A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
WELLTOWER INC.
WELL
$169.9B
Mkt Cap
$252.07
+2.03%
WELLTOWER INC. (WELL) has a current P/E ratio of 181.3, compared to its historical median P/E of 27.4. The stock is currently considered Expensive based on its historical valuation range.
WELLTOWER INC. (WELL) has a 5-year average return on invested capital (ROIC) of 2.9%. This is below average and may indicate limited pricing power.
WELLTOWER INC. (WELL) has a market capitalization of $177.6B. It is classified as a large-cap stock.
Yes, WELLTOWER INC. (WELL) pays a dividend with a trailing twelve-month yield of 1.11%.
Based on historical P/E analysis, WELLTOWER INC. (WELL) appears expensive. The current P/E of 181.3 is 563% above its historical median of 27.4. The estimated fair value CAGR (P/E method) is -16.5%.
WELLTOWER INC. (WELL) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
WELLTOWER INC. (WELL) reported annual revenue of $10.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
Welltower Inc. is a real estate investment trust (REIT) and S&P 500 company positioned at the center of the silver economy, focusing on rental housing for aging seniors across the United States, United Kingdom, and Canada through a portfolio of 2,500+ seniors and wellness housing communities. The company operates through three reportable segments: Seniors Housing Operating (78% of revenues), which includes wellness housing, independent living, continuing care retirement communities, assisted living, Alzheimer's/dementia care, and U.K. care homes managed by 62 operating partners under incentive-based contracts; Triple-net (11% of revenues), which consists of long-term leased properties under master leases with fixed escalators and 10-20 year terms obligating tenants to cover all operating costs; and Outpatient Medical (7% of revenues), primarily triple-net leased properties affiliated with health systems. Welltower deploys capital through acquisitions, developments, and joint venture partnerships, leveraging its Data Science platform and Welltower Business System to identify and integrate properties in affluent micro-markets with secular demand, while structuring investments to protect downside risk and generate durable cash flow growth. The company's unit economics are characterized by high fixed-cost operations in seniors housing that generate significant operating leverage as occupancy increases, with revenue driven by rent per unit and occupancy growth, while expenses benefit from scale efficiencies and centralized management systems. Distribution occurs through long-term leases with escalating rent structures and incentive-based management contracts, with the company maintaining an UPREIT structure where substantially all business is conducted through Welltower OP LLC.
【Portfolio transformation accelerating growth】 Management expects the portfolio mix shift toward higher-growth seniors housing operating communities to deliver meaningfully higher sustainable compounding rates, with strong occupancy upside and pricing power anticipated in 2026 and beyond. The company expects continued operating margin expansion driven by the high fixed-cost nature of the seniors housing business and operational leverage from occupancy gains, alongside synergies from regional densification and Welltower Business System-driven efficiencies. End-market demand for seniors housing remains highly visible and expected to improve as the 80+ population continues rapid growth, while new construction remains at trough levels and long-term interest rates and construction costs remain elevated, supporting favorable supply dynamics. The company is executing a transformative capital rotation without near-term earnings dilution, with recently acquired assets expected to deliver significantly higher growth in 2027 and beyond, and management expects little to no turnover at senior executive levels over the next decade with long-term aligned incentive plans designed to retain talent across the organization.
