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Welltower (WELL) stock

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NYSE: WELL NYSE Health Care REITs Next results ~February 9, 2027

C Fundamentals grade

Welltower is a US-listed company in the health care REITs industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$93

Valuation models combined (2)

Base case. Range ~$59–$110. Weighted average of 2 models (funds-from-operations model, dividend discount (growing dividend)), the funds-from-operations model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

Welltower valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Welltower files

10-Q filed October 27: Welltower

Model value +12.7%

Revenue for the twelve months to September 2026 was $13.8bn, up 39.2% on a year earlier, faster than the 37.6% growth a quarter earlier. That growth ranks 3 of 16 among the health care reits companies we cover. The diluted share count is up 10.9% on a year earlier, which dilutes existing holders. Its fundamentals grade moves from C+ to C. Our model value rises from $80.62 to $90.89 a share, against a share price of $237.

Source: 10-Q filed October 27, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 28: Welltower

Welltower posted revenue of $13.8bn for the twelve months to June 2026, a rise of 39.2% on the prior year. That pace quickened from the 37.6% growth reported a quarter earlier, and it ranks first of the eight health care REITs we cover. Set against this, the diluted share count has climbed 10.9% over the year, which dilutes existing holders. The fundamentals grade edges up from C to C+ on the back of these figures. Our model value is little changed at $80.62 a share. With the stock trading at $228, that leaves a wide gap between price and estimated worth. On balance, the rating stays Sell.

10-Q on SEC EDGAR

Where Welltower stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $12.8bn, up 37.6% on a year earlier, about the same pace as a quarter earlier. That growth ranks 68 of 931 among all the companies we cover. The diluted share count is up 11.1% on a year earlier, which dilutes existing holders. Our valuation models combined value is $81.53 a share, against a share price of $239.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 9, 2027 (estimated)

Welltower's trailing-twelve-month revenue grew 39.2% year on year, with a free-cash-flow margin of 15.1%. Where it stands out: long-term debt as % of assets of 24.6% ranks 2 of 14 health care reits companies we cover. Where it lags: stock pay as % of revenue of 11.4% ranks 16 of 16 health care reits companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 20.1% while net income grew 73.5%: a 53pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 39.2% over the last 12 months, against a median of 15.0% for health care reits companies we cover.

Things to watch

  • Share dilution. Diluted shares rose 10.9% in a year.
  • High earnings multiple. The shares trade at 105 times the last 12 months' earnings, so expectations are demanding.
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 11.4% ranks 16 of 16 health care reits companies we cover (median 1.8%).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results: FY2026 Q3

Filed October 27, 2026
Earnings per share
$0.67 against an average estimate of $0.71: missed by 6.1%
Revenue
$3.72bn, up 38.4% on a year earlier
Share reaction
-4.5% in the first session after the results on October 26, 2026, against +1.3% for the S&P 500
Guidance given
net income attributable to common stockholders per diluted share $3.11 to $3.19 (2026); normalized FFO attributable to common stockholders per diluted share $6.36 to $6.44 (full year 2026)
Next report
October 26, 2026; average EPS estimate $0.67

Welltower's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.9%
  • 1 week-0.7%
  • 1 month+5.0%
  • This year+30.2%
  • 1 year+34.0%
  • 5 years+225.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$13.8B
Net margin
12.1%
EPS (TTM, diluted)
$2.28

Growth

Revenue growth
+39.2%
Change in growth rate
+1.6 pts
Share count change
+10.9%

Earnings

Last results
October 26, 2026
Next results (est.)
February 9, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Our research
  3. Our research
  4. Announcement
  5. Results
  6. Announcement
  7. Results
  8. Guidance
  9. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Welltower valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value Welltower as an equity reit, with every model that fits that kind of business. Cost of equity 7.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.6 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. ~$110 ~$93–$140 Primary model, counts double
Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. ~$2.1 ~$50–$100 Left out: out of range vs price (0.01x)
Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. ~$59 ~$50–$74 Included
Combined value Weighted average of the models that apply: the primary model (funds-from-operations model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$93 ~$59–$110 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Welltower with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

50 /100

Moderate moat

How hard Welltower's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 1.8% of total assets over 10 years.

