Is Welltower financially healthy?

On 30 September 2026 Welltower held 2.27B USD in cash and short-term investments against total debt of 21.16B USD. Its current ratio is 2.03: what falls due within a year against what turns into cash within a year. Over the last twelve months it generated 2.26B USD of free cash flow.

Is Welltower growing?

Welltower's revenue grew 18.4% a year over its last five fiscal years, from 4.59B USD in fiscal year 2020 to 10.67B USD in fiscal year 2025. Over the last twelve months it was up 40.5% on the twelve months before.

Where can I find Welltower's annual report (10-K)?

Welltower files its annual report (Form 10-K) and its quarterly reports (Form 10-Q) with the US Securities and Exchange Commission, on its EDGAR site; the figures on these pages come from them.

Welltower
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WELL

Arincen ScoreBeta66/100

66/100B

247.950

USD

6.83

(2.83%)

Pre Open·244.520USD-3.430(-1.38%)

Last updated: 4 Nov, 15:59 GMT-5 · Delayed 15 min

Fair value198.75Plus+25%157Price 247.95317

Q4 FY2026 · Earnings report

EPS estimate 0.69Revenue estimate 3.84B

Q4 FY2026 · Earnings report

Tuesday 9 February

EPS estimate 0.69Revenue estimate 3.84B

Fair value198.75Plus+25%157Price 247.95317

Q4 FY2026 · Earnings report

EPS estimate 0.69Revenue estimate 3.84B

Q4 FY2026 · Earnings report

Tuesday 9 February

EPS estimate 0.69Revenue estimate 3.84B

Overview Financials Forecast Earnings Dividends Company

Welltower financials

Yes. Welltower earned 1.46B USD of net income over the last twelve months, 10.7% of its revenue. It made a profit in 41 of its 41 fiscal years since 1985.

Revenue (TTM): 13.70B USD
Net income (TTM): 1.46B USD
Free cash flow (TTM): 2.26B USD
Cash and short-term investments: 2.27B USD
Total debt: 21.16B USD
Shareholders' equity: 48.58B USD

Cash, debt and equity as of 30 Sept 2026.

Welltower earnings

Next earnings · Q4 FY2026

9 Feb 2027

EPS estimate

0.69 USD

Revenue estimate

3.84B USD

Last quarter · Q3 FY2026

EPS0.54Missed -15.8%Revenue3.72BBeat +2.0%

Revenue

ReportedEstimate

EPS

ReportedEstimate

Period	Report date	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
Q1 FY2027	—	0.71	—	—	-30.56%	3.98B	—	—	+18.83%
Q4 FY2026	9 Feb 2027	0.69	—	—	+393.57%	3.84B	—	—	+20.81%
Q3 FY2026	26 Oct 2026	0.64	0.54	-15.76%	+31.71%	3.64B	3.72B	+2.00%	+38.35%
Q2 FY2026	27 Jul 2026	0.62	0.61	-1.13%	+32.61%	3.40B	3.54B	+4.15%	+39.10%
Q1 FY2026	28 Apr 2026	0.68	1.02	+50.22%	+155.00%	3.18B	3.35B	+5.54%	+38.33%
Q4 FY2025	10 Feb 2026	0.58	0.14	-75.74%	-26.32%	2.86B	3.18B	+11.30%	+41.33%
Q3 FY2025	27 Oct 2025	0.59	0.41	-30.51%	-43.84%	2.61B	2.69B	+2.79%	+30.65%
Q2 FY2025	28 Jul 2025	0.46	0.46	+1.05%	+9.52%	2.47B	2.55B	+3.34%	+39.64%

Period	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
FY2028	4.02	—	—	+23.00%	18.42B	—	—	+11.23%
FY2027	3.27	—	—	+15.64%	16.56B	—	—	+15.76%
FY2026	2.83	—	—	+100.47%	14.31B	—	—	+31.99%
FY2025	1.83	1.41	-22.80%	-9.62%	10.32B	10.84B	+5.01%	+35.63%
FY2024	1.79	1.56	-13.01%	+143.75%	7.69B	7.99B	+3.96%	+20.38%
FY2023	0.76	0.64	-15.83%	+100.00%	6.47B	6.64B	+2.58%	+13.26%
FY2022	0.43	0.32	-25.26%	-87.64%	5.71B	5.86B	+2.67%	+24.10%

Welltower growth and profitability

Full income statement

Revenue (TTM): 13.70B USD
Net income (TTM): 1.46B USD
Gross margin: 38.79%
Operating margin: 5.41%
Net margin: 10.67%

Revenue / Net income

Revenue Net income Net margin

Period	Revenue	Growth	Net income	Growth	Gross margin	Operating margin	Net margin	EBITDA	Growth
FY2025	10.67B	+35.82%	936.85M	-1.56%	39.18%	3.33%	8.78%	2.31B	-16.84%
FY2024	7.85B	+21.23%	951.68M	+179.83%	38.50%	14.59%	12.12%	2.78B	+15.71%
FY2023	6.48B	+12.16%	340.09M	+140.84%	39.06%	14.52%	5.25%	2.40B	+17.73%
FY2022	5.78B	+22.65%	141.21M	-57.99%	38.39%	12.92%	2.44%	2.04B	+19.01%
FY2021	4.71B	+2.68%	336.14M	-65.66%	41.09%	16.21%	7.14%	1.71B	+11.82%

