Welltower (WELL)
Real Estate · $166B market cap · SEC CIK 0000766704
fundamentals score out of 100
Next reports on Oct 26, 2026, with analysts expecting $0.67 in earnings per share.
The case for WELL
- Revenue up 37.6% on the year.
- Has compounded revenue at 18.7% a year over five years.
- Moves less than the market (beta 0.80).
- Pays a modest 1.2% dividend.
- Up 40.9% over the past year.
The case against
- Very expensive at 107.1× earnings. Years of growth are already in the price.
- Long-term debt of $19.2B would take 7 years of operating cash flow to repay.
- Priced at 13.0× sales, which leaves no room for a stumble.
- Return on equity of only 4%.
- Dividend takes 132% of earnings, leaving little cushion.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Real Estate companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 18 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 89 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 34 |
| Momentumhow the price has behaved lately | 77 |
| Stabilityhow violently it moves, what it owes and what it pays you | 42 |
- Each factor except momentum is half fixed thresholds, half rank among the 31 Real Estate companies.
Key numbers
| Price / earnings | 107.1× |
|---|---|
| Price / book | 3.45× |
| Price / sales | 13.0× |
| Revenue growth (YoY) | +37.6% |
| EPS growth (YoY) | +22.3% |
| Gross margin | 40% |
| Operating margin | 4% |
| Net margin | 12% |
| Return on equity | 4% |
| Debt / equity | 0.38× |
| Current ratio | 1.06 |
| Dividend yield | 1.21% |
| Beta | 0.80 |
| 52-week range | $163.75 – $255.20 |
| Position in that range | 73% of the way up |
| 3-month return | +12.6% |
| 1-year return | +40.9% |
Five years of financials, as filed
Pulled from Welltower's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $8.5B | $6.0B | $4.8B | $4.2B | $3.2B |
| Net income | $937M | $952M | $340M | $141M | $336M |
| Operating cash flow | $2.9B | $2.3B | $1.6B | $1.3B | $1.3B |
| Total assets | $67.3B | $51.0B | $44.0B | $37.9B | $34.9B |
| Total liabilities | $24.1B | $18.5B | $17.6B | $16.5B | $15.9B |
| Shareholder equity | $42.1B | $32.0B | $25.4B | $20.3B | $17.6B |
| Cash | $5.0B | $3.5B | $2.0B | $632M | $269M |
| Long-term debt | $19.2B | $15.5B | $15.7B | $14.7B | $13.9B |
| Net margin | 11.1% | 15.8% | 7.2% | 3.4% | 10.5% |
| Diluted shares | 680M | 609M | 519M | 465M | 427M |
Share count is up 59.2% over 4 years. Your slice has been diluted.
What Welltower says it does
Certain Government Regulations - United States - Reimbursement" above for additional information. Healthcare reimbursement will likely continue to be of paramount importance to federal and state authorities. We cannot make any assessment as to the ultimate timing or effect any future legislative reforms may have on the financial condition of our obligors and properties. There can be no assurance that adequate reimbursement levels will be available for services provided by any property operator or manager, whether the property receives reimbursement from Medicare, Medicaid or private payors. Significant limits on the scope of services reimbursed and on reimbursement rates and fees could have a material adverse effect on an obligor’s liquidity, financial condition and results of operations, which could adversely affect the ability of an obligor to meet its obligations to us. In addition, if a partial or total federal government shutdown…
Risk factors WELL lists in its 10-K
- Long-Term/Post-Acute Care Facilities
- Skilled Nursing Facility and Nursing Facility Compliance Program Guidance
- Medicare Reimbursement for Physicians, Hospital Outpatient Departments ("HOPDs") and Ambulatory Surgical Centers ("ASCs")
- Federal and State Data Privacy and Security Laws
- Investments in Taxable REIT Subsidiaries
- Material U.S. Federal Income Tax Consequences to Holders of Our Stock and the Debt Securities of the Company and Welltower OP
- Taxation of Taxable U.S. Holders of Our Stock
- Passive Activity Losses and Investment Interest Limitations
- Taxation of Tax-Exempt U.S. Holders of Our Stock
- Taxation of Non-U.S. Holders of Our Stock
- Capital Gain Dividends and Distributions Attributable to a Sale or Exchange of U.S. Real Property Interests
- Taxation of Holders of Debt Securities of the Company or Welltower OP
- Information Reporting and Backup Withholding
- Medicare Contribution Tax on Unearned Income