Welltower Inc. (WELL) 10-Year Financial Performance & Capital Metrics

WELL • • REIT / Real Estate

Real EstateHealthcare REITsDiversified Healthcare REITsMulti-Sector Healthcare REITs

AboutWelltower Inc. (NYSE:WELL), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The Company invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate infrastructure needed to scale innovative care delivery models and improve people's wellness and overall health care experience. Welltower, a real estate investment trust (REIT), owns interests in properties concentrated in major, high-growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing and post-acute communities and outpatient medical properties.Show more

Revenue $7.85B +21.2%
FFO $2.63B +47.6%
FFO/Share 4.32 +25.7%
FFO Payout 58.73% -16.9%
FFO per Share 4.32 +25.7%
NOI Margin 38.5% -1.4%
FFO Margin 33.5% +21.7%
ROE 3.23% +126.8%
ROA 2% +141.1%
Debt/Assets 32.83% -10.4%
Net Debt/EBITDA 4.69 -20.8%
Book Value/Share 53.51 +5.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓FFO growing 18.3% TTM
✓Sustainable FFO payout ratio of 58.7%

✗Weaknesses

✗Weak 3Y average ROE of 1.8%
✗Low NOI margin of 38.5%
✗Dividend payout exceeds 100% of earnings
✗Shares diluted 17.4% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.94%

5Y9.02%

3Y18.59%

TTM33.42%

Profit (Net Income) CAGR

10Y6.39%

5Y-5.04%

3Y41.47%

TTM4.63%

EPS CAGR

10Y0.94%

5Y-12.44%

3Y26.26%

TTM-5.26%

ROCE

10Y Avg3.37%

5Y Avg2.32%

3Y Avg2.32%

Latest2.47%

Peer Comparison

Multi-Sector Healthcare REITs

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
VTRVentas, Inc.	36.13B	76.92	404.84	9.48%	4.28%	1.92%	2.01%	1.27
WELLWelltower Inc.	129.15B	188.18	119.86	21.23%	9.77%	2.45%	1.7%	0.51
DOCHealthpeak Properties, Inc.	12.2B	17.55	48.75	23.82%	-1.24%	-0.46%	8.78%	1.00