Period	Revenue	Net income	Gross margin	Operating margin	Net margin
Q3 FY2026	3.72B	396.59M	39.55%	14.46%	10.67%
Q2 FY2026	3.54B	240.29M	39.34%	16.62%	6.78%
Q1 FY2026	3.31B	728.67M	37.82%	16.89%	22.04%
Q4 FY2025	3.13B	96.44M	38.30%	-30.11%	3.08%
Q3 FY2025	2.63B	280.56M	39.99%	18.15%	10.68%

How Welltower makes its money

Revenue10.67B 100.0%

Cost of revenue6.49B 60.8%

Gross profit4.18B 39.2%

Selling and administration1.75B 16.4%

Other operating expenses2.08B 19.5%

Operating income355.17M 3.3%

Net income936.85M 8.8%

FY2025, in USD. Each band is as wide as its money; the percentage is its share of revenue.

Welltower revenue breakdown

By product

FY2025

81.1%Senior Housing - Operating11.4%Triple Net7.5%Outpatient Medical

Segment	Revenue	Share of revenue	Change on the year
Senior Housing - Operating	8.49B	81.1%	+40.7%
Triple Net	1.20B	11.4%	+51.8%
Outpatient Medical	781.93M	7.5%	-2.5%

By region

FY2025

73.2%UNITED STATES20.0%UNITED KINGDOM6.8%CANADA

Region	Revenue	Share of revenue	Change on the year
UNITED STATES	7.94B	73.2%	+20.9%
UNITED KINGDOM	2.17B	20.0%	+148.4%
CANADA	734.34M	6.8%	+32.4%

Operating and free cash flow

Full cash flow statement

Operating cash flow Free cash flow

Fiscal year	Operating cash flow	Free cash flow
FY2025	2.88B	2.85B
FY2024	2.26B	2.20B
FY2023	1.60B	1.55B
FY2022	1.33B	1.30B
FY2021	1.28B	1.26B
FY2020	1.36B	1.35B
FY2019	1.54B	1.52B
FY2018	1.58B	1.58B
FY2017	1.43B	1.42B
FY2016	1.64B	1.62B

Welltower financial health

Full balance sheet

Cash and short-term investments: 2.27B USD
Total debt: 21.16B USD
Net cash: -18.89B USD
Free cash flow (TTM): 2.26B USD
Current ratio: 2.03
Debt to equity: 0.44
Piotroski score: 5 / 9
Altman Z-score: 4.50

Cash, debt and free cash flow

Cash and short-term investments Total debt Free cash flow

Fiscal year	Cash and short-term investments	Total debt	Free cash flow
FY2025	5.03B	21.38B	2.85B
FY2024	3.51B	16.76B	2.20B
FY2023	1.99B	16.12B	1.55B
FY2022	631.68M	14.96B	1.30B
FY2021	269.27M	14.68B	1.26B

Assets, liabilities and equity

Total assets Total liabilities Shareholders' equity

Fiscal year	Total assets	Total liabilities	Shareholders' equity
FY2025	67.30B	24.10B	42.13B
FY2024	51.04B	18.47B	31.96B
FY2023	44.01B	17.64B	25.40B
FY2022	37.89B	16.50B	20.29B
FY2021	34.91B	15.91B	17.64B
FY2020	32.48B	15.26B	15.97B
FY2019	33.38B	16.40B	15.54B
FY2018	30.34B	14.33B	14.63B
FY2017	27.94B	12.64B	14.42B
FY2016	28.87B	13.19B	14.81B

Welltower valuation

Price to earnings ratio (TTM): 119.78
Forward P/E (FY2026): 87.72
Price to sales (TTM): 13.28
Price to book: 3.74
EV / EBITDA (TTM): 59.77

Capital structure

Market capitalization

181.90B USD

Total debt

21.16B USD

−

Cash and short-term investments

2.27B USD

Enterprise value

200.79B USD

Valuation over time

P/EForward P/EForward P/E · EstimateEstimate

Fiscal year	P/E	Forward P/E	P/S	P/B	EV/EBITDA
FY2028 (est.)	61.67	—	—	—	—
FY2027 (est.)	75.86	61.67	—	—	—
FY2026 (est.)	87.72	75.86	—	—	—
Now (TTM)	119.78	77.46	13.28	3.74	59.77
FY2025	131.64	65.64	11.58	2.93	60.55
FY2024	79.77	68.98	9.68	2.38	32.12
FY2023	136.62	50.45	7.18	1.83	25.25
FY2022	211.45	86.31	5.25	1.49	21.88
FY2021	108.57	200.33	7.74	2.07	29.68

Welltower against its own history

Each figure in the latest fiscal year against the same figure from FY2021 to FY2025: the range, its median (the line) and the latest (the dot, green on the good side of the median). The P/E is today's against its daily readings of five years.