  • Pricing power 13 / 20

    Gross margin has been a median 40.2%, moving by 2.7 percentage points (standard deviation) across 8 years.

  • Durability 7 / 20

    Net margin has been a median 12.0%; its worst year was 3.6%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 20.2% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 73.6% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.88 — $14.5bn +34%
Next $3.20 +11% $16.8bn +16%

Next year's EPS estimate has moved −4.8% in 90 days, across 2 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −4.3% on 90 days ago. In the last 30 days, 0 analysts raised Welltower's forecast and 0 cut it.

Consensus EPS forecast Welltower, last 90 days
$2.80 $3.00 $3.20 $3.40 90 days ago 60 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.01 Current fiscal year, 60 days ago: $3.01 Current fiscal year, 7 days ago: $2.88 Current fiscal year, Now: $2.88 $2.88 Next fiscal year, 90 days ago: $3.36 Next fiscal year, 60 days ago: $3.36 Next fiscal year, 30 days ago: $3.13 Next fiscal year, 7 days ago: $3.20 Next fiscal year, Now: $3.20 $3.20

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.01$3.36
60 days ago $3.01$3.36
7 days ago $2.88$3.13
Now $2.88$3.20

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.71 $0.67 −6.1%
Jun 2026 $0.65 $0.54 −16.9%
Mar 2026 $0.50 $0.55 +9.4%
Dec 2025 $0.59 $0.55 −7.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 27, 2026
  • Net income attributable to common stockholders per diluted share 2026 $3.11 to $3.19 GAAP Lowered
    “Net income attributable to common stockholders guidance has been revised to a range of $3.11 to $3.19 per diluted share from the previous range of $3.24 to $3.38.” source
  • Normalized FFO attributable to common stockholders per diluted share full year 2026 $6.36 to $6.44 Non-GAAP Raised
    “We also increased the guidance range of full year normalized FFO attributable to common stockholders to a range of $6.36 to $6.44 per diluted share from the previous range of $6.21 to $6.35.” source
  • Average blended Same Store NOI growth 2026 13.75% growth to 16% growth Non-GAAP
    “We expect average blended SSNOI growth of 13.75% to 16.00%, which is comprised of the following components:” source
  • Same Store NOI growth · Seniors Housing Operating 2026 18.5% growth to 21.5% growth Non-GAAP
    “Seniors Housing Operating approximately 18.5% to 21.5%” source
  • Same Store NOI growth · Seniors Housing Triple-net 2026 3.5% growth to 4.5% growth Non-GAAP
    “Seniors Housing Triple-net approximately 3.5% to 4.5%” source
  • Same Store NOI growth · Outpatient Medical 2026 2% growth to 3% growth Non-GAAP
    “Outpatient Medical approximately 2.0% to 3.0%” source
Show 5 more items
  • Same Store NOI growth · Long-Term/Post-Acute Care 2026 2% growth to 3% growth Non-GAAP
    “Long-Term/Post-Acute Care approximately 2.0% to 3.0%” source
  • General and administrative expenses 2026 $265m to $270m
    “We anticipate general and administrative expenses to be approximately $265 million to $270 million and stock-based compensation expense to be approximately $60 million.” source
  • Stock-based compensation expense 2026 about $60m
    “We anticipate general and administrative expenses to be approximately $265 million to $270 million and stock-based compensation expense to be approximately $60 million.” source
  • Pro rata disposition proceeds next twelve months about $1.1bn
    “We expect pro rata disposition proceeds of $1.1 billion at a blended yield of 6.8% in the next twelve months.” source
  • Blended yield on dispositions next twelve months about 6.8%
    “We expect pro rata disposition proceeds of $1.1 billion at a blended yield of 6.8% in the next twelve months.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

22 analysts, Oct 2026
Buy1882%
Hold418%
Sell00%

Monthly trend

  1. Oct 2026612422
  2. Sep 2026612422
  3. Aug 2026512522
  4. Jul 2026512422

Counts of recommendations published by analysts covering Welltower, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.6%
of tradable shares
Days to cover
6.01
at average volume
Short interest, 1 month
−5%
to October 15, 2026
Held by institutions
99%
of shares
Held by insiders
0.1%
of shares
Employees
712
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +34.0%

$178.41 on October 31, 2025 to $239.00

ThenNowEffect
Revenue (last 12 months) $9.3bn $12.8bn +37.6%
Net margin 12.2% 12.1% −0.2%
P/E multiple 101.7x 110.2x +8.4%
Share count 644m 715m −10.0%

Biggest factor: revenue.

