Welltower Inc. (WELL)

Welltower Inc., an S&P 500 company, is positioned at the center of the silver economy, focusing on rental housing for aging seniors across the United States, United Kingdom, and Canada. Their portfolio of 2,500+ seniors and wellness housing communities are positioned at the intersection of housing and hospitality, creating vibrant communities for mature renters and older adults. They believe our real estate portfolio is unmatched, located in highly attractive micro markets with stunning built environments. Yet, Welltower is an unusual real estate organization as they view themselves as an operating company in a real estate wrapper, driven by highly aligned partnerships and an unconventional culture. Through their disciplined approach to capital allocation powered by their Data Science platform and superior operating results driven by the Welltower Business System - their end-to-end operating platform - they aspire to deliver long-term compounding of per share growth for their existing investors, North Star. Welltower Inc. was incorporated in 1970 in Delaware and is based in Toledo, Ohio.

Symbol: WELL
Exchange: NYSE
Sector: Real Estate
Industry: REIT - Healthcare Facilities
Market cap: $160.46B
52 week range: 163.75 - 255.2

Valuation

Share price: $227.71 (close of 2026-10-02)
P/E (TTM): 111.08x
Price to book: 3.59x
Price to free cash flow: 54.34x
Enterprise value: $175.75B
Book value per share: $63.48

Price performance

Period	Change
1 day	+0.34%
5 days	-1.58%
1 month	-4.56%
3 months	-3.54%
6 months	+12.54%
Year to date	+22.68%
1 year	+29.75%
3 years	+178.61%
5 years	+171.57%
10 years	+204.55%
All time	+3403.23%

Members of Congress who disclosed WELL trades

Alan Armstrong · Jefferson Shreve · Jonathan Jackson

Super investors holding WELL

Ken Griffin (Citadel)

Profitability and growth

Return on equity: 2.24%
Return on assets: 1.43%
Gross margin: 23.25%
Net margin: 11.38%
EBITDA margin: 35.96%
Revenue growth: 40.25%
Net income growth: -1.13%
Free cash flow growth: 27.71%

Cash flow and balance sheet

Free cash flow yield (TTM): 1.84%
Net debt to EBITDA: 5.79x

Latest reported year

Period end: 2025-12-31
Fiscal year: 2025
Revenue: $8.45B
Cost of revenue: $6.49B
Gross profit: $1.96B
EBITDA: $3.04B
Net income: $961.84M
Earnings per share: $1.41
Shares outstanding: 665.64M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$8.45B	$1.96B	$961.84M	$1.41
2024-12-31	$6.03B	$1.20B	$972.86M	$1.58
2023-12-31	$4.75B	$806.03M	$358.14M	$0.66
2022-12-31	$4.17B	$614.94M	$160.57M	$0.31
2021-12-31	$3.20B	$422.66M	$374.48M	$0.79
2020-12-31	$4.61B	$2.01B	$1.04B	$2.36
2019-12-31	$5.12B	$2.43B	$1.33B	$3.07
2018-12-31	$4.70B	$2.27B	$829.75M	$2.03
2017-12-31	$4.32B	$2.23B	$540.61M	$1.26
2016-12-31	$4.28B	-	$1.08B	$2.83

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity
2025-12-31	23.25%	11.38%	2.24%
2024-12-31	19.86%	16.14%	3.01%
2023-12-31	16.96%	7.53%	1.37%
2022-12-31	14.73%	3.85%	0.76%
2021-12-31	13.22%	11.71%	2.01%
2020-12-31	43.60%	22.55%	6.15%
2019-12-31	47.47%	25.98%	8.06%
2018-12-31	48.24%	17.65%	5.32%
2017-12-31	51.72%	12.52%	3.62%
2016-12-31	-	25.28%	7.08%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$5.03B	$19.20B
2024-12-31	$3.51B	$15.50B
2023-12-31	$1.99B	$15.74B
2022-12-31	$631.68M	$14.71B
2021-12-31	$269.26M	$13.91B
2020-12-31	$1.55B	$2.38B
2019-12-31	$284.92M	$13.42B
2018-12-31	$215.38M	$12.19B
2017-12-31	$243.78M	$11.04B
2016-12-31	$419.38M	$11.73B

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	$2.88B	$1.56B
2024-12-31	$2.26B	$75.82M
2023-12-31	$1.60B	$37.20M
2022-12-31	$1.33B	$26.15M
2021-12-31	$1.28B	$17.81M
2020-12-31	$1.36B	$28.32M
2019-12-31	$1.54B	$25.05M
2018-12-31	$1.58B	$27.65M
2017-12-31	$1.43B	$19.10M
2016-12-31	$1.64B	$28.87M

Dividend history

Most recent payment: 2026-08-12
Paid in the last twelve months: $3.07

Payment date	Dividend per share
2026-08-12	$0.85
2026-05-13	$0.74
2026-02-25	$0.74
2025-11-10	$0.74
2025-08-12	$0.74
2025-05-14	$0.67
2025-02-25	$0.67
2024-11-13	$0.67

Investor relations

Next earnings report

Next confirmed report: 2026-10-26
Consensus EPS estimate: $1.63

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-07-27	Jun/2026	$1.55
2026-04-28	Mar/2026	$1.45
2026-02-10	Dec/2025	$1.44
2025-10-27	Sep/2025	$1.30
2025-07-28	Jun/2025	$1.22
2025-04-28	Mar/2025	$1.15
2025-02-11	Dec/2024	$1.12
2024-10-28	Sep/2024	$1.04

Filings and sources

Company website: welltower.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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