WELL
WELLTOWER INC.
Next earnings Jul 27, 2026 · consensus $0.69 EPS, $3.41B rev
Last earnings +2.0% on 2026-04-28
$236.06
▲ +3.66%$236.06▲ +57.56%
over 1Y
L $148.43H $236.06
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+3.7%
1W+5.5%
1M+20.8%
3M+17.1%
YTD+27.2%
1Y+57.6%
Hold
Conviction
Horizon
Long (>12mo)
Street · 26 analysts
Buy
Elite senior-housing REIT with a fortress balance sheet and 40% revenue growth — but a nosebleed multiple bars a buy.
Revenue $8.45B · FY2025
The read
Middling fundamentals and a rich price (~80% above fair value) leave little margin of safety — a wait-and-see.
Operationally, Welltower is firing on all cylinders. Revenue reached $8.45B in FY2025 (+40.2% YoY), the capstone of a near-tripling from $3.20B in FY2021, powered by the senior-housing recovery and an aggressive acquisition push — the 10-K shows investing outflows of $10.5B in 2025, up 91% YoY. Operating cash flow grew to $2.88B (+27.7%). Ignore the headline P/E of 148.7 and 2.3% ROE: as a REIT, GAAP earnings are crushed by $2.08B of real-estate depreciation. Add D&A back and the FFO-proxy is roughly $3.0B — the cash-earnings metric REIT investors actually pay for — versus $962M of GAAP net income.
The balance sheet is genuinely best-in-class. Liabilities/equity of 0.57x is exceptionally conservative for a REIT, with $5.03B cash (+43.5%) and just $19.2B long-term debt against $42.1B of equity. Management funds growth largely with stock (shares +8.8%), which dilutes per-share figures but keeps leverage low and is accretive while the equity trades above NAV. The $1.88B dividend (+21.4%) is comfortably covered by $2.88B of operating cash flow — the MD&A confirms OCF exceeded distributions in each of the last three years.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 19, 2026, 2:18 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Is WELL a buy? The one-page verdict, explained →
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $3.20B | $4.17B | $4.75B | $6.03B | $8.45B |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | $374M | $161M | $358M | $973M | $962M |
| Diluted EPS | $0.78 | $0.30 | $0.66 | $1.57 | $1.39 |
| Net margin | 11.7% | 3.8% | 7.5% | 16.1% | 11.4% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value—
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield0.6%
FCF yield—
Quality & risk
ROIC (est.)—
Free cash flow—
Total debt$19.2B
Net cash-$14.2B
Piotroski F-Score5/7
Capital returns
Buyback yield0.0%
Dividend yield (est.)1.1%
Shareholder yield1.1%
Shares Δ YoY+8.8%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Reg FD disclosure2026-06-01
Reg FD investor update released; no new financial results disclosed
- 8-K Shareholder vote2026-05-22
Annual meeting: board re-elected, say-on-pay and routine proposals passed
- 8-K Other event2026-04-29
Q1 2026 10-Q: revenue growth continues, assets up on acquisitions
- 10-Q Quarterly report2026-04-29
Q1 2026 10-Q: revenue growth continues, assets up on acquisitions
- 8-K Earnings results2026-04-28
Q1 2026 results released; senior-housing growth momentum continues
- DEF 14A Proxy statement2026-04-10
2026 proxy: director elections, say-on-pay, auditor ratification
- 8-K Material agreement2026-03-10
Entered material agreement (financing/acquisition); terms in exhibits
- 10-K Annual report2026-02-12
FY2025 10-K: revenue +40% to $8.45B, OCF +28%; EPS -11.5% on dilution
- 8-K Earnings results2026-02-10
Q4/FY2025 results: revenue +40% YoY to $8.45B; strong cash flow
Recent filings
all on EDGAR ↗4Period ending 2026-05-312026-06-29open ↗8-KPeriod ending 2026-06-012026-06-01open ↗4Period ending 2026-05-272026-05-27open ↗4Period ending 2026-05-212026-05-26open ↗8-KPeriod ending 2026-05-212026-05-22open ↗SCHEDULE 13GFiling2026-05-15open ↗4Period ending 2026-05-012026-05-05open ↗4Period ending 2026-04-302026-05-01open ↗SCHEDULE 13GFiling2026-04-30open ↗SCHEDULE 13GFiling2026-04-29open ↗8-KPeriod ending 2026-04-292026-04-29open ↗424B7Filing2026-04-29open ↗
Frequently asked
- Is WELLTOWER INC. (WELL) a buy?
- WELL currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Elite senior-housing REIT with a fortress balance sheet and 40% revenue growth — but a nosebleed multiple bars a buy.
- What is WELL's fair value?
- A Modified-Graham model based on WELL's SEC fundamentals estimates a fair value of about $47.33. It is an estimate from reported earnings, not a price target.
- Is WELL overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, WELL currently appears overvalued relative to its SEC-grounded earnings power.
- What is WELLTOWER INC.'s quality score?
- WELL scores 60.97367606375971/100 (grade C+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000766704, latest 10-Q filed 2026-04-29) · EODHD · Proprietary analysis · as of 6/19/2026, 6:18:00 PM.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.