Healthpeak Properties, Inc. stock research
FY2024 Q4
Healthpeak Properties (DOC) Gross Margin — Quarter Ended Dec 31, 2024
Revenue increased while cost of revenue decreased, resulting in a smaller gross loss and an improved gross margin compared to the prior quarter. However, cost of revenue grew more than revenue relative to the same quarter last year, leading to a larger gross loss and a weakened gross margin year over year.
Gross margin takeaway
Quarter ended Dec 31, 2024 · FY2024 Q4
Revenue increased while cost of revenue decreased, resulting in a smaller gross loss and an improved gross margin compared to the prior quarter. However, cost of revenue grew more than revenue relative to the same quarter last year, leading to a larger gross loss and a weakened gross margin year over year.
- The most significant observable driver of gross margin was the change in cost of revenue relative to revenue, as the current quarter's cost of revenue declined while revenue rose sequentially, narrowing the gross loss.
- Compared to the previous quarter, gross margin improved as the gross loss decreased. Compared to the same quarter one year ago, gross margin weakened as the gross loss increased.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
-89.8%
Gross profit
-$131.1M
Revenue
$146.0M
Cost of revenue
$277.0M
Quarter-over-quarter change
+6.4 pts
Year-over-year change
-25.2 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 31, 2024 | $138.8M | -$105.0M | $243.7M | -75.6% |
| Jun 30, 2024 | $140.9M | -$132.9M | $273.8M | -94.4% |
| Sep 30, 2024 | $142.8M | -$137.4M | $280.3M | -96.2% |
| Dec 31, 2024 | $146.0M | -$131.1M | $277.0M | -89.8% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2024
+6.4 pts
Year-over-year change
Dec 31, 2023
-25.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The most significant observable driver of gross margin was the change in cost of revenue relative to revenue, as the current quarter's cost of revenue declined while revenue rose sequentially, narrowing the gross loss.
Compared to the previous quarter, gross margin improved as the gross loss decreased. Compared to the same quarter one year ago, gross margin weakened as the gross loss increased.
Monitor the trajectory of cost of revenue relative to revenue, as its growth rate has a direct impact on gross margin.