PerpEquities

Equity

Is Welltower (WELL) tradable as a perp? Not yet

Welltower Inc. is a US-based REIT investing in seniors housing, post-acute care, and outpatient medical facilities across the US, Canada, and the UK.

Not yet listed on any perp exchange

No perpetual-futures venue lists WELL yet. We track it continuously; as soon as the first listing appears, this page becomes a full market page. Until then: fundamentals below and tradable alternatives.

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Company data

Company fundamentals

Updated 2h ago
Market cap
$164.9B
Updated 2h ago
Revenue
$12.6B
Trailing 12 months
Revenue growth
+33%
Next fiscal year
Profit margin
+10.7%
P/E
118.6
Peer P/E 1.8
Free cash flow
$2.7B
Trailing 12 months
More metrics
Net income
$1.3B
Trailing 12 months
P/S
13.1
Peer P/E
1.8
Similar listed perps
Revenue estimate
$14.2B
Next fiscal year
Earnings
2026-10-26
Revenue est. $3.6B · Updated 2h ago
Dividend
$0.85
2026-08-12

Fundamental detail

Annual + quarterly
Latest revenue$10.7B
Net margin+8.8%
Free cash flow$2.8B
Net debt$16.3B
2020$4.6B
2021$4.7B
2022$5.8B
2023$6.5B
2024$7.9B
2025$10.7B
PeriodRevenueGrowthNet incomeFCF
2020$4.6B-10%$978.8M$1.3B
2021$4.7B+3%$336.1M$1.3B
2022$5.8B+23%$141.2M$1.3B
2023$6.5B+12%$340.1M$1.6B
2024$7.9B+21%$951.7M$2.2B
2025$10.7B+36%$936.8M$2.8B
PeriodGross marginOperating marginNet marginROEROA
2020+43.4%+15.9%+21.3%+6.1%+3.0%
2021+41.1%+16.2%+7.1%+1.9%+1.0%
2022+38.4%+12.9%+2.4%+0.7%+0.4%
2023+39.1%+14.5%+5.2%+1.3%+0.8%
2024+38.5%+14.6%+12.1%+3.0%+1.9%
2025+39.2%+3.3%+8.8%+2.2%+1.4%
PeriodCashDebtNet debtCurrent ratio
2020$1.5B$14.2B$12.7B5.52
2021$269.3M$14.7B$14.4B1.93
2022$631.7M$15B$14.3B2.63
2023$2B$16.1B$14.1B4.51
2024$3.5B$16.8B$13.3B5.28
2025$5B$21.4B$16.3B5.34
PeriodMarket capEnterprise valueP/SP/E
2020$26.8B$39.5B5.927.4
2021$36.5B$50.9B7.7108.6
2022$30.3B$44.6B5.2211.5
2023$46.5B$60.6B7.2136.6
2024$76B$89.2B9.779.8
2025$123.5B$139.9B11.6131.6
Q3 2024$2B
Q4 2024$2.2B
Q1 2025$2.4B
Q2 2025$2.5B
Q3 2025$2.6B
Q4 2025$3.1B
Q1 2026$3.3B
Q2 2026$3.5B
PeriodRevenueGrowthNet incomeFCF
Q3 2024$2B+24%$449.8M$669.3M
Q4 2024$2.2B+29%$120M$545.1M
Q1 2025$2.4B+30%$258M$587.4M
Q2 2025$2.5B+40%$301.9M$761.4M
Q3 2025$2.6B+31%$280.6M$852.2M
Q4 2025$3.1B+41%$96.4M$646.9M
Q1 2026$3.3B+38%$728.7M$281.7M
Q2 2026$3.5B+41%$240.3M$881.2M
PeriodGross marginOperating marginNet marginROEROA
Q3 2024+39.7%+15.5%+22.4%+1.5%+0.9%
Q4 2024+36.5%+12.7%+5.4%+0.4%+0.2%
Q1 2025+38.8%+15.8%+10.8%+0.8%+0.5%
Q2 2025+39.8%+17.6%+12.0%+0.8%+0.5%
Q3 2025+40.0%+18.1%+10.7%+0.7%+0.5%
Q4 2025+38.3%-30.1%+3.1%+0.2%+0.1%
Q1 2026+37.8%+16.9%+22.0%+1.7%+1.1%
Q2 2026+39.3%+16.6%+6.8%+0.5%+0.3%
PeriodCashDebtNet debtCurrent ratio
Q3 2024$3.6B$16.2B$12.6B4.10
Q4 2024$3.5B$16.8B$13.3B5.28
Q1 2025$3.5B$17B$13.5B4.23
Q2 2025$4.4B$17.3B$12.9B4.19
Q3 2025$6.8B$18.2B$11.4B5.47
Q4 2025$5B$21.4B$16.3B5.34
Q1 2026$4.7B$20B$15.3B4.33
Q2 2026$2B$19.7B$17.8B0.84
PeriodMarket capEnterprise valueP/SP/E
Q3 2024$78.3B$90.9B38.943.3
Q4 2024$78.9B$92.1B35.5165.8
Q1 2025$98.6B$112.1B41.395.8
Q2 2025$100.9B$113.8B40.183.5
Q3 2025$119.8B$131.1B45.6108.6
Q4 2025$128B$144.3B40.8331.4
Q1 2026$138.4B$153.6B41.947.5
Q2 2026$160B$177.7B45.1166.9

