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Welltower

WELL NYSE Health Care REITs Financials FY2016–FY2025

Welltower's revenue rose 35.6% to $10.8 billion in fiscal 2025. Its net margin was 8.9%, down from 12.2% a year earlier. It paid out $1.9 billion in dividends and buybacks. The diluted share count rose 11.6%.

Last close · Oct 23, 2026

$237.32

0.0%
Value it Compare
Revenue Total sales reported in the income statement.
$10.8B
35.6% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$962M
1.1%
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
3.0%
0.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$172.4B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
118.1x
On $2.01 EPS (TTM)

About these figures. Welltower's 2021 10-K tags its US$2.4 billion of secured debt as the whole of its 2020 debt, so debt in each year is the figure first reported for it. Welltower's cash flow statement splits its spending on its properties across several lines (capital improvements and construction) with no total, so capital spending and free cash flow are left blank.

What Welltower does

No business description yet.

Legal name
WELLTOWER INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000766704-26-000010
0000766704

Revenue and margins

Welltower had $10.8B of revenue in fiscal 2025, up 35.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −7.5% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Welltower returned $1.9B to shareholders in fiscal 2025. The diluted share count rose 11.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Welltower yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$14.7B and divides by 679.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 118.1x · peers 66.5x · sector 27.8x.

Balance sheet

Cash, debt and the ratios that show how comfortably Welltower can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $269M$632M$2.0B$3.5B$5.0B
Debt incl. finance leases $14.0B$14.8B$15.8B$15.6B$19.7B
Net debt / EBITDA 8.1x7.1x5.9x4.4x4.1x
Debt / equity 0.8x0.7x0.6x0.5x0.5x
Interest coverage 1.4x1.3x1.6x1.9x2.7x
Total assets $34.9B$37.9B$44.0B$51.0B$67.3B
Total liabilities $15.9B$16.5B$17.6B$18.5B$24.1B
Shareholders' equity $17.6B$20.3B$25.4B$32.0B$42.1B
Net debt (− = net cash) $13.8B$14.2B$13.8B$12.1B$14.7B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$2.4M

