Ventas vs Welltower
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The short version
- Welltower is the larger business, with $10.8B of revenue in fiscal 2025 against $5.8B for Ventas, about 1.9 times as much.
- Welltower grew revenue faster (35.6%, against 18.5%).
- Investors pay more for each dollar of Ventasβs earnings: a P/E of 163.8x against 118.1x for Welltower.
| Latest fiscal year | VTR Β· FY25 | WELL Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $43.2B | $172.4B |
| Revenue | $5.8B | $10.8B |
| Free cash flow | β | β |
| Net income | $262M | $962M |
| Growth | ||
| Revenue growth | 18.5% | 35.6% |
| 5-year growth | 9.0% | 18.7% |
| Share count change | 11.1% | 11.6% |
| Profitability | ||
| Gross margin | β | 40.1% |
| Operating margin | β | β |
| Net margin | 4.5% | 8.9% |
| FCF margin | β | β |
| Return on capital | 3.4% | 3.0% |
| Return on equity | 2.2% | 2.6% |
| Balance sheet | ||
| Net debt | $12.3B | $14.7B |
| Net debt / EBITDA | 5.6x | 4.1x |
| Dividends and buybacks | $860M | $1.9B |
| Valuation & quality | ||
| P/E | 163.8x | 118.1x |
| Piotroski F-score | β | β |
Revenue
FY16
VTR $3.4B
WELL $4.3B
FY17
VTR $3.6B
WELL $4.3B
FY18
VTR $3.7B
WELL $4.7B
FY19
VTR $3.9B
WELL $5.1B
FY20
VTR $3.8B
WELL $4.6B
FY21
VTR $3.8B
WELL $4.7B
FY22
VTR $4.1B
WELL $5.9B
FY23
VTR $4.5B
WELL $6.6B
FY24
VTR $4.9B
WELL $8.0B
FY25
VTR $5.8B
WELL $10.8B
VTR
WELL
Operating margin
FY16
VTR β
WELL β
FY17
VTR β
WELL β
FY18
VTR β
WELL β
FY19
VTR β
WELL β
FY20
VTR β
WELL β
FY21
VTR β
WELL β
FY22
VTR β
WELL β
FY23
VTR β
WELL β
FY24
VTR β
WELL β
FY25
VTR β
WELL β
VTR
WELL
Free cash flow
FY16
VTR β
WELL β
FY17
VTR β
WELL β
FY18
VTR β
WELL β
FY19
VTR β
WELL β
FY20
VTR β
WELL β
FY21
VTR β
WELL β
FY22
VTR β
WELL β
FY23
VTR β
WELL β
FY24
VTR β
WELL β
FY25
VTR β
WELL β
VTR
WELL
Return on capital
FY16
VTR 4.5%
WELL 4.6%
FY17
VTR 4.8%
WELL 2.8%
FY18
VTR 3.8%
WELL 3.5%
FY19
VTR 3.7%
WELL 3.8%
FY20
VTR 2.5%
WELL 1.3%
FY21
VTR 1.0%
WELL 2.0%
FY22
VTR 1.3%
WELL 2.0%
FY23
VTR 1.6%
WELL 2.5%
FY24
VTR 2.0%
WELL 2.6%
FY25
VTR 3.4%
WELL 3.0%
VTR
WELL
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.