Welltower (WELL) financials
NYSE · Real Estate · REIT - Healthcare Facilities · 712 employees · CEO Shankh S. Mitra
- Price
- $234.61 +0.62%
- Market cap
- $169B
- Enterprise value
- $188B
- Last report
- Q3 '26 filed 2026-10-27
- Next report
- 2027-02-09 EPS est. $0.69
Revenue (TTM)$13.7B+40.5% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)5.4%-10.8 pp vs a year agoOperating income $741M
Net income (TTM)$1.46B+52.2% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$2.26B-17.7% vs a year agoCapex $1.27B
Diluted EPS (TTM)$2.03+41.0% vs a year agoSum of the last 4 quarters
Net cash-$18.9B-66.3% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $169B EV $188B
- Revenue
- $13.7B Trailing 12 months
- Revenue growth
- +34% FY2026 consensus
- Profit margin
- 10.7% Net income / revenue, TTM
- P/E
- 113.3× Forward 82.2× (FY2026)
- P/S
- 12.3× Price / sales, TTM
- EV / EBITDA
- 56.0× TTM
- Free cash flow
- $2.26B Trailing 12 months
- Net income
- $1.46B Trailing 12 months
- Revenue estimate
- $14.3B FY2026 consensus
- Earnings
- 2027-02-09 Revenue est. $3.8B
- Dividend
- $3.07 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-26): revenue beat by 2.0%, EPS missed by 15.8%Revenue $3.72B vs $3.64B expected (+2.0%); EPS $0.54 vs $0.64 (-15.8%).
- Revenue growth accelerating: 41.4% year on yearQ3 '26 revenue $3.72B, against an average of 37.8% over the four quarters before.
- Operating margin 5.4% (TTM), -10.8 pp on a year agoOperating income grew -53.1% while revenue grew 40.5%.
- 54.2% of pre-tax profit is non-operatingPre-tax income $1.62B vs operating income $741M (TTM). Gains on equity stakes and other one-off items lift net income and EPS - operating income is the cleaner measure of the business.
- Capex 9.3% of revenue (a year ago 0.4%)$1.27B invested in the last 4 quarters (+3,035.2% on a year earlier). Free cash flow $2.26B = 154.5% of net income.
- Returned $2.17B to shareholders = 96.0% of free cash flowBuybacks $0 (a year earlier $0), dividends $2.17B, stock-based pay $1.56B (TTM).
- Diluted share count up 10.1% in a year755M diluted shares in Q3 '26, 685M a year earlier.
- Net debt $18.9BCash + short-term investments $2.27B, debt incl. leases $21.2B; a year ago net debt $11.4B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $3.72B | $2.63B | +41.4% |
| Gross margin | 39.6% | 40.0% | -0.4 pp |
| Operating income | $537M | $477M | +12.7% |
| Operating margin | 14.5% | 18.1% | -3.7 pp |
| Net income | $397M | $281M | +41.4% |
| Diluted EPS | $0.54 | $0.40 | +35.0% |
| Operating cash flow | $1B | $858M | +16.9% |
| Capex | $554M | $6.15M | +8,910.4% |
| Free cash flow | $449M | $852M | -47.3% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $22.3M | $15.6M | +42.9% |
Reported vs consensus
2026-10-26| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $3.72B | $3.64B | +2.0% |
| EPS (as estimated) | $0.54 | $0.64 | -15.8% |
From the report of 2026-10-26 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Management Service | $3.12B | +51.4% | 100.0% | – | – | |
| Resident fees and services | – | – | – | – | – | |
| Seniors Housing Operating | – | – | – | – | – | |
| Rental income | – | – | – | – | – | |
| Triple-net | – | – | – | – | – | |
| Non-segment/Corporate | – | – | – | – | – | |
| Interest income | – | – | – | – | – | |
| Outpatient Medical | – | – | – | – | – | |
| Other income | – | – | – | – | – |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $2.26B | +10.7% | 60.9% | $8.52B | +11.8% | |
| United Kingdom | $1.16B | +158.4% | 31.2% | $4.29B | +166.1% | |
