 2.9% | 2.0% |
| Operating margin | — | — | — | — | — | — | — | — | 20.1% | 22.1% | 20.1% |
| Net margin | -872.1% | — | — | — | — | — | 4.4% | 30.7% | 10.4% | 10.0% | 10.0% |
| Debt to equity | 0.85x | 0.89x | 0.73x | 0.71x | 0.82x | 0.95x | 0.82x | 0.78x | 0.85x | 1.05x | 0.82x |
| Cash conversion | — | — | — | 6.67x | 3.49x | 6.51x | 11.29x | 1.58x | 4.81x | 4.44x | 4.81x |
How it compares in real estate
Among the 46 real estate companies here measured on funds from operations, Healthcare Realty Trust pays out less than 0 of them. The median for that group is 65.5%, against this company’s 466.4%.
Closest on funds from operations
- Americold Realty Trust (COLD) 88.0%
- Omega Healthcare Investors (OHI) 96.4%
- W. P. Carey (WPC) 100.3%
- Crown Castle (CCI) 183.0%
Same sector and same denominator, so the figures are comparable. All 50 in real estate →