NYSE : WELL
Welltower Inc. — Financial statements
Real Estate · REIT - Healthcare Facilities · United States
Last price 237.9 USD (Oct 30, 2026, 9:56 AM EDT) · Market cap 174.53B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 1.93B | 1.97B | 1.57B | 1.56B | 1.45B | 1.37B |
| Other Revenue | 11.58B | 8.62B | 6.16B | 4.85B | 4.26B | 3.23B |
| Total Revenue | 13.79B | 10.84B | 7.99B | 6.57B | 5.86B | 4.74B |
| Property Expenses | 8.39B | 6.49B | 4.83B | 3.95B | 3.56B | 2.68B |
| Selling, General & Administrative | 1.76B | 1.75B | 235.49M | 179.09M | 150.39M | 126.73M |
| Depreciation & Amortization | 2.66B | 2.08B | 1.63B | 1.40B | 1.31B | 1.04B |
| Provision for Loan Losses | 3.34M | 9.42M | -10.12M | -9.81M | -10.32M | -7.27M |
| Total Operating Expenses | 12.80B | 10.31B | 6.71B | 5.54B | 5.03B | 3.85B |
| Operating Income | 990.18M | 526.07M | 1.28B | 1.03B | 830.77M | 889.28M |
| Interest Expense | -771.07M | -651.96M | -574.26M | -607.85M | -529.52M | -489.85M |
| Income (Loss) on Equity Investments | -45.90M | -14.30M | -496.00K | -53.44M | -21.29M | -22.93M |
| Other Non-Operating Income | -362.94M | -223.61M | -89.57M | -106.22M | -110.00M | -34.41M |
| EBT Excluding Unusual Items | -189.73M | -363.79M | 618.87M | 267.22M | 169.95M | 342.09M |
| Gain (Loss) on Sale of Assets | 2.01B | 1.45B | 451.61M | 133.38M | 16.04M | 235.38M |
| Asset Writedown | -109.98M | -121.28M | -92.79M | -36.10M | -17.50M | -51.11M |
| Other Unusual Items | -12.62M | -9.24M | -2.13M | -7.00K | -680.00K | -143.16M |
| Pretax Income | 1.70B | 954.72M | 975.56M | 364.50M | 167.81M | 383.19M |
| Income Tax Expense | -48.22M | -7.12M | 2.70M | 6.36M | 7.25M | 8.71M |
| Earnings From Continuing Operations | 1.75B | 961.84M | 972.86M | 358.14M | 160.57M | 374.48M |
| Minority Interest in Earnings | -81.19M | -24.99M | -21.18M | -18.05M | -19.35M | -38.34M |
| Net Income | 1.67B | 936.85M | 951.68M | 340.09M | 141.21M | 336.14M |
| Net Income to Common | 1.67B | 936.85M | 951.68M | 340.09M | 141.21M | 336.14M |
| Basic Shares Outstanding | 706.00M | 665.64M | 602.98M | 515.63M | 462.19M | 424.98M |
| Diluted Shares Outstanding | 732.45M | 679.52M | 608.75M | 518.70M | 465.16M | 426.84M |
| EPS (Basic) | 2.36 | 1.41 | 1.58 | 0.66 | 0.31 | 0.79 |
| EPS (Diluted) | 2.32 | 1.39 | 1.57 | 0.66 | 0.30 | 0.78 |
| Dividend Per Share | 3.18 | 2.89 | 2.62 | 2.44 | 2.44 | 2.44 |
| Operating Margin | 7.18% | 4.85% | 16.06% | 15.74% | 14.17% | 18.77% |
| Profit Margin | 12.08% | 8.64% | 11.91% | 5.17% | 2.41% | 7.09% |
| EBITDA | 3.69B | 2.66B | 2.96B | 2.48B | 2.17B | 1.94B |
| EBITDA Margin | 26.78% | 24.59% | 37.08% | 37.70% | 36.99% | 41.00% |
| D&A For Ebitda | 2.70B | 2.14B | 1.68B | 1.44B | 1.34B | 1.05B |
| EBIT | 990.18M | 526.07M | 1.28B | 1.03B | 830.77M | 889.28M |
