Comprehensive Stock Comparison
Compare Realty Income Corporation (O) 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 O's 9.1% |
| Value | O | Lower P/E (41.8x vs 73.3x) |
| Quality / Margins | O | 18.4% net margin vs WELL's 8.6% |
| Stability / Safety | O | Beta 0.19 vs WELL's 0.29 |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | WELL | +36.8% vs O's +23.6% |
| Efficiency (ROA) | O | 1.5% ROA vs WELL's 1.4%, ROIC 2.3% 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
Realty Income is a real estate investment trust that owns and leases single-tenant commercial properties to retail and service-oriented businesses. It generates revenue primarily through long-term triple-net leases—where tenants pay rent plus property expenses—with retail clients like convenience stores and drugstores accounting for roughly 80% of its portfolio. The company's moat lies in its massive scale, diversified tenant base, and long-term lease structure that provides predictable monthly cash flow supporting its famous monthly dividend payments.
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
O leads in 5 of 6 categories (Financial Metrics, Valuation Metrics). WELL leads in 1 (Total Returns).
Financial Metrics (TTM)
WELL is the larger business by revenue, generating $10.8B annually — 1.9x O's $5.7B. O is the more profitable business, keeping 18.4% 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 | ORealty Income Cor… | WELLWelltower Inc. |
|---|---|---|
| RevenueTrailing 12 months | $5.7B | $10.8B |
| EBITDAEarnings before interest/tax | $4.1B | $2.6B |
| Net IncomeAfter-tax profit | $1.1B | $934M |
| Free Cash FlowCash after capex | $2.8B | $2.1B |
| Gross MarginGross profit ÷ Revenue | +89.8% | +20.9% |
| Operating MarginEBIT ÷ Revenue | +28.3% | +4.9% |
| Net MarginNet income ÷ Revenue | +18.4% | +8.6% |
| FCF MarginFCF ÷ Revenue | +48.5% | +19.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | +11.0% | +46.3% |
| EPS Growth (YoY)Latest quarter vs prior year | +39.1% | -26.3% |
Valuation Metrics
At 57.3x trailing earnings, O trades at a 62% valuation discount to WELL's 149.0x P/E. On an enterprise value basis, O's 15.2x EV/EBITDA is more attractive than WELL's 54.4x.
| Metric | ORealty Income Cor… | WELLWelltower Inc. |
|---|---|---|
| Market CapShares × price | $62.6B | $144.3B |
| Enterprise ValueMkt cap + debt − cash | $62.1B | $142.0B |
| Trailing P/EPrice ÷ TTM EPS | 57.27x | 149.01x |
| Forward P/EPrice ÷ next-FY EPS est. | 41.80x | 73.28x |
| PEG RatioP/E ÷ EPS growth rate | 80.25x | — |
| EV / EBITDAEnterprise value multiple | 15.16x | 54.40x |
| Price / SalesMarket cap ÷ Revenue | 10.88x | 13.31x |
| Price / BookPrice ÷ Book value/share | 1.51x | 3.26x |
| Price / FCFMarket cap ÷ FCF | 15.66x | 50.06x |
Profitability & Efficiency
O delivers a 2.6% return on equity — every $100 of shareholder capital generates $3 in annual profit, vs $2 for WELL.
| Metric | ORealty Income Cor… | WELLWelltower Inc. |
|---|---|---|
| ROE (TTM)Return on equity | +2.6% | +2.2% |
| ROA (TTM)Return on assets | +1.5% | +1.4% |
| ROICReturn on invested capital | +2.3% | +0.9% |
| ROCEReturn on capital employed | +2.3% | +0.9% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 5 |
| Debt / EquityFinancial leverage | — | 0.07x |
| Net DebtTotal debt minus cash | -$435M | -$2.2B |
| Cash & Equiv.Liquid assets | $435M | $5.0B |
| Total DebtShort + long-term debt | $0 | $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 $14,035 for O. Over the past 12 months, WELL leads with a +36.8% total return vs O's +23.6%. The 3-year compound annual growth rate (CAGR) favors WELL at 42.6% vs O's 6.3% — a key indicator of consistent wealth creation.
