Healthcare Realty Trust Incorporated (HR) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Healthcare Realty Trust Incorporated stock $20.82, price $19.20, upside +8.4%, quality 51 out of 100. Rating: fairly valued. Calculated from audited financials with 9 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range $11.03 – $21.60 · fair‑value band $7.94 – $36.60 · the $19.20 price screens below the $20.82 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Healthcare Realty Trust Incorporated is a real estate investment trust (REIT) that owns and operates medical outpatient buildings primarily located around market-leading hospital campuses. The Company selectively grows its portfolio through property acquisition and development.
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As of September 30, 2025, the Company was invested in 579 real estate properties in 28 states totaling 33.6 million square feet and had an enterprise value of approximately 11.1 billion dollars, defined as equity market capitalization plus the principal amount of debt less cash.
Healthcare Realty Trust Incorporated was incorporated in 1992 and is based in Nashville, United States.
Stock analysis
Healthcare Realty Trust Incorporated (HR) currently trades at $19.20, while our model-based Fair Value estimate is $20.82, so the stock looks roughly fairly valued today (gap 7.8%).
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Valuation
Bull case: the DCF Models group reads highest at a median of $21.43 per share, and 3 of the 7 models we run sit above the $19.20 price.
Bear case: the Asset-Based group reads lowest at $8.99, and 4 of the 7 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $7.94 (bear) to $36.60 (bull), the price of $19.20 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 51/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Healthcare Realty Trust Incorporated reported revenue of $1.2B in FY2025 versus $535M in FY2021, a compound +21.9%/yr. Reported net income was −$246M in FY2025.
Key figures
Market cap $6.6B Mid · P/S ratio 5.59 · EPS (TTM) $−0.2600 · Dividend yield 5.0% · Net margin −7.6% · Return on equity −1.9% · Return on assets (EBIT) 0.9% (5-year average) · Operating margin 14.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 26 out of 100 (medium confidence).
What moves the price
The share trades about 11% below its 52-week high and 22% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −21% fair-value upside, at 8%, HR screens cheaper than that median.
Fair Value models
Bear$7.94Fair Value $20.82Bull$36.60
Price $19.20 · Upside +8.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 2 officers or directors sold shares worth $926,184 and none bought.
SaleRobert E HullEVP and COO21,000 shares at $19.11$401,310Sep 8, 2026
SaleAmanda L CallawaySVP & Chief Accounting Officer25,767 shares at $20.37$524,874Jun 23, 2026
BuyThomas N BohjalianDirector10,000 shares at $18.09$180,900Mar 6, 2026
BuyDaniel GabbayEVP, Chief Financial Officer10 shares at $18.74$187Mar 4, 2026
Plus 5 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.38/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−6.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.9%
Start year 2020 (pandemic). Over 10 years: +11.3% a year
Revenue growth 32 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.4%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
9.5% (2020) → 8.0% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+35.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+1.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +32.6% a year for the price and −1.4% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (84 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Negative margins and high leverage highlight the limited moat in this standardized REIT sector, with deleveraging via asset sales as the key current strength.
Main risk: Evolving state corporate practice of medicine rules, mini-HSR notices or moratoriums on REIT ownership of facilities could limit acquisitions, management structures or portfolio growth in affected states.
Bull case: By deepening ties with health systems and ensuring full compliance with evolving state rules, the company could gain preferred access to new outpatient assets and sustain leasing momentum.
Bear case: If states impose broader bans or heavy oversight on REIT involvement the company might encounter barriers to acquisitions, forced sales in key markets or slower portfolio expansion over time.
Healthcare Realty Trust is pushing its 2.0 plan ahead of schedule, wrapping up much of the balance sheet repair via asset sales and deleveraging before shifting focus to leasing results and deeper health system ties. Our models see it as undervalued. Will faster leasing gains and stronger partnerships drive better cash flows than lingering portfolio risks, or will the reset face ongoing execution delays?
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Healthcare Facilities · 25 stocks
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Is Healthcare Realty Trust Incorporated (HR) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of $20.82 versus a price of $19.20, about +8% upside (fairly valued).
What is the fair value of HR?
Our model-based fair value for Healthcare Realty Trust Incorporated is $20.82 (as of Nov 6, 2026), built from audited fundamentals. The current price: $19.20.
What is the quality score of HR?
Healthcare Realty Trust Incorporated has a Quality Score of 51/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Healthcare Realty Trust Incorporated (HR)?
Our model-based price target is the fair value of $20.82 (as of Nov 6, 2026) from 9 valuation models. Cautious scenario $7.94, optimistic scenario $36.60. It is a calculation from audited fundamentals, not an analyst target.
What is the Healthcare Realty Trust Incorporated stock forecast for 2026?
Our models put fair value at $20.82, about +8% upside versus a price of $19.20 (fairly valued). Cautious scenario $7.94, optimistic scenario $36.60. The calculation is refreshed regularly with new filings.
What is the revenue of Healthcare Realty Trust Incorporated (HR)?
Healthcare Realty Trust Incorporated reported trailing-twelve-month revenue of about $1.1B (latest available figure, as of Nov 6, 2026).
Does Healthcare Realty Trust Incorporated pay a dividend?
Healthcare Realty Trust Incorporated currently shows a dividend yield of 5.00% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Healthcare Realty Trust Incorporated (HR) and when is the ex-dividend date?
