Welltower (WELL)财务
NYSE · Real Estate · REIT - Healthcare Facilities · 员工712人 · CEO Shankh S. Mitra
- 股价
- $234.61 +0.62%
- 市值
- $1690亿
- 企业价值
- $1880亿
- 最近财报
- Q3 '26 2026-10-27提交
- 下次财报
- 2027-02-09 EPS预期 $0.69
营收(TTM)$137亿+40.5% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)5.4%-10.8 百分点 对比去年同期营业利润 $7.41亿
净利润(TTM)$14.6亿+52.2% 对比去年同期税后,含营业外收益
自由现金流(TTM)$22.6亿-17.7% 对比去年同期资本支出 $12.7亿
稀释EPS(TTM)$2.03+41.0% 对比去年同期最近4个季度之和
净现金-$189亿-66.3% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $1690亿 EV $1880亿
- 营收
- $137亿 过去12个月
- 营收增速
- +34% FY2026年一致预期
- 净利润率
- 10.7% 净利润 / 营收,TTM
- P/E
- 113.3× 预期 82.2×(FY2026)
- P/S
- 12.3× 股价 / 营收,TTM
- EV / EBITDA
- 56.0× TTM
- 自由现金流
- $22.6亿 过去12个月
- 净利润
- $14.6亿 过去12个月
- 营收预期
- $143亿 FY2026年一致预期
- 盈利
- 2027-02-09 营收预期 $38亿
- 股息
- $3.07 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-26):营收超预期2.0%,EPS 低于预期15.8%营收$37.2亿,预期$36.4亿(+2.0%);EPS $0.54,预期$0.64(-15.8%)。
- 营收增长加速:同比41.4%Q3 '26营收$37.2亿,此前四个季度的平均值为37.8%。
- 营业利润率5.4%(TTM),较去年同期-10.8 百分点营收增长40.5%,营业利润增长-53.1%。
- 税前利润的54.2%来自营业外收益税前利润$16.2亿,营业利润$7.41亿(TTM)。股权投资收益等一次性项目推高了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的9.3%(去年为0.4%)最近4个季度投入$12.7亿(同比+3,035.2%)。自由现金流$22.6亿,相当于净利润的154.5%。
- 股东回报$21.7亿 = 自由现金流的96.0%回购$0(去年为$0),股息$21.7亿,股权激励$15.6亿(TTM)。
- 稀释股数一年内增加10.1%Q3 '26稀释股数7.55亿,一年前为6.85亿。
- 净债务 $189亿现金 + 短期投资 $22.7亿,含租赁债务 $212亿;一年前净债务 $114亿。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $37.2亿 | $26.3亿 | +41.4% |
| 毛利率 | 39.6% | 40.0% | -0.4 百分点 |
| 营业利润 | $5.37亿 | $4.77亿 | +12.7% |
| 营业利润率 | 14.5% | 18.1% | -3.7 百分点 |
| 净利润 | $3.97亿 | $2.81亿 | +41.4% |
| 稀释EPS | $0.54 | $0.40 | +35.0% |
| 经营现金流 | $10亿 | $8.58亿 | +16.9% |
| 资本支出 | $5.54亿 | $615万 | +8,910.4% |
| 自由现金流 | $4.49亿 | $8.52亿 | -47.3% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $2230万 | $1560万 | +42.9% |
实际 vs 一致预期
2026-10-26| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $37.2亿 | $36.4亿 | +2.0% |
| EPS(一致预期口径) | $0.54 | $0.64 | -15.8% |
来自2026-10-26发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Management Service | $31.2亿 | +51.4% | 100.0% | – | – | |
| Resident fees and services | – | – | – | – | – | |
| Seniors Housing Operating | – | – | – | – | – | |
| Rental income | – | – | – | – | – | |
| Triple-net | – | – | – | – | – | |
| Non-segment/Corporate | – | – | – | – | – | |
| Interest income | – | – | – | – | – | |
| Outpatient Medical | – | – | – | – | – | |
| Other income | – | – | – | – | – |
按地区划分的营收
占总额比例| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| United States | $22.6亿 | +10.7% | 60.9% | $85.2亿 | +11.8% | |
| United Kingdom | $11.6亿 | +158.4% | 31.2% | $42.9亿 | +166.1% | |
| CANADA | $2.95亿 | +52.6% | 7.9% | $9.78亿 | +45.0% |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $35.3亿
- 资本支出
- -$12.7亿
- 股票回购
- $0
- 股息
- -$21.7亿
- 收购
- -$198亿
- 债务净发行
- $6.14亿
- 股权激励费用
- $15.6亿
- 自由现金流
- $22.6亿
- 股东回报 / FCF
- 96.0%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 113.3× | 133.6× | 79.8× – 211.5× |
| EV / EBITDA | 56.0× | 33.9× | 21.9× – 60.5× |
| EV / 营收 | 13.7× | 10.5× | 7.7× – 13.1× |
| 股价 / FCF | 74.9× | 32.1× | 23.3× – 43.4× |
| 股价 / 净资产 | 3.5× | 2.1× | 1.5× – 2.9× |
| FCF收益率 | 1.3% | 3.3% | 2.3% – 4.3% |
| 投入资本回报率 | 1.0% | 1.8% | 0.5% – 2.3% |
| 净资产收益率 | 3.2% | 1.8% | 0.7% – 3.0% |
分析师
一致目标价 $259.92 (+10.8%)
区间 $245.00 – $275.00 · 评级 Buy
强烈买入1
买入28
持有8
卖出0
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $143亿 | +33.6% | $2.85 | +105.4% | 82.2× | 4 |
| FY2027 | $164亿 | +14.9% | $3.26 | +14.2% | 72.0× | 6 |
| FY2028 | $183亿 | +11.9% | $4.00 | +22.7% | 58.7× | 6 |