| EBIT Margin | 7.18% | 4.85% | 16.06% | 15.74% | 14.17% | 18.77% |
| Funds From Operations (FFO) | 2.61B | 1.82B | 2.32B | 1.76B | 1.48B | 1.22B |
| FFO Per Share | 3.56 | 2.68 | 3.82 | 3.40 | 3.18 | 2.86 |
| Adjusted Funds From Operations (AFFO) | 1.82B | 2.32B | 1.76B | 1.48B | 1.22B | |
| AFFO Per Share | 2.68 | 3.82 | 3.40 | 3.18 | 2.86 | |
| FFO Payout Ratio | 83.11% | 103.30% | 66.51% | 71.49% | 76.55% | 84.86% |
| Effective Tax Rate | 0.28% | 1.75% | 4.32% | 2.27% | ||
| Revenue as Reported | 13.79B | 10.84B | 7.99B | 6.64B | 5.86B | 4.74B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 62.05B | 53.25B | 41.16B | 36.54B | 32.66B | 30.59B |
| Cash & Equivalents | 2.27B | 5.03B | 3.51B | 1.99B | 631.68M | 269.26M |
| Accounts Receivable | 497.96M | 172.26M | 322.17M | 365.64M | ||
| Other Receivables | 2.34B | 1.04B | 619.76M | 521.09M | ||
| Investment In Debt and Equity Securities | 1.96B | 1.59B | 1.52B | 1.40B | 1.28B | 875.46M |
| Goodwill | 336.22M | 346.32M | 149.22M | 68.32M | 68.32M | 68.32M |
| Other Intangible Assets | 839.82M | 908.75M | 665.94M | 514.81M | 461.41M | 503.37M |
| Loans Receivable Current | 1.25B | 1.06B | 487.15M | 634.19M | 472.55M | 402.75M |
| Restricted Cash | 141.10M | 175.86M | 204.87M | 82.44M | 90.61M | 77.49M |
| Other Current Assets | 349.32M | 1.49B | 214.15M | 445.77M | 354.85M | 183.21M |
| Other Long-Term Assets | 89.76M | 1.93B | 1.42B | 240.08M | 216.67M | 163.58M |
| Total Assets | 73.71B | 67.30B | 51.04B | 44.01B | 37.89B | 34.91B |
| Current Portion of Long-Term Debt | 93.77M | 2.95B | ||||
| Current Portion of Leases | 34.82M | 146.63M | ||||
| Long-Term Debt | 18.09B | 16.25B | 15.50B | 15.74B | 14.55B | 14.13B |
| Long-Term Leases | 1.93B | 2.04B | 1.26B | 383.23M | 415.82M | 545.94M |
| Accounts Payable | 297.07M | 229.31M | 173.22M | 216.73M | 174.80M | |
| Accrued Expenses | 2.39B | 790.79M | 568.92M | 422.16M | 374.40M | 387.89M |
| Current Income Taxes Payable | 266.38M | 140.70M | 130.01M | 144.02M | 117.01M | |
| Other Current Liabilities | 270.35M | 416.21M | 13.00M | 96.02M | 55.73M | 39.30M |
| Long-Term Unearned Revenue | 501.43M | 430.84M | 374.55M | 432.94M | 335.89M | |
| Other Long-Term Liabilities | 447.92M | 330.59M | 325.71M | 311.51M | 180.66M | |
| Total Liabilities | 23.85B | 24.10B | 18.47B | 17.64B | 16.50B | 15.91B |
| Common Stock | 732.16M | 696.62M | 637.00M | 565.89M | 491.92M | 448.61M |
| Additional Paid-In Capital | 57.55B | 50.90B | 40.02B | 32.74B | 26.74B | 23.13B |
| Distributions in Excess of Earnings | -9.26B | -9.16B | -8.22B | -7.63B | -6.71B | -5.72B |
| Treasury Stock | -26.64M | -14.40M | -114.18M | -111.58M | -111.00M | -107.75M |
| Comprehensive Income & Other | -415.44M | -287.64M | -359.78M | -163.16M | -119.71M | -121.32M |
| Total Common Equity | 48.58B | 42.13B | 31.96B | 25.40B | 20.29B | 17.64B |