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	3.84B	4.25B	4.3B	4.67B	5.1B	4.59B	4.71B	5.78B	6.48B	7.85B
Revenue Growth %	0.15%	0.11%	0.01%	0.09%	0.09%	-0.1%	0.03%	0.23%	0.12%	0.21%
Property Operating Expenses	1.62B	1.88B	2.08B	2.43B	2.69B	2.6B	2.77B	3.56B	3.95B	4.83B
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	973.66M	1.07B	1.11B	1.08B	1.17B	1.26B	1.17B	1.47B	1.59B	1.88B
G&A Expenses	147.42M	155.24M	122.01M	126.38M	126.55M	128.39M	126.73M	150.39M	179.09M	235.49M
EBITDA+	2.08B	2.22B	2.05B	2.13B	2.28B	1.78B	1.82B	2.08B	2.38B	2.83B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	835.25M	910.39M	938.6M	970.07M	1.04B	1.05B	1.05B	1.34B	1.44B	1.68B
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	1.25B	1.31B	1.11B	1.16B	1.24B	727.45M	763.36M	746.22M	940.45M	1.15B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	492.17M	521.35M	484.62M	526.59M	555.56M	514.39M	489.85M	529.52M	607.85M	574.26M
Interest Coverage	2.53x	2.51x	2.29x	2.21x	2.23x	1.41x	1.56x	1.41x	1.55x	2.00x
Non-Operating Income	116.92M	77.23M	324.25M	211.15M	139.6M	244.61M	102.75M	43.64M	-17.44M	46.99M
Pretax Income+	614.61M	698.9M	216.49M	838.42M	1.33B	1.05B	383.19M	167.81M	364.5M	975.56M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	6.45M	-19.13M	20.13M	8.67M	2.96M	9.97M	8.71M	7.25M	6.36M	2.7M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	883.75M	1.08B	522.77M	804.95M	1.23B	978.84M	336.14M	141.21M	340.09M	951.68M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.73%	0.22%	-0.51%	0.54%	0.53%	-0.21%	-0.66%	-0.58%	1.41%	1.8%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.26%	0.16%	-0.26%	0.21%	0.28%	-0.11%	-0.32%	0.06%	0.21%	0.48%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	2.34	2.81	1.26	2.02	3.05	2.33	0.78	0.30	0.66	1.57
EPS Growth %	0.64%	0.2%	-0.55%	0.6%	0.51%	-0.24%	-0.67%	-0.62%	1.2%	1.38%
EPS (Basic)	2.35	2.83	1.26	2.03	3.07	2.36	0.79	0.31	0.66	1.58
Diluted Shares Outstanding	349.42M	360.23M	369M	375.25M	403.81M	417.39M	426.84M	465.16M	518.7M	608.75M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	29.02B	28.87B	27.94B	30.34B	33.38B	32.48B	34.91B	37.89B	44.01B	51.04B
Asset Growth %	0.16%	-0.01%	-0.03%	0.09%	0.1%	-0.03%	0.07%	0.09%	0.16%	0.16%
Real Estate & Other Assets+	26.07B	25.95B	25.74B	28.09B	30.31B	27.57B	30.7B	32.93B	37B	39.86B
PP&E (Net)	25.43B	24.47B	24.63B	27.12B	536.43M	465.87M	522.8M	323.94M	350.97M	1.2B
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	2.34B	2.39B	1.69B	1.7B	1.88B	3.44B	2.58B	3.08B	4.96B	7.23B
Cash & Equivalents	360.91M	419.38M	243.78M	215.38M	284.92M	1.55B	269.26M	631.68M	1.99B	3.51B
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	61.78M	187.84M	65.53M	100.75M	100.85M	476M	77.49M	90.61M	82.44M	204.87M
Intangible Assets	0	0	0	0	0	0	0	0	0	665.94M
Total Liabilities	13.66B	13.19B	12.64B	14.33B	16.4B	15.26B	15.91B	16.5B	17.64B	18.47B
Total Debt+	12.97B	12.36B	11.73B	13.3B	15.39B	14.22B	14.68B	14.96B	16.12B	16.76B
Net Debt	12.61B	11.94B	11.49B	13.08B	15.1B	12.67B	14.41B	14.33B	14.13B	13.25B
Long-Term Debt	12.06B	11.64B	10.94B	12.08B	13.33B	13.8B	13.81B	14.55B	15.74B	15.5B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	0	1000K	0	0	0
Capital Lease Obligations	75.49M	73.93M	72.24M	70.67M	473.69M	418.27M	545.94M	415.82M	383.23M	1.26B
Total Current Liabilities+	1.53B	1.47B	1.63B	2.18B	2.1B	622.75M	1.34B	1.17B	1.1B	1.37B
Accounts Payable	0	0	0	0	58.65M	101.59M	174.8M	216.73M	173.22M	229.31M
Deferred Revenue	0	0	0	0	183.01M	115.41M	335.89M	432.94M	374.55M	430.84M
Other Liabilities	0	0	0	0	494.32M	418.84M	219.96M	367.23M	421.74M	343.6M
Total Equity+	15.36B	15.68B	15.3B	16.01B	16.98B	17.23B	19B	21.39B	26.37B	32.57B
Equity Growth %	0.13%	0.02%	-0.02%	0.05%	0.06%	0.01%	0.1%	0.13%	0.23%	0.24%
Shareholders Equity	14.59B	14.81B	14.42B	14.63B	15.54B	15.97B	17.64B	20.29B	25.4B	31.96B
Minority Interest	768.41M	873.51M	877.5M	1.38B	1.44B	1.25B	1.36B	1.1B	967.35M	616.38M
Common Stock	354.81M	363.07M	372.45M	384.46M	411M	418.69M	448.61M	491.92M	565.89M	637M
Additional Paid-in Capital	16.48B	17B	17.66B	18.42B	20.19B	20.82B	23.13B	26.74B	32.74B	40.02B
Retained Earnings	-3.12B	-3.34B	-4.16B	-4.7B	-4.87B	-5.02B	-5.72B	-6.71B	-7.63B	-8.22B
Preferred Stock	1.01B	1.01B	718.5M	718.5M	0	0	0	0	0	0
Return on Assets (ROA)	0.03%	0.04%	0.02%	0.03%	0.04%	0.03%	0.01%	0%	0.01%	0.02%
Return on Equity (ROE)	0.06%	0.07%	0.03%	0.05%	0.07%	0.06%	0.02%	0.01%	0.01%	0.03%
Debt / Assets	0.45%	0.43%	0.42%	0.44%	0.46%	0.44%	0.42%	0.39%	0.37%	0.33%
Debt / Equity	0.84x	0.79x	0.77x	0.83x	0.91x	0.83x	0.77x	0.70x	0.61x	0.51x
Net Debt / EBITDA	6.06x	5.38x	5.61x	6.14x	6.62x	7.13x	7.93x	6.88x	5.93x	4.69x
Book Value per Share	43.96	43.53	41.47	42.67	42.06	41.27	44.51	45.99	50.84	53.51