Refreshed 2h ago

Charts: revenue, profit, cash flow & valuation
Revenue$3.5BQ2 2026
$886.1M$1.8B$2.7B$3.5BQ3 2023: $1.6BQ4 2023: $1.7BQ1 2024: $1.8BQ2 2024: $1.8BQ3 2024: $2BQ4 2024: $2.2BQ1 2025: $2.4BQ2 2025: $2.5BQ3 2025: $2.6BQ4 2025: $3.1BQ1 2026: $3.3BQ2 2026: $3.5BQ3 2023Q2 2026
Net income$240.3MQ2 2026
$182.2M$364.3M$546.5M$728.7MQ3 2023: $127.5MQ4 2023: $83.9MQ1 2024: $127.1MQ2 2024: $254.7MQ3 2024: $449.8MQ4 2024: $120MQ1 2025: $258MQ2 2025: $301.9MQ3 2025: $280.6MQ4 2025: $96.4MQ1 2026: $728.7MQ2 2026: $240.3MQ3 2023Q2 2026
EBITDA$1.3BQ2 2026
-$12.8M$433.8M$880.4M$1.3BQ3 2023: $578.8MQ4 2023: $634.3MQ1 2024: $667.2MQ2 2024: $620.9MQ3 2024: $741.9MQ4 2024: $748.3MQ1 2025: $843.3MQ2 2025: $947.7MQ3 2025: $978.8MQ4 2025: -$459.4MQ1 2026: $1.2BQ2 2026: $1.3BQ3 2023Q2 2026
Free cash flow$881.2MQ2 2026
$220.3M$440.6M$660.9M$881.2MQ3 2023: $425.1MQ4 2023: $356MQ1 2024: $393MQ2 2024: $590.9MQ3 2024: $669.3MQ4 2024: $545.1MQ1 2025: $587.4MQ2 2025: $761.4MQ3 2025: $852.2MQ4 2025: $646.9MQ1 2026: $281.7MQ2 2026: $881.2MQ3 2023Q2 2026
EPS$0.33Q2 2026
$0.26$0.51$0.77$1.02Q3 2023: $0.24Q4 2023: $0.15Q1 2024: $0.22Q2 2024: $0.42Q3 2024: $0.73Q4 2024: $0.19Q1 2025: $0.4Q2 2025: $0.45Q3 2025: $0.4Q4 2025: $0.14Q1 2026: $1.02Q2 2026: $0.33Q3 2023Q2 2026
Cash / Debt$2BQ2 2026
$5.3B$10.7B$16B$21.4BQ3 2023 · Cash: $2.6BQ3 2023 · Debt: $16.2BQ4 2023 · Cash: $2BQ4 2023 · Debt: $16.1BQ1 2024 · Cash: $2.4BQ1 2024 · Debt: $14.6BQ2 2024 · Cash: $2.8BQ2 2024 · Debt: $14.3BQ3 2024 · Cash: $3.6BQ3 2024 · Debt: $16.2BQ4 2024 · Cash: $3.5BQ4 2024 · Debt: $16.8BQ1 2025 · Cash: $3.5BQ1 2025 · Debt: $17BQ2 2025 · Cash: $4.4BQ2 2025 · Debt: $17.3BQ3 2025 · Cash: $6.8BQ3 2025 · Debt: $18.2BQ4 2025 · Cash: $5BQ4 2025 · Debt: $21.4BQ1 2026 · Cash: $4.7BQ1 2026 · Debt: $20BQ2 2026 · Cash: $2BQ2 2026 · Debt: $19.7BQ3 2023Q2 2026
CashDebt
Profitability+39.3%Q2 2026
