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Welltower Inc. is a S&P 500 company, is positioned at the center of the silver economy, focusing on rental housing for aging seniors across the United States, United Kingdom and Canada. Our portfolio of 2,000+ seniors and wellness housing communities are positioned at the intersection of housing and hospitality, creating vibrant communities for mature renters and older adults. We believe our real estate portfolio is unmatched, located in highly attractive micro markets with stunning built environments. Yet, we are an unusual real estate organization as we view ourselves as an operating company in a real estate wrapper, driven by highly aligned partnerships and an unconventional culture. Through our disciplined approach to capital allocation powered by our Data Science platform and superior operating results driven by the Welltower Business System - our end-to-end operating platform - we aspire to deliver long-term compounding of per share growth for our existing investors, our North Star. Welltower Inc. was incorporated in 1970 in Delaware, USA.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $10.7B | $2.3B | $937M | $2.8B | 2.2% | 35.8% | -1.6% |
| 2024 | $7.9B | $2.8B | $952M | $2.2B | 3.0% | 21.2% | 179.8% |
| 2023 | $6.5B | $2.4B | $340M | $1.6B | 1.3% | 12.2% | 140.8% |
| 2022 | $5.8B | $2.0B | $141M | $1.3B | 0.7% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 5,776.07 | 6,478.23 | 7,853.62 | 10,667.14 |
| Cost Of Revenue | - | 3,558.77 | 3,947.78 | 4,830.21 | 6,488.08 |
| Gross Profit | - | 2,217.30 | 2,530.46 | 3,023.41 | 4,179.06 |
| Operating Expense | - | 1,471.08 | 1,590 | 1,877.71 | 3,823.89 |
| Operating Income | - | 746.22 | 940.45 | 1,145.70 | 355.17 |
| EBITDA | - | 2,039.49 | 2,401.11 | 2,778.34 | 2,310.46 |
| EBIT | - | 702.58 | 957.89 | 1,098.70 | 171.93 |
| Pretax Income | - | 173.06 | 350.05 | 524.44 | -480.02 |
| Tax Provision | - | 7.25 | 6.36 | 2.70 | -7.12 |
| Net Income | - | 141.21 | 340.09 | 951.68 | 936.84 |
| Net Income Common Stockholders | - | 141.21 | 340.09 | 951.68 | 936.84 |
| Total Expenses | - | 5,029.85 | 5,537.78 | 6,707.92 | 10,311.97 |
| Interest Expense | - | 529.52 | 607.85 | 574.26 | 651.96 |
| Selling General And Administration | - | 150.39 | 179.09 | 235.49 | 1,748.44 |
| Normalized EBITDA | - | 2,066.01 | 2,435.09 | 2,845.37 | 2,463.39 |
| Normalized Income | - | 166.62 | 373.50 | 1,018.51 | 1,088.71 |
| Market Cap | 147,071 | 147,071 | 147,071 | 147,071 | 147,071 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Welltower Inc.this co. | WELL | $138.7B | 156.99↑ premium | 3.49 | 2.2% | 70.73 |
| Equinix, Inc. | EQIX | $108.5B | 81.00 | 7.72 | 9.5% | 31.78 |
| American Tower Corporation | AMT | $83.3B | 32.86 | 22.75 | 69.3% | 19.64 |
| Digital Realty Trust, Inc. | DLR | $70.2B | 53.33 | 3.14 | 5.9% | 23.38 |
| Simon Property Group, Inc. | SPG | $65.7B | 16.55 |
| - |
| - |
| - |
| - |
| 14.82 |
| 89.5% |
| 13.23 |
| Public Storage | PSA | $60.9B | 30.33 | 11.05 | 36.4% | 19.73 |
| Realty Income Corporation | O | $57.3B | 55.78 | 1.50 | 2.7% | 18.38 |
| CBRE Group, Inc. | CBRE | $44.2B | 37.53 | 4.89 | 13.0% | 25.48 |
| Ventas, Inc. | VTR | $38.2B | 158.16 | 3.17 | 2.0% | 23.00 |
| Peer Median | - | 45.43 | 6.31 | 11.3% | 21.37 | |