1 insider

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 26, 2026 Andrew GundlachDirector Bought 5,000 $242.06 $1.2M Form 4
Aug 25, 2026 Andrew GundlachDirector Bought 5,000 $239.47 $1.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose — — —
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✕ ✓
Revenue rose relative to assets ✓ ✓ ✓
F-score — / 9— / 9— / 9
Accruals ratio −3.0%−2.7%−3.2%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Welltower WELL $172.4B 35.6% — — 3.0% 118.1x —
Ventas VTR $43.2B 18.5% — — 3.4% 163.8x — Compare →
Healthpeak Properties DOC $13.3B 4.5% — 12.7% 3.2% 55.0x — Compare →
American Healthcare REIT AHR $10.2B 9.2% 18.4% — — 78.0x — Compare →
Omega Healthcare Investors OHI $14.6B 13.2% — 67.0% 8.8% 16.5x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $4.3B $4.3B $4.7B $5.1B $4.6B $4.7B $5.9B $6.6B $8.0B $10.8B
Gross profit — $2.2B $2.3B $2.4B $2.0B $2.0B $2.3B $2.7B $3.2B $4.4B
Interest expense $521M $485M $527M $556M $514M $490M $530M $608M $593M $580M
Pretax income $709M $300M $424M $543M −$31.6M $171M $173M $350M $524M $955M
Income tax −$19.1M $20.1M $8.7M $3.0M $10.0M $8.7M $7.2M $6.4M $2.7M −$7.1M
Net income $1.1B $541M $830M $1.3B $1.0B $375M $161M $358M $973M $962M
Diluted EPS $2.81 $1.26 $2.02 $3.05 $2.33 $0.78 $0.30 $0.66 $1.57 $1.39
Diluted shares 0.36B 0.37B 0.38B 0.40B 0.42B 0.43B 0.47B 0.52B 0.61B 0.68B
Cash flow
Cash from operations $1.6B $1.4B $1.6B $1.5B $1.4B $1.3B $1.3B $1.6B $2.3B $2.9B
Depreciation and amortization $901M $922M $951M $1.0B $1.0B $1.0B $1.3B $1.4B $1.6B $2.1B
Stock-based compensation $28.9M $19.1M $27.6M $25.0M $28.3M $17.8M $26.1M $37.2M $75.8M $1.6B
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $7.7M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $1.2B $1.3B $1.3B $1.4B $1.1B $1.0B $1.1B $1.3B $1.5B $1.9B
Dividends and buybacks $1.2B $1.3B $1.3B $1.4B $1.1B $1.0B $1.1B $1.3B $1.5B $1.9B
Balance sheet
Cash and short-term investments $419M $244M $215M $285M $1.5B $269M $632M $2.0B $3.5B $5.0B
Total debt $11.7B $11.0B $12.2B $13.4B $13.9B $13.9B $14.7B $15.7B $15.5B $19.2B
Finance lease liabilities $0.0M $0.0M $0.0M $109M $107M $112M $114M $79.7M $108M $540M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Total assets $28.9B $27.9B $30.3B $33.4B $32.5B $34.9B $37.9B $44.0B $51.0B $67.3B
Total liabilities $13.2B $12.6B $14.3B $16.4B $15.3B $15.9B $16.5B $17.6B $18.5B $24.1B
Shareholders' equity $14.8B $14.4B $14.6B $15.5B $16.0B $17.6B $20.3B $25.4B $32.0B $42.1B
Margins
Gross margin — 51.7% 48.2% 47.5% 43.6% 41.5% 39.3% 40.5% 39.6% 40.1%
EBITDA margin 49.8% 39.5% 40.4% 41.5% 33.0% 35.8% 34.4% 35.5% 34.4% 33.4%
Net margin 25.3% 12.5% 17.7% 26.0% 22.6% 7.9% 2.7% 5.4% 12.2% 8.9%
Returns
Return on capital 4.6% 2.8% 3.5% 3.8% 1.3% 2.0% 2.0% 2.5% 2.6% 3.0%
Return on equity 7.4% 3.7% 5.7% 8.8% 6.6% 2.2% 0.9% 1.6% 3.4% 2.6%
Return on assets 3.7% 1.9% 2.9% 4.2% 3.2% 1.1% 0.4% 0.9% 2.1% 1.6%
Growth
Revenue growth 10.9% 0.8% 8.9% 9.0% −10.1% 3.0% 23.6% 13.3% 20.4% 35.6%
Net income growth 21.8% −50.0% 53.5% 60.3% −21.9% −64.0% −57.1% 123.1% 171.6% −1.1%
EPS growth 20.1% −55.2% 60.3% 51.0% −23.6% −66.5% −61.5% 120.0% 137.9% −11.5%
Share count change 3.1% 2.4% 1.7% 7.6% 3.4% 2.3% 9.0% 11.5% 17.4% 11.6%
Financial health
Net debt / EBITDA 5.3x 6.3x 6.3x 6.2x 8.2x 8.1x 7.1x 5.9x 4.4x 4.1x
Debt / equity 0.8x 0.8x 0.8x 0.9x 0.9x 0.8x 0.7x 0.6x 0.5x 0.5x
Interest coverage 2.4x 1.6x 1.8x 2.0x 0.9x 1.4x 1.3x 1.6x 1.9x 2.7x
Capital allocation
Stock comp / revenue 0.7% 0.4% 0.6% 0.5% 0.6% 0.4% 0.5% 0.6% 1.0% 14.4%
Quality scores
Accruals ratio −1.9% −3.2% −2.6% −0.7% −1.0% −2.7% −3.2% −3.0% −2.7% −3.2%

Source: SEC EDGAR XBRL filings (CIK 0000766704). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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