| Metric | Target | Period |
|---|---|---|
| Normalized FFO per diluted share | $6.21–$6.35 | FY2026 |
| Net income attributable to common stockholders per diluted share | $3.24–$3.38 | FY2026 |
| Year-end net debt to adjusted EBITDA | approximately 3x | FY2026 |
Normalized FFO per diluted share (FY2026): “we updated our full year 2026 outlook for net income attributable to common stockholders of $3.24- $3.38 per diluted share, and normalized FFO of $6.21- $6.35 per diluted share, or $6.28 at the midpoint”
Net income attributable to common stockholders per diluted share (FY2026): “we updated our full year 2026 outlook for net income attributable to common stockholders of $3.24- $3.38 per diluted share, and normalized FFO of $6.21- $6.35 per diluted share, or $6.28 at the midpoint”
Year-end net debt to adjusted EBITDA (FY2026): “Taken together, this net investment activity and continued cash flow growth from the in-place portfolio are expected result in year-end net debt to adjusted EBITDA of approximately 3x , modestly below our prior expectations”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 11.8B | 10.8B | 8.0B | 6.6B | 5.9B | 4.7B |
| Net Income | 1.4B | 937M | 952M | 340M | 141M | 336M |
| EPS | $2.04 | $1.39 | $1.57 | $0.66 | $0.30 | $0.78 |
| Free Cash Flow | 1.9B | 1.8B | 1.4B | 1.1B | 853M | 993M |
| ROIC | 0.0% | 3.2% | 3.7% | 2.5% | 2.0% | 3.3% |
| Gross Margin | - | 20.9% | 19.1% | 19.4% | 16.9% | 19.6% |
| Debt/Equity | 0.41 | 0.46 | 0.49 | 0.62 | 0.73 | 0.81 |
| Dividends/Share | $2.79 | $2.82 | $2.56 | $2.44 | $2.44 | $2.44 |
| Operating Income | 0 | 1.6B | 1.5B | 954M | 678M | 835M |
| Operating Margin | 0.0% | 14.6% | 19.1% | 14.4% | 11.6% | 17.6% |
| ROE | 3.2% | 2.5% | 3.3% | 1.5% | 0.7% | 2.0% |
| Shares Outstanding | 705M | 674M | 606M | 515M | 471M | 431M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 3.3B | 3.9B | 4.3B | 4.3B | 4.7B | 5.1B | 4.6B | 4.7B | 5.9B | 6.6B | 8.0B | 10.8B | 11.8B |
| Gross Margin | N/A | N/A | N/A | 30.4% | 28.0% | 27.4% | 21.1% | 19.6% | 16.9% | 19.4% | 19.1% | 20.9% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 143M | 147M | 155M | 122M | 126M | 127M | 128M | 127M | 150M | 179M | 235M | 1.7B | 1.8B |
| EBIT | 927M | 1.3B | 1.5B | 968M | 1.3B | 1.8B | 1.5B | 835M | 678M | 954M | 1.5B | 1.6B | 0 |
| Op. Margin | 27.7% | 34.1% | 35.4% | 22.4% | 27.5% | 35.0% | 32.6% | 17.6% | 11.6% | 14.4% | 19.1% | 14.6% | 0.0% |
| Net Income | 447M | 818M | 1.0B | 464M | 758M | 1.2B | 979M | 336M | 141M | 340M | 952M | 937M | 1.4B |
| Net Margin | 13.4% | 21.2% | 23.6% | 10.7% | 16.1% | 24.1% | 21.3% | 7.1% | 2.4% | 5.1% | 11.9% | 8.6% | 12.0% |
| Non-Recurring | 167M | 302M | 421M | 469M | 116M | 28M | 136M | 51M | 18M | 36M | 93M | 121M | 121M |
| Returns on Capital | |||||||||||||
| ROIC | 4.1% | 5.2% | 5.6% | 3.4% | 4.7% | 6.1% | 6.3% | 3.3% | 2.0% | 2.5% | 3.7% | 3.2% | 0.0% |
| ROE | 3.6% | 5.9% | 6.9% | 3.2% | 5.2% | 8.2% | 6.2% | 2.0% | 0.7% | 1.5% | 3.3% | 2.5% | 3.2% |
| ROA | 1.9% | 3.0% | 3.5% | 1.6% | 2.6% | 3.9% | 3.0% | 1.0% | 0.4% | 0.8% | 2.0% | 1.6% | 2.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.1B | 1.4B | 1.6B | 1.4B | 1.6B | 1.5B | 1.4B | 1.3B | 1.3B | 1.6B | 2.3B | 2.9B | 3.0B |
| Free Cash Flow | 1.0B | 1.2B | 1.4B | 1.2B | 1.3B | 1.2B | 1.1B | 993M | 853M | 1.1B | 1.4B | 1.8B | 1.9B |
