Comprehensive Stock Comparison
Compare Federal Realty Investment Trust (FRT) vs Welltower Inc. (WELL) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | WELL | 38.0% revenue growth vs FRT's 6.4% |
| Value | FRT | Lower P/E (38.0x vs 73.3x) |
| Quality / Margins | FRT | 27.6% net margin vs WELL's 8.6% |
| Stability / Safety | WELL | Beta 0.29 vs FRT's 0.72, lower leverage |
| Dividends | FRT | 4.2% yield; 3-year raise streak; WELL pays no meaningful dividend |
| Momentum (1Y) | WELL | +36.8% vs FRT's +7.4% |
| Efficiency (ROA) | FRT | 3.9% ROA vs WELL's 1.4%, ROIC 7.3% vs 0.9% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Federal Realty Investment Trust is a retail-focused real estate investment trust that owns, operates, and redevelops high-quality shopping centers and mixed-use properties in affluent coastal markets. It generates revenue primarily through rental income from retail tenants—with additional income from residential units and parking—while its development expertise creates value through property repositioning. The company's competitive advantage lies in its prime, supply-constrained locations in high-barrier-to-entry markets and its multi-decade track record of creating successful mixed-use destinations.
Welltower is a healthcare-focused real estate investment trust that owns and invests in seniors housing communities, post-acute care facilities, and outpatient medical properties. It generates revenue primarily through rental income from its healthcare real estate portfolio — with seniors housing contributing roughly 60% of net operating income, outpatient medical properties about 25%, and post-acute care facilities the remainder. The company's competitive advantage lies in its scale and strategic partnerships with leading healthcare operators, creating a diversified portfolio concentrated in high-growth markets across the U.S., Canada, and the U.K.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
FRT leads in 4 of 6 categories (Financial Metrics, Valuation Metrics). WELL leads in 1 (Total Returns). 1 tied.
Financial Metrics (TTM)
WELL is the larger business by revenue, generating $10.8B annually — 8.6x FRT's $1.3B. FRT is the more profitable business, keeping 27.6% of every revenue dollar as net income compared to WELL's 8.6%. On growth, WELL holds the edge at +46.3% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | FRTFederal Realty In… | WELLWelltower Inc. |
|---|---|---|
| RevenueTrailing 12 months | $1.3B | $10.8B |
| EBITDAEarnings before interest/tax | $888M | $2.6B |
| Net IncomeAfter-tax profit | $347M | $934M |
| Free Cash FlowCash after capex | $533M | $2.1B |
| Gross MarginGross profit ÷ Revenue | +67.3% | +20.9% |
| Operating MarginEBIT ÷ Revenue | +42.3% | +4.9% |
| Net MarginNet income ÷ Revenue | +27.6% | +8.6% |
| FCF MarginFCF ÷ Revenue | +42.5% | +19.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | +6.3% | +46.3% |
| EPS Growth (YoY)Latest quarter vs prior year | -1.4% | -26.3% |
Valuation Metrics
At 22.7x trailing earnings, FRT trades at a 85% valuation discount to WELL's 149.0x P/E. On an enterprise value basis, FRT's 10.7x EV/EBITDA is more attractive than WELL's 54.4x.
| Metric | FRTFederal Realty In… | WELLWelltower Inc. |
|---|---|---|
| Market CapShares × price | $9.4B | $144.3B |
| Enterprise ValueMkt cap + debt − cash | $10.4B | $142.0B |
| Trailing P/EPrice ÷ TTM EPS | 22.71x | 149.01x |
| Forward P/EPrice ÷ next-FY EPS est. | 38.00x | 73.28x |
| PEG RatioP/E ÷ EPS growth rate | 0.94x | — |
| EV / EBITDAEnterprise value multiple | 10.74x | 54.40x |
| Price / SalesMarket cap ÷ Revenue | 7.34x | 13.31x |
| Price / BookPrice ÷ Book value/share | 2.72x | 3.26x |
| Price / FCFMarket cap ÷ FCF | 15.08x | 50.06x |
Profitability & Efficiency
FRT delivers a 10.0% return on equity — every $100 of shareholder capital generates $10 in annual profit, vs $2 for WELL. WELL carries lower financial leverage with a 0.07x debt-to-equity ratio, signaling a more conservative balance sheet compared to FRT's 0.33x.
