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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%
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
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 (above 35: high)
Fwd P/E (35.40) (negative: loss-making)
P/S ratio 12.59 (above 10: high)
P/B ratio 3.39
Past 5Y EPS Growth (9.82%) (below 0%: weak)
This Y EPS Growth 105.67% (at or above 15%: strong)
Next Y EPS Growth 13.61%
Next Y revenue growth (85.20%) (below 0%: weak)
Next 5Y EPS Growth 41.74% (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 13.8×, 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 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.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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. $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 →

WELL metrics, ten years each

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.

Source: company filings (standardised) and stockrow calculations.

Welltower Inc. (WELL) Latest News

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