Last 3 years +186.5%

$83.42 on November 3, 2023 to $239.00

ThenNowEffect
Revenue (last 12 months) $6.2bn $12.8bn +105.2%
Net margin 1.9% 12.1% +539.1%
P/E multiple n/m 110.2x −68.0%
Share count 488m 715m −31.8%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
WELL+37%−21%+42%+43%+50%+30%
Industry peers (median)+4%−15%+2%+12%+17%+11%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
WELL67%33%67%83%67%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
WELL−10%−41%−15%−11%−13%−12%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 63% from September 4, 2019 to March 18, 2020. Getting back needed a 173% gain, reached on July 9, 2021, 478 days after the low.

Price behaviour

52-week range
$179.67 – $251.12
From 52-week high
−4.8%
vs 50-day average
+2.4%
vs 200-day average
+9.7%
Volatility (1 year)
23%
Beta vs S&P 500
-0.09

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
10 up, 2 down
typical move ±3.2%
After a week
11 up, 1 down
typical move ±3.7%
After a month
10 up, 1 down
typical move ±5.8%
Results releasedNext dayS&P 500 next day5 days21 days
October 26, 2026 −4.5% +1.3% +0.7% —
July 27, 2026 −3.4% +0.3% −7.5% −4.0%
April 28, 2026 +1.0% −0.5% +2.0% +0.5%
February 10, 2026 +5.4% −0.3% +5.7% +4.9%
October 27, 2025 +1.0% +1.4% +2.5% +15.4%
July 28, 2025 +2.7% −0.3% +4.5% +3.1%
April 28, 2025 +3.1% +0.7% +2.7% +3.7%
February 11, 2025 +2.4% −0.2% +4.6% +2.4%
October 28, 2024 +5.5% +0.5% +3.2% +7.3%
July 29, 2024 +2.2% −0.4% +1.1% +10.2%
April 29, 2024 +1.0% −1.2% +2.6% +7.3%
February 13, 2024 +6.6% −0.5% +7.7% +5.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Welltower in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Welltower
$6B $8B $10B $12B $14B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $6.6B Revenue (TTM), FY24 Q1: $6.9B Revenue (TTM), FY24 Q2: $7.1B Revenue (TTM), FY24 Q3: $7.5B Revenue (TTM), FY24 Q4: $8B Revenue (TTM), FY25 Q1: $8.6B Revenue (TTM), FY25 Q2: $9.3B Revenue (TTM), FY25 Q3: $9.9B Revenue (TTM), FY25 Q4: $10.8B Revenue (TTM), FY26 Q1: $11.8B Revenue (TTM), FY26 Q2: $12.8B Revenue (TTM), FY26 Q3: $13.8B $13.8B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $6.6B
FY24 Q1 $6.9B
FY24 Q2 $7.1B
FY24 Q3 $7.5B
FY24 Q4 $8B
FY25 Q1 $8.6B
FY25 Q2 $9.3B
FY25 Q3 $9.9B
FY25 Q4 $10.8B
FY26 Q1 $11.8B
FY26 Q2 $12.8B
FY26 Q3 $13.8B
Revenue growth, TTM YoY Welltower
0% 10% 20% 30% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 13.3% Revenue growth, TTM YoY, FY24 Q1: 15.1% Revenue growth, TTM YoY, FY24 Q2: 14.1% Revenue growth, TTM YoY, FY24 Q3: 16.9% Revenue growth, TTM YoY, FY24 Q4: 20.4% Revenue growth, TTM YoY, FY25 Q1: 23.3% Revenue growth, TTM YoY, FY25 Q2: 30.7% Revenue growth, TTM YoY, FY25 Q3: 32.3% Revenue growth, TTM YoY, FY25 Q4: 35.6% Revenue growth, TTM YoY, FY26 Q1: 37.6% Revenue growth, TTM YoY, FY26 Q2: 37.6% Revenue growth, TTM YoY, FY26 Q3: 39.2% 39.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 13.3%
FY24 Q1 15.1%
FY24 Q2 14.1%
FY24 Q3 16.9%
FY24 Q4 20.4%
FY25 Q1 23.3%
FY25 Q2 30.7%
