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Healthcare Realty Trust Incorporated (HR) Fair Value & Analysis

Real Estate · US · Market cap $6.9B · ISIN US42226K1051

What is Healthcare Realty Trust Incorporated really worth?

HR Healthcare Realty Trust Incorporated logo Healthcare Realty Trust Incorporated HR · US
Price$19.27
Fair Value$20.60
Upside+6.9%
Quality44/100

Below-average quality, currently priced close to our fair value of $20.60.

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Strengths

Moderate debt · generates free cash flow

Risks

!Mixed Growth (revenue 5y +9.9 %/yr)
!Loss-making · -17.3% net margin
!Trails peers (4/14)
!Narrow moat 25/100
!Evidence only medium, so the estimate is less certain

For context

·4.98% dividend yield
Evidence: Medium Range $12.47 – $28.72

Fair value as of: Aug 23, 2026

From 6 valuation models · updated 13 days ago

Share price −4.9% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range ($12.47 to $28.72) leaves room in how you read the outcome.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Price vs Fair Value (5 years)

$21.87 $11.17 Fair Value $20.60 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 23, 2026.

How to read this chart

60‑month range $11.17 – $21.87 · fair‑value band $12.47 – $28.72 · the $19.27 price screens below the $20.60 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 23, 2026.

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Analysis

Healthcare Realty Trust Incorporated (HR) currently trades at $19.27, while our model-based Fair Value estimate is $20.60, implying the stock looks roughly 6.5% fairly valued today. The Quality Score stands at 44/100 (below-average quality), in the Real Estate sector. Bull case: the Multiples group reads highest at a median of $21.62 per share, and 2 of the 4 models we run sit above the $19.27 price. Bear case: the Asset-Based group reads lowest at $8.93, and 2 of the 4 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, Healthcare Realty Trust Incorporated generated revenue of $1.2B at a net margin of −17.3%. Revenue declined 6.5% year over year. It earns a return on equity of −4.2%. Net debt stands at $4.1B. Fundamentals as of Aug 23, 2026

Our scenario range runs from $12.47 (bear case) to $28.72 (bull case); at $19.27, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 8% below its 52-week high and 34% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −49% fair-value upside, at 7%, HR screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model 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. Evidence
Highest evidence
FCF DCF best evidence $7.20 77
Growth DCF $4.98 75
5Y EBITDA Exit $6.40 $25.58 $51.31 69
All 6 models by family
DCF Models
FCF DCF best evidence $7.20 77
5Y EBITDA Exit $6.40 $25.58 $51.31 69
10Y EBITDA Exit $2.22 $18.21 $45.72 59
Multiples
EV/EBITDA $13.50 $21.62 $29.75 66
Asset-Based
NCAV (Graham) $6.66 $8.93 $13.32 54
Growth DCF
Growth DCF $4.98 75

Widest divergence: Multiples ($21.62) versus Asset-Based ($8.93). Highest evidence: FCF DCF (77).

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Key figures & financial health

P/S ratio 5.98 TTM
EPS (TTM) $−0.5800
Dividend yield 5.0%
Net margin −20.8% FY2025
Return on equity −4.2% TTM
Return on assets (EBIT) 0.9% avg 5y
More key figures
Profitability
Operating margin 11.5% TTM
Growth
Revenue (TTM) $1.2B TTM
Revenue growth (YoY) −6.5% 3y avg +8.2%
EPS growth (YoY) −76.8%
Balance sheet & cash flow
Free cash flow $127M FY2025
Net debt $4.1B FY2025 · ≈ 32.5 yrs of FCF

Figures from reported company fundamentals · as of Aug 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 44/100

Of which business quality 41 · Market factors (momentum, volatility) 63

Profitability 2
Margins and returns on capital today
Quality Growth 68
Are margins and returns improving?
Cashflow 51
Earnings quality: real cash, not paper profit
Fin. Strength 34
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 82
Calm price path (market factor)
Momentum 50
Price trend over the last 3–12 months (market factor)
52W Momentum 62
Distance to the 52-week high (market factor)
Net Issuance 50
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

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.

Full company description

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. 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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

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.

Growth Quality 38/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
$1.2B
Latest YoY
−6.9%
Avg. revenue growth/yr (3Y) 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.
+8.2%
Avg. revenue growth/yr (5Y) 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.
+9.9%
Avg. revenue growth/yr (32Y) 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.
+17.4%
Value creation/yr 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
Revenue +21.9%/yr
FY21 $535M
FY22 $933M
FY23 $1.3B
FY24 $1.3B
FY25 $1.2B
Net income
FY21 $66.7M
FY22 $40.9M
FY23 −$278M
FY24 −$654M
FY25 −$246M

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Cite: Fair Value Calculator (2026). "Healthcare Realty Trust Incorporated Fair Value". https://www.fairvalue-calculator.com/stock/HR

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

REIT - Healthcare Facilities · 25 stocks

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.

Quality Score 45 · Below median
Fair Value upside +7% · Top 25%
Return on assets 1% · Bottom 25%
Net margin (TTM) −17% · Bottom 25%
Operating margin (TTM) 12% · Bottom 25%
Revenue growth −7% · Bottom 25%
Dividend yield (TTM) 5.0% · Below median
Debt / equity 0.82× · Higher than median

Valuation Multiples vs REIT - Healthcare Facilities median · lower = cheaper

P/B 1.50× · Cheaper than median
P/S (TTM) 5.98× · Cheaper than median
P/FCF 54.7× · Pricier than 75% of peers
EV/EBITDA 15.4× · Cheaper than median
PEG 8.82× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE43 · sector 6
FUTURE0 · sector 36
PAST0 · sector 23
HEALTH59 · sector 73
DIVIDEND100 · sector 100

Insider activity: 78/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more REIT - Healthcare Facilities stocks, each showing price versus our Fair Value estimate (as of Aug 23, 2026).

Stock Price Fair Value vs Fair Value
Welltower Inc WELL $238.07 $41.85 −82%
Ventas, Inc VTR $89.01 $17.91 −80%
Omega Healthcare Investors, Inc OHI $45.99 $29.19 −37%
Healthpeak Properties, Inc DOC $21.40 $6.95 −68%
American Healthcare REIT, Inc AHR $56.19 $10.94 −81%
CareTrust REIT, Inc CTRE $39.61 $22.79 −42%
Aedifica NV AED €66.55 €34.97 −47%
Chartwell Retirement Residences CSHUN C$21.17 C$3.49 −84%
Sabra Health Care REIT, Inc SBRA $20.39 $10.49 −49%
National Health Investors, Inc NHI $72.27 $64.82 −10%

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Frequently asked questions

Is Healthcare Realty Trust Incorporated (HR) overvalued or undervalued?
As of Aug 23, 2026, our model estimates a fair value of $20.60 versus a price of $19.27, about +7% upside (fairly valued).
What is the fair value of HR?
Our model-based fair value for Healthcare Realty Trust Incorporated is $20.60 (as of Aug 23, 2026), built from audited fundamentals. The current price: $19.27.
What is the quality score of HR?
Healthcare Realty Trust Incorporated has a Quality Score of 44/100. 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 revenue of Healthcare Realty Trust Incorporated (HR)?
Healthcare Realty Trust Incorporated reported trailing-twelve-month revenue of about $1.2B (latest available figure, as of Aug 23, 2026).
What is the net profit margin of HR?
The net profit margin of Healthcare Realty Trust Incorporated is about −17.3%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does Healthcare Realty Trust Incorporated pay a dividend?
Healthcare Realty Trust Incorporated currently shows a dividend yield of about 4.98% relative to its recent price (as of Aug 23, 2026).
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