Welltower Inc.

WELL

Real EstateLarge CapUS Equities · NYSE / NASDAQ

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Company Profile

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.

Valuation

Market Cap$141.8B

Current Price$218.49as of Jun 23, 2026

P/E Ratio151.34

P/B Ratio3.37

EV / EBITDA68.44

EV / Sales14.82

Profitability

Operating Margin3.3%

Net Profit Margin8.8%

EBITDA Margin21.7%

Returns

ROE2.2%

ROCE0.5%

ROIC %-

ROA1.4%

Solvency

Current Ratio5.34

Debt / Equity0.51

Debt / Assets0.32

CFO / Net Profit3.08

Price History▲ 41.77% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$10.7B▲ 35.8%

EBITDA$2.3B▼ 16.8%

Net Profit$937M▼ 1.6%

Cash from Ops (CFO)$2.9B▲ 27.7%

Free Cash Flow (FCF)$2.8B▲ 29.5%

Revenue CAGR 3Y22.7%

Revenue CAGR 5Y-

Net Profit CAGR 3Y87.9%

Net Profit CAGR 5Y-

Historical Growth

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	-	-	-

Financial Statements

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
Operating 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
Selling General And Administration	-	150.39	179.09	235.49	1,748.44
Total Expenses	-	5,029.85	5,537.78	6,707.92	10,311.97
Operating Income	-	746.22	940.45	1,145.70	355.17
EBITDA	-	2,039.49	2,401.11	2,778.34	2,310.46
Normalized EBITDA	-	2,066.01	2,435.09	2,845.37	2,463.39
EBIT	-	702.58	957.89	1,098.70	171.93
Interest Expense	-	529.52	607.85	574.26	651.96
Net Interest Income	-	-529.52	-607.85	-574.26	-651.96
Other Non Operating Income Expenses	-	-17.12	51.42	20.04	-30.30
Other Income Expense	-	-43.64	17.44	-47	-183.24
Interest Expense Non Operating	-	529.52	607.85	574.26	651.96
Net Non Operating Interest Income Expense	-	-529.52	-607.85	-574.26	-651.96
Pretax Income	-	173.06	350.05	524.44	-480.02
Tax Provision	-	7.25	6.36	2.70	-7.12
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	-1.11	-0.58	-0.20	-1.07
Net Income Continuous Operations	-	160.57	358.14	972.86	961.84
Net Income From Continuing And Discontinued Operation	-	141.21	340.09	951.68	936.84
Net Income From Continuing Operation Net Minority Interest	-	141.21	340.09	951.68	936.84
Net Income	-	141.21	340.09	951.68	936.84
Net Income Common Stockholders	-	141.21	340.09	951.68	936.84
Net Income Including Noncontrolling Interests	-	160.57	358.14	972.86	961.84
Normalized Income	-	166.62	373.50	1,018.51	1,088.71
Diluted NI Availto Com Stockholders	-	141.38	339.79	953.38	944.09
Basic Average Shares	-	462.18	515.63	602.98	665.64
Diluted Average Shares	-	465.16	518.70	608.75	679.52
Reconciled Depreciation	-	1,336.91	1,443.22	1,679.63	2,138.53
Reconciled Cost Of Revenue	-	3,532.23	3,905.66	4,782.67	6,434.42
Total Unusual Items	-	-26.52	-33.98	-67.04	-152.94
Total Unusual Items Excluding Goodwill	-	-26.52	-33.98	-67.04	-152.94
Minority Interests	-	-19.35	-18.05	-21.18	-24.99
Earnings From Equity Interest Net Of Tax	-	-5.25	14.46	451.12	1,434.75
Special Income Charges	-	-18.18	-36.10	-94.92	-130.53
Other Special Charges	-	0.68	0.01	2.13	9.24
Write Off	-	17.50	36.10	92.79	121.28
Impairment Of Capital Assets	51.11	17.50	-	-	-
Gain On Sale Of Security	-	-8.33	2.12	27.89	-22.41
Depreciation Amortization Depletion Income Statement	-	1,310.37	1,401.10	1,632.09	2,084.87
Depreciation And Amortization In Income Statement	-	1,310.37	1,401.10	1,632.09	2,084.87
General And Administrative Expense	-	150.39	179.09	235.49	1,748.44
Other Gand A	-	150.39	179.09	235.49	1,748.44
Other Operating Expenses	7.27	-	-	-	-
Provision For Doubtful Accounts	-	10.32	9.81	10.12	-9.42
Average Dilution Earnings	-	0.16	-0.30	1.70	7.25