FY25 Q3 32.3%
FY25 Q4 35.6%
FY26 Q1 37.6%
FY26 Q2 37.6%
FY26 Q3 39.2%
FCF margin (TTM) Welltower
15% 16% 17% 18% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 16.3% FCF margin (TTM), FY24 Q1: 15.5% FCF margin (TTM), FY24 Q2: 17.1% FCF margin (TTM), FY24 Q3: 18.0% FCF margin (TTM), FY24 Q4: 17.5% FCF margin (TTM), FY25 Q1: 17.3% FCF margin (TTM), FY25 Q2: 17.0% FCF margin (TTM), FY25 Q3: 17.5% FCF margin (TTM), FY25 Q4: 16.9% FCF margin (TTM), FY26 Q1: 15.9% FCF margin (TTM), FY26 Q2: 15.8% FCF margin (TTM), FY26 Q3: 15.1% 15.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 16.3%
FY24 Q1 15.5%
FY24 Q2 17.1%
FY24 Q3 18.0%
FY24 Q4 17.5%
FY25 Q1 17.3%
FY25 Q2 17.0%
FY25 Q3 17.5%
FY25 Q4 16.9%
FY26 Q1 15.9%
FY26 Q2 15.8%
FY26 Q3 15.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 0.5 0.6 1.3 1.8 2.9 3.3 3.9 4.3 4.3 4.7 5.1 4.6 4.7 5.9 6.6 8.0 10.8 13.8
Gross profit — — — — — — — — 2.2 2.3 2.4 2.0 2.0 2.3 2.7 3.2 4.3 5.4
Net income 0.2 0.1 0.2 0.2 0.1 0.4 0.8 1.0 0.5 0.8 1.2 1.0 0.3 0.1 0.3 1.0 0.9 1.7
Diluted EPS $1.49 $0.83 $0.90 $0.98 $0.28 $1.45 $2.34 $2.81 $1.26 $2.02 $3.05 $2.33 $0.78 $0.30 $0.66 $1.57 $1.39 $2.28
Growth (year on year)
Revenue +3.7% +10.6% +127.0% +37.5% +59.6% +16.1% +15.4% +10.9% +0.8% +8.9% +9.0% −10.1% +3.0% +23.6% +13.3% +20.4% +35.6% +39.2%
Net income −31.8% −33.5% +69.3% +2.0% −64.5% +467.6% +83.2% +23.7% −54.2% +63.6% +62.5% −20.6% −65.7% −58.0% +140.8% +179.8% −1.6% +73.5%
Diluted EPS −46.0% −44.3% +8.4% +8.9% −71.4% +417.9% +61.4% +20.1% −55.2% +60.3% +51.0% −23.6% −66.5% −61.5% +120.0% +137.9% −11.5% +56.5%
Margins
Gross margin — — — — — — — — 51.7% 48.2% 47.5% 43.6% 41.5% 39.3% 40.5% 39.6% 40.1% 39.2%
Net margin 36.9% 22.2% 16.6% 12.3% 2.7% 13.4% 21.2% 23.6% 10.7% 16.1% 24.1% 21.3% 7.1% 2.4% 5.1% 11.9% 8.6% 12.1%
Free-cash-flow margin — — 51.6% 37.8% 29.6% 30.1% 31.0% 33.2% 27.4% 28.0% 23.6% 24.3% 20.9% 14.5% 16.3% 17.5% 16.9% 15.1%
Cash flow
Cash from operations 0.4 0.4 0.6 0.8 1.0 1.1 1.4 1.6 1.4 1.6 1.5 1.4 1.3 1.3 1.6 2.3 2.9 3.3
Capital spending — — −0.1 0.1 0.1 0.1 0.2 0.2 0.3 0.3 0.3 0.2 0.3 0.5 0.5 0.9 1.1 1.3
Free cash flow — — 0.7 0.7 0.9 1.0 1.2 1.4 1.2 1.3 1.2 1.1 1.0 0.9 1.1 1.4 1.8 2.1
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 1.6 1.6
Free cash flow after stock pay — — 0.7 0.7 0.8 1.0 1.2 1.4 1.2 1.3 1.2 1.1 1.0 0.8 1.0 1.3 0.3 0.5
Balance sheet
Cash 0.0 0.1 0.2 1.0 0.2 0.6 0.4 0.6 0.2 0.2 0.3 1.5 0.3 0.6 2.0 3.5 5.0 2.3
Total debt 2.3 4.2 6.6 8.5 10.4 10.8 12.1 11.7 11.0 12.2 13.4 13.8 13.9 14.7 15.9 15.8 19.4 18.3
Net debt (negative = net cash) 2.2 4.1 6.4 7.4 10.3 10.2 11.7 11.1 10.8 12.0 13.1 12.3 13.6 14.1 13.9 12.3 14.3 16.0
Diluted shares 115m 128m 174m 226m 279m 308m 349m 360m 369m 375m 404m 417m 427m 465m 519m 609m 680m 732m
Returned to shareholders
Dividends 0.3 0.3 0.5 0.7 0.8 1.0 1.1 1.2 1.3 1.3 1.4 1.1 1.0 1.1 1.3 1.5 1.9 2.2
Buybacks — — — — — — — — — 0.0 0.0 0.0 0.0 0.0 — — — —
Total returned 0.3 0.3 0.5 0.7 0.8 1.0 1.1 1.2 1.3 1.3 1.4 1.1 1.0 1.1 1.3 1.5 1.9 2.2

