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WELLWelltower Inc.
$206.65$144.8B
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WELL logoWelltower Inc.(WELL)Earnings, Financials & Key Ratios

WELL•NYSE•REIT / Real Estate
148.7× P/E·Price updated Jun 19, 2026
SectorReal EstateIndustryHealthcare REITsSub-IndustryDiversified healthcare real estate
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$10.67B+35.8%
  • FFO$3.08B+16.9%
  • FFO/Share4.53+4.7%
  • FFO Payout61.06%+4.0%
  • FFO per Share4.53+4.7%
  • NOI Margin39.18%+1.8%
  • FFO Margin28.83%-14.0%
  • ROE2.47%-23.4%
  • ROA1.58%-20.9%

WELL Key Insights

Welltower Inc. (WELL) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Strong Piotroski F-Score: 7/9
  • ✓FFO growing 28.1% TTM
  • ✓Sustainable FFO payout ratio of 61.1%

✗Weaknesses

  • ✗Weak 3Y average ROE of 2.4%
  • ✗Low NOI margin of 39.2%
  • ✗Dividend payout exceeds 100% of earnings
  • ✗Shares diluted 11.6% in last year

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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WELL Price & Volume

Welltower Inc. (WELL) stock price & volume — 10-year historical chart

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WELL Growth Metrics

Welltower Inc. (WELL) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years10.75%
5 Years18.39%
3 Years22.69%
TTM38.27%

Profit CAGR

10 Years0.59%
5 Years-0.87%
3 Years87.9%
TTM32.21%

EPS CAGR

10 Years-5.08%
5 Years-9.82%
3 Years66.71%
TTM-14.94%

Return on Capital

10 Years2.95%
5 Years1.98%
3 Years1.82%
Last Year0.62%

WELL Recent Earnings

Welltower Inc. (WELL) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 12/12 qtrs (100%)●Beat Revenue 6/12 qtrs (50%)
Q2 2026Latest
Apr 28, 2026
Metric
Actual
Est
EPS
$1.04+53.2%
$0.68
Rev
$3.4B+7.4%
$3.1B
Q1 2026
Feb 10, 2026
Metric
Actual
Est
EPS
$1.13+91.5%
$0.59
Rev
$3.2B+11.3%
$2.9B
Q4 2025
Oct 27, 2025
Metric
Actual
Est
EPS
$1.34+3.1%
$1.30
Rev
$2.7B-9.2%
$3.0B
Q3 2025
Jul 28, 2025
Metric
Actual
Est
EPS
$1.28+4.9%
$1.22
Rev
$2.5B-7.3%
$2.7B
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 28, 2026
$1.04vs $0.68+53.2%
$3.4Bvs $3.1B+7.4%
Q1 2026Feb 10, 2026
$1.13vs $0.59+91.5%
$3.2Bvs $2.9B+11.3%
Q4 2025Oct 27, 2025
$1.34vs $1.30+3.1%
$2.7Bvs $3.0B-9.2%
Q3 2025Jul 28, 2025
$1.28vs $1.22+4.9%
$2.5Bvs $2.7B-7.3%
Based on last 12 quarters of dataView full earnings history →

WELL Peer Comparison

Welltower Inc. (WELL) competitors in Diversified healthcare real estate — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
VTR logoVTRVentas, Inc.Direct Competitor38.8B81.61151.1318.47%4.25%2.08%1.05
OHI logoOHIOmega Healthcare Investors, Inc.Direct Competitor13.26B44.5322.9513.95%51.02%11.85%0.78
SBRA logoSBRASabra Health Care REIT, Inc.Direct Competitor4.57B18.1228.3110.15%19.21%5.6%0.90
LTC logoLTCLTC Properties, Inc.Direct Competitor1.86B36.3714.4325.26%39.08%10.9%0.73
NHI logoNHINational Health Investors, Inc.Direct Competitor3.43B70.8223.4512.93%36.76%9.78%0.76
HR logoHRHealthcare Realty Trust IncorporatedProduct Competitor6.9B19.79-27.87-6.92%-17.51%-4.28%0.89
GMRE logoGMREGlobal Medical REIT Inc.Product Competitor94.26M35.74115.297.08%-8.18%-2.31%
CHCT logoCHCTCommunity Healthcare Trust IncorporatedProduct Competitor498.01M17.43225.194.67%4.95%1.41%1.25

Compare WELL vs Peers

Welltower Inc. (WELL) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs VTR

Most directly comparable listed peer for WELL.