Healthcare Realty Trust Incorporated pays a dividend of $0.96 per share a year, a dividend yield of 5.0%. The last ex-dividend date was Aug 11, 2026. A dividend has been paid every year since at least 1993. Free cash flow covers the dividend 0.39 times. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What growth is priced into Healthcare Realty Trust Incorporated (HR)?
For today's price to be fair in a discounted-cash-flow model, Healthcare Realty Trust Incorporated would have to grow free cash flow by +35.7 % per year for five years (discount rate 9.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.9 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of HR use?
Our models discount Healthcare Realty Trust Incorporated at 9.3 %: a base by market capitalisation (mid), damped by beta 0.84, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Healthcare Realty Trust Incorporated that is +35.7 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.3 %) and the same formula as our fair value.
How much growth has Healthcare Realty Trust Incorporated (HR) delivered so far?
Over the past 5 years revenue at Healthcare Realty Trust Incorporated grew +9.9 % a year. The price currently implies free-cash-flow growth of +35.7 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Healthcare Realty Trust Incorporated (HR) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Healthcare Realty Trust Incorporated (+35.7 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Healthcare Realty Trust Incorporated (HR)?
The free-cash-flow yield on the price is 1.93 %: that much free cash flow Healthcare Realty Trust Incorporated produces per unit of market value. When it exceeds the discount rate of our models (9.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Healthcare Realty Trust Incorporated (HR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Healthcare Realty Trust Incorporated it is $20.82 per share (as of Nov 6, 2026), against a price of $19.20. It is the blended result of 9 valuation models in 4 families (DCF Models, Multiples, Asset-Based, Growth DCF).
Is Healthcare Realty Trust Incorporated stock overvalued or undervalued in 2026?
As of Nov 6, 2026, HR trades below its calculated fair value: price $19.20, fair value $20.82, a gap of about +8% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of HR?
No. The price is what the market pays today ($19.20); the fair value is what the company's own numbers justify ($20.82). For Healthcare Realty Trust Incorporated the two are $1.62 per share apart. That gap is exactly why we show both numbers side by side.
How much is Healthcare Realty Trust Incorporated worth?
The market values Healthcare Realty Trust Incorporated at about $6.6B (market capitalisation, as of Nov 6, 2026). Per share that is $19.20; our models calculate a fair value of $20.82 per share.
What do the bullish and bearish scenarios say about HR?
Our models span a range for Healthcare Realty Trust Incorporated: cautious scenario $7.94, base $20.82, optimistic $36.60 per share (as of Nov 6, 2026, price $19.20). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of HR?
The PEG ratio of Healthcare Realty Trust Incorporated is 8.82 (P/E divided by earnings growth, as of Nov 6, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Healthcare Realty Trust Incorporated (HR)?
Balance-sheet figures for Healthcare Realty Trust Incorporated (as of Nov 6, 2026): return on equity −1.9%, debt of 0.82 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is HR from its 52-week high?
Healthcare Realty Trust Incorporated trades at $19.20, about 11% below its 52-week high of $21.60 and 22% above the low of $15.74 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $20.82 is for.
Which stocks are comparable to Healthcare Realty Trust Incorporated?
From the same area (Real Estate) we also value Welltower Inc, Ventas, Inc, Omega Healthcare Investors, Inc, Healthpeak Properties, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Healthcare Realty Trust Incorporated stock attractive at the current price?
The data as of Nov 6, 2026: price $19.20, calculated fair value $20.82 (+8%), Quality Score 51/100, from 9 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of HR calculated?
We run Healthcare Realty Trust Incorporated through 9 models from 4 families: DCF Models, Multiples, Asset-Based, Growth DCF. Every model gets the same audited fundamentals; the fair value of $20.82 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Healthcare Realty Trust Incorporated currently trades 8% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Healthcare Realty Trust Incorporated (HR)?
The closing price on Nov 6, 2026 was $19.20. Our model-based fair value is $20.82, about +8% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Healthcare Realty Trust Incorporated right now?
The model range is unusually wide ($7.94 to $36.60). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Healthcare Realty Trust Incorporated
How large is the market capitalisation of Healthcare Realty Trust Incorporated (HR)?
The market capitalisation of Healthcare Realty Trust Incorporated is $6.6B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Healthcare Realty Trust Incorporated (HR)?
The price-to-sales ratio of Healthcare Realty Trust Incorporated is 5.59 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Healthcare Realty Trust Incorporated (HR)?
Earnings per share at Healthcare Realty Trust Incorporated are $−0.2600. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Healthcare Realty Trust Incorporated (HR)?
The dividend yield of Healthcare Realty Trust Incorporated is 5.0%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Healthcare Realty Trust Incorporated (HR)?
The net margin of Healthcare Realty Trust Incorporated is −7.6% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Healthcare Realty Trust Incorporated (HR)?
The return on equity (ROE) of Healthcare Realty Trust Incorporated is −1.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Healthcare Realty Trust Incorporated (HR)?
On an EBIT basis the return on assets of Healthcare Realty Trust Incorporated is 0.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Healthcare Realty Trust Incorporated (HR)?
The operating margin of Healthcare Realty Trust Incorporated is 14.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Healthcare Realty Trust Incorporated (HR)?
Revenue at Healthcare Realty Trust Incorporated is growing −4.3% versus a year earlier (3y avg +8.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Healthcare Realty Trust Incorporated (HR)?
Earnings per share at Healthcare Realty Trust Incorporated are growing −76.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Healthcare Realty Trust Incorporated (HR) carry?
The net debt of Healthcare Realty Trust Incorporated is $4.1B (fiscal year 2025, ≈ 32.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 6, 2026