Welltower

WELL · NYSE · Real Estate · Financials, fiscal 2016 to 2025

WELL · Last close · October 26, 2026

$240.61

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%.

WELLTOWER INC. Latest fiscal year ended December 31, 2025 10-K filed February 12, 2026 · 0000766704-26-000010 Updated October 9, 2026

Revenue

$10.8B

35.6%

Net margin

8.9%

3.3 pts

Net income

$962M

1.1%

Free cash flow

—

Return on capital

3.0%

0.4 pts

Market cap

$174.8B

Oct 26 close

P/E

119.7x

On $2.01 EPS, 4 qtrs

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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

Welltower is a real estate investment trust, or REIT, a company that owns property and passes much of its income to shareholders. It focuses on housing for older adults in the United States, the United Kingdom and Canada. Its portfolio is made up mostly of more than 2,500 seniors and wellness housing communities, such as independent living, assisted living, memory care and care homes. It also owns some post-acute care communities and outpatient medical buildings.

It reports three segments. In Seniors Housing Operating, it owns the properties and operators run them day to day, so the company receives the property's operating results. In Triple-net, it leases properties to operators under long-term leases in which the tenant pays operating costs, taxes, insurance and maintenance. In Outpatient Medical, it leases medical office buildings, mostly to healthcare providers.

Welltower says it competes for investments based on relationships, certainty of execution and deal terms. Its operators compete with nearby properties for residents. The company is set up as an umbrella partnership REIT, where nearly all its business runs through Welltower OP LLC.

Its biggest risks, as it describes them

Operators and tenants may see lower revenue or higher costs, such as labor, and struggle to pay or run properties well.
The insolvency or bankruptcy of its tenants, operators, borrowers or managers.
Acquisitions of seniors housing and healthcare properties may not meet its expectations.
A bad cold and flu season, epidemics or other public health crises could lower occupancy.
Owning property outside the United States carries different or greater risks.

From Welltower's annual report on Form 10-K, filed February 12, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share fell 7.5% a year and net income 1.3% a year, as new shares raised the share count by 89% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow is cash from operations minus capital expenditure. The SEC's structured data for Welltower's filings doesn't give both for any year, so free cash flow is left out.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Welltower yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Welltower's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Welltower's cash from operations minus depreciation in fiscal 2025 (free cash flow before spending to grow, as its free cash flow was not available) of $797M, net cash of −$14.7B at December 31, 2025 and 680 million diluted shares, from its filings. The scenarios are fitted to Welltower: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 22.7% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Health Care REITs); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions Cash from operations minus depreciation in fiscal 2025: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Welltower's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 10% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $240.61
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Welltower's earnings per share of $2.01 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 67×, the middle of Welltower's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to March 31, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Ventas, Healthpeak Properties, American Healthcare REIT, Omega Healthcare Investors.

Earnings growth in the years ahead (% a year) Starts at Welltower's revenue growth over the last 3 years, 22.7% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $240.61
Value at this multiple, against the last close: —
Welltower's P/E at the last close: 119.7×

Company	Last close	Earnings per share	P/E today
VentasVTR	$87.42	$0.53	164.9×
WelltowerWELL	$240.61	$2.01	119.7×
American Healthcare REITAHR	$53.55	$0.68	78.7×
Healthpeak PropertiesDOC	$19.36	$0.35	55.3×
Omega Healthcare InvestorsOHI	$47.01	$2.80	16.8×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	269	632	1,994	3,507	5,034
Debt incl. finance leases	14,022	14,828	15,815	15,608	19,737
Net debt (negative means net cash)	13,753	14,196	13,822	12,102	14,704
Net debt to EBITDA	8.1x	7.0x	5.9x	4.4x	4.1x
Debt to equity	0.8x	0.7x	0.6x	0.5x	0.5x
Interest coverage	1.4x	1.3x	1.6x	1.9x	2.6x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $2.4 million of Welltower shares on the open market, and none sold any.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 26, 2026	Andrew GundlachDirector	Bought	5,000	$242.06	$1.2 million	Form 4
Aug 25, 2026	Andrew GundlachDirector	Bought	5,000	$239.47	$1.2 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	—	—	—
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Fail	Pass
Revenue rose relative to assets	Pass	Pass	Pass
F-score	—	—	—
Accruals ratio	−3.0%	−2.7%	−3.2%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Welltower side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Welltower	FY25	35.6%	—	—	3.0%	4.1x	—
Ventas	FY25	18.5%	—	—	3.4%	5.6x	—	Compare
Healthpeak Properties	FY25	4.5%	—	12.7%	3.2%	5.7x	—	Compare
American Healthcare REIT	FY25	9.2%	18.4%	—	—	—	—	Compare
Omega Healthcare Investors	FY25	13.2%	—	67.0%	8.8%	3.6x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	4,281	4,317	4,700	5,121	4,606	4,742	5,861	6,638	7,991	10,838
Revenue growth	10.9%	0.8%	8.9%	8.9%	−10.1%	3.0%	23.6%	13.3%	20.4%	35.6%
Gross profit	—	2,233	2,268	2,431	2,008	1,968	2,302	2,690	3,161	4,350
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	1,082	541	830	1,330	1,039	374	161	358	973	962
Diluted EPS (US$)	2.81	1.26	2.02	3.05	2.33	0.78	0.30	0.66	1.57	1.39
Diluted shares (millions)	360	369	375	404	417	427	465	519	609	680
Cash flow
Cash from operations	1,639	1,434	1,584	1,536	1,365	1,275	1,329	1,602	2,256	2,882
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Free cash flow	—	—	—	—	—	—	—	—	—	—
Dividends paid	1,234	1,277	1,300	1,405	1,120	1,037	1,133	1,260	1,546	1,877
Share buybacks	0	0	0	0	8	0	0	0	0	0
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	29	19	28	25	28	18	26	37	76	1,557
Balance sheet at fiscal year end
Cash and short-term investments	419	244	215	285	1,545	269	632	1,994	3,507	5,034
Debt incl. finance leases	11,725	11,036	12,186	13,530	13,995	14,022	14,828	15,815	15,608	19,737
Total assets	28,865	27,944	30,342	33,381	32,484	34,910	37,893	44,012	51,044	67,303
Total liabilities	13,185	12,644	14,331	16,398	15,259	15,912	16,499	17,640	18,472	24,100
Shareholders' equity	14,806	14,423	14,632	15,540	15,973	17,636	20,295	25,404	31,956	42,130
Margins and ratios
Gross margin	—	51.7%	48.2%	47.5%	43.6%	41.5%	39.3%	40.5%	39.6%	40.1%
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	25.3%	12.5%	17.6%	26.0%	22.6%	7.9%	2.7%	5.4%	12.2%	8.9%
Free cash flow margin	—	—	—	—	—	—	—	—	—	—
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%	0.8%	1.6%	3.4%	2.6%
Return on assets	3.7%	1.9%	2.9%	4.2%	3.1%	1.1%	0.4%	0.9%	2.0%	1.6%
Net debt to EBITDA	5.3x	6.3x	6.3x	6.2x	8.2x	8.1x	7.0x	5.9x	4.4x	4.1x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Welltower's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Welltower.