| Metric | ORealty Income Cor… | WELLWelltower Inc. |
|---|---|---|
| YTD ReturnYear-to-date | +17.9% | +11.2% |
| 1-Year ReturnPast 12 months | +23.6% | +36.8% |
| 3-Year ReturnCumulative with dividends | +19.9% | +190.2% |
| 5-Year ReturnCumulative with dividends | +40.3% | +221.2% |
| 10-Year ReturnCumulative with dividends | +67.6% | +270.5% |
| CAGR (3Y)Annualised 3-year return | +6.3% | +42.6% |
Risk & Volatility
O is the less volatile stock with a 0.19 beta — it tends to amplify market swings less than WELL's 0.29 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | ORealty Income Cor… | WELLWelltower Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.19x | 0.29x |
| 52-Week HighHighest price in past year | $67.94 | $215.56 |
| 52-Week LowLowest price in past year | $50.71 | $130.29 |
| % of 52W HighCurrent price vs 52-week peak | +98.6% | +96.1% |
| RSI (14)Momentum oscillator 0–100 | 70.7 | 69.0 |
| Avg Volume (50D)Average daily shares traded | 5.4M | 2.5M |
Analyst Outlook
Wall Street rates O as "Hold" and WELL as "Buy". Consensus price targets imply 6.9% upside for WELL (target: $221) vs -5.4% for O (target: $63).
| Metric | ORealty Income Cor… | WELLWelltower Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $63.38 | $221.45 |
| # AnalystsCovering analysts | 33 | 34 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | 27 | 1 |
| Dividend / ShareAnnual DPS | — | — |
| 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 |
|---|---|---|---|
| Realty Income Corpo… (O) | 100 | 83.35 | -16.6% |
| Welltower Inc. (WELL) | 100 | 249.04 | +149.0% |
Welltower Inc. (WELL) returned +221% over 5 years vs Realty Income Corpo… (O)'s +40%. 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 |
|---|---|---|---|
| Realty Income Corpo… (O) | $1.1B | $5.7B | +421.2% |
| Welltower Inc. (WELL) | $4.3B | $10.8B | +154.9% |
Realty Income Corporation's revenue grew from $1.1B (2016) to $5.7B (2025) — a 20.1% 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 |
|---|---|---|---|
| Realty Income Corpo… (O) | 28.6% | 18.4% | -35.6% |
| Welltower Inc. (WELL) | 25.4% | 8.6% | -65.9% |
Realty Income Corporation's net margin went from 29% (2016) to 18% (2025). Welltower Inc.'s net margin went from 25% (2016) to 9% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Realty Income Corpo… (O) | 50.2 | 48.2 | -4.0% |
| Welltower Inc. (WELL) | 50.6 | 133.5 | +163.8% |
Realty Income Corporation has traded in a 45x–82x P/E range over 9 years; current trailing P/E is ~57x. 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 |
|---|---|---|---|
| Realty Income Corpo… (O) | 1.13 | 1.17 | +3.5% |
| Welltower Inc. (WELL) | 2.81 | 1.39 | -50.5% |
Realty Income Corporation's EPS grew from $1.13 (2016) to $1.17 (2025) — a 0% CAGR. Welltower Inc.'s EPS grew from $2.81 (2016) to $1.39 (2025) — a -8% CAGR.
Chart 6Free Cash Flow — 5 Years
Realty Income Corporation generated $4B FCF in 2025 (+207% vs 2021). Welltower Inc. generated $3B FCF in 2025 (+129% vs 2021).
O vs WELL: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is O or WELL a better buy right now?
Realty Income Corporation (O) offers the better valuation at 57.3x trailing P/E (41.8x forward), making it the more compelling value choice. Analysts rate Welltower Inc. (WELL) a "Buy" — based on 34 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 — O or WELL?
On trailing P/E, Realty Income Corporation (O) is the cheapest at 57.3x versus Welltower Inc. at 149.0x. On forward P/E, Realty Income Corporation is actually cheaper at 41.8x.
03Which is the better long-term investment — O or WELL?
Over the past 5 years, Welltower Inc. (WELL) delivered a total return of +221.2%, compared to +40.3% for Realty Income Corporation (O). 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 O's +67.6%. 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 — O or WELL?
By beta (market sensitivity over 5 years), Realty Income Corporation (O) is the lower-risk stock at 0.19β versus Welltower Inc.'s 0.29β — meaning WELL is approximately 53% more volatile than O relative to the S&P 500.
05Which has better profit margins — O or WELL?
Realty Income Corporation (O) is the more profitable company, earning 18.4% net margin versus 8.6% for Welltower Inc. — meaning it keeps 18.4% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: O leads at 28.3% versus 4.9% for WELL. At the gross margin level — before operating expenses — O leads at 89.8%, 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 O or WELL more undervalued right now?
On forward earnings alone, Realty Income Corporation (O) trades at 41.8x forward P/E versus 73.3x for Welltower Inc. — 31.5x 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 — O or WELL?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
08Is O 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%, O: +67.6%), 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 O 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. 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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