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Welltower Inc.

WELL Real Estate Reit Healthcare Facilities

Welltower Inc.’s revenue for fiscal 2025 (year ended December 2025) was $10.8 billion, up 35.6% from fiscal 2024. In the quarter to June 2026, revenue grew 39.1%, EPS grew 37.0%, free cash flow grew 142.9% and total debt rose 11.0%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for five consecutive years, revenue growth for five, operating cash flow growth for three; insiders bought in the last twelve months.

234.58 1.41 +0.60%
Market cap
$171.1B
P/E
105×
Fwd P/E
−32.0×
Dividend yield
1.67%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings
Share dilution
All filings →

Insider Decisions trades per month

Total buys 2.41
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — 1 — —
Sell — — — — — — — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 171,060.00
Revenue 12,763.22
Net Income 1,615.25
Free Cash Flow 9,255.29
Net Debt 15,629.09
Current Ratio 3.16
Debt/Equity 0.37
P/E ratio 105.19 (above 35: high)
Fwd P/E (32.00) (negative: loss-making)
P/S ratio 13.04 (above 10: high)
P/B ratio 3.51
Past 5Y EPS Growth (9.82%) (below 0%: weak)
This Y EPS Growth 105.35% (at or above 15%: strong)
Next Y EPS Growth 14.17%
Next Y revenue growth (85.20%) (below 0%: weak)
Next 5Y EPS Growth 42.20% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 14.3×, against a ten-year median of 9.2×; over the ten years it ranged from 6.3× in 2020 to 15.1× in 2025.
P/E against its own 10 years 71.43%
10-year low 10-year high
P/S against its own 10 years 97.47%
10-year low 10-year high
P/B against its own 10 years 98.09%
10-year low 10-year high
EV/Sales against its own 10 years 97.58%
10-year low 10-year high
EV/FCF against its own 10 years 40.22%
10-year low 10-year high

Dividends

Payout Ratio 1.80
Annual Dividend Rate 3.92
Annual Dividend Yield 1.67%
total individual payouts
2026 3.18
0.74
0.74
0.85
0.85
2025 2.82
0.67
0.67
0.74
0.74
2024 2.56
0.61
0.61
0.67
0.67
2023 2.44
0.61
0.61
0.61
0.61
2022 2.44
0.61
0.61
0.61
0.61
2021 2.44
0.61
0.61
0.61
0.61
2020 2.70
0.87
0.61
0.61
0.61
2019 3.48
0.87
0.87
0.87
0.87
2018 3.48
0.87
0.87
0.87
0.87
2017 3.48
0.87
0.87
0.87
0.87
2016 3.44
0.86
0.86
0.86
0.86
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,076 3,711 5,210 2,097
Receivables 1,524 1,712 2,373 2,811
Inventory — — — —
Other — — — —
4,961 7,229 9,414 7,861
2023 2024 2025 Q'26
Payables — — — —
ST’ Debt — — — —
Other — — — —
1,522 1,713 2,720 2,491

Compound Annual Growth %

10y 5y 3y
Sales 10.88% 18.67% 22.74%
Cash Flow 7.62% 16.12% 29.44%
Earnings 1.36% (0.87%) 87.90%
Book Value 10.96% 20.53% 26.91%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.64 Actual 1.67