| CANADA | $295M | +52.6% | 7.9% | $978M | +45.0% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $3.53B
- Capex
- -$1.27B
- Buybacks
- $0
- Dividends
- -$2.17B
- Acquisitions
- -$19.8B
- Net debt issued
- $614M
- Stock-based compensation
- $1.56B
- Free cash flow
- $2.26B
- Returned to shareholders / FCF
- 96.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 113.3× | 133.6× | 79.8× – 211.5× |
| EV / EBITDA | 56.0× | 33.9× | 21.9× – 60.5× |
| EV / Sales | 13.7× | 10.5× | 7.7× – 13.1× |
| Price / FCF | 74.9× | 32.1× | 23.3× – 43.4× |
| Price / Book | 3.5× | 2.1× | 1.5× – 2.9× |
| FCF yield | 1.3% | 3.3% | 2.3% – 4.3% |
| Return on invested capital | 1.0% | 1.8% | 0.5% – 2.3% |
| Return on equity | 3.2% | 1.8% | 0.7% – 3.0% |
Analysts
Consensus target $259.92 (+10.8%)
range $245.00 – $275.00 · rating Buy
Strong buy1
Buy28
Hold8
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $14.3B | +33.6% | $2.85 | +105.4% | 82.2× | 4 |
| FY2027 | $16.4B | +14.9% | $3.26 | +14.2% | 72.0× | 6 |
| FY2028 | $18.3B | +11.9% | $4.00 | +22.7% | 58.7× | 6 |
| FY2029 | $19.2B | +4.6% | $5.44 | +36.1% | 43.1× | 3 |
| FY2030 | $30B | +56.4% | $5.80 | +6.6% | 40.5× | 2 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 319 figures Welltower Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts and Financing Receivable, after Allowance for Credit Loss | $3.33B | $2.38B | +39.7% | $2.08B | $2.03B | +2.7% |
| Accounts Payable | $297M2025-12-31 | $229M | +29.5% | $297M | $229M | +29.5% |
| Accounts Receivable, after Allowance for Credit Loss | $281M | $609M | -53.8% | $251M | $223M | +12.8% |
| Accounts Receivable, Allowance for Credit Loss | $6.86M | $9.19M | -25.3% | $7.15M | $7.97M | -10.2% |
| Accounts Receivable, before Allowance for Credit Loss | $288M | $618M | -53.4% | $258M | $231M | +12.0% |
| Accrued Liabilities and Other Liabilities | $2.68B | $2.03B | +32.3% | $2.72B | $1.71B | +58.7% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$415M | -$217M | -91.1% | -$288M | -$360M | +20.1% |
| Additional Paid in Capital | $57.5B | $47.1B | +22.3% | $50.9B | $40B | +27.2% |
| Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | -$629M | – | – | $6.76M2015-12-31 | $1.19M | +466.7% |
| Amortization | $10.5M | $14.3M | -26.7% | $56.4M | $47.8M | +18.1% |
| Amortization of above and below Market Leases | -$553K | -$419K | -32.0% | -$2.72M | -$219K | -1,142.5% |
| Asset Impairment Charges | $33.5M | $3.08M | +985.8% | $121M | $92.8M | +30.7% |
| Assets | $73.7B | $59.5B | +23.9% | $67.3B | $51B | +31.9% |
| Below Market Lease, Accumulated Amortization | $6.02M | $55.2M | -89.1% | $18.8M | $52.4M | -64.1% |
| Below Market Lease, Amortization Income, after Year Five | $3.31M2025-12-31 | – | – | $3.31M | – | – |
| Below Market Lease, Amortization Income, Year Five | $606K2025-12-31 | – | – | $606K | – | – |
| Below Market Lease, Amortization Income, Year Four | $625K2025-12-31 | – | – | $625K | – | – |
| Below Market Lease, Amortization Income, Year One | $840K2025-12-31 | – | – | $840K | – | – |
| Below Market Lease, Amortization Income, Year Three | $635K2025-12-31 | – | – | $635K | – | – |
| Below Market Lease, Amortization Income, Year Two | $706K2025-12-31 | – | – | $706K | – | – |
| Below Market Lease, Gross | $11.3M | $71.9M | -84.3% | $25.5M | $70.4M | -63.7% |
| Below Market Lease, Net | $5.27M | $16.7M | -68.5% | $6.72M | $18M | -62.6% |
| Business Acquisition, Pro Forma Earnings Per Share, Diluted | $0.392025-09-30 | – | – | $0.062013-12-31 | -$0.23 | +126.1% |
| Business Acquisition, Pro Forma Net Income (Loss) | $271K2025-09-30 | – | – | $17.1M2013-12-31 | -$50.4M | +133.9% |
