Comprehensive Stock Comparison
Compare Welltower Inc. (WELL) vs American Healthcare REIT, Inc. (AHR) 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 AHR's 11.4% |
| Value | WELL | Lower P/E (73.3x vs 75.3x) |
| Quality / Margins | WELL | 8.6% net margin vs AHR's 1.2% |
| Stability / Safety | WELL | Beta 0.29 vs AHR's 0.48, lower leverage |
| Dividends | AHR | 1.8% yield; WELL pays no meaningful dividend |
| Momentum (1Y) | AHR | +78.7% vs WELL's +36.8% |
| Efficiency (ROA) | WELL | 1.4% ROA vs AHR's 0.6%, ROIC 0.9% vs 2.4% |
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
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.
American Healthcare REIT is a real estate investment trust that owns and operates a diversified portfolio of healthcare properties including medical office buildings, senior housing facilities, and hospitals. It generates revenue primarily through rental income from its healthcare real estate portfolio — with senior housing and medical office buildings being its largest segments — supplemented by management fees from operating certain facilities. The company's competitive advantage lies in its fully integrated management platform with deep industry expertise and long-term relationships in the healthcare real estate sector.
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
WELL leads in 3 of 6 categories (Financial Metrics, Risk & Volatility). AHR leads in 3 (Valuation Metrics, Profitability & Efficiency).
Financial Metrics (TTM)
WELL is the larger business by revenue, generating $10.8B annually — 4.9x AHR's $2.2B. WELL is the more profitable business, keeping 8.6% of every revenue dollar as net income compared to AHR's 1.2%. On growth, WELL holds the edge at +46.3% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | WELLWelltower Inc. | AHRAmerican Healthca… |
|---|---|---|
| RevenueTrailing 12 months | $10.8B | $2.2B |
| EBITDAEarnings before interest/tax | $2.6B | $378M |
| Net IncomeAfter-tax profit | $934M | $27M |
| Free Cash FlowCash after capex | $2.1B | $269M |
| Gross MarginGross profit ÷ Revenue | +20.9% | +20.7% |
| Operating MarginEBIT ÷ Revenue | +4.9% | +7.7% |
| Net MarginNet income ÷ Revenue | +8.6% | +1.2% |
| FCF MarginFCF ÷ Revenue | +19.4% | +12.2% |
| Rev. Growth (YoY)Latest quarter vs prior year | +46.3% | +9.4% |
| EPS Growth (YoY)Latest quarter vs prior year | -26.3% | +11.7% |
Valuation Metrics
On an enterprise value basis, AHR's 29.9x EV/EBITDA is more attractive than WELL's 54.4x.
| Metric | WELLWelltower Inc. | AHRAmerican Healthca… |
|---|---|---|
| Market CapShares × price | $144.3B | $8.9B |
| Enterprise ValueMkt cap + debt − cash | $142.0B | $10.7B |
| Trailing P/EPrice ÷ TTM EPS | 149.01x | -180.14x |
| Forward P/EPrice ÷ next-FY EPS est. | 73.28x | 75.30x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 54.40x | 29.93x |
| Price / SalesMarket cap ÷ Revenue | 13.31x | 4.31x |
| Price / BookPrice ÷ Book value/share | 3.26x | 2.96x |
| Price / FCFMarket cap ÷ FCF | 50.06x | 106.18x |
Profitability & Efficiency
WELL delivers a 2.2% return on equity — every $100 of shareholder capital generates $2 in annual profit, vs $1 for AHR. WELL carries lower financial leverage with a 0.07x debt-to-equity ratio, signaling a more conservative balance sheet compared to AHR's 0.81x. On the Piotroski fundamental quality scale (0–9), AHR scores 7/9 vs WELL's 5/9, reflecting strong financial health.
| Metric | WELLWelltower Inc. | AHRAmerican Healthca… |
|---|---|---|
| ROE (TTM)Return on equity | +2.2% | +1.0% |
| ROA (TTM)Return on assets | +1.4% | +0.6% |
| ROICReturn on invested capital | +0.9% | +2.4% |
| ROCEReturn on capital employed | +0.9% | +4.1% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 7 |
| Debt / EquityFinancial leverage | 0.07x | 0.81x |
| Net DebtTotal debt minus cash | -$2.2B | $1.8B |
| Cash & Equiv.Liquid assets | $5.0B | $77M |
| Total DebtShort + long-term debt | $2.8B | $1.9B |
| Interest CoverageEBIT ÷ Interest expense | 0.81x | 1.07x |
Total Returns (with DRIP)
A $10,000 investment in AHR five years ago would be worth $41,029 today (with dividends reinvested), compared to $32,119 for WELL. Over the past 12 months, AHR leads with a +78.7% total return vs WELL's +36.8%. The 3-year compound annual growth rate (CAGR) favors AHR at 60.1% vs WELL's 42.6% — a key indicator of consistent wealth creation.