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.44 1.45 Beat by 0.01
Q1 FY26 1.45 1.47 Beat by 0.02
Q2 FY26 1.55 1.60 Beat by 0.05
Q3 FY26 1.64 1.67 Beat by 0.03
Q4 FY26 1.74 — Reports 9 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.02 0.61 — — —
’25 0.40 0.45 0.41 0.14 1.39
’24 0.22 0.42 0.73 0.19 1.57
’23 0.05 0.20 0.24 0.15 0.66
’22 0.14 0.20 (0.01) (0.01) 0.30
’21 0.17 0.06 0.42 0.13 0.78
’20 0.75 0.42 0.77 0.39 2.33
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 3,352 3,545 — — —
’25 2,423 2,548 2,686 3,181 10,838
’24 1,860 1,825 2,056 2,251 7,991
’23 1,561 1,665 1,662 1,750 6,638
’22 1,396 1,473 1,474 1,519 5,861
’21 1,052 1,141 1,240 1,309 4,742
’20 1,259 1,188 1,037 1,122 4,606
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 670 1,004 — — —
’25 599 770 858 654 2,882
’24 407 605 685 559 2,256
’23 376 416 439 371 1,602
’22 325 395 356 253 1,329
’21 304 335 353 283 1,275
’20 412 400 298 255 1,365
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 2,013 1,258 — — —
’25 550 518 611 5,373 7,052
’24 87 298 286 236 908
’23 80 35 135 (85) 166
’22 (432) (703) (738) 2,293 420
’21 272 (87) (1,416) (1,209) (2,439)
’20 704 1,499 2,119 (8) 4,315
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Price, $
Price, $ Low 52.80 63.06 49.58 66.82 24.27 59.38 56.50 65.18 85.40 123.11 +9.9% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
High 80.19 78.17 74.75 93.17 89.99 89.80 99.43 93.42 140.75 209.05 +11.2% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
People
People Employees 466 392 384 443 423 464 514 533 685 712 +4.8% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Revenue/emp, $m 9.19 11.01 12.24 11.56 10.89 10.22 11.40 12.45 11.67 15.22 +5.8% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Income, $m
Income, $m Revenue 4,281 4,317 4,700 5,121 4,606 4,742 5,861 6,638 7,991 10,838 +10.9% 1,604 1,733 1,832 (44.7%)
Gross margin, % 55.92 50.26 48.24 47.11 41.55 41.34 39.10 40.38 39.43 40.22 (15.7) pt
EBT 709 300 423 543 (32) 171 173 350 524 (480) n/m
EBT margin, % 16.57 6.94 9.01 10.60 (0.69) 3.60 2.95 5.27 6.56 (4.43) (21.0) pt
Net income 1,082 541 830 1,330 1,039 374 161 358 973 962 (1.3%)
Depreciation 910 939 970 1,043 1,050 1,053 1,337 1,443 1,680 2,139 +10.0%
Per share, $
Per share, $ Revenue 11.95 11.75 12.58 12.74 11.09 11.16 12.68 12.87 13.25 16.28 +3.5%
Earnings 2.83 1.26 2.03 3.07 2.36 0.79 0.31 0.66 1.58 1.41 (7.4%)
Cash flow 4.57 3.91 4.24 3.82 3.29 3.00 2.87 3.11 3.74 4.33 (0.6%)
Capex (1.17) 2.44 (6.55) (4.88) 7.10 (8.74) (1.97) (2.78) (2.24) 6.27 n/m
Free cash flow 3.41 6.34 (2.31) (1.06) 10.39 (5.74) 0.91 0.32 1.51 10.59 +13.4%
Book value 42.65 40.64 41.72 41.08 40.63 43.76 45.46 50.58 53.59 64.51 +4.7%
Shares, m 358 367 374 402 415 425 462 516 603 666 +7.1%
Valuation, ×
Valuation, × P/E 23.46 50.42 34.02 26.64 27.38 109.96 209.22 138.83 80.27 130.71 83.1
P/S 5.54 5.45 5.52 6.42 5.83 7.69 5.28 7.01 9.51 11.40 7.0
P/B 1.66 1.66 1.74 1.99 1.59 1.96 1.47 1.78 2.35 2.88 1.9
EV/Sales 8.28 8.09 8.26 9.25 8.39 10.59 7.64 9.07 10.98 12.69 9.3
EV/FCF 29.03 15.00 (45.09) (111.41) 8.95 (20.60) 106.48 362.62 96.73 19.50 46.1
Cash, $m
Cash, $m Operating cash flow 1,639 1,434 1,584 1,536 1,365 1,275 1,329 1,602 2,256 2,882 +6.5%
Capex (418) 895 (2,445) (1,961) 2,950 (3,714) (908) (1,436) (1,349) 4,170 n/m
Free cash flow 1,221 2,329 (861) (425) 4,315 (2,439) 420 166 908 7,052 +21.5%
Balance, $m
Balance, $m Working capital 1,565 775 666 871 2,396 1,349 1,541 3,440 5,516 6,694 +17.5%
Total debt 12,358 11,732 13,226 14,915 13,799 14,131 14,548 15,736 15,500 19,197 +5.0%
Net debt 11,751 11,423 12,910 14,529 11,778 13,784 13,826 13,659 11,789 13,988 +2.0%
Shareholders’ equity 15,281 14,925 15,587 16,507 16,882 18,597 21,010 26,081 32,316 42,940 +12.2%
Returns, %
Returns, % ROA 3.50 1.63 2.60 3.87 2.97 1.00 0.39 0.83 2.00 1.58 (1.9) pt
ROIC 2.97 2.25 2.36 2.43 1.48 1.46 1.31 1.56 1.65 0.36 (2.6) pt
ROE 7.12 3.26 5.22 7.86 5.86 1.89 0.71 1.44 3.26 2.49 (4.6) pt
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Where the money comes from and where it goes Fiscal 2019

Fiscal 2019: revenue by segment, and margins
Seniors Housing Operating 3,457 67.50%
Triple-net 973 18.99%
Outpatient Medical 688 13.43%
Gross margin 47.11%
Operating margin 23.56%
Pre-tax margin 10.60%