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.37B	1.64B	1.43B	1.58B	1.54B	1.36B	1.28B	1.33B	1.6B	2.26B
Operating CF Growth %	0.21%	0.19%	-0.13%	0.1%	-0.03%	-0.11%	-0.07%	0.04%	0.21%	0.41%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	888.55M	1.08B	540.61M	829.75M	1.33B	1.04B	374.48M	160.57M	340.09M	972.86M
Depreciation & Amortization	835.25M	910.39M	938.6M	970.07M	1.04B	1.05B	1.05B	1.34B	1.4B	1.68B
Stock-Based Compensation	30.84M	28.87M	19.1M	27.65M	25.05M	28.32M	17.81M	26.15M	37.2M	75.82M
Other Non-Cash Items	-92.91M	-88.09M	-80.4M	-32.86M	-106.33M	60.25M	-30.82M	-47.09M	-100.12M	-429.85M
Working Capital Changes	-8.49M	-3.74M	50.3M	76.59M	-92.49M	-31.82M	-44.56M	-140.58M	-76.41M	-42.04M
Cash from Investing+	-3.48B	-309.5M	154.58M	-2.39B	-2.05B	2.35B	-4.52B	-3.7B	-5.71B	-5.51B
Acquisitions (Net)	-3.35B	-2.15B	-919.63M	-3.7B	-4.24B	-1.31B	-4.48B	-2.81B	-3.9B	-3.79B
Purchase of Investments	-1.15B	-760.27M	-430.82M	-431.04M	-731.1M	-13.32M	-26.59M	-98.46M	-100.13M	-61.03M
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	49.72M	-8.23M	-12.9M	19.08M	158.54M	3.69B	2.35M	-830.42M	-1.69B	-1.63B
Cash from Financing+	2.01B	-1.25B	-1.91B	818.37M	577.15M	-2.08B	1.57B	2.76B	5.45B	4.91B
Dividends Paid	-1.21B	-1.3B	-1.33B	-1.35B	-1.4B	-1.12B	-1.04B	-1.13B	-1.26B	-1.55B
Common Dividends	-1.21B	-1.3B	-1.33B	-1.35B	-1.4B	-1.12B	-1.04B	-1.13B	-1.26B	-1.55B
Debt Issuance (Net)	1000K	1000K	-1000K	1000K	1000K	-1000K	1000K	1000K	1000K	-1000K
Share Repurchases	0	0	-287.5M	0	0	-7.66M	0	0	0	0
Other Financing	-490M	-885.9M	-101.32M	-1.56B	-3.55B	-351.05M	-65.39M	-146.35M	44.06M	-330.1M
Net Change in Cash+	-112.82M	58.47M	-297.92M	6.83M	69.64M	1.64B	-1.67B	375.54M	1.35B	1.64B
Exchange Rate Effect	-1000K	-1000K	1000K	-1000K	1000K	1000K	-1000K	-1000K	1000K	-1000K
Cash at Beginning	473.73M	360.91M	607.22M	309.3M	316.13M	385.77M	2.02B	346.75M	722.29M	2.08B
Cash at End	360.91M	419.38M	309.3M	316.13M	385.77M	2.02B	346.75M	722.29M	2.08B	3.71B
Free Cash Flow+	1.36B	1.61B	1.42B	1.58B	1.52B	1.35B	1.26B	1.3B	1.55B	2.2B
FCF Growth %	0.21%	0.18%	-0.12%	0.11%	-0.04%	-0.11%	-0.07%	0.03%	0.19%	0.42%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	4.92	5.52	3.96	4.73	5.64	4.86	3.25	3.18	3.44	4.32
FFO Payout Ratio	70.4%	65.33%	90.71%	75.99%	61.55%	55.17%	74.56%	76.55%	70.69%	58.73%
NOI Margin	57.77%	55.85%	51.53%	47.91%	47.26%	43.36%	41.09%	38.39%	39.06%	38.5%
Net Debt / EBITDA	6.06x	5.38x	5.61x	6.14x	6.62x	7.13x	7.93x	6.88x	5.93x	4.69x
Debt / Assets	44.68%	42.81%	41.98%	43.82%	46.1%	43.77%	42.04%	39.49%	36.62%	32.83%
Interest Coverage	2.53x	2.51x	2.29x	2.21x	2.23x	1.41x	1.56x	1.41x	1.55x	2.00x
Book Value / Share	43.96	43.53	41.47	42.67	42.06	41.27	44.51	45.99	50.84	53.51
