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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.

225.47 2.43 +1.09%

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Market cap: $160.8B
P/E: 102×
Fwd P/E: −35.4×
Dividend yield: 1.36%
F-score: 6/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Share dilution Apr 29, 2026

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 160,750.00

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 101.50

Fwd P/E (35.40)

P/S ratio 12.59

P/B ratio 3.39

Past 5Y EPS Growth (9.82%)

This Y EPS Growth 105.67%

Next Y EPS Growth 13.61%

Next Y revenue growth (85.20%)

Next 5Y EPS Growth 41.74%

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

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 68.54%

10-year low 10-year high

P/S against its own 10 years 94.17%

10-year low 10-year high

P/B against its own 10 years 96.45%

10-year low 10-year high

EV/Sales against its own 10 years 94.65%

10-year low 10-year high

EV/FCF against its own 10 years 34.50%

10-year low 10-year high

Dividends

Payout Ratio 1.41

Annual Dividend Rate 3.07

Annual Dividend Yield 1.36%

	total	individual payouts
2026	2.33	0.74 0.74 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%

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.

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.

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

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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.	$160.8B	102×	— (loss-making)	+39.10% (above 0%: growing)	+36.96% (above 0%: growing)	+142.90% (above 0%: growing)	39.28%	14.96%
VTR Ventas, Inc.	$42.9B	149×	133×	+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.	$13.4B	15.7×	22.5×	+16.19% (above 0%: growing)	+163.04% (above 0%: growing)	+710.56% (above 0%: growing)	100.00%	57.45%	Compare
DOC Healthpeak Properties, Inc.	$13.1B	53.8×	71.3×	+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.	$11.1B	74.7×	80.1×	+24.29% (above 0%: growing)	+166.67% (above 0%: growing)	+9.53% (above 0%: growing)	20.35%	6.29%	Compare
CTRE CareTrust REIT, Inc.	$8.5B	22.7×	25.4×	+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	$5.9B	— (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.	$4.8B	72.9×	27.3×	+24.70% (above 0%: growing)	n/m	−666.09% (below 0%: shrinking)	100.00%	(13.59%)	Compare
NHI National Health Investors, Inc.	$3.2B	18.7×	20.2×	+33.81% (above 0%: growing)	+45.57% (above 0%: growing)	+2,585.45% (above 0%: growing)	72.18%	41.09%	Compare
Median of peers	$9.8B	53.8×	27.3×	+23.01%	+52.78%	+11.57%	83.70%	15.01%

All 16 Reit Healthcare Facilities stocks →

Welltower Inc. (WELL) key facts

Strength: Welltower Inc.’s revenue for fiscal 2025 (year ended December 2025) was $10.8 billion, up 35.6% from fiscal 2024.
Welltower Inc. (WELL) is a Reit Healthcare Facilities company in the Real Estate sector, listed on the New York Stock Exchange.
As of October 9, 2026, WELL traded at $225.47, a market capitalization of $160.8 billion.
Welltower Inc. pays an annual dividend of $3.07 per share, a yield of 1.36%, with a payout ratio of 140.8%.
Return on equity was 2.49% and debt-to-equity 0.37.
Its Piotroski F-score is 6 out of 9 for fiscal 2025.