| Owner Earnings | 262M | 526M | 709M | 493M | 606M | 484M | 298M | 220M | -7.8M | 164M | 549M | -760M | -827M |
| CapEx | 133M | 188M | 219M | 250M | 266M | 329M | 245M | 283M | 476M | 518M | 858M | 1.1B | 1.1B |
| Maint. CapEx | 844M | 826M | 901M | 922M | 950M | 1.0B | 1.0B | 1.0B | 1.3B | 1.4B | 1.6B | 2.1B | 2.2B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 844M | 826M | 901M | 922M | 950M | 1.0B | 1.0B | 1.0B | 1.3B | 1.4B | 1.6B | 2.1B | 2.2B |
| CapEx/OCF | 11.7% | 13.7% | 13.4% | 17.5% | 16.8% | 21.4% | 18.0% | 22.2% | 35.8% | 32.3% | 38.0% | 36.4% | 36.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 970M | 1.1B | 1.2B | 1.3B | 1.3B | 1.4B | 1.1B | 1.0B | 1.1B | 1.3B | 1.5B | 1.9B | 2.0B |
| Dividend Yield | 7.8% | 7.0% | 7.0% | 6.7% | 7.3% | 5.2% | 5.2% | 3.5% | 3.3% | 3.3% | 2.4% | 1.8% | 1.1% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 7.7M | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 32M | 31M | 29M | 19M | 28M | 25M | 28M | 18M | 26M | 37M | 76M | 1.6B | 1.6B |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 10.2B | 12.5B | 12.0B | 11.5B | 13.1B | 14.7B | 833M | 14.0B | 14.1B | 13.7B | 12.0B | 14.2B | 13.2B |
| Cash & Equiv. | 553M | 423M | 419M | 244M | 215M | 285M | 1.5B | 269M | 632M | 2.0B | 3.5B | 5.0B | 4.7B |
| Long-Term Debt | 10.8B | 12.1B | 11.7B | 11.0B | 12.2B | 13.4B | 2.4B | 13.9B | 14.7B | 15.7B | 15.5B | 19.2B | 17.9B |
| Debt/Equity | 0.82 | 0.89 | 0.84 | 0.81 | 0.91 | 0.97 | 0.15 | 0.81 | 0.73 | 0.62 | 0.49 | 0.46 | 0.41 |
| Interest Coverage | 1.9 | 2.7 | 2.9 | 2.0 | 2.5 | 3.2 | 2.9 | 1.7 | 1.3 | 1.6 | 2.7 | 2.4 | 2.4 |
| Equity | 13.2B | 14.6B | 14.8B | 14.4B | 14.6B | 15.5B | 16.0B | 17.6B | 20.3B | 25.4B | 32.0B | 42.1B | 43.8B |
| Total Assets | 25.0B | 29.0B | 28.9B | 27.9B | 30.3B | 33.4B | 32.5B | 34.9B | 37.9B | 44.0B | 51.0B | 67.3B | 67.2B |
| Total Liabilities | 11.4B | 13.7B | 13.2B | 12.6B | 14.3B | 16.4B | 15.3B | 15.9B | 16.5B | 17.6B | 18.5B | 24.1B | 22.3B |
| Intangibles | N/A | 469M | 436M | 377M | 384M | 436M | 323M | 503M | 461M | 515M | 666M | 909M | 784M |
| Retained Earnings | 2.8B | 3.7B | 4.8B | 5.3B | 6.1B | 7.4B | 8.3B | 8.7B | 8.8B | 9.1B | 10.1B | 11.0B | 11.8B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | 4.4B | 4.5B | N/A | 4.5B | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 1.45 | 2.34 | 2.81 | 1.26 | 2.02 | 3.05 | 2.33 | 0.78 | 0.30 | 0.66 | 1.57 | 1.39 | 2.04 |
| Owner EPS | 0.85 | 1.50 | 1.97 | 1.34 | 1.61 | 1.20 | 0.71 | 0.51 | -0.02 | 0.32 | 0.90 | -1.13 | -1.17 |
| Book Value | 42.76 | 41.72 | 41.10 | 39.20 | 38.98 | 38.46 | 38.02 | 40.92 | 43.12 | 49.30 | 52.72 | 62.51 | 62.15 |
| Cash Flow/Share | 3.70 | 3.95 | 4.55 | 3.90 | 4.22 | 3.80 | 3.25 | 2.96 | 2.82 | 3.11 | 3.72 | 4.28 | 5.15 |
| Dividends/Share | 3.18 | 3.30 | 3.44 | 3.48 | 3.48 | 3.48 | 2.70 | 2.44 | 2.44 | 2.44 | 2.56 | 2.82 | 2.79 |
| Shares Out. | 308.1M | 349.7M | 360.3M | 367.9M | 375.4M | 404.1M | 420.1M | 430.9M | 470.7M | 515.3M | 606.2M | 674.0M | 704.7M |
| Valuation | |||||||||||||
| P/E Ratio | 34.4 | 19.6 | 16.6 | 38.0 | 27.4 | 22.1 | 23.6 | 97.8 | 200.6 | 132.1 | 78.0 | 134.7 | 123.8 |
| P/FCF | 15.3 | 13.4 | 11.9 | 14.9 | 15.7 | 22.5 | 20.6 | 33.1 | 33.2 | 41.5 | 53.0 | 68.9 | 94.8 |
| EV/EBIT | 23.9 | 18.8 | 16.4 | 27.1 | 24.0 | 21.5 | N/A | 53.0 | 58.3 | 57.1 | 52.6 | 83.8 | N/A |
| Price/Book | 1.2 | 1.1 | 1.1 | 1.2 | 1.4 | 1.8 | 1.4 | 1.9 | 1.4 | 1.8 | 2.3 | 3.0 | 4.1 |
