Welltower Inc. (WELL) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 26	$0.5	$0.55	+10.0%	—	$3.3B	—
Q4 25	$0.59	$0.55	-6.8%	—	$3.1B	—
Q3 25	$0.18	$0.38	+111.1%	—	$2.6B	—
Q2 25	$0.44	$0.45	+2.3%	—	$2.5B	—
Q1 25	$0.38	$0.4	+5.3%	—	$2.4B	—
Q4 24	$0.41	$0.34	-17.1%	—	$2.2B	—
Q3 24	$0.35	$0.41	+17.1%	—	$2B	—
Q2 24	$0.31	$0.39	+25.8%	—	$1.8B	—
Q1 24	$0.21	$0.34	+61.9%	—	$1.8B	—
Q4 23	$0.21	$0.25	+19.0%	—	$1.7B	—
Q3 23	$0.19	$0.24	+26.3%	—	$1.6B	—
Q2 23	$0.16	$0.2	+25.0%	—	$1.6B	—
Q1 23	$0.12	$0.05	-58.3%	—	$1.6B	—
Q4 22	$0.1	-$0.01	-110.0%	—	$1.5B	—
Q3 22	$0.16	-$0.01	-106.3%	—	$1.5B	—
Q2 22	$0.18	$0.2	+11.1%	—	$1.4B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.41	—	—	$10.7B	—
FY24	—	$1.58	—	—	$7.9B	—
FY23	—	$0.66	—	—	$6.5B	—
FY22	—	$0.31	—	—	$5.8B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$4.3B	$4.3B	$4.7B	$5.1B	$4.6B	$4.7B	$5.8B	$6.5B	$7.9B	$10.7B
YoY change	+10.7%	+1.12%	+8.65%	+9.19%	-10.1%	+2.68%	+22.6%	+12.2%	+21.2%	+35.8%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	4.3B	4.3B	4.7B	5.1B	4.6B	4.7B	5.8B	6.5B	7.9B	10.7B
Cost of revenue	1.9B	2.1B	2.4B	2.7B	2.6B	2.8B	3.6B	3.9B	4.8B	6.5B
Gross profit	2.4B	2.2B	2.2B	2.4B	2B	1.9B	2.2B	2.5B	3B	4.2B
Gross margin	55.9%	51.5%	47.9%	47.3%	43.4%	41.1%	38.4%	39.1%	38.5%	39.2%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	155.2M	122M	126.4M	126.5M	128.4M	126.7M	150.4M	179.1M	235.5M	1.7B
Operating expenses	165.5M	185M	126.4M	145.2M	222.8M	134M	150.4M	179.1M	235.5M	1.7B
Operating income	1.3B	1.1B	1.2B	1.2B	727.4M	763.4M	746.2M	940.5M	1.1B	355.2M
Operating margin	30.8%	25.8%	24.9%	24.3%	15.9%	16.2%	12.9%	14.5%	14.6%	3.33%
Non-operating income, net	-77.2M	-324.2M	-211.1M	-139.6M	-244.6M	-102.8M	-43.6M	17.4M	-47M	-183.2M
Pretax income	709.3M	299.6M	423.5M	542.9M	-31.6M	170.8M	173.1M	350M	524.4M	-480M
Income tax	-19.1M	20.1M	8.7M	3M	10M	8.7M	7.2M	6.4M	2.7M	-7.1M
Net income	1.1B	540.6M	829.8M	1.3B	1B	374.5M	160.6M	358.1M	972.9M	961.8M
Net margin	25.5%	12.6%	17.8%	26.1%	22.7%	7.95%	2.78%	5.53%	12.4%	9.02%
EBITDA	2.2B	1.9B	2B	2.2B	1.7B	1.8B	2.1B	2.4B	2.8B	2.5B
EPS	2.83	1.26	2.03	3.07	2.36	0.79	0.31	0.66	1.58	1.41
Diluted EPS	2.81	1.26	2.02	3.05	2.33	0.78	0.3	0.66	1.57	1.39

