NYSE: WELL
Welltower
Real Estate · Real Estate Investment Trusts
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$169B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $24.3B |
| FY2017, ended Dec 31, 2017 | $23.7B |
| FY2018, ended Dec 31, 2018 | $26.8B |
| FY2019, ended Dec 31, 2019 | $33.6B |
| FY2020, ended Dec 31, 2020 | $27.0B |
| FY2021, ended Dec 31, 2021 | $38.4B |
| FY2022, ended Dec 31, 2022 | $32.2B |
| FY2023, ended Dec 31, 2023 | $51.3B |
| FY2024, ended Dec 31, 2024 | $80.8B |
| FY2025, ended Dec 31, 2025 | $130B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $169B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$13.8B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $4.28B |
| FY2017, ended Dec 31, 2017 | $4.32B |
| FY2018, ended Dec 31, 2018 | $4.70B |
| FY2019, ended Dec 31, 2019 | $5.12B |
| FY2020, ended Dec 31, 2020 | $4.61B |
| FY2021, ended Dec 31, 2021 | $4.74B |
| FY2022, ended Dec 31, 2022 | $5.86B |
| FY2023, ended Dec 31, 2023 | $6.64B |
| FY2024, ended Dec 31, 2024 | $7.99B |
| FY2025, ended Dec 31, 2025 | $10.8B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $13.8B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $1.01B | $1.42B |
| FY2017, ended Dec 31, 2017 | $464M | $1.18B |
| FY2018, ended Dec 31, 2018 | $758M | $1.32B |
| FY2019, ended Dec 31, 2019 | $1.23B | $1.21B |
| FY2020, ended Dec 31, 2020 | $979M | $1.12B |
| FY2021, ended Dec 31, 2021 | $336M | $993M |
| FY2022, ended Dec 31, 2022 | $141M | $853M |
| FY2023, ended Dec 31, 2023 | $340M | $1.08B |
| FY2024, ended Dec 31, 2024 | $952M | $1.40B |
| FY2025, ended Dec 31, 2025 | $937M | $1.83B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.67B | $2.08B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$2.27B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $607M |
| FY2017, ended Dec 31, 2017 | $244M |
| FY2018, ended Dec 31, 2018 | $215M |
| FY2019, ended Dec 31, 2019 | $285M |
| FY2020, ended Dec 31, 2020 | $1.55B |
| FY2021, ended Dec 31, 2021 | $269M |
| FY2022, ended Dec 31, 2022 | $632M |
| FY2023, ended Dec 31, 2023 | $1.99B |
| FY2024, ended Dec 31, 2024 | $3.51B |
| FY2025, ended Dec 31, 2025 | $5.03B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.27B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$18.2B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $11.7B |
| FY2017, ended Dec 31, 2017 | $11.0B |
| FY2018, ended Dec 31, 2018 | $12.2B |
| FY2019, ended Dec 31, 2019 | $13.4B |
| FY2020, ended Dec 31, 2020 | $2.38B |
| FY2021, ended Dec 31, 2021 | $13.9B |
| FY2022, ended Dec 31, 2022 | $14.7B |
| FY2023, ended Dec 31, 2023 | $15.7B |
| FY2024, ended Dec 31, 2024 | $15.5B |
| FY2025, ended Dec 31, 2025 | $19.2B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $18.2B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 102% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.734M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 363M |
| FY2017, ended Dec 31, 2017 | 372M |
| FY2018, ended Dec 31, 2018 | 386M |
| FY2019, ended Dec 31, 2019 | 410M |
| FY2020, ended Dec 31, 2020 | 417M |
| FY2021, ended Dec 31, 2021 | 447M |
| FY2022, ended Dec 31, 2022 | 491M |
| FY2023, ended Dec 31, 2023 | 569M |
| FY2024, ended Dec 31, 2024 | 641M |
| FY2025, ended Dec 31, 2025 | 698M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 734M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $1.57B more issued than bought back
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| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | — | $28.9M | $534M |
| FY2017, ended Dec 31, 2017 | — | $19.1M | $622M |
| FY2018, ended Dec 31, 2018 | $0 | $27.6M | $790M |
| FY2019, ended Dec 31, 2019 | $0 | $25.0M | $1.06B |
| FY2020, ended Dec 31, 2020 | $7.66M | $28.3M | $595M |
| FY2021, ended Dec 31, 2021 | $0 | $17.8M | $2.35B |
| FY2022, ended Dec 31, 2022 | $0 | $26.1M | — |
| FY2023, ended Dec 31, 2023 | — | $37.2M | — |
| FY2024, ended Dec 31, 2024 | — | $75.8M | — |
| FY2025, ended Dec 31, 2025 | — | $1.56B | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | — | $1.57B | — |
Revenue (TTM)
$13.8B
+39.2% YoY
Net income (TTM)
$1.67B
+73.5% YoY
Cash
$2.27B
−66.6% YoY
Total debt
$18.2B
+7.7% YoY
Valuation
At current price- Market Cap
- $172B
- P/E
- 103×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 12.5×
- Price / Book
- 3.5×
- EV / EBITDA
- 78.5×
Growth
Trailing 12 months- Revenue (TTM)
- $13.8B
- Revenue Growth YoY
- 39.2%
- Revenue CAGR 3Y
- 22.7%
- Revenue CAGR 5Y
- 18.7%
- EPS Growth YoY
- 59.0%
- Net Income Growth YoY
- 73.5%
Profitability
Trailing 12 months- Gross Margin
- 39.2%
- Operating Margin
- −1.9%
- Net Margin
- 12.1%
- FCF Margin
- 15.1%
- Return on Equity
- 3.8%
Earnings
Trailing 12 months- Net Income
- $1.67B
- EPS (diluted)
- $2.29
- EBITDA
- $2.40B
- Operating Income
- −$266M
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $2.27B
- Total Debt
- $18.2B
- Net Debt
- $15.9B
- Total Assets
- $73.7B
- Total Liabilities
- $23.8B
- Shareholders' Equity
- $48.6B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $3.33B
- Capital Expenditure
- $1.25B
- Free Cash Flow
- $2.08B
Dividends and risk
Last 12 months- Dividend Yield
- 1.3%
- Dividend / Share
- $3.07
- Beta (5Y)
- 0.75
Every ratio is calculated from the company’s reported figures.