| Price/Sales | 3.7 | 4.2 | 4.1 | 4.4 | 3.8 | 5.2 | 4.6 | 6.3 | 5.8 | 5.8 | 8.0 | 9.9 | 15.1 |
| FCF Yield | 6.5% | 7.4% | 8.4% | 6.7% | 6.4% | 4.4% | 4.9% | 3.0% | 3.0% | 2.4% | 1.9% | 1.5% | 1.1% |
| Market Cap | 15.4B | 16.1B | 16.8B | 17.6B | 20.7B | 27.2B | 23.1B | 32.9B | 28.3B | 44.9B | 74.2B | 126.2B | 177.6B |
| Avg. Price | 40.57 | 46.88 | 48.67 | 51.48 | 47.56 | 66.50 | 50.79 | 69.27 | 72.67 | 74.96 | 105.87 | 158.72 | 252.07 |
| Year-End Price | 49.87 | 45.94 | 46.76 | 47.92 | 55.27 | 67.36 | 54.91 | 76.25 | 60.18 | 87.21 | 122.41 | 187.20 | 252.07 |
WELLTOWER INC. passes 1 of 9 quality checks, indicating weak fundamentals.
WELLTOWER INC. trades at 181.3x trailing earnings, compared to its 15-year median P/E of 27.4x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 96.0x vs a median of 27.8x. The company's 5-year average ROIC is 2.9% with a gross margin of 19.2%. Total shareholder yield (dividends) is 1.1%. At current prices, the estimated annualized return to fair value is -6.6%.
WELLTOWER INC. (WELL) has a net profit margin of 8.6%. This is a modest margin.
WELLTOWER INC. (WELL) generated $1.8 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
WELLTOWER INC. (WELL) has a debt-to-equity ratio of 0.46. This indicates a conservatively financed balance sheet.
WELLTOWER INC. (WELL) reported earnings per share (EPS) of $1.39 in its most recent fiscal year.
WELLTOWER INC. (WELL) has a return on equity (ROE) of 2.5%. This indicates moderate shareholder returns.
WELLTOWER INC. (WELL) has a 5-year average gross margin of 19.2%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 18 years of financial data for WELLTOWER INC. (WELL), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
WELLTOWER INC. (WELL) has a book value per share of $62.51, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects the portfolio mix shift toward higher-growth seniors housing operating communities to deliver meaningfully higher sustainable compounding rates, with strong occupancy upside and pricing power anticipated in 2026 and beyond. The company expects continued operating margin expansion driven by the high fixed-cost nature of the seniors housing business and operational leverage from occupancy gains, alongside synergies from regional densification and Welltower Business System-driven efficiencies. End-market demand for seniors housing remains highly visible and expected to improve as the 80+ population continues rapid growth, while new construction remains at trough levels and long-term interest rates and construction costs remain elevated, supporting favorable supply dynamics. The company is executing a transformative capital rotation without near-term earnings dilution, with recently acquired assets expected to deliver significantly higher growth in 2027 and beyond, and management expects little to no turnover at senior executive levels over the next decade with long-term aligned incentive plans designed to retain talent across the organization.
Based on recent SEC filings and earnings calls, WELLTOWER INC. (WELL) has provided the following forward guidance: Normalized FFO per diluted share: $6.21–$6.35 (FY2026); Net income attributable to common stockholders per diluted share: $3.24–$3.38 (FY2026); Year-end net debt to adjusted EBITDA: approximately 3x (FY2026).