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

Dividends (TTM)
$2.2B
Returned to shareholders
104%
of free cash flow
Diluted share count
+10.9%
year over year
Total shareholder yield
1.2%
dividends 1.2% + buybacks 0.0% of market value
Dividend payout ratio
130%
of net income paid out
Sales & admin spending
12.8%
of revenue

Competitors: side by side with peers

Closest by revenue in health care reits
Last 12 months unless stated WELL VTR DOC AHR DHC OHI Median
Revenue, last 12 months $13.8bn $6.8bn $2.9bn $2.5bn $1.5bn $1.3bn $919m
Revenue growth, last 12 months 39.2% 22.1% 5.5% 16.4% −3.8% 15.0% 15.0%
Revenue growth, 3-year average 29.1% 15.7% 11.7% 15.4% 2.2% 14.6% 12.0%
Revenue growth, latest quarter 38.4% 23.0% 11.1% 24.3% −5.4% 16.2% 11.1%
Gross margin 39.2% — 60.1% 21.2% — — 60.1%
Operating margin — — — 19.2% 24.9% 43.5% 35.3%
Operating margin, 3-year average — — — 17.8% 27.4% 53.9% 35.7%
Net margin 12.1% 3.9% 8.2% 4.8% −10.3% 67.0% 7.8%
Cash from operations / revenue 24.1% 28.2% 41.7% 14.5% 3.7% 69.5% 41.7%
Free-cash-flow margin 15.1% 4.8% 4.5% 4.7% −4.4% 63.6% 15.1%
Free-cash-flow margin, 3-year average 16.8% 1.9% 4.4% 1.6% −7.6% 66.1% 19.1%
Stock pay / revenue 11.4% 0.6% 0.7% 0.8% 0.1% 4.1% 1.6%
Change in share count 10.9% 10.5% −0.7% 20.6% 0.3% 7.9% 6.1%

Median of all 17 companies we cover in health care reits. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

17 health care reits companies
Measure Company Peer median Rank
Revenue growth Growth 39.2% 15.0% 3 of 17
Change in growth rate Growth +1.6pp +1.1pp 7 of 17
Net margin Profitability 12.1% 7.8% 7 of 17
Stock pay as % of revenue Cash generation 11.4% 1.8% 16 of 16
Long-term debt as % of assets Balance sheet 24.6% 47.4% 2 of 14
Change in share count Balance sheet 10.9% 6.1% 13 of 17