-12.6%+5.0%+22.5%+40.1%Q3 2023 · Gross margin: +38.8%Q4 2023 · Gross margin: +39.7%Q1 2024 · Gross margin: +40.1%Q2 2024 · Gross margin: +38.0%Q3 2024 · Gross margin: +39.7%Q4 2024 · Gross margin: +36.5%Q1 2025 · Gross margin: +38.8%Q2 2025 · Gross margin: +39.8%Q3 2025 · Gross margin: +40.0%Q4 2025 · Gross margin: +38.3%Q1 2026 · Gross margin: +37.8%Q2 2026 · Gross margin: +39.3%Q3 2023 · Operating margin: +14.9%Q4 2023 · Operating margin: +14.8%Q1 2024 · Operating margin: +17.1%Q2 2024 · Operating margin: +13.3%Q3 2024 · Operating margin: +15.5%Q4 2024 · Operating margin: +12.7%Q1 2025 · Operating margin: +15.8%Q2 2025 · Operating margin: +17.6%Q3 2025 · Operating margin: +18.1%Q4 2025 · Operating margin: -30.1%Q1 2026 · Operating margin: +16.9%Q2 2026 · Operating margin: +16.6%Q3 2023 · Net margin: +7.8%Q4 2023 · Net margin: +4.9%Q1 2024 · Net margin: +6.9%Q2 2024 · Net margin: +14.2%Q3 2024 · Net margin: +22.4%Q4 2024 · Net margin: +5.4%Q1 2025 · Net margin: +10.8%Q2 2025 · Net margin: +12.0%Q3 2025 · Net margin: +10.7%Q4 2025 · Net margin: +3.1%Q1 2026 · Net margin: +22.0%Q2 2026 · Net margin: +6.8%Q3 2023Q2 2026
Gross marginOperating marginNet margin
Revenue growth+40.9%Q2 2026
+10.3%+20.6%+30.9%+41.2%Q3 2024: +23.6%Q4 2024: +29.2%Q1 2025: +30.5%Q2 2025: +40.4%Q3 2025: +30.7%Q4 2025: +41.2%Q1 2026: +38.4%Q2 2026: +40.9%Q3 2023Q2 2026
Shares outstanding732.1MQ2 2026
183M366.1M549.1M732.1MQ3 2023: 525.1MQ4 2023: 552.4MQ1 2024: 577.5MQ2 2024: 604.6MQ3 2024: 618.3MQ4 2024: 634.3MQ1 2025: 653.8MQ2 2025: 668.1MQ3 2025: 685.4MQ4 2025: 710.2MQ1 2026: 726.3MQ2 2026: 732.1MQ3 2023Q2 2026
Valuation166.9Q2 2026
82.9165.7248.6331.4Q3 2023 · P/E: 85.3Q4 2023 · P/E: 150.3Q1 2024 · P/E: 104.5Q2 2024 · P/E: 61.9Q3 2024 · P/E: 43.3Q4 2024 · P/E: 165.8Q1 2025 · P/E: 95.8Q2 2025 · P/E: 83.5Q3 2025 · P/E: 108.6Q4 2025 · P/E: 331.4Q1 2026 · P/E: 47.5Q2 2026 · P/E: 166.9Q3 2023 · P/S: 26.3Q4 2023 · P/S: 28.8Q1 2024 · P/S: 28.8Q2 2024 · P/S: 34.8Q3 2024 · P/S: 38.9Q4 2024 · P/S: 35.5Q1 2025 · P/S: 41.3Q2 2025 · P/S: 40.1Q3 2025 · P/S: 45.6Q4 2025 · P/S: 40.8Q1 2026 · P/S: 41.9Q2 2026 · P/S: 45.1Q3 2023Q2 2026
P/EP/S
Revenue$10.7B2025
$2.7B$5.3B$8B$10.7B2018: $4.7B2019: $5.1B2020: $4.6B2021: $4.7B2022: $5.8B2023: $6.5B2024: $7.9B2025: $10.7B20182025
Net income$936.8M2025
$308.1M$616.2M$924.3M$1.2B2018: $805M2019: $1.2B2020: $978.8M2021: $336.1M2022: $141.2M2023: $340.1M2024: $951.7M2025: $936.8M20182025
