Welltower Inc. (WELL) Financial Ratios
30 years of historical data (1996–2025) · Real Estate · REIT - Healthcare Facilities
EV/EBITDA
↑
66.76
↑+103% vs avg
5yr avg: 32.83
30Y Low5.5·High57.1
P/FCF
↑
52.72
↑+63% vs avg
5yr avg: 32.40
30Y Low12.8·High44.3
P/B Ratio
↑
3.37
↑+62% vs avg
5yr avg: 2.08
30Y Low0.6·High2.9
ROE
↑
2.5%
↓+28% vs avg
5yr avg: 1.9%
30Y Low1%·High12%
Debt/EBITDA
↑
8.57
+17% vs avg
5yr avg: 7.31
30Y Low2.7·High9.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
WELL Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Welltower Inc. trades at 154.2x earnings, 14% above its 5-year average of 135.8x, sitting at the 100th percentile of its historical range. Compared to the Real Estate sector median P/E of 24.1x, the stock trades at a premium of 539%. On a free-cash-flow basis, the stock trades at 52.7x P/FCF, 63% above the 5-year average of 32.4x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $150.1B | $126.1B | $76.7B | $46.8B | $30.5B | $36.6B | $27.0B | $33.0B | $26.0B | $23.5B | $24.1B |
| Enterprise Value | $166.5B | $142.5B | $90.0B | $60.9B | $44.8B | $51.0B | $39.6B | $48.1B | $39.1B | $35.0B | $36.0B |
| P/E Ratio → | 154.17 | 133.53 | 80.27 | 136.62 | 218.50 | 109.96 | 27.73 | 26.81 | 34.36 | 50.61 | 23.82 |
| P/S Ratio | 14.08 | 11.82 | 9.77 | 7.22 | 5.28 | 7.77 | 5.88 | 6.47 | 5.58 | 5.47 | 5.67 |
| P/B Ratio | 3.37 | 2.92 | 2.36 | 1.77 | 1.43 | 1.93 | 1.57 | 1.94 | 1.63 | 1.54 | 1.54 |
| P/FCF | 52.72 | 44.29 | 34.90 | 30.15 | 23.49 | 29.15 | 20.02 | 21.72 | 16.53 | 16.56 | 14.96 |
| P/OCF | 52.10 | 43.77 | 34.00 | 29.20 | 22.95 | 28.71 | 19.76 | 21.50 | 16.44 | 16.41 | 14.80 |
P/E links to full P/E history page with 30-year chart
WELL EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Welltower Inc.'s enterprise value stands at 66.8x EBITDA, 103% above its 5-year average of 32.8x. The Real Estate sector median is 16.7x, placing the stock at a 301% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 13.36 | 11.46 | 9.40 | 7.76 | 10.83 | 8.64 | 9.44 | 8.38 | 8.15 | 8.48 |
| EV / EBITDA | 66.76 | 57.13 | 31.84 | 25.55 | 21.52 | 28.09 | 22.31 | 21.10 | 18.36 | 17.11 | 16.25 |
| EV / EBIT | 468.76 | 828.67 | 81.89 | 63.57 | 63.80 | 77.23 | 82.11 | 43.81 | 41.18 | 44.65 | 29.29 |
| EV / FCF | — | 50.03 | 40.93 | 39.26 | 34.53 | 40.62 | 29.42 | 31.65 | 24.83 | 24.65 | 22.37 |
WELL Profitability
Margins and return-on-capital ratios measuring operating efficiency
Welltower Inc. earns an operating margin of 3.3%, below the Real Estate sector average of 26.0%. Operating margins have compressed from 14.5% to 3.3% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 2.5% is modest. ROIC of 0.5% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.2% | 39.2% | 38.5% | 39.1% | 38.4% | 41.1% | 43.4% | 47.3% | 47.9% | 51.5% | 55.9% |
| Operating Margin | 3.3% | 3.3% | 14.6% | 14.5% | 12.9% | 16.2% | 15.9% | 24.3% | 24.9% | 25.8% | 30.8% |
| Net Profit Margin | 8.8% | 8.8% | 12.1% | 5.2% | 2.4% | 7.1% | 21.3% | 24.2% | 17.2% | 12.2% | 25.4% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.5% | 2.5% | 3.2% | 1.4% | 0.7% | 1.9% | 5.7% | 7.5% | 5.1% | 3.4% | 6.9% |
| ROA | 1.6% | 1.6% | 2.0% | 0.8% | 0.4% | 1.0% | 3.0% | 3.9% | 2.8% | 1.8% | 3.7% |
| ROIC | 0.5% | 0.5% | 2.0% | 1.9% | 1.6% | 1.8% | 1.8% | 3.0% | 3.1% | 3.1% | 3.5% |
| ROCE | 0.6% | 0.6% | 2.5% | 2.4% | 2.1% | 2.3% | 2.3% | 4.2% | 4.3% | 4.1% | 4.8% |
WELL Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Welltower Inc. carries a Debt/EBITDA ratio of 8.6x, which is highly leveraged (9% above the sector average of 7.9x). Net debt stands at $16.3B ($21.4B total debt minus $5.0B cash). Interest coverage of just 0.3x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.49 | 0.49 | 0.51 | 0.61 | 0.70 | 0.77 | 0.83 | 0.91 | 0.83 | 0.77 | 0.79 |
| Debt / EBITDA | 8.57 | 8.57 | 5.93 | 6.76 | 7.18 | 8.08 | 8.00 | 6.75 | 6.24 | 5.73 | 5.57 |
| Net Debt / Equity | — | 0.38 | 0.41 | 0.54 | 0.67 | 0.76 | 0.74 | 0.89 | 0.82 | 0.75 | 0.76 |