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $7.9B 73.2% ▲ 20.9%
United Kingdom $2.2B 20.0% ▲ 148.4%
Canada $734M 6.8% ▲ 32.4%

From Welltower's 10-K filed February 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$161B
Institutions reporting
1,584
Shares held vs prior quarter
▲ 5.0%
Positions opened / closed
179 / 80

Top buyers and sellers, Q2 2026: 848 institutions bought and 556 sold ; the biggest buyer was Capital World Investors (+7.3M shares) and the biggest seller FMR LLC (−2.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $17.7B 78.0M 11.0% ▲ 5.5%
Vanguard Capital Management LLC $10.5B 46.1M 6.5% ▲ 1.7%
Vanguard Portfolio Management LLC $9.9B 43.4M 6.1% ▲ 3.8%
State Street Corp $9.6B 42.1M 6.0% ▲ 1.4%
Capital International Investors $9B 39.5M 5.6% ▲ 10.3%
Cohen & Steers, Inc. $8.4B 36.8M 5.2% ▲ 2.7%
Capital World Investors $4.5B 20.0M 2.8% ▲ 57.4%
Bank Of America Corp $4.4B 19.5M 2.8% ▼ 10.4%
FMR LLC $4.4B 19.5M 2.7% ▼ 12.3%
Price T Rowe Associates Inc $4.2B 18.5M 2.6% ▲ 7.4%
Norges Bank $4.1B 18.1M 2.6% —
Geode Capital Management, LLC $4B 17.7M 2.5% ▼ 0.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Welltower's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $1.2M 2 trades by 1 insider, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $1.2M net buying
Insider Date Trade Shares Price Value
Gundlach Andrew Director August 26, 2026 Buy 2,500 $242.06 $605,150
Gundlach Andrew Director August 25, 2026 Buy 2,500 $239.47 $598,675

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 14 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 0 sales of Welltower shares.

  • Jonathan L. Jackson(D-IL 1):Purchase, $1,001 - $15,000, traded February 11, 2026, filed March 12, 2026
  • Jefferson Shreve(R-IN 6):Sale (full), $50,001 - $100,000, traded May 12, 2025, filed June 22, 2025
  • Julia Letlow(R-LA 5):Purchase, $1,001 - $15,000, traded October 23, 2024, filed January 13, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 9, 2027 estimated from the company's past filing pattern, not announced

  • October 26, 2026
  • July 27, 2026
  • April 28, 2026
  • February 10, 2026
  • October 27, 2025
  • July 28, 2025

Recent SEC filings

Data status

When each part of this page on Welltower was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Welltower in brief

What does Welltower do?
Welltower is a US-listed company in the health care REITs industry. Its financial year ends in December.
What is Welltower's stock ticker?
Welltower trades under the ticker WELL on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Welltower's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Welltower reported revenue of $13.8B, 39.2% higher than a year earlier, according to its SEC filings.
What is Welltower's free cash flow?
Welltower's free-cash-flow margin is 15.1% of revenue over the trailing twelve months.
Who are Welltower's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Welltower's market cap?
On November 2, 2026, Welltower's market capitalisation was about $175B, with a price-to-earnings ratio of 105.0 and net debt of $16B. Market figures come from third-party market data and may be delayed.
Does Welltower pay a dividend?
Yes: Welltower paid $2.2B in dividends over the trailing twelve months, a dividend yield of 1.24% and a payout ratio of 130.1%.
Who are Welltower's competitors?
In our Health Care REITs peer group, the companies closest to Welltower are Ventas, Healthpeak Properties, American Healthcare Reit, Inc., Diversified Healthcare Trust and Omega Healthcare Investors Inc. The side-by-side comparison below sets their revenue, margins and growth against Welltower's.
Are insiders buying or selling Welltower stock?
Over the last 12 months, Welltower's directors and officers reported 2 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Welltower's next earnings date?
Around February 9, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Welltower announces its own schedule.