WELLTOWER INC. WELL

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

Welltower Inc. (NYSE:WELL), a real estate investment trust ("REIT") and 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 predominantly consists of 2,500+ seniors and wellness housing communities that are positioned at the intersection of housing and hospitality, creating vibrant communities for mature renters and older adults. More information is available on the Internet at www.welltower.com. The information on our website is not incorporated by reference in this Annual Report on Form 10-K, and our web address is included as an inactive textual reference only. We are structured as an umbrella partnership REIT, or "UPREIT," under which substantially all of our business is conducted through Welltower OP LLC ("Welltower OP"), the day-to-day management of which is exclusively controlled by Welltower Inc.

Last close 237.32 2026-10-23
Market cap $167.53B 2026-03-31 share count
52-week range 174.91 - 255.20

Valuation FY2025 figures against the last close

P/S19.8x
P/E170.7x
P/FCF91.5x
EV/EBITDA—
Dividend yield1.1%
Diluted EPS1.39

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $8.45B$6.03B$4.75B$4.17B$3.20B$4.61B$5.12B$4.70B$4.32B$4.28B
Cost of revenue $6.49B$4.83B$3.95B$3.56B$2.77B$2.60B$2.69B$2.43B$2.08B—
Gross profit $1.96B$1.20B$806.0M$614.9M$422.7M$2.01B$2.43B$2.27B$2.23B—
SG&A $1.75B$235.5M$179.1M$150.4M$126.7M$128.4M$126.5M$126.4M$122.0M$155.2M
Total operating expenses $11.32B$7.47B$6.29B$5.69B$4.57B$4.64B$4.58B$4.28B$4.02B$3.57B
Pre-tax income $944.0M$524.4M$350.0M$173.1M$170.8M-$31.6M$542.9M$423.5M$299.6M$709.3M
Income tax $7.1M$2.7M$6.4M$7.2M$8.7M$10.0M$3.0M$8.7M$20.1M$19.1M
Net income $936.8M$951.7M$340.1M$141.2M$336.1M$1.04B$1.33B$829.8M$540.6M$1.08B
EPS, basic 1.411.580.660.310.792.363.072.031.262.83
EPS, diluted 1.391.570.660.300.782.333.052.021.262.81
Shares, diluted (wtd. avg.) 679.5M608.8M518.7M465.2M426.8M417.4M403.8M375.2M369.0M360.2M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $5.03B$3.51B$2.08B$722.3M$346.8M$2.02B$385.8M$316.1M$309.3M$607.2M
Goodwill $346.3M$149.2M$68.3M$68.3M$68.3M$68.3M$68.3M$68.3M$68.3M$68.3M
Other intangibles $908.7M$665.9M$514.8M$461.4M$503.4M$322.5M$435.9M$383.8M$377.0M$436.2M
Total assets $67.30B$51.04B$44.01B$37.89B$34.91B$32.48B$33.38B$30.34B$27.94B$28.87B
Long-term debt $19.20B$15.50B$15.74B$14.71B$13.91B$2.38B$13.42B$12.19B$11.04B$11.73B
Total liabilities $24.10B$18.47B$17.64B$16.50B$15.91B$15.26B$16.40B$14.33B$12.64B$13.19B
Retained earnings $11.03B$10.10B$9.15B$8.80B$8.66B$8.33B$7.35B$6.12B$5.32B—
Total equity $42.13B$31.96B$26.08B$21.01B$18.60B$16.88B$16.51B$15.59B$14.93B$15.28B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $2.88B$2.26B$1.60B$1.33B$1.28B$1.36B$1.54B$1.58B$1.43B$1.64B
Depreciation and amortisation ——————$1.03B$950.5M$921.7M$901.2M
Stock-based compensation $1.56B$75.8M$37.2M$26.1M$17.8M$28.3M$25.0M$27.6M$19.1M$28.9M
Capital expenditure $1.05B$857.5M$517.7M$476.0M$282.6M$245.0M$328.8M$266.2M$250.3M$219.1M
Investing cash flow -$10.51B-$5.51B-$5.71B-$3.70B-$4.52B$2.35B-$2.05B-$2.39B$154.6M-$183.4M
Financing cash flow $9.00B$4.91B$5.45B$2.76B$1.57B-$2.08B$577.1M$818.4M-$1.91B-$1.25B
Dividends paid $1.88B$1.55B$1.26B$1.13B$1.04B$1.12B$1.40B$1.30B$1.28B$1.23B
Buybacks ———$0$0$7.7M$0$0——

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000766704-26-000014.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 2.5B 5B 7.5B 10B Revenue, FY2016: 4.3B Net income, FY2016: 1.1B Revenue, FY2017: 4.3B Gross profit, FY2017: 2.2B Net income, FY2017: 540.6M Revenue, FY2018: 4.7B Gross profit, FY2018: 2.3B Net income, FY2018: 829.8M Revenue, FY2019: 5.1B Gross profit, FY2019: 2.4B Net income, FY2019: 1.3B Revenue, FY2020: 4.6B Gross profit, FY2020: 2B Net income, FY2020: 1B Revenue, FY2021: 3.2B Gross profit, FY2021: 422.7M Net income, FY2021: 336.1M Revenue, FY2022: 4.2B Gross profit, FY2022: 614.9M Net income, FY2022: 141.2M Revenue, FY2023: 4.8B Gross profit, FY2023: 806M Net income, FY2023: 340.1M Revenue, FY2024: 6B Gross profit, FY2024: 1.2B Net income, FY2024: 951.7M Revenue, FY2025: 8.5B Gross profit, FY2025: 2B Net income, FY2025: 936.8M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $4.28B $4.32B $4.70B $5.12B $4.61B $3.20B $4.17B $4.75B $6.03B $8.45B
Gross profit — $2.23B $2.27B $2.43B $2.01B $422.7M $614.9M $806.0M $1.20B $1.96B
Net income $1.08B $540.6M $829.8M $1.33B $1.04B $336.1M $141.2M $340.1M $951.7M $936.8M

Recent filings and events

  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Other event Item 8.01
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Other event Item 8.01
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Other event Item 8.01
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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