| Net Debt / EBITDA | 6.56 | 6.56 | 4.69 | 5.93 | 6.88 | 7.93 | 7.13 | 6.62 | 6.14 | 5.61 | 5.38 |
| Debt / FCF | — | 5.74 | 6.03 | 9.11 | 11.04 | 11.47 | 9.41 | 9.93 | 8.30 | 8.09 | 7.41 |
| Interest Coverage | 0.26 | 0.26 | 1.91 | 1.58 | 1.33 | 1.35 | 0.94 | 1.98 | 1.80 | 1.62 | 2.36 |
WELL Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Welltower Inc.'s current ratio of 5.34x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 4.51x to 5.34x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.34 | 5.34 | 5.28 | 4.51 | 2.63 | 1.93 | 5.52 | 0.89 | 0.78 | 1.03 | 1.63 |
| Quick Ratio | 5.34 | 5.34 | 5.28 | 4.51 | 2.63 | 1.93 | 5.52 | 0.89 | 0.78 | 1.03 | 1.63 |
| Cash Ratio | 2.71 | 2.71 | 2.56 | 1.81 | 0.54 | 0.20 | 2.48 | 0.14 | 0.10 | 0.15 | 0.28 |
| Asset Turnover | — | 0.16 | 0.15 | 0.15 | 0.15 | 0.13 | 0.14 | 0.15 | 0.15 | 0.15 | 0.15 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
WELL Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Welltower Inc. returns 1.3% to shareholders annually primarily through dividends. The payout ratio exceeds 100% at 200.5%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 0.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.3% | 1.5% | 2.0% | 2.7% | 3.7% | 2.8% | 4.1% | 4.2% | 5.2% | 5.6% | 5.4% |
| Payout Ratio | 200.5% | 200.5% | 162.4% | 370.7% | 801.3% | 308.2% | 114.3% | 113.7% | 167.6% | 253.6% | 120.5% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.6% | 0.7% | 1.2% | 0.7% | 0.5% | 0.9% | 3.6% | 3.7% | 2.9% | 2.0% | 4.2% |
| FCF Yield | 1.9% | 2.3% | 2.9% | 3.3% | 4.3% | 3.4% | 5.0% | 4.6% | 6.1% | 6.0% | 6.7% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.2% | 0.0% |
| Total Shareholder Yield | 1.3% | 1.5% | 2.0% | 2.7% | 3.7% | 2.8% | 4.2% | 4.2% | 5.2% | 6.9% | 5.4% |
| Shares Outstanding | — | $680M | $609M | $519M | $465M | $427M | $417M | $404M | $375M | $369M | $360M |
Peer Comparison
Compare WELL with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 WELLYou | $150B | 154.2 | 66.8 | 52.7 | 39.2% | 3.3% | 2.5% | 0.5% | 8.6 |
 VTR | $41B | 160.7 | 24.4 | 31.3 | -5.9% | 14.2% | 2.1% | 2.5% | 6.0 |
 OHI | $14B | 23.8 | 16.7 | 15.6 | 44.5% | 62.6% | 11.6% | 6.0% | 4.0 |
 SBRA | $5B | 31.8 | 16.9 | 14.7 | 65.0% | 34.1% | 5.6% | 3.8% | 5.7 |
 LTC | $2B | 15.2 | 10.1 | 13.6 | 96.9% | 79.4% | 10.7% | 8.9% | 2.6 |
 NHI | $4B | 24.2 | 16.8 | 16.1 | 36.7% | 51.5% | 9.7% | 5.6% | 4.2 |
 HR | $7B | -28.1 | 16.8 | 54.7 | -33.6% | 8.0% | -4.9% | 0.7% | 6.3 |
 GMRE | $94M | 115.3 | 8.3 | — | 78.9% | 23.6% | 1.1% | 2.0% | 7.4 |
 CHCT | $504M | 227.9 | 16.3 | 8.9 | 8.7% | 16.7% | 1.1% | 1.6% | 8.4 |
 MPW | $3B | -17.1 | 105.4 | 14.6 | — | — | -4.2% | — | 4.6 |
 CTRE | $9B | 25.1 | 15.2 | 22.2 | 98.9% | 98.7% | 9.2% | 10.1% | — |
| Real Estate Median | — | 24.1 | 16.7 | 15.4 | 52.1% | 26.0% | 3.5% | 3.0% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Full WELL Stock Analysis
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Start ComparisonWELL — Frequently Asked Questions
Quick answers to the most common questions about buying WELL stock.
What is Welltower Inc.'s P/E ratio?
Welltower Inc.'s current P/E ratio is 154.2x. The historical average is 43.8x. This places it at the 100th percentile of its historical range.
What is Welltower Inc.'s EV/EBITDA?
Welltower Inc.'s current EV/EBITDA is 66.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.1x.
What is Welltower Inc.'s ROE?
Welltower Inc.'s return on equity (ROE) is 2.5%. The historical average is 6.0%.
Is WELL stock overvalued?
Based on historical data, Welltower Inc. is trading at a P/E of 154.2x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Welltower Inc.'s dividend yield?
Welltower Inc.'s current dividend yield is 1.29% with a payout ratio of 200.5%.
What are Welltower Inc.'s profit margins?
Welltower Inc. has 39.2% gross margin and 3.3% operating margin.
How much debt does Welltower Inc. have?
Welltower Inc.'s Debt/EBITDA ratio is 8.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.