| Metric | WELLWelltower Inc. | AHRAmerican Healthca… |
|---|---|---|
| YTD ReturnYear-to-date | +11.2% | +10.6% |
| 1-Year ReturnPast 12 months | +36.8% | +78.7% |
| 3-Year ReturnCumulative with dividends | +190.2% | +310.3% |
| 5-Year ReturnCumulative with dividends | +221.2% | +310.3% |
| 10-Year ReturnCumulative with dividends | +270.5% | +310.3% |
| CAGR (3Y)Annualised 3-year return | +42.6% | +60.1% |
Risk & Volatility
WELL is the less volatile stock with a 0.29 beta — it tends to amplify market swings less than AHR's 0.48 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | WELLWelltower Inc. | AHRAmerican Healthca… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.29x | 0.48x |
| 52-Week HighHighest price in past year | $215.56 | $54.67 |
| 52-Week LowLowest price in past year | $130.29 | $26.48 |
| % of 52W HighCurrent price vs 52-week peak | +96.1% | +95.6% |
| RSI (14)Momentum oscillator 0–100 | 69.0 | 73.2 |
| Avg Volume (50D)Average daily shares traded | 2.5M | 2.3M |
Analyst Outlook
Wall Street rates WELL as "Buy" and AHR as "Buy". Consensus price targets imply 6.9% upside for WELL (target: $221) vs -3.5% for AHR (target: $50). AHR is the only dividend payer here at 1.77% yield — a key consideration for income-focused portfolios.
| Metric | WELLWelltower Inc. | AHRAmerican Healthca… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $221.45 | $50.43 |
| # AnalystsCovering analysts | 34 | 11 |
| Dividend YieldAnnual dividend ÷ price | — | +1.8% |
| Dividend StreakConsecutive years of raises | 1 | 0 |
| Dividend / ShareAnnual DPS | — | $0.93 |
| 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 24 | Feb 26 | Change |
|---|---|---|---|
| Welltower Inc. (WELL) | 100 | 202.15 | +102.1% |
| American Healthcare… (AHR) | 103.48 | 359.91 | +247.8% |
American Healthcare… (AHR) returned +310% over 5 years vs Welltower Inc. (WELL)'s +221%. A $10,000 investment in AHR 5 years ago would be worth $41,029 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Welltower Inc. (WELL) | $4.3B | $10.8B | +154.9% |
| American Healthcare… (AHR) | $980M | $2.1B | +111.2% |
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 |
|---|---|---|---|
| Welltower Inc. (WELL) | 25.4% | 8.6% | -65.9% |
| American Healthcare… (AHR) | -14.9% | -1.8% | +87.7% |
Welltower Inc.'s net margin went from 25% (2016) to 9% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Welltower Inc. (WELL) | 50.6 | 133.5 | +163.8% |
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 |
|---|---|---|---|
| Welltower Inc. (WELL) | 2.81 | 1.39 | -50.5% |
| American Healthcare… (AHR) | -3.01 | -0.29 | +90.4% |
Welltower Inc.'s EPS grew from $2.81 (2016) to $1.39 (2025) — a -8% CAGR.
Chart 6Free Cash Flow — 5 Years
Welltower Inc. generated $3B FCF in 2025 (+129% vs 2021). American Healthcare REIT, Inc. generated $84M FCF in 2024 (+236% vs 2021).
WELL vs AHR: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is WELL or AHR a better buy right now?
Welltower Inc. (WELL) offers the better valuation at 149.0x trailing P/E (73.3x 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 — WELL or AHR?
On forward P/E, Welltower Inc. is actually cheaper at 73.3x.
03Which is the better long-term investment — WELL or AHR?
Over the past 5 years, American Healthcare REIT, Inc. (AHR) delivered a total return of +310.3%, compared to +221.2% for Welltower Inc. (WELL). A $10,000 investment in AHR five years ago would be worth approximately $41K today (assuming dividends reinvested). Over 10 years, the gap is even starker: AHR returned +310.3% versus WELL's +270.5%. 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 — WELL or AHR?
By beta (market sensitivity over 5 years), Welltower Inc. (WELL) is the lower-risk stock at 0.29β versus American Healthcare REIT, Inc.'s 0.48β — meaning AHR is approximately 65% 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 81% for American Healthcare REIT, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — WELL or AHR?
Welltower Inc. (WELL) is the more profitable company, earning 8.6% net margin versus -1.8% for American Healthcare REIT, Inc. — meaning it keeps 8.6% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: AHR leads at 6.6% versus 4.9% for WELL. At the gross margin level — before operating expenses — WELL leads at 20.9%, 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 WELL or AHR more undervalued right now?
On forward earnings alone, Welltower Inc. (WELL) trades at 73.3x forward P/E versus 75.3x for American Healthcare REIT, Inc. — 2.0x 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 — WELL or AHR?
In this comparison, AHR (1.8% yield) pays a dividend. WELL does not pay a meaningful dividend and should not be held primarily for income.
08Is WELL or AHR better for a retirement portfolio?
For long-horizon retirement investors, American Healthcare REIT, Inc. (AHR) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.48), 1.8% yield, +310.3% 10Y return). Both have compounded well over 10 years (AHR: +310.3%, WELL: +270.5%), 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 WELL and AHR?
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. AHR 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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