Its peers: Prologis, Equinix, American Tower, Simon Property Group, Digital Realty Trust, and Public Storage, the US Real Estate companies closest to it in size, each in its own latest fiscal year: their median (the line) and its rank among them, first being the best.

P/E (today)Below its median119.8
64.5362.0
Gross marginAbove its median39.2%
38.4%41.1%
Against its peers: 6 of 7Peers' median 57.5%
Operating marginLowest in 5 years3.3%
3.3%16.2%
Against its peers: 7 of 7Peers' median 43.0%
Net marginAbove its median8.8%
2.4%12.1%
Against its peers: 7 of 7Peers' median 30.4%
Return on equityAbove its median2.2%
0.7%3.0%
Against its peers: 7 of 7Peers' median 14.4%
Free cash flow marginAbove its median26.7%
22.5%28.0%
Against its peers: 6 of 7Peers' median 44.9%
Revenue growthHighest in 5 years35.8%
2.7%35.8%
Against its peers: 1 of 7Peers' median 6.3%
EPS growthAt its median-11.5%
-66.5%137.9%
Against its peers: 5 of 7Peers' median 36.9%
Debt to EBITDAHighest in 5 years9.25×
6.03×9.25×
Against its peers: 7 of 7Peers' median 5.22×
Current ratioHighest in 5 years5.34
1.935.34
Against its peers: 1 of 7Peers' median 0.57

Figure	FY2025	5-year low – high	Against its history	Against its peers
P/E (today)	119.8	64.5362.0	Below its median	—
Gross margin	39.2%	38.4%41.1%	Above its median	6 of 7
Operating margin	3.3%	3.3%16.2%	Lowest in 5 years	7 of 7
Net margin	8.8%	2.4%12.1%	Above its median	7 of 7
Return on equity	2.2%	0.7%3.0%	Above its median	7 of 7
Free cash flow margin	26.7%	22.5%28.0%	Above its median	6 of 7
Revenue growth	35.8%	2.7%35.8%	Highest in 5 years	1 of 7
EPS growth	-11.5%	-66.5%137.9%	At its median	5 of 7
Debt to EBITDA	9.25×	6.03×9.25×	Highest in 5 years	7 of 7
Current ratio	5.34	1.935.34	Highest in 5 years	1 of 7

Peers: US companies of the same industry (of its sector when the industry has too few) from a tenth to ten times its market value, the six closest in size. Updated weekly.

Welltower dividends

Annual dividend: 3.40 USD
Dividend yield (indicated): 1.37%
Payout ratio (FFO): 48.94%
Years of dividend growth: 3
Frequency: Quarterly
Last payment: 0.85 USD
Last ex-dividend date: 10 Nov 2026
Last payment date: 19 Nov 2026

Dividends per share

Year	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Dividends per share	2.82	2.56	2.44	2.44	2.44	2.70	3.48	3.48	3.48	3.44

Welltower ownership

Institutions: 101.88%
Institutional holders: 1,647 (+104)
Free float: 99.86%

InstitutionsOthers

As of 30 Jun 2026

Insider trading

Quarter	Purchases	Shares acquired	Shares disposed of
Q3 2026	4	10.07K	2.15K
Q2 2026	0	2.72K	6.64K
Q1 2026	0	2.16M	665.00
Q4 2025	0	8.17M	553.00

Shares outstanding

Basic shares Diluted shares Change in diluted shares

Fiscal year	Basic shares	Diluted shares	Change in diluted shares
FY2025	665.64M	679.52M	+11.63%
FY2024	602.98M	608.75M	+17.36%
FY2023	515.63M	518.70M	+11.51%
FY2022	462.19M	465.16M	+8.98%
FY2021	424.98M	426.84M	+2.27%

Common questions about Welltower's financials

Source: Financial Modeling Prep

Welltower
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WELL

Welltower financials

Welltower earnings

Revenue

EPS

Welltower growth and profitability

Revenue / Net income

How Welltower makes its money

Welltower revenue breakdown

By product

By region

Operating and free cash flow

Welltower financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Welltower valuation

Capital structure

Valuation over time

Welltower against its own history

Welltower dividends

Dividends per share

Welltower ownership

Insider trading

Shares outstanding

Common questions about Welltower's financials

Is Welltower profitable?

Is Welltower financially healthy?

Is Welltower growing?

Where can I find Welltower's annual report (10-K)?

Need help?

Welltower DQuotes are delayed by 15 minutes

WELL

Welltower financials

Welltower earnings

Revenue

EPS

Welltower growth and profitability

Revenue / Net income

How Welltower makes its money

Welltower revenue breakdown

By product

By region

Operating and free cash flow

Welltower financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Welltower valuation

Capital structure

Valuation over time

Welltower against its own history

Welltower dividends

Dividends per share

Welltower ownership

Insider trading

Shares outstanding

Common questions about Welltower's financials

Is Welltower profitable?

Is Welltower financially healthy?

Is Welltower growing?

Where can I find Welltower's annual report (10-K)?

Need help?

Welltower
D
Quotes are delayed by 15 minutes