| Metric | FRTFederal Realty In… | WELLWelltower Inc. |
|---|---|---|
| ROE (TTM)Return on equity | +10.0% | +2.2% |
| ROA (TTM)Return on assets | +3.9% | +1.4% |
| ROICReturn on invested capital | +7.3% | +0.9% |
| ROCEReturn on capital employed | +7.4% | +0.9% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 5 |
| Debt / EquityFinancial leverage | 0.33x | 0.07x |
| Net DebtTotal debt minus cash | $1.0B | -$2.2B |
| Cash & Equiv.Liquid assets | $107M | $5.0B |
| Total DebtShort + long-term debt | $1.1B | $2.8B |
| Interest CoverageEBIT ÷ Interest expense | — | 0.81x |
Total Returns (with DRIP)
A $10,000 investment in WELL five years ago would be worth $32,119 today (with dividends reinvested), compared to $12,549 for FRT. Over the past 12 months, WELL leads with a +36.8% total return vs FRT's +7.4%. The 3-year compound annual growth rate (CAGR) favors WELL at 42.6% vs FRT's 4.5% — a key indicator of consistent wealth creation.
| Metric | FRTFederal Realty In… | WELLWelltower Inc. |
|---|---|---|
| YTD ReturnYear-to-date | +11.0% | +11.2% |
| 1-Year ReturnPast 12 months | +7.4% | +36.8% |
| 3-Year ReturnCumulative with dividends | +14.2% | +190.2% |
| 5-Year ReturnCumulative with dividends | +25.5% | +221.2% |
| 10-Year ReturnCumulative with dividends | +1.8% | +270.5% |
| CAGR (3Y)Annualised 3-year return | +4.5% | +42.6% |
Risk & Volatility
WELL is the less volatile stock with a 0.29 beta — it tends to amplify market swings less than FRT's 0.72 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | FRTFederal Realty In… | WELLWelltower Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.72x | 0.29x |
| 52-Week HighHighest price in past year | $109.90 | $215.56 |
| 52-Week LowLowest price in past year | $80.65 | $130.29 |
| % of 52W HighCurrent price vs 52-week peak | +99.0% | +96.1% |
| RSI (14)Momentum oscillator 0–100 | 65.5 | 69.0 |
| Avg Volume (50D)Average daily shares traded | 629K | 2.5M |
Analyst Outlook
Wall Street rates FRT as "Buy" and WELL as "Buy". Consensus price targets imply 6.9% upside for WELL (target: $221) vs 2.3% for FRT (target: $111). FRT is the only dividend payer here at 4.16% yield — a key consideration for income-focused portfolios.