EBITDA$2.3B2025
$694.6M$1.4B$2.1B$2.8B2018: $1.9B2019: $2.1B2020: $1.5B2021: $1.7B2022: $2B2023: $2.4B2024: $2.8B2025: $2.3B20182025
Free cash flow$2.8B2025
$712M$1.4B$2.1B$2.8B2018: $1.6B2019: $1.5B2020: $1.3B2021: $1.3B2022: $1.3B2023: $1.6B2024: $2.2B2025: $2.8B20182025
EPS$1.392025
$0.76$1.53$2.29$3.052018: $2.022019: $3.052020: $2.332021: $0.782022: $0.32023: $0.662024: $1.572025: $1.3920182025
Cash / Debt$5B2025
$5.3B$10.7B$16B$21.4B2018 · Cash: $215.4M2018 · Debt: $13.3B2019 · Cash: $284.9M2019 · Debt: $15.4B2020 · Cash: $1.5B2020 · Debt: $14.2B2021 · Cash: $269.3M2021 · Debt: $14.7B2022 · Cash: $631.7M2022 · Debt: $15B2023 · Cash: $2B2023 · Debt: $16.1B2024 · Cash: $3.5B2024 · Debt: $16.8B2025 · Cash: $5B2025 · Debt: $21.4B20182025
CashDebt
Profitability+39.2%2025
+12.0%+24.0%+35.9%+47.9%2018 · Gross margin: +47.9%2019 · Gross margin: +47.3%2020 · Gross margin: +43.4%2021 · Gross margin: +41.1%2022 · Gross margin: +38.4%2023 · Gross margin: +39.1%2024 · Gross margin: +38.5%2025 · Gross margin: +39.2%2018 · Operating margin: +24.9%2019 · Operating margin: +24.3%2020 · Operating margin: +15.9%2021 · Operating margin: +16.2%2022 · Operating margin: +12.9%2023 · Operating margin: +14.5%2024 · Operating margin: +14.6%2025 · Operating margin: +3.3%2018 · Net margin: +17.2%2019 · Net margin: +24.2%2020 · Net margin: +21.3%2021 · Net margin: +7.1%2022 · Net margin: +2.4%2023 · Net margin: +5.2%2024 · Net margin: +12.1%2025 · Net margin: +8.8%20182025
Gross marginOperating marginNet margin
Revenue growth+35.8%2025
+1.4%+12.9%+24.3%+35.8%2019: +9.2%2020: -10.1%2021: +2.7%2022: +22.6%2023: +12.2%2024: +21.2%2025: +35.8%20182025
Shares outstanding679.5M2025
169.9M339.8M509.6M679.5M2018: 375.3M2019: 403.8M2020: 417.4M2021: 426.8M2022: 465.2M2023: 518.7M2024: 608.8M2025: 679.5M20182025
Valuation131.62025
52.9105.7158.6211.52018 · P/E: 34.22019 · P/E: 26.62020 · P/E: 27.42021 · P/E: 108.62022 · P/E: 211.52023 · P/E: 136.62024 · P/E: 79.82025 · P/E: 131.62018 · P/S: 5.62019 · P/S: 6.42020 · P/S: 5.92021 · P/S: 7.72022 · P/S: 5.22023 · P/S: 7.22024 · P/S: 9.72025 · P/S: 11.620182025
P/EP/S