Strength
Revenue grew 39.2% over the last year, to $13.8B.
Watch
Operating margin narrowed 11.0 pts in a year, to −1.9%.
Watch
Net debt is 6.6× EBITDA ($15.9B), a heavy load.
Strength
Turns 15.1% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 27, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K62Nothing notable
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 12, 2026 · Read the filing on EDGAR
- Total revenue rose about 36% to roughly $10.8 billion, driven by senior housing acquisitions, including the Barchester and HC-One portfolios in the UK.
- Net income was roughly flat at $962 million. A one-time $1.41 billion stock award to executives cut FFO per share by 30% to $2.68.
- Welltower agreed to sell 319 outpatient medical properties for about $7.2 billion. 241 had been sold by year-end, for a gain of $881 million.
- Senior housing occupancy rose to 87.4% and same-store operating income in that segment grew 21%. Net debt fell to 25.2% of book capital.
Business momentum
Improving
“Net income $ 961,837 $ 972,857 $ (11,020) -1 %”
Outlook
Neutral
“Depending upon market conditions, we anticipate issuing securities under our registration statements to invest in additional properties and to repay borrowings under our unsecured revolving credit facility and commercial paper program.”
Financial stress
Low
“Net debt to book capitalization ratio 25.2 % 26.8 % 34.3 %”
Tone against the previous report
About the same
Red flags
- Medium
Other
“During the three months ended December 31, 2025, we recognized $1,408,672,000 of stock compensation expense due to the new “Ten Year Executive Continuity and Alignment Program” granting awards to our named executive officers and other key employees.”
Positives
Senior housing occupancy keeps rising
“2025 85.1% 85.6% 86.9% 87.4%”
Strong same-store senior housing income growth
“SSNOI(1) $ 467,842 $ 387,280 $ 80,562 20.8 % $ 1,483,893 $ 1,225,971 $ 257,922 21.0 %”
Better interest coverage and lower leverage
“Interest coverage ratio 5.82x 5.39x 0.43x 8 %”
Concerns
FFO per share fell 30% because of the executive award
“Funds from operations attributable to common stockholders $ 2.68 $ 3.82 $ (1.14) -30 %”
Continued heavy share issuance dilutes existing holders
“ATM Program issuances 56,121 70,420 53,301 179,842”
Impairment charges rose
“During the year ended December 31, 2025, we recorded impairment charges of $121,283,000 related to 10 Seniors Housing Operating properties, eight Triple-net properties and four Outpatient Medical properties.”
New risks since the previous report
Large UK acquisition raises foreign exposure
“The largest component of the transactions we announced in 2025 is the acquisition of a real estate portfolio of seniors housing communities in the U.K. for £5.2 billion.”
Federal law will cut Medicaid payment rates from 2028
“the OBBBA contains a provision that, starting in 2028, will require state Medicaid programs to reduce reimbursement rates by 10 percentage points each year”
Outpatient medical sale still has tranches left to close
“The disposition will occur in tranches expected to close through mid-2026.”
Much more debt now has floating interest rates
“At December 31, 2025, we had $4,064,010,000 outstanding related to our variable-rate debt after considering the effects of interest rate swaps.”
Possible new minimum tax on taxable subsidiaries
“it is possible that our TRSs will be subject to material U.S. federal income taxes under the Corporate AMT.”
Biggest risks named
- Operator labor shortages and rising wage costs
- Medicaid cuts and other regulatory changes
- Integrating large UK acquisitions and currency swings
- Interest rates and access to capital
- Operator or tenant financial distress
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | 0 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −1.8 | |
| New risks | −2 | |
| Score | 62 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 27, 2026 | Pro | |||
| 10-K | Feb 12, 2026 | 62 | Improving | 1 medium | |
| 10-K | Feb 12, 2025 | 71 | Strong improvement | 1 minor | |
| 10-K | Feb 15, 2024 | 72 | Strong improvement | None | |
| 10-K | Feb 21, 2023 | 41 | Sharp deterioration | None | |
| 10-K | Feb 16, 2022 | 44 | Sharp deterioration | None | |
| 10-K | Feb 10, 2021 | 41 | Weakening | 3 medium | |
| 10-K | Feb 14, 2020 | 71 | Strong improvement | None | |
| 10-K | Feb 25, 2019 | 71 | Strong improvement | 1 minor | |
| 10-K | Feb 28, 2018 | 37 | Sharp deterioration | 1 medium2 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 27, 2026. View filings on SEC EDGAR