W 
Welltower WELL · USD
Real Estate · Equity Real Estate Investment Trusts (REITs) · US listing · 🇺🇸 United States
S&P 500
247.35
+0.96%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$10.67bn
FY2016FY2025
Net income
$936.8m
FY2016FY2025
Free cash flow
$2.85bn
FY2016FY2025
Shareholders' equity
$42.13bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.67bn | $7.85bn | $6.48bn | $5.78bn | $4.71bn | $4.59bn | $5.10bn | $4.67bn | $4.30bn | $4.25bn |
| Gross profit | $4.18bn | $3.02bn | $2.53bn | $2.22bn | $1.93bn | $1.99bn | $2.41bn | $2.24bn | $2.22bn | $2.37bn |
| Research and development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Operating income | $171.9m | $1.10bn | $940.5m | $746.2m | $763.4m | $727.4m | $1.10bn | $950.1m | $784.2m | $1.23bn |
| Net income | $936.8m | $951.7m | $340.1m | $141.2m | $336.1m | $978.8m | $1.23bn | $805.0m | $522.8m | $1.08bn |
| Diluted earnings per share | 1.32 | 1.50 | 0.62 | 0.29 | 0.77 | 2.34 | 3.02 | 2.12 | 1.41 | 2.96 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $67.30bn | $51.04bn | $44.01bn | $37.89bn | $34.91bn | $32.48bn | $33.38bn | $30.34bn | $27.94bn | $28.87bn |
| Cash and short-term investments | $5.03bn | $3.51bn | $1.99bn | $631.7m | $269.3m | $1.55bn | $284.9m | $215.4m | $243.8m | $419.4m |
| Total liabilities | $24.10bn | $18.47bn | $17.64bn | $16.50bn | $15.91bn | $15.26bn | $16.40bn | $14.33bn | $12.64bn | $13.19bn |
| Debt | $19.74bn | $15.61bn | $15.82bn | $14.66bn | $14.24bn | $13.91bn | $15.02bn | $13.23bn | $11.66bn | $12.28bn |
| Shareholders' equity | $42.13bn | $31.96bn | $25.40bn | $21.39bn | $17.64bn | $17.23bn | $15.54bn | $14.63bn | $14.42bn | $14.81bn |
| Shares outstanding | 710m | 634m | 552m | 483m | 439m | 419m | 408m | 380m | 370m | 364m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $2.88bn | $2.26bn | $1.60bn | $1.33bn | $1.28bn | $1.36bn | $1.54bn | $1.58bn | $1.43bn | $1.64bn |
| Capital spending | −$33.8m | −$58.1m | −$50.7m | −$30.5m | −$19.4m | −$17.5m | −$15.3m | −$7.9m | −$13.5m | −$16.9m |
| Free cash flow | $2.85bn | $2.20bn | $1.55bn | $1.30bn | $1.26bn | $1.35bn | $1.52bn | $1.58bn | $1.42bn | $1.62bn |
| Dividends paid | −$1.88bn | −$1.55bn | −$1.26bn | −$1.13bn | −$1.04bn | −$1.12bn | −$1.40bn | −$1.35bn | −$1.33bn | −$1.30bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.54bn | $3.31bn | $3.13bn | $2.63bn | $2.52bn | $2.39bn | $2.22bn | $2.01bn |
| Gross profit | $1.39bn | $1.25bn | $1.20bn | $1.05bn | $1.00bn | $926.2m | $809.9m | $798.4m |
| Operating income | $589.2m | $538.0m | −$1.07bn | $477.0m | $443.3m | $378.6m | $281.1m | $322.9m |
| Net income | $240.3m | $728.7m | $96.4m | $280.6m | $301.9m | $258.0m | $120.0m | $449.8m |
| Diluted earnings per share | 0.33 | 1.00 | 0.14 | 0.40 | 0.43 | 0.36 | 0.19 | 0.71 |
| Cash from operations | $1.20bn | $670.0m | $654.0m | $858.0m | $770.0m | $598.0m | $559.0m | $684.0m |
| Capital spending | −$319.0m | −$388.0m | −$7.0m | −$6.0m | −$8.0m | −$11.0m | −$14.0m | −$15.0m |
| Free cash flow | $881.0m | $282.0m | $647.0m | $852.0m | $762.0m | $587.0m | $545.0m | $669.0m |
| Total assets | $69.88bn | $67.22bn | $67.30bn | $59.50bn | $55.83bn | $53.29bn | $51.04bn | $48.95bn |
| Cash and short-term investments | $1.97bn | $4.70bn | $5.03bn | $6.81bn | $4.41bn | $3.50bn | $3.51bn | $3.56bn |
| Debt | — | $17.93bn | $19.20bn | $16.85bn | $16.03bn | $17.08bn | $15.50bn | $15.86bn |
| Shareholders' equity | $46.41bn | $43.79bn | $42.13bn | $38.76bn | $35.90bn | $33.96bn | $31.96bn | $30.33bn |
Financial ratios
Data as of 7 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 39.2% | 38.5% | 39.1% | 38.4% | 41.1% | 43.4% | — | — |
| Operating margin | 1.6% | 14.0% | 14.5% | 12.9% | 16.2% | 15.9% | — | — |
| Net margin | 8.8% | 12.1% | 5.2% | 2.4% | 7.1% | 21.3% | — | — |
| Return on equity | 2.2% | 3.0% | 1.3% | 0.7% | 1.9% | 5.7% | — | — |
| Return on assets | 1.4% | 1.9% | 0.8% | 0.4% | 1.0% | 3.0% | — | — |
| Free cash flow yield | 1.7% | 1.5% | 1.3% | 1.2% | 1.2% | 1.4% | — | — |
| Revenue growth | 35.8% | 21.2% | 12.2% | 22.6% | 2.7% | -10.1% | — | — |
| Earnings growth | -1.6% | 179.8% | 140.8% | -58.0% | -65.7% | -20.6% | — | — |
| Current ratio | 5.34x | 5.28x | 4.51x | 2.00x | 1.93x | 3.30x | — | — |
| Debt to equity | 0.46x | 0.49x | 0.69x | 1.28x | 0.80x | 0.83x | — | — |
| Equity ratio | 62.6% | 62.6% | 57.7% | 56.5% | 50.5% | 53.0% | — | — |
| Interest coverage | 0.26x | 1.91x | 1.55x | 1.41x | 1.56x | 1.41x | — | — |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | -12.0% | -14.8% | -14.3% | -10.2% | -4.8% | -2.7% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 22.7% | 18.4% | 10.8% |
| Operating income | -38.7% | -25.1% | -18.0% |
| Net income | 87.9% | -0.9% | 0.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 38.9% | 38.8% | 39.6% | 43.9% |
| Operating margin | 6.9% | 9.6% | 11.1% | 15.7% |
| Net margin | 10.2% | 7.7% | 9.2% | 13.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 140.7 | 84.0 | 146.4 | 224.3 | 111.9 | 27.6 | 27.1 | 32.8 | 45.2 | 22.6 |
| Price to sales | 12.4 | 10.2 | 7.7 | 5.5 | 8.0 | 5.9 | 6.5 | 5.7 | 5.5 | 5.7 |
Market value over time
31 Oct 2016 to 4 Sept 2026, in USD
$24.74bn$172.91bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | 49% | 39% | 42% | -21% | 28% | -22% | 13% | 12% | -4% | -3% |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 12 Aug 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 2.33 | 2.82 | 2.56 | 2.44 | 2.44 | 2.44 | 2.70 | 3.48 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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