Scale Benchmark

vs PLD

Larger-name benchmark to compare WELL against a more recognizable public peer.

Peer Set

Compare Top 5

vs VTR, OHI, SBRA, LTC

WELL Income Statement

Welltower Inc. (WELL) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue
4.3B4.67B5.1B4.59B4.71B5.78B6.48B7.85B10.67B11.63B
Revenue Growth %
1.12%8.65%9.19%-10.08%2.68%22.65%12.16%21.23%35.82%38.27%
Property Operating Expenses
2.08B2.43B2.69B2.6B2.77B3.56B3.95B4.83B6.49B7.08B
Net Operating Income (NOI)
2.22B▲ 0%
2.24B▲ 1.0%
2.41B▲ 7.7%
1.99B▼ 17.5%
1.93B▼ 2.7%
2.22B▲ 14.6%
2.53B▲ 14.1%
3.02B▲ 19.5%
4.18B▲ 38.2%
4.55B▲ 0%
NOI Margin %
51.53%47.91%47.26%43.36%41.09%38.39%39.06%38.5%39.18%39.12%
Operating Expenses
1.11B1.08B1.17B1.26B1.17B1.47B1.59B1.88B3.82B4.03B
G&A Expenses
122.01M126.38M126.55M128.39M126.73M150.39M179.09M235.49M1.75B1.75B
EBITDA
2.05B2.13B2.28B1.78B1.82B2.08B2.38B2.83B2.49B2.78B
EBITDA Margin %
47.62%45.63%44.73%38.75%38.57%36.06%36.8%35.97%23.38%23.88%
Depreciation & Amortization
938.6M970.07M1.04B1.05B1.05B1.34B1.44B1.68B2.14B2.26B
D&A / Revenue %
21.83%20.77%20.45%22.89%22.36%23.15%22.28%21.39%20.05%19.45%
Operating Income
1.11B▲ 0%
1.16B▲ 4.8%
1.24B▲ 6.6%
727.45M▼ 41.2%
763.36M▲ 4.9%
746.22M▼ 2.2%
940.45M▲ 26.0%
1.15B▲ 21.8%
355.17M▼ 69.0%
515.28M▲ 0%
Operating Margin %
25.78%24.86%24.27%15.86%16.21%12.92%14.52%14.59%3.33%4.43%
Interest Expense
484.62M526.59M555.56M514.39M489.85M529.52M607.85M574.26M651.96M4M
Interest Coverage
1.62x1.80x1.98x0.94x1.35x1.33x1.58x1.91x0.26x-
Non-Operating Income
324.25M211.15M139.6M244.61M102.75M43.64M-17.44M46.99M183.24M566.32M
Pretax Income
216.49M▲ 0%
838.42M▲ 287.3%
1.33B▲ 59.0%
1.05B▼ 21.3%
383.19M▼ 63.5%
167.81M▼ 56.2%
364.5M▲ 117.2%
975.56M▲ 167.6%
954.72M▼ 2.1%
1.47B▲ 0%
Pretax Margin %
5.04%17.95%26.14%22.87%8.14%2.91%5.63%12.42%8.95%12.61%
Income Tax
20.13M8.67M2.96M9.97M8.71M7.25M6.36M2.7M-7.12M10.04M
Effective Tax Rate %
9.3%1.03%0.22%0.95%2.27%4.32%1.75%0.28%-0.75%0.68%
Net Income
522.77M▲ 0%
804.95M▲ 54.0%
1.23B▲ 53.1%
978.84M▼ 20.6%
336.14M▼ 65.7%
141.21M▼ 58.0%
340.09M▲ 140.8%
951.68M▲ 179.8%
936.85M▼ 1.6%
1.43B▲ 0%
Net Margin %
12.16%17.23%24.16%21.34%7.14%2.44%5.25%12.12%8.78%12.31%
Net Income Growth %
-51.5%53.98%53.11%-20.58%-65.66%-57.99%140.84%179.83%-1.56%32.21%
Funds From Operations (FFO)
1.46B▲ 0%
1.78B▲ 21.5%
2.28B▲ 28.2%
2.03B▼ 10.9%
1.39B▼ 31.5%
1.48B▲ 6.4%
1.78B▲ 20.6%
2.63B▲ 47.6%
3.08B▲ 16.9%
3.69B▲ 0%
FFO Margin %
33.99%38%44.62%44.23%29.5%25.59%27.53%33.5%28.83%31.75%
FFO Growth %
-26.5%21.46%28.2%-10.86%-31.51%6.39%20.65%47.55%16.88%114.71%
FFO per Share
3.964.735.644.863.253.183.444.324.535.08
FFO Payout Ratio %
90.71%75.99%61.55%55.17%74.56%76.55%70.69%58.73%61.06%53.24%
EPS (Diluted)
1.26▲ 0%
2.02▲ 60.3%
3.05▲ 51.0%
2.33▼ 23.6%
0.78▼ 66.5%
0.30▼ 61.5%
0.66▲ 120.0%
1.57▲ 137.9%
1.39▼ 11.5%
1.97▲ 0%
EPS Growth %
-55.16%60.32%50.99%-23.61%-66.52%-61.54%120%137.88%-11.46%-14.94%
EPS (Basic)
1.262.033.072.360.790.310.661.581.41-
Diluted Shares Outstanding
369M375.25M403.81M417.39M426.84M465.16M518.7M608.75M679.52M726.25M