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 20262.84$14.2B+33%6
FY 20273.25$16.2B+52%6
FY 20284.01$17.9B+68%6
FY 20295.44$18.8B+76%3
FY 20305.80$30B+181%2
Q1 20270.71$3.9B+18%1

Company events

6
2026-10-26EarningsActual - / Estimate 0.64-
2026-08-12Dividend$0.85-
2026-07-27EarningsActual 0.61 / Estimate 0.62Miss
2026-05-13Dividend$0.74-
2026-04-28EarningsActual 1.02 / Estimate 0.68Beat
2026-02-25Dividend$0.74-

Peer comparison

Similar listed perps
NameMarket capP/SP/EProfit marginVenues
AGNC$11.3B3.75.0+72.0%1OPEN$2.5B0.6-1.4-46.7%1

Analyst track record

How the analysts covering WELL have done: ratings, price-target accuracy and the measured reaction after their calls.

12 months3 years
Ratings103282
Analysts2431
Buy / hold / sell95 / 8 / 0230 / 52 / 0
Upgrades / downgrades / initiations1 / 1 / 57 / 4 / 7
Price targets hit / missed46 / 43 (52%)193 / 52 (79%)
Avg. return after a rating (TipRanks)+43.3%+68.8%
Best / worst call+3,700.3% / -38.1%+3,700.3% / -38.1%

After buy calls on this stock: median 21-day move +2.0% vs S&P 500 +1.9% (n = 228)

Most accurate on this stock

Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.

  1. Nicholas YulicoScotiabank100% hit rate on this stock · 24 targets measuredBuytarget $251Sep 2, 2026
  2. Ronald KamdemMorgan Stanley100% hit rate on this stock · 16 targets measuredBuytarget $251Sep 2, 2026
  3. Vikram MalhotraMizuho Securities100% hit rate on this stock · 12 targets measuredBuytarget $260Jul 22, 2026

Latest ratings

DateAnalystCallTarget
Sep 15, 2026Joe DicksteinJefferiesBuyInitiated$275article ↗
Sep 15, 2026Joe DicksteinJefferiesBuyInitiated$275article ↗
Sep 3, 2026Michael MuellerJ.P. MorganHoldMaintained$260article ↗
Sep 3, 2026Michael MuellerJ.P. MorganHoldMaintained$260
Sep 2, 2026Nicholas YulicoScotiabankBuyMaintained$251article ↗
Consensus over the last 12 months buy hold sell avg. target month-end close
Monthly buy, hold and sell shares of analyst ratings with the average price target and the month-end close$180$200$220$240$260Oct 25 · Buy 14 · Hold 2 · Sell 0Oct 25Nov 25 · Buy 15 · Hold 1 · Sell 0Dec 25 · Buy 15 · Hold 2 · Sell 0Dec 25Jan 26 · Buy 16 · Hold 2 · Sell 0Feb 26 · Buy 18 · Hold 1 · Sell 0Feb 26Mar 26 · Buy 17 · Hold 1 · Sell 0Apr 26 · Buy 17 · Hold 1 · Sell 0Apr 26May 26 · Buy 17 · Hold 1 · Sell 0Jun 26 · Buy 18 · Hold 1 · Sell 0Jun 26Jul 26 · Buy 18 · Hold 2 · Sell 0Aug 26 · Buy 17 · Hold 2 · Sell 0Aug 26Sep 26 · Buy 18 · Hold 2 · Sell 0Oct 25 · avg. target $193Nov 25 · avg. target $201Dec 25 · avg. target $203Jan 26 · avg. target $206Feb 26 · avg. target $223Mar 26 · avg. target $230Apr 26 · avg. target $240May 26 · avg. target $245Jun 26 · avg. target $245Jul 26 · avg. target $257Aug 26 · avg. target $248Sep 26 · avg. target $254Oct 25 · month-end close $181Nov 25 · month-end close $208Dec 25 · month-end close $186Jan 26 · month-end close $188Feb 26 · month-end close $207Mar 26 · month-end close $198Apr 26 · month-end close $217May 26 · month-end close $205Jun 26 · month-end close $227Jul 26 · month-end close $234Aug 26 · month-end close $236Sep 26 · month-end close $232

Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.

TipRanks data via FMP · computed Sep 18, 2026 · 103 ratings