Revenue Growth	15.15%	10.68%	1.12%	8.65%	9.19%	-10.08%	2.68%	22.65%	12.16%	21.23%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Senior Housing - Operating	-	-	-	-	-	-	-	-	4.77B	6.04B
Senior Housing - Operating Growth	-	-	-	-	-	-	-	-	-	26.43%
Outpatient Medical	490.16M	545.37M	563.4M	556.81M	-	-	-	-	751.15M	802.11M
Outpatient Medical Growth	-	11.26%	3.31%	-1.17%	-	-	-	-	-	6.78%
Triple Net	1.2B	1.21B	967.08M	900.96M	-	-	-	-	1.04B	788.77M
Triple Net Growth	-	0.71%	-20.00%	-6.84%	-	-	-	-	-	-24.40%
Interest Revenue	-	-	-	-	63.83M	69.16M	137.56M	150.57M	-	-
Interest Revenue Growth	-	-	-	-	-	8.34%	98.92%	9.46%	-	-
Product and Service, Other	-	-	-	-	20.9M	19.43M	32.63M	84.55M	-	-
Product and Service, Other Growth	-	-	-	-	-	-7.04%	67.97%	159.08%	-	-
Management Service	-	-	-	-	3.45B	3.07B	3.2B	-	-	-
Management Service Growth	-	-	-	-	-	-10.85%	4.01%	-	-	-
Seniors Housing Operating	-	2.53B	2.78B	3.24B	-	-	-	-	-	-
Seniors Housing Operating Growth	-	-	10.24%	16.37%	-	-	-	-	-	-
United States	3.13B	-	-	-	-	-	-	-	-	-
United States Growth	-	-	-	-	-	-	-	-	-	-
Senior Housing Operating	2.17B	-	-	-	-	-	-	-	-	-
Senior Housing Operating Growth	-	-	-	-	-	-	-	-	-	-
International	726.5M	-	-	-	-	-	-	-	-	-
International Growth	-	-	-	-	-	-	-	-	-	-
Non Corporate	1.09M	-	-	-	-	-	-	-	-	-
Non Corporate Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	3.13B	-	-	3.78B	4.21B	3.72B	3.77B	4.84B	5.52B	6.56B
UNITED STATES Growth	-	-	-	-	11.32%	-11.54%	1.25%	28.58%	14.01%	18.87%
UNITED KINGDOM	-	-	-	-	-	451.4M	552.65M	-	606.75M	872.48M
UNITED KINGDOM Growth	-	-	-	-	-	-	22.43%	-	-	43.80%
CANADA	-	-	-	469.58M	463.12M	434.41M	422.76M	458.89M	509.31M	554.56M
CANADA Growth	-	-	-	-	-1.38%	-6.20%	-2.68%	8.55%	10.99%	8.88%

Frequently Asked Questions

Valuation & Price

Welltower Inc. (WELL) has a price-to-earnings (P/E) ratio of 119.9x. This suggests investors expect higher future growth.

Growth & Financials

Welltower Inc. (WELL) reported $9.81B in revenue for fiscal year 2024. This represents a 653% increase from $1.30B in 2011.

Welltower Inc. (WELL) grew revenue by 21.2% over the past year. This is strong growth.

Yes, Welltower Inc. (WELL) is profitable, generating $958.0M in net income for fiscal year 2024 (12.1% net margin).

Dividend & Returns

Yes, Welltower Inc. (WELL) pays a dividend with a yield of 1.35%. This makes it attractive for income-focused investors.

Welltower Inc. (WELL) has a return on equity (ROE) of 3.2%. This is below average, suggesting room for improvement.

Industry Metrics

Welltower Inc. (WELL) generated Funds From Operations (FFO) of $2.96B in the trailing twelve months. FFO is the primary profitability metric for REITs.

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