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.6B	1.7B	1.8B	1.8B	2B	2.2B	2.4B	2.5B	2.6B	3.1B	3.3B	—
Cost of revenue	995.3M	1B	1.1B	1.1B	1.2B	1.4B	1.5B	1.5B	1.6B	1.9B	2.1B	—
Gross profit	631.3M	681.9M	733.7M	681.4M	798.4M	809.9M	926.2M	1B	1.1B	1.2B	1.3B	—
Gross margin	38.8%	39.7%	40.1%	38%	39.7%	36.5%	38.8%	39.8%	40%	38.3%	37.8%	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	46.1M	44.3M	53.3M	55.6M	77.9M	48.7M	63.8M	64.2M	63.1M	1.6B	67.5M	—
Operating expenses	46.1M	44.3M	53.3M	55.6M	77.9M	48.7M	63.8M	64.2M	63.1M	1.6B	67.5M	—
Operating income	241.8M	254.3M	313.5M	238.7M	312.5M	281.1M	378.6M	443.3M	477M	-943.7M	558.4M	—
Operating margin	14.9%	14.8%	17.1%	13.3%	15.5%	12.7%	15.8%	17.6%	18.1%	-30.1%	16.9%	—
Non-operating income, net	-13M	-12.3M	-25.3M	-14.8M	10.4M	-17.4M	-34.9M	-4M	-21.8M	-122.5M	-20.5M	—
Pretax income	72.2M	87.5M	140.9M	90.4M	183.9M	109.2M	198.7M	298.2M	293.1M	-1.3B	345.2M	—
Income tax	4.6M	-4.8M	6.2M	1.1M	-4.7M	114K	-5.5M	1.1M	2.3M	-5M	11.6M	—
Net income	134.7M	88.4M	131.6M	260.7M	456.8M	123.8M	257.3M	304.6M	282.2M	117.8M	752.3M	—
Net margin	8.28%	5.15%	7.19%	14.5%	22.7%	5.58%	10.8%	12.1%	10.7%	3.76%	22.8%	—
EBITDA	589.1M	642.1M	707.5M	619.2M	755.8M	762.9M	898.7M	967.2M	1B	-416M	1.2B	—
EPS	0.24	0.15	0.22	0.42	0.74	0.19	0.4	0.46	0.42	0.14	1.04	0.63
Diluted EPS	0.24	0.15	0.22	0.42	0.73	0.19	0.4	0.45	0.41	0.14	1.02	0.61

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	24B	23.4B	25.9B	32.9B	26.8B	36.5B	30.3B	—	—	—	170.1B
Enterprise value	35.9B	34.9B	39B	48B	39.5B	50.9B	44.6B	—	—	—	190B
Shares outstanding	358.3M	367.2M	373.6M	401.8M	415.5M	425M	462.2M	515.6M	603M	665.6M	665.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	22.2	43.3	31.3	24.7	25.8	97.3	188.7	—	—	—	104.1
P/S	5.64	5.45	5.55	6.44	5.85	7.74	5.25	—	—	—	13.4
P/B	1.53	1.53	1.62	1.94	1.56	1.92	1.42	—	—	—	3.82
EV/EBITDA	16.1	18.5	19.1	21.3	22.9	28.1	21.6	—	—	—	56.9
EV/Sales	8.45	8.12	8.35	9.4	8.62	10.8	7.73	—	—	—	14.9
Earnings yield	4.51%	2.31%	3.2%	4.05%	3.87%	1.03%	0.53%	—	—	—	0.96%
FCF yield	6.76%	6.07%	6.08%	4.63%	5.02%	3.45%	4.29%	—	—	—	1.62%
PEG	—	—	—	—	—	—	—	—	—	—	2.82

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	55.9%	51.5%	47.9%	47.3%	43.4%	41.1%	38.4%	39.1%	38.5%	39.2%	38.9%
Operating margin	30.8%	25.8%	24.9%	24.3%	15.9%	16.2%	12.9%	14.5%	14.6%	3.33%	16.6%
Net margin	25.5%	12.6%	17.8%	26.1%	22.7%	7.95%	2.78%	5.53%	12.4%	9.02%	12.1%
ROE	6.9%	3.53%	5.18%	7.83%	6.03%	1.97%	0.75%	1.36%	2.99%	2.23%	3.84%
ROA	3.75%	1.93%	2.73%	3.99%	3.2%	1.07%	0.42%	0.81%	1.91%	1.43%	0.83%
ROIC	4.74%	3.86%	3.91%	3.84%	2.43%	2.17%	2%	2.28%	2.49%	0.6%	0.89%
Return on tangible assets	3.96%	2.06%	2.9%	4.21%	3.37%	1.14%	0.45%	0.86%	1.91%	1.43%	2.17%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.63	1.03	0.78	0.89	5.52	1.93	2.63	4.45	5.28	5.34	1.32
Quick ratio	1.63	1.03	0.78	0.89	5.52	1.93	2.63	4.45	5.28	5.34	4.33
Debt / equity	0.79	0.77	0.83	0.91	0.83	0.77	0.7	0.61	0.51	0.49	0.41
Debt / assets	0.43	0.42	0.44	0.46	0.44	0.42	0.39	0.37	0.33	0.32	0.3
Net debt / EBITDA	5.34	6.09	6.39	6.71	7.34	7.97	6.94	5.8	4.66	6.64	5.58
Interest coverage	2.36	1.62	1.8	1.98	0.94	1.35	1.33	1.58	1.91	0.26	0.52
Effective tax rate	0%	6.72%	2.05%	0.54%	0%	5.1%	4.19%	1.82%	0.51%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	11.9	11.7	12.5	12.7	11	11.1	12.5	12.6	13	16	18.4
EPS (basic)	2.83	1.26	2.03	3.07	2.36	0.79	0.31	0.66	1.58	1.41	1.41
EPS (diluted)	2.81	1.26	2.02	3.05	2.33	0.78	0.3	0.66	1.57	1.39	2.28
Book value per share	43.8	41.7	42.9	42.3	41.5	44.7	46.3	51.1	54	64.9	62.1
FCF per share	4.53	3.87	4.22	3.78	3.24	2.96	2.81	3.01	3.65	4.28	4.02
Cash per share	1.17	0.66	0.58	0.71	3.72	0.63	1.37	3.87	5.82	7.56	2.73
Capex per share	—	—	—	—	—	—	—	—	—	0.05	0.05