Peer Comparison

Real Estate sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Welltower Inc.this co.	WELL	$141.8B	151.34↑ premium	3.37	2.2%	68.44
Prologis, Inc.	PLD	$134.7B	40.48	2.54	6.3%	22.98
Equinix, Inc.	EQIX	$107.4B	79.57	7.59	9.5%	31.31
American Tower Corporation	AMT	$90.3B	35.72	24.73	69.3%	20.76
Simon Property Group, Inc.	SPG	$78.4B	16.93

Learn while you research

Hand-picked academy chapters to deepen your understanding of Welltower Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Valuation Multiples Explained

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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

Metric

2021

2022

2023

2024

2025

Total Revenue

5,776.07

6,478.23

7,853.62

10,667.14

Operating 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

Selling General And Administration

150.39

179.09

235.49

1,748.44

Total Expenses

5,029.85

5,537.78

6,707.92

10,311.97

Operating Income

746.22

940.45

1,145.70

355.17

EBITDA

2,039.49

2,401.11

2,778.34

2,310.46

Normalized EBITDA

2,066.01

2,435.09

2,845.37

2,463.39

EBIT

702.58

957.89

1,098.70

171.93

Interest Expense

529.52

607.85

574.26

651.96

Net Interest Income

-529.52

-607.85

-574.26

-651.96

Other Non Operating Income Expenses

-17.12

51.42

20.04

-30.30

Other Income Expense

-43.64

17.44

-47

-183.24

Interest Expense Non Operating

529.52

607.85

574.26

651.96

Net Non Operating Interest Income Expense

-529.52

-607.85

-574.26

-651.96

Pretax Income

173.06

350.05

524.44

-480.02

Tax Provision

7.25

6.36

2.70

-7.12

Tax Rate For Calcs

Tax Effect Of Unusual Items

-1.11

-0.58

-0.20

-1.07

Net Income Continuous Operations

160.57

358.14

972.86

961.84

Net Income From Continuing And Discontinued Operation

141.21

340.09

951.68

936.84

Net Income From Continuing Operation Net Minority Interest

141.21

340.09

951.68

936.84

Net Income

141.21

340.09

951.68

936.84

Net Income Common Stockholders

141.21

340.09

951.68

936.84

Net Income Including Noncontrolling Interests

160.57

358.14

972.86

961.84

Normalized Income

166.62

373.50

1,018.51

1,088.71

Diluted NI Availto Com Stockholders

141.38

339.79

953.38

944.09

Basic Average Shares

462.18

515.63

602.98

665.64

Diluted Average Shares

465.16

518.70

608.75

679.52

Reconciled Depreciation

1,336.91

1,443.22

1,679.63

2,138.53

Reconciled Cost Of Revenue

3,532.23

3,905.66

4,782.67

6,434.42

Total Unusual Items

-26.52

-33.98

-67.04

-152.94

Total Unusual Items Excluding Goodwill

-26.52

-33.98

-67.04

-152.94

Minority Interests

-19.35

-18.05

-21.18

-24.99

Earnings From Equity Interest Net Of Tax

-5.25

14.46

451.12

1,434.75

Special Income Charges

-18.18

-36.10

-94.92

-130.53

Other Special Charges

0.68

0.01

2.13

9.24

Write Off

17.50

36.10

92.79

121.28

Impairment Of Capital Assets

51.11

17.50

Gain On Sale Of Security

-8.33

2.12

27.89

-22.41

Depreciation Amortization Depletion Income Statement

1,310.37

1,401.10

1,632.09

2,084.87

Depreciation And Amortization In Income Statement

1,310.37

1,401.10

1,632.09

2,084.87

General And Administrative Expense

150.39

179.09

235.49

1,748.44

Other Gand A

150.39

179.09

235.49

1,748.44

Other Operating Expenses

7.27

Provision For Doubtful Accounts

10.32

9.81

10.12

-9.42

Average Dilution Earnings

0.16

-0.30

1.70

7.25

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Welltower Inc.this co.

WELL

$141.8B

151.34↑ premium

3.37

2.2%

68.44

Prologis, Inc.

PLD

$134.7B

40.48

2.54

6.3%

22.98

Equinix, Inc.

EQIX

$107.4B

79.57

7.59

9.5%

31.31

American Tower Corporation

AMT

$90.3B

35.72

24.73

69.3%

20.76

Simon Property Group, Inc.

SPG

$78.4B

16.93

Welltower Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Welltower Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on