| Metric | FRTFederal Realty In… | WELLWelltower Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $111.30 | $221.45 |
| # AnalystsCovering analysts | 33 | 34 |
| Dividend YieldAnnual dividend ÷ price | +4.2% | — |
| Dividend StreakConsecutive years of raises | 3 | 1 |
| Dividend / ShareAnnual DPS | $4.52 | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Federal Realty Inve… (FRT) | 100 | 83.66 | -16.3% |
| Welltower Inc. (WELL) | 100 | 249.04 | +149.0% |
Welltower Inc. (WELL) returned +221% over 5 years vs Federal Realty Inve… (FRT)'s +25%. A $10,000 investment in WELL 5 years ago would be worth $32,119 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Federal Realty Inve… (FRT) | $802M | $1.3B | +59.6% |
| Welltower Inc. (WELL) | $4.3B | $10.8B | +154.9% |
Federal Realty Investment Trust's revenue grew from $802M (2016) to $1.3B (2025) — a 5.3% CAGR. Welltower Inc.'s revenue grew from $4.3B (2016) to $10.8B (2025) — a 11.0% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Federal Realty Inve… (FRT) | 31.2% | 32.1% | +3.1% |
| Welltower Inc. (WELL) | 25.4% | 8.6% | -65.9% |
Federal Realty Investment Trust's net margin went from 31% (2016) to 32% (2025). Welltower Inc.'s net margin went from 25% (2016) to 9% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Federal Realty Inve… (FRT) | 33.5 | 21 | -37.3% |
| Welltower Inc. (WELL) | 50.6 | 133.5 | +163.8% |
Federal Realty Investment Trust has traded in a 21x–53x P/E range over 9 years; current trailing P/E is ~23x. Welltower Inc. has traded in a 27x–219x P/E range over 9 years; current trailing P/E is ~149x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Federal Realty Inve… (FRT) | 3.5 | 4.79 | +36.9% |
| Welltower Inc. (WELL) | 2.81 | 1.39 | -50.5% |
Federal Realty Investment Trust's EPS grew from $3.50 (2016) to $4.79 (2025) — a 4% CAGR. Welltower Inc.'s EPS grew from $2.81 (2016) to $1.39 (2025) — a -8% CAGR.
Chart 6Free Cash Flow — 5 Years
Federal Realty Investment Trust generated $622M FCF in 2025 (+1918% vs 2021). Welltower Inc. generated $3B FCF in 2025 (+129% vs 2021).
FRT vs WELL: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is FRT or WELL a better buy right now?
Federal Realty Investment Trust (FRT) offers the better valuation at 22.7x trailing P/E (38.0x forward), making it the more compelling value choice. Analysts rate Federal Realty Investment Trust (FRT) a "Buy" — based on 33 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — FRT or WELL?
On trailing P/E, Federal Realty Investment Trust (FRT) is the cheapest at 22.7x versus Welltower Inc. at 149.0x. On forward P/E, Federal Realty Investment Trust is actually cheaper at 38.0x.
03Which is the better long-term investment — FRT or WELL?
Over the past 5 years, Welltower Inc. (WELL) delivered a total return of +221.2%, compared to +25.5% for Federal Realty Investment Trust (FRT). A $10,000 investment in WELL five years ago would be worth approximately $32K today (assuming dividends reinvested). Over 10 years, the gap is even starker: WELL returned +270.5% versus FRT's +1.8%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — FRT or WELL?
By beta (market sensitivity over 5 years), Welltower Inc. (WELL) is the lower-risk stock at 0.29β versus Federal Realty Investment Trust's 0.72β — meaning FRT is approximately 148% more volatile than WELL relative to the S&P 500. On balance sheet safety, Welltower Inc. (WELL) carries a lower debt/equity ratio of 7% versus 33% for Federal Realty Investment Trust — giving it more financial flexibility in a downturn.
05Which has better profit margins — FRT or WELL?
Federal Realty Investment Trust (FRT) is the more profitable company, earning 32.1% net margin versus 8.6% for Welltower Inc. — meaning it keeps 32.1% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: FRT leads at 47.1% versus 4.9% for WELL. At the gross margin level — before operating expenses — FRT leads at 67.2%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is FRT or WELL more undervalued right now?
On forward earnings alone, Federal Realty Investment Trust (FRT) trades at 38.0x forward P/E versus 73.3x for Welltower Inc. — 35.3x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for WELL: 6.9% to $221.45.
07Which pays a better dividend — FRT or WELL?
In this comparison, FRT (4.2% yield) pays a dividend. WELL does not pay a meaningful dividend and should not be held primarily for income.
08Is FRT or WELL better for a retirement portfolio?
For long-horizon retirement investors, Welltower Inc. (WELL) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.29), +270.5% 10Y return). Both have compounded well over 10 years (WELL: +270.5%, FRT: +1.8%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between FRT and WELL?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: FRT is a small-cap income-oriented stock; WELL is a mid-cap quality compounder stock. FRT pays a dividend while WELL does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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