WELLTOWER INC. WELL
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 1.41 | 1.58 | 0.66 | 0.31 | 0.79 | 2.36 | 3.07 | 2.03 | 1.26 | 2.83 |
| EPS, diluted | 1.39 | 1.57 | 0.66 | 0.30 | 0.78 | 2.33 | 3.05 | 2.02 | 1.26 | 2.81 |
| Shares, diluted (wtd. avg.) | $679.5M | $608.8M | $518.7M | $465.2M | $426.8M | $417.4M | $403.8M | $375.2M | $369.0M | $360.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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