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	0.32%	0.32%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	1.17%	1.17%
Payout ratio	120%	245.2%	162.6%	105.3%	107.7%	276.6%	704.7%	352%	158.8%	195.2%	132.7%
Dividend yield	5.42%	5.66%	5.2%	4.26%	4.17%	2.84%	3.73%	—	—	—	1.25%

Yield

1.25%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.85

ex-dividend Aug 12, 2026

Payout ratio

133%

of earnings

Dividend growth

2 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 12, 2026	$0.85
May 13, 2026	$0.74
Feb 25, 2026	$0.74

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.6B	$1.7B	$1.8B	$1.8B	$2B	$2.2B	$2.4B	$2.5B	$2.6B	$3.1B	$3.3B	—
YoY change	+10.8%	+13.8%	+17.9%	+13.3%	+23.6%	+29.2%	+30.5%	+40.4%	+30.7%	+41.2%	+38.4%	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	419.4M	243.8M	215.4M	284.9M	1.5B	269.3M	631.7M	2B	3.5B	5B
Receivables	1.2B	950.2M	1.1B	1.2B	973.1M	1.2B	1.5B	1.5B	1.7B	2.4B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	2.4B	1.7B	1.7B	1.9B	3.4B	2.6B	3.1B	4.9B	7.2B	9.9B
Property, plant & equipment	—	—	—	1.1B	465.9M	522.8M	323.9M	351M	1.2B	2.2B
Goodwill & intangibles	1.5B	1.6B	1.7B	1.8B	1.6B	1.9B	2.1B	2.3B	—	—
Total assets	28.9B	27.9B	30.3B	33.4B	32.5B	34.9B	37.9B	44B	51B	67.3B
Accounts payable	—	—	—	58.6M	101.6M	174.8M	216.7M	173.2M	229.3M	297.1M
Short-term debt	645M	719M	1.1B	1.6B	—	324.9M	—	—	—	—
Total current liabilities	1.5B	1.6B	2.2B	2.1B	622.8M	1.3B	1.2B	1.1B	1.4B	1.9B
Long-term debt	11.7B	11B	12.2B	13.8B	14.2B	14.4B	15B	16.1B	16.8B	21.4B
Total liabilities	13.2B	12.6B	14.3B	16.4B	15.3B	15.9B	16.5B	17.6B	18.5B	24.1B
Shareholders' equity	15.7B	15.3B	16B	17B	17.2B	19B	21.4B	26.4B	32.6B	43.2B
Total debt	12.4B	11.7B	13.3B	15.4B	14.2B	14.7B	15B	16.1B	16.8B	21.4B
Net debt	11.9B	11.5B	13.1B	15.1B	12.7B	14.4B	14.3B	14.1B	13.3B	16.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Cash & short-term investments	2.2B	2.6B	2B	2.4B	2.8B	3.6B	3.5B	3.5B	4.4B	6.8B	5B	4.7B
Receivables	1.5B	1.6B	1.5B	1.5B	1.5B	1.5B	1.7B	1.8B	2B	2.4B	2.4B	2.6B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	4.8B	5.5B	4.9B	5.4B	6.2B	7.1B	7.2B	7.2B	8.3B	11.1B	9.9B	10B
Property, plant & equipment	322.3M	338.7M	351M	348.9M	360.3M	358.2M	1.2B	1.2B	1.3B	1.3B	2.2B	2B
Goodwill & intangibles	-3B	-3B	2.3B	-1.5B	2.3B	136.6M	—	—	—	—	—	—
Total assets	40.1B	41.7B	44B	44.6B	45.5B	49B	51B	53.3B	55.8B	59.5B	67.3B	67.2B
Accounts payable	—	—	173.2M	—	—	—	229.3M	—	—	—	297.1M	—
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	1.5B	1.6B	1.1B	1.4B	1.5B	1.7B	1.4B	1.7B	2B	2B	1.9B	2.3B