WELL Balance Sheet

Welltower Inc. (WELL) balance sheet — assets, liabilities & shareholders' equity

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets
27.94B30.34B33.38B32.48B34.91B37.89B44.01B51.04B67.3B67.22B
Asset Growth %
-3.19%8.58%10.01%-2.69%7.47%8.54%16.15%15.98%31.85%102.16%
Real Estate & Other Assets
25.74B28.09B30.31B27.57B30.7B32.93B37B39.86B53.42B-1.59B
PP&E (Net)
24.63B27.12B536.43M465.87M522.8M323.94M350.97M1.2B2.16B53.92B
Investment Securities
1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Total Current Assets
1.69B1.7B1.88B3.44B2.58B3.08B4.96B7.23B9.91B7.37B
Cash & Equivalents
243.78M215.38M284.92M1.55B269.26M631.68M1.99B3.51B5.03B4.7B
Receivables
1000K1000K1000K1000K1000K1000K1000K1000K1000K0
Other Current Assets
65.53M100.75M100.85M476M77.49M90.61M82.44M204.87M175.86M2.67B
Intangible Assets
0000000665.94M02.85B
Total Liabilities
12.64B14.33B16.4B15.26B15.91B16.5B17.64B18.47B24.1B22.29B
Total Debt
11.73B13.3B15.39B14.22B14.68B14.96B16.12B16.76B21.38B19.98B
Net Debt
11.49B13.08B15.1B12.67B14.41B14.33B14.13B13.25B16.35B15.28B
Long-Term Debt
10.94B12.08B13.33B13.8B13.81B14.55B15.74B15.5B19.2B17.93B
Short-Term Borrowings
719M1.15B1.59B0324.94M00000
Capital Lease Obligations
72.24M70.67M473.69M418.27M545.94M415.82M383.23M1.26B2.18B6.88B
Total Current Liabilities
1.63B2.18B2.1B622.75M1.34B1.17B1.1B1.37B1.86B2.31B
Accounts Payable
0058.65M101.59M174.8M216.73M173.22M229.31M297.07M0
Deferred Revenue
00183.01M115.41M335.89M432.94M374.55M430.84M501.43M0
Other Liabilities
00494.32M418.84M219.96M367.23M421.74M343.6M864.13M0
Total Equity
15.3B▲ 0%
16.01B▲ 4.6%
16.98B▲ 6.1%
17.23B▲ 1.4%
19B▲ 10.3%
21.39B▲ 12.6%
26.37B▲ 23.3%
32.57B▲ 23.5%
43.2B▲ 32.6%
44.93B▲ 0%
Equity Growth %
-2.42%4.64%6.07%1.43%10.29%12.61%23.27%23.51%32.64%112.21%
Shareholders Equity
14.42B14.63B15.54B15.97B17.64B20.29B25.4B31.96B42.13B43.79B
Minority Interest
877.5M1.38B1.44B1.25B1.36B1.1B967.35M616.38M1.07B1.14B
Common Stock
372.45M384.46M411M418.69M448.61M491.92M565.89M637M696.62M704.86M
Additional Paid-in Capital
17.66B18.42B20.19B20.82B23.13B26.74B32.74B40.02B50.9B52.41B
Retained Earnings
-4.16B-4.7B-4.87B-5.02B-5.72B-6.71B-7.63B-8.22B-9.16B-8.96B
Preferred Stock
718.5M718.5M00000000
Return on Assets (ROA)
1.84%2.76%3.87%2.97%1%0.39%0.83%2%1.58%2.29%
Return on Equity (ROE)
3.37%5.14%7.47%5.72%1.86%0.7%1.42%3.23%2.47%3.49%
Debt / Assets
41.98%43.82%46.1%43.77%42.04%39.49%36.62%32.83%31.77%29.73%
Debt / Equity
0.77x0.83x0.91x0.83x0.77x0.70x0.61x0.51x0.49x0.44x
Net Debt / EBITDA
5.61x6.14x6.62x7.13x7.93x6.88x5.93x4.69x6.56x5.50x
Book Value per Share
41.4742.6742.0641.2744.5145.9950.8453.5163.5861.86