| Business Acquisition, Pro Forma Revenue | $3.2M2025-09-30 | – | – | $3.05B2013-12-31 | $2.49B | +22.5% |
| Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $55.1M | $5.62M | +880.2% | $15.2M | $26.5M | -42.5% |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $10.8B | $5.32B | +103.4% | $19.7B | $5.87B | +235.7% |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings | $8.58B | $4.28B | +100.8% | $14.4B | $3.46B | +314.5% |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $121M2025-12-31 | $175M | -30.8% | $121M | $175M | -30.8% |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $516M | $230M | +124.4% | $891M | $442M | +101.4% |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land | $945M | $527M | +79.3% | $2.32B | $483M | +380.8% |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $709M | $522M | +35.9% | $2.45B | $2.03B | +20.3% |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $818M2025-12-31 | $861M | -5.0% | $818M | $861M | -5.0% |
| Cash Acquired from Acquisition | $2M | $691M | -99.7% | $4.71M2023-12-31 | $6.56M | -28.3% |
| Cash and Cash Equivalents, at Carrying Value | $2.27B | $6.81B | -66.6% | $5.03B | $3.51B | +43.5% |
| Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $0 | $0 | – | -$2.56M | -$2.56M | 0.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $2.42B | $6.94B | -65.2% | $5.21B | $3.71B | +40.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $319M | $2.42B | -86.8% | $1.5B | $1.64B | -8.4% |
| Common Stock, Dividends, Per Share, Cash Paid | – | – | – | $2.82 | $2.56 | +10.2% |
| Common Stock, Dividends, Per Share, Declared | $0.85 | $0.74 | +14.9% | – | – | – |
| Common Stock, Par or Stated Value Per Share | $1.00 | $1.00 | 0.0% | $1.00 | $1.00 | 0.0% |
| Common Stock, Shares Authorized | 1.4B | 1.4B | 0.0% | 1.4B | 1.4B | 0.0% |
| Common Stock, Shares, Issued | 732M | 684M | +7.0% | 697M | 637M | +9.4% |
| Common Stock, Shares, Outstanding | 732M | 684M | +7.0% | 697M | 635M | +9.6% |
| Common Stock, Value, Issued | $732M | $684M | +7.0% | $697M | $637M | +9.4% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $18.5M | $483K | +3,734.2% | $24M | $10.1M | +137.7% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $403M | $229M | +75.8% | $1.01B | $802M | +25.8% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $421M | $230M | +83.5% | $1.03B | $812M | +27.2% |
| Contract with Customer, Liability | $501M2025-12-31 | $431M | +16.4% | $501M | $431M | +16.4% |
| Conversion of Stock, Shares Converted | 14.3K | 3,000 | +376.7% | 1.59M | 495K | +222.0% |
| Cost of Goods and Services Sold | $2.25B | $1.58B | +42.4% | $6.49B | $4.83B | +34.3% |
| Cost of Property Repairs and Maintenance | $88.4M | $71.8M | +23.1% | $283M | $212M | +33.2% |
| Costs and Expenses | $3.38B | $2.39B | +41.2% | $11.3B | $7.47B | +51.6% |
| Cumulative Dividends | $21.9B | $19.7B | +11.0% | $20.2B | $18.3B | +10.2% |
| Current Income Tax Expense (Benefit) | – | – | – | $42.5M | $9.22M | +361.1% |
| Debt Instrument, Unamortized Discount (Premium), Net | $20.4M | $24.5M | -16.7% | $23.4M | $22M | +6.4% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$49.6M | -$6.52M | -661.4% |
| Deferred Tax Assets, Net | $69.8M2025-12-31 | $28.5M | +145.3% | $69.8M | $28.5M | +145.3% |
| Deferred Tax Assets, Operating Loss Carryforwards | $580M2025-12-31 | $394M | +47.1% | $580M | $394M | +47.1% |
| Deferred Tax Assets, Tax Deferred Expense | $180M2025-12-31 | $76.8M | +134.5% | $180M | $76.8M | +134.5% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-01