| Minority Interest | 1.28B | 1.07B | 616.38M | 967.35M | 1.10B | 1.36B |
| Shareholders' Equity | 49.86B | 43.20B | 32.57B | 26.37B | 21.39B | 19.00B |
| Total Liabilities & Equity | 73.71B | 67.30B | 51.04B | 44.01B | 37.89B | 34.91B |
| Total Debt | 21.19B | 21.38B | 16.76B | 16.12B | 14.96B | 14.68B |
| Net Cash (Debt) | -18.91B | -16.35B | -13.25B | -14.13B | -14.33B | -14.41B |
| Net Cash Per Share | -25.82 | -24.06 | -21.77 | -27.23 | -30.81 | -33.75 |
| Filing Date Shares Outstanding | 733.61M | 697.75M | 641.31M | 568.88M | 490.64M | 447.28M |
| Total Common Shares Outstanding | 732.00M | 696.51M | 635.29M | 564.24M | 490.51M | 447.24M |
| Book Value Per Share | 66.37 | 60.49 | 50.30 | 45.02 | 41.38 | 39.43 |
| Tangible Book Value | 47.41B | 40.87B | 31.14B | 24.82B | 19.77B | 17.06B |
| Tangible Book Value Per Share | 64.76 | 58.68 | 49.02 | 43.99 | 40.30 | 38.15 |
| Land | 7.54B | 6.68B | 5.27B | 4.70B | 4.25B | 3.97B |
| Buildings | 60.99B | 52.06B | 42.21B | 37.80B | 33.65B | 31.06B |
| Construction In Progress | 1.24B | 738.86M | 1.22B | 1.30B | 1.02B | 651.39M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.67B | 936.85M | 951.68M | 340.09M | 141.21M | 336.14M |
| Depreciation & Amortization | 2.70B | 2.14B | 1.68B | 1.44B | 1.34B | 1.05B |
| Gain (Loss) on Sale of Assets | -2.01B | -1.45B | -451.61M | -133.38M | -16.04M | -235.38M |
| Asset Writedown | 109.98M | 121.28M | 92.79M | 36.10M | 17.50M | 51.11M |
| Stock-Based Compensation | 1.57B | 1.56B | 75.82M | 37.20M | 26.15M | 17.81M |
| Income (Loss) on Equity Investments | 73.35M | 36.15M | 20.01M | 65.06M | 33.75M | 39.70M |
| Change in Accounts Receivable | -318.81M | -196.88M | -68.58M | 3.39M | -191.44M | -122.12M |
| Change in Other Net Operating Assets | -203.50M | -83.91M | 26.54M | -79.80M | 50.86M | 77.55M |
| Other Operating Activities | -251.78M | -168.62M | -79.99M | -119.83M | -80.52M | 50.06M |
| Operating Cash Flow | 3.33B | 2.88B | 2.26B | 1.60B | 1.33B | 1.28B |
| Acquisition of Real Estate Assets | -1.75B | -1.52B | -1.74B | -1.58B | -1.14B | -719.90M |
| Sale of Real Estate Assets | 7.76B | 5.66B | 336.52M | 96.74M | 199.50M | 1.07B |
| Net Sale / Acq. of Real Estate Assets | 6.01B | 4.14B | -1.41B | -1.49B | -938.75M | 350.42M |
| Cash Acquisition | -19.58B | -13.91B | -3.53B | -3.56B | -2.31B | -4.08B |
| Investment in Marketable & Equity Securities | -411.43M | -263.38M | -273.20M | -293.87M | -563.06M | -135.84M |
| Other Investing Activities | 17.78M | -2.88M | 20.09M | 31.49M | 63.75M | 7.52M |
| Investing Cash Flow | -15.32B | -10.51B | -5.51B | -5.71B | -3.70B | -4.52B |
| Long-Term Debt Issued | 4.37B | 1.21B | 1.40B | 1.15B | 2.05B | |
| Long-Term Debt Repaid | -1.76B | -1.85B | -741.86M | -782.12M | -1.73B | |
| Net Debt Issued (Repaid) | 612.96M | 2.61B | -635.06M | 655.04M | 371.30M | 320.76M |