WELL Cash Flow Statement

Welltower Inc. (WELL) cash flow — operating, investing & free cash flow history

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
1.43B1.58B1.54B1.36B1.28B1.33B1.6B2.26B2.88B2.95B
Operating CF Growth %
-12.5%10.44%-3.03%-11.15%-6.55%4.19%20.56%40.86%27.71%81.37%
Operating CF / Revenue %
33.36%33.91%30.11%29.76%27.08%23%24.73%28.73%27.01%25.39%
Net Income
540.61M829.75M1.33B1.04B374.48M160.57M340.09M972.86M961.84M1.43B
Depreciation & Amortization
938.6M970.07M1.04B1.05B1.05B1.34B1.4B1.68B2.14B2.26B
Stock-Based Compensation
19.1M27.65M25.05M28.32M17.81M26.15M37.2M75.82M1.56B1.56B
Other Non-Cash Items
-80.4M-32.86M-106.33M60.25M-30.82M-47.09M-100.12M-429.85M-1.49B-1.93B
Working Capital Changes
50.3M76.59M-92.49M-31.82M-44.56M-140.58M-76.41M-42.04M-280.78M-393.67M
Cash from Investing
154.58M-2.39B-2.05B2.35B-4.52B-3.7B-5.71B-5.51B-10.51B-9.29B
Acquisitions (Net)
-919.63M-3.7B-4.24B-1.31B-4.48B-2.81B-3.9B-3.79B-14.41B-13.48B
Purchase of Investments
-430.82M-431.04M-731.1M-13.32M-26.59M-98.46M-100.13M-61.03M-76.64M-1.4B
Sale of Investments
1.53B1.72B2.78B7.73M7.52M63.75M31.49M20.09M0737.93M
Other Investing
-12.9M19.08M158.54M3.69B2.35M-830.42M-1.69B-1.63B4.01B5.27B
Cash from Financing
-1.91B818.37M577.15M-2.08B1.57B2.76B5.45B4.91B9B7.49B
Dividends Paid
-1.33B-1.35B-1.4B-1.12B-1.04B-1.13B-1.26B-1.55B-1.88B-1.97B
Common Dividends
-1.33B-1.35B-1.4B-1.12B-1.04B-1.13B-1.26B-1.55B-1.88B-1.97B
Debt Issuance (Net)
-1000K1000K1000K-1000K1000K1000K1000K-1000K1000K0
Share Repurchases
-287.5M00-7.66M000000
Other Financing
-101.32M-1.56B-3.55B-351.05M-65.39M-146.35M44.06M-330.1M-633.02M-575.66M
Net Change in Cash
-297.92M▲ 0%
6.83M▲ 102.3%
69.64M▲ 920.2%
1.64B▲ 2248.3%
-1.67B▼ 202.4%
375.54M▲ 122.4%
1.35B▲ 260.5%
1.64B▲ 20.8%
1.5B▼ 8.4%
1.21B▲ 0%
Exchange Rate Effect
26.85M-9.02M5.31M3.45M-1.01M-10.63M11.03M-11.72M129.39M56.02M
Cash at Beginning
607.22M309.3M316.13M385.77M2.02B346.75M722.29M2.08B3.71B5.21B
Cash at End
309.3M316.13M385.77M2.02B346.75M722.29M2.08B3.71B5.21B4.82B
Free Cash Flow
1.42B▲ 0%
1.58B▲ 10.9%
1.52B▼ 3.5%
1.35B▼ 11.4%
1.26B▼ 6.8%
1.3B▲ 3.4%
1.55B▲ 19.5%
2.2B▲ 41.7%
2.85B▲ 29.5%
2.54B▲ 0%
FCF Growth %
-11.85%10.93%-3.51%-11.4%-6.78%3.36%19.48%41.72%29.55%6.24%
FCF / Revenue %
33.05%33.74%29.82%29.37%26.67%22.48%23.94%27.99%26.7%21.86%