Revenue by segment since 2010

Welltower Inc. vs peers in Reit Healthcare Facilities (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
WELL Welltower Inc. $171.1B 105× — (loss-making) +39.10% (above 0%: growing) +36.96% (above 0%: growing) +142.90% (above 0%: growing) 39.28% 14.96%
VTR Ventas, Inc. $45.2B 154× 140× +21.73% (above 0%: growing) −6.67% (below 0%: shrinking) +13.60% (above 0%: growing) 95.22% 13.43% Compare
OHI Omega Healthcare Investors, Inc. $14.2B 16.6× 19.0× +16.19% (above 0%: growing) +163.04% (above 0%: growing) +710.56% (above 0%: growing) 100.00% 57.45% Compare
DOC Healthpeak Properties, Inc. $13.4B 54.5× 40.2× +11.12% (above 0%: growing) +60.00% (above 0%: growing) −30.47% (below 0%: shrinking) 56.83% 16.18% Compare
AHR American Healthcare REIT, Inc. $11.6B 78.7× 86.5× +24.29% (above 0%: growing) +166.67% (above 0%: growing) +9.53% (above 0%: growing) 20.35% 6.29% Compare
CTRE CareTrust REIT, Inc. $8.6B 22.8× 23.4× +43.46% (above 0%: growing) +5.56% (above 0%: growing) +88.99% (above 0%: growing) 98.66% 67.53% Compare
HR Healthcare Realty Trust Incorporated $6.2B — (loss-making) — (loss-making) −5.26% (below 0%: shrinking) n/m −28.80% (below 0%: shrinking) 64.88% 13.83% Compare
SBRA Sabra Healthcare REIT, Inc. $5.0B 76.0× 48.8× +24.70% (above 0%: growing) n/m −666.09% (below 0%: shrinking) 100.00% (13.59%) Compare
NHI National Health Investors, Inc. $3.3B 19.3× 16.5× +33.81% (above 0%: growing) +45.57% (above 0%: growing) +2,585.45% (above 0%: growing) 72.18% 41.09% Compare
Median of peers $10.1B 54.5× 40.2× +23.01% +52.78% +11.57% 83.70% 15.01%

All 17 Reit Healthcare Facilities stocks →

Business profile

Updated

Welltower is a real estate investment trust that owns, develops, finances and invests in housing and healthcare properties for older adults. It was founded in 1970, is headquartered in Toledo, and its chief executive is Shankh Mitra.

Its portfolio predominantly comprises 2,500+ seniors and wellness housing communities in the United States, United Kingdom and Canada. These include independent living, assisted living, memory care for residents with Alzheimer’s disease or other dementia, continuing-care retirement communities, U.K. care homes, and age-targeted wellness housing. Wellness housing generally provides self-contained homes for adults usually aged 55+ who can care for themselves, while other communities provide meals, housekeeping, transportation, social activities, and varying levels of personal or nursing care.

From the latest earnings call

Updated

  • Shankh said senior-housing demand and pricing reflected occupancy gains, constrained capacity and a customer base willing to pay for services it perceives as valuable.
  • Tim Johnson said Welltower expected to fund approximately $6 billion of incremental investment activity, with most closings anticipated later in 2026.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Mizuho Oct 28, 2026 Reiterated Outperform 260.00
Wells Fargo Oct 27, 2026 Target raised — 268.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 100.15%
Held by the ten largest 58.86%
Holder Shares Stake Change
Vanguard 97.35m 13.79% +2.59m
BlackRock 78.05m 11.06% +4.05m
Capital Group 67.88m 9.62% +11.59m
State Street 42.14m 5.97% +578.03k
COHEN & STEERS, INC. 36.82m 5.22% +976.00k
Bank of America 19.50m 2.76% −2.25m
Fidelity (FMR) 19.45m 2.76% −2.72m
T. Rowe Price 18.49m 2.62% +1.27m
Norges Bank 18.15m 2.57% +18.15m
Geode Capital Management 17.69m 2.51% −82.37k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 10 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 821.09m 999.62m 328.20
2024 20.20m 106.63m 219.00
2023 17.25m 40.81m 153.10
2022 14.32m 5.97m 108.00
2021 12.79m 22.86m 137.00

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group100 Vanguard Blvd.Malvern, PA 12.00%
BlackRock, Inc.50 Hudson Yards New York, NY 9.00%
Capital International Investors333 South Hope Street, 5.00%
State Street Corporation1 Congress Street, Suite 5.00%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Welltower Inc. (WELL) Latest News

29 Oct

Impact 3 · earnings

28 Oct

Impact 4 ·
Impact 4 ·
Impact 4 ·
Impact 3 ·
Impact 3 ·

27 Oct

Impact 4 ·
Impact 4 ·
Impact 4 · earnings
Impact 4 · transcript
Impact 4 · earnings
Impact 4 ·
Impact 4 · transcript
Impact 4 ·

26 Oct

Impact 4 ·
Impact 4 · earnings
Impact 4 ·
Impact 4 ·
Impact 3 ·
Impact 3 ·

24 Oct

Impact 4 ·

23 Oct

Impact 3 ·

22 Oct

Impact 4 ·
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21 Oct

Impact 3 ·
Impact 3 ·

20 Oct

Impact 4 ·
Impact 3 ·

14 Oct

Impact 3 ·

13 Oct

Impact 3 ·

WELL metrics, ten years each

stockrow.com/WELL · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com