| Issuance of Common Stock | 9.57B | 8.90B | 7.42B | 6.01B | 3.67B | 2.35B |
| Common Dividends Paid | -2.17B | -1.88B | -1.55B | -1.26B | -1.13B | -1.04B |
| Total Dividends Paid | -2.17B | -1.88B | -1.55B | -1.26B | -1.13B | -1.04B |
| Other Financing Activities | -540.22M | -633.02M | -330.10M | 44.06M | -146.35M | -65.39M |
| Foreign Exchange Rate Adjustments | -12.32M | 129.39M | -11.72M | 11.03M | -10.63M | -1.01M |
| Net Cash Flow | -4.52B | 1.50B | 1.64B | 1.35B | 375.54M | -1.67B |
| Levered Free Cash Flow | 8.67B | 2.29B | 3.45B | 1.43B | 1.31B | 1.36B |
| Unlevered Free Cash Flow | 9.15B | 2.69B | 3.81B | 1.81B | 1.64B | 1.67B |
| Cash Interest Paid | 762.04M | 579.59M | 593.03M | 628.58M | 531.67M | 492.74M |
| Cash Income Tax Paid | 36.98M | 22.76M | 8.41M | 7.68M | 3.44M | -4.81M |
| Change in Working Capital | -522.30M | -280.78M | -42.04M | -76.41M | -140.58M | -44.56M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 175.33B | 127.39B | 78.48B | 49.91B | 30.97B | 37.33B |
| Enterprise Value | 194.25B | 139.31B | 91.80B | 64.46B | 47.49B | 52.55B |
| Last Close Price | 239.00 | 183.63 | 122.54 | 85.65 | 60.41 | 76.64 |
| Price/FFO Ratio | 64.62 | 68.52 | 32.08 | 25.19 | 19.00 | 26.80 |
| Price/AFFO Ratio | 68.64 | 32.10 | 25.20 | 19.01 | 26.80 | |
| PE Ratio | 102.97 | 135.98 | 82.46 | 146.74 | 219.34 | 111.07 |
| PS Ratio | 12.71 | 11.75 | 9.82 | 7.59 | 5.29 | 7.88 |
| PB Ratio | 3.60 | 2.95 | 2.41 | 1.89 | 1.45 | 1.97 |
| P/OCF Ratio | 52.64 | 44.21 | 34.78 | 31.16 | 23.31 | 29.27 |
| EV/Sales Ratio | 14.08 | 12.85 | 11.49 | 9.81 | 8.10 | 11.09 |
| EV/EBITDA Ratio | 52.58 | 52.28 | 30.98 | 26.02 | 21.91 | 27.05 |
| EV/EBIT Ratio | 196.17 | 264.81 | 71.54 | 62.30 | 57.16 | 59.09 |
| Debt / Equity Ratio | 0.42 | 0.49 | 0.51 | 0.61 | 0.70 | 0.77 |
| Debt / EBITDA Ratio | 5.54 | 7.72 | 5.58 | 6.46 | 6.85 | 7.48 |
| Net Debt / Equity Ratio | 0.38 | 0.38 | 0.41 | 0.54 | 0.67 | 0.76 |
| Net Debt / EBITDA Ratio | 5.12 | 6.13 | 4.47 | 5.70 | 6.61 | 7.42 |
| Asset Turnover | 0.21 | 0.18 | 0.17 | 0.16 | 0.16 | 0.14 |
| Quick Ratio | 1.21 | 1.14 | 3.87 | 3.69 | 1.99 | 1.61 |
| Current Ratio | 1.66 | 1.70 | 4.82 | 5.11 | 3.15 | 2.53 |
| Return on Equity (ROE) | 3.92% | 2.54% | 3.30% | 1.50% | 0.80% | 2.07% |
| Return on Assets (ROA) | 0.93% | 0.56% | 1.69% | 1.58% | 1.43% | 1.65% |
| Return on Invested Capital (ROIC) | 1.43% | 0.92% | 2.79% | 2.58% | 2.27% | 2.67% |
| Earnings Yield | 0.97% | 0.73% | 1.21% | 0.68% | 0.46% | 0.90% |
| Dividend Yield | 1.42% | 1.58% | 2.12% | 2.76% | 3.86% | 2.92% |
| Payout Ratio | 146.48% | 200.46% | 162.37% | 370.66% | 801.29% | 308.18% |
| Buyback Yield / Dilution | -10.89% | -11.63% | -17.36% | -11.51% | -8.98% | -2.27% |
| Total Shareholder Return | -9.47% | -10.05% | -15.24% | -8.75% | -5.11% | 0.66% |