WELL Key Ratios

Welltower Inc. (WELL) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share
3.964.735.644.863.253.183.444.324.535.08
FFO Payout Ratio
90.71%75.99%61.55%55.17%74.56%76.55%70.69%58.73%61.06%53.24%
NOI Margin
51.53%47.91%47.26%43.36%41.09%38.39%39.06%38.5%39.18%39.12%
Net Debt / EBITDA
5.61x6.14x6.62x7.13x7.93x6.88x5.93x4.69x6.56x5.50x
Debt / Assets
41.98%43.82%46.1%43.77%42.04%39.49%36.62%32.83%31.77%29.73%
Interest Coverage
1.62x1.80x1.98x0.94x1.35x1.33x1.58x1.91x0.26x-
Book Value / Share
41.4742.6742.0641.2744.5145.9950.8453.5163.5861.86
Revenue Growth
1.12%8.65%9.19%-10.08%2.68%22.65%12.16%21.23%35.82%38.27%
Related:WELL Dividend History·WELL Revenue History·WELL Price History·WELL P/E History·WELL Financial Ratios·WELL Institutional Holders

WELL SEC Filings & Documents

Welltower Inc. (WELL) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 29, 2026·SEC

Material company update

Apr 28, 2026·SEC

Material company update

Mar 10, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 12, 2026·SEC

FY 2025

Feb 12, 2025·SEC

FY 2024

Feb 15, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 29, 2026·SEC

FY 2025

Oct 28, 2025·SEC

FY 2025

Jul 29, 2025·SEC

WELL Frequently Asked Questions

Welltower Inc. (WELL) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Welltower Inc. (WELL) reported $11.63B in revenue for fiscal year 2025. This represents a 21279% increase from $54.4M in 1996.

Welltower Inc. (WELL) grew revenue by 35.8% over the past year. This is strong growth.

Yes, Welltower Inc. (WELL) is profitable, generating $1.43B in net income for fiscal year 2025 (8.8% net margin).

Dividend & Returns

Yes, Welltower Inc. (WELL) pays a dividend with a yield of 1.34%. This makes it attractive for income-focused investors.

Welltower Inc. (WELL) has a return on equity (ROE) of 2.5%. This is below average, suggesting room for improvement.

Industry Metrics

Welltower Inc. (WELL) generated Funds From Operations (FFO) of $3.69B in the trailing twelve months. FFO is the primary profitability metric for REITs.

What if you invested $1,000 in WELL back in 1996?

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