Long-term debt	16.3B	16.2B	16.1B	14.6B	14.3B	16.2B	16.8B	17B	17.3B	18.2B	21.4B	20B
Total liabilities	17.9B	17.8B	17.6B	16B	15.8B	17.9B	18.5B	18.7B	19.3B	20.2B	24.1B	22.3B
Shareholders' equity	22.2B	23.8B	26.4B	28.5B	29.7B	31.1B	32.6B	34.6B	36.5B	39.3B	43.2B	44.9B
Total debt	16.3B	16.2B	16.1B	14.6B	14.3B	16.2B	16.8B	17B	17.3B	18.2B	21.4B	20B
Net debt	14.1B	13.6B	14.1B	12.2B	11.6B	12.6B	13.3B	13.5B	12.9B	11.4B	16.3B	15.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.1B	540.6M	829.8M	1.3B	1B	374.5M	160.6M	358.1M	972.9M	961.8M
Depreciation & amortization	910.4M	938.6M	970.1M	1B	1B	1.1B	1.3B	1.4B	1.7B	2.1B
Stock-based compensation	28.9M	19.1M	27.6M	25M	28.3M	17.8M	26.1M	37.2M	75.8M	1.6B
Change in working capital	-18M	23.5M	5.8M	-63.4M	-54.6M	-122.1M	-191.4M	3.4M	-68.6M	-196.9M
Operating cash flow	1.9B	1.4B	1.8B	2.2B	2.1B	1.3B	1.2B	1.7B	2.6B	2.9B
Capital expenditure	—	—	—	—	—	—	—	—	—	-33.8M
Investing cash flow	-2.1B	-805.9M	-3.6B	-4.2B	-1.5B	-5.2B	-2.8B	-4.4B	-4.2B	-15B
Dividends paid	-1.3B	-1.3B	-1.3B	-1.4B	-1.1B	-1B	-1.1B	-1.3B	-1.5B	-1.9B
Share repurchases	0	-287.5M	0	0	-7.7M	0	0	—	—	—
Financing cash flow	-1.4B	-1.9B	1.2B	1B	-2.1B	1.6B	2.8B	5.4B	4.9B	9B
Net change in cash	-1.7B	-1.3B	-537.7M	-1B	-1.5B	-2.3B	1.2B	2.8B	3.4B	-3.1B
Free cash flow	1.6B	1.4B	1.6B	1.5B	1.3B	1.3B	1.3B	1.6B	2.2B	2.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Net income	106.3M	134.7M	88.4M	131.6M	260.7M	456.8M	123.8M	257.3M	304.6M	282.2M	117.8M	752.3M
Depreciation & amortization	352.1M	350M	392.3M	379M	397.1M	419M	484.6M	499.6M	508.3M	523.7M	606.9M	632.2M
Stock-based compensation	10.5M	8.8M	8.4M	12M	10.3M	39.9M	13.5M	17.5M	15.3M	15.6M	1.5B	18.8M
Change in working capital	2.1M	-84.7M	79.6M	-42.3M	-29.9M	-20.8M	24.4M	-30.9M	-44.2M	-68.7M	-53M	-56.6M
Operating cash flow	435.8M	384.6M	529.3M	449.8M	682.4M	849.4M	662.3M	699.6M	735.2M	858.4M	654.3M	670M
Capital expenditure	—	—	—	—	—	—	—	—	—	-6.2M	-7.5M	-8.4M
Investing cash flow	-105.4M	-940.5M	-2.7B	-246.9M	-968.6M	-1.1B	-1.9B	-2B	-1.1B	-1.5B	-10.3B	-2.2B
Dividends paid	-303.4M	-318.7M	-338.3M	-352.2M	-366.1M	-408.8M	-418.2M	-432.4M	-439.1M	-496.9M	-509.6M	-520.5M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	1.6B	1.2B	2.1B	578.6M	1.1B	1.7B	1.6B	1.3B	1.4B	3.2B	3B	-199.5M
Net change in cash	2B	652.8M	-34.3M	781.5M	772.9M	1.5B	371.7M	27.6M	1B	2.6B	-6.6B	-1.7B
Free cash flow	404.4M	425.1M	356M	393M	590.9M	669.3M	545.1M	587.4M	761.4M	852.2M	646.9M	661.6M

Welltower Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history