| FY2029 | $192亿 | +4.6% | $5.44 | +36.1% | 43.1× | 3 |
| FY2030 | $300亿 | +56.4% | $5.80 | +6.6% | 40.5× | 2 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Welltower Inc.在近期10-Q / 10-K文件中标记的全部319项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts and Financing Receivable, after Allowance for Credit Loss | $33.3亿 | $23.8亿 | +39.7% | $20.8亿 | $20.3亿 | +2.7% |
| Accounts Payable | $2.97亿2025-12-31 | $2.29亿 | +29.5% | $2.97亿 | $2.29亿 | +29.5% |
| Accounts Receivable, after Allowance for Credit Loss | $2.81亿 | $6.09亿 | -53.8% | $2.51亿 | $2.23亿 | +12.8% |
| Accounts Receivable, Allowance for Credit Loss | $686万 | $919万 | -25.3% | $715万 | $797万 | -10.2% |
| Accounts Receivable, before Allowance for Credit Loss | $2.88亿 | $6.18亿 | -53.4% | $2.58亿 | $2.31亿 | +12.0% |
| Accrued Liabilities and Other Liabilities | $26.8亿 | $20.3亿 | +32.3% | $27.2亿 | $17.1亿 | +58.7% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$4.15亿 | -$2.17亿 | -91.1% | -$2.88亿 | -$3.6亿 | +20.1% |
| Additional Paid in Capital | $575亿 | $471亿 | +22.3% | $509亿 | $400亿 | +27.2% |
| Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | -$6.29亿 | – | – | $676万2015-12-31 | $119万 | +466.7% |
| Amortization | $1050万 | $1430万 | -26.7% | $5640万 | $4780万 | +18.1% |
| Amortization of above and below Market Leases | -$55.3万 | -$41.9万 | -32.0% | -$272万 | -$21.9万 | -1,142.5% |
| Asset Impairment Charges | $3350万 | $308万 | +985.8% | $1.21亿 | $9280万 | +30.7% |
| Assets | $737亿 | $595亿 | +23.9% | $673亿 | $510亿 | +31.9% |
| Below Market Lease, Accumulated Amortization | $602万 | $5520万 | -89.1% | $1880万 | $5240万 | -64.1% |
| Below Market Lease, Amortization Income, after Year Five | $331万2025-12-31 | – | – | $331万 | – | – |
| Below Market Lease, Amortization Income, Year Five | $60.6万2025-12-31 | – | – | $60.6万 | – | – |
| Below Market Lease, Amortization Income, Year Four | $62.5万2025-12-31 | – | – | $62.5万 | – | – |
| Below Market Lease, Amortization Income, Year One | $84万2025-12-31 | – | – | $84万 | – | – |
| Below Market Lease, Amortization Income, Year Three | $63.5万2025-12-31 | – | – | $63.5万 | – | – |
| Below Market Lease, Amortization Income, Year Two | $70.6万2025-12-31 | – | – | $70.6万 | – | – |
| Below Market Lease, Gross | $1130万 | $7190万 | -84.3% | $2550万 | $7040万 | -63.7% |
| Below Market Lease, Net | $527万 | $1670万 | -68.5% | $672万 | $1800万 | -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) | $27.1万2025-09-30 | – | – | $1710万2013-12-31 | -$5040万 | +133.9% |
| Business Acquisition, Pro Forma Revenue | $320万2025-09-30 | – | – | $30.5亿2013-12-31 | $24.9亿 | +22.5% |
| Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $5510万 | $562万 | +880.2% | $1520万 | $2650万 | -42.5% |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $108亿 | $53.2亿 | +103.4% | $197亿 | $58.7亿 | +235.7% |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings | $85.8亿 | $42.8亿 | +100.8% | $144亿 | $34.6亿 | +314.5% |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $1.21亿2025-12-31 | $1.75亿 | -30.8% | $1.21亿 | $1.75亿 | -30.8% |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $5.16亿 | $2.3亿 | +124.4% | $8.91亿 | $4.42亿 | +101.4% |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land | $9.45亿 | $5.27亿 | +79.3% | $23.2亿 | $4.83亿 | +380.8% |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $7.09亿 | $5.22亿 | +35.9% | $24.5亿 | $20.3亿 | +20.3% |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $8.18亿2025-12-31 | $8.61亿 | -5.0% | $8.18亿 | $8.61亿 | -5.0% |
| Cash Acquired from Acquisition | $200万 | $6.91亿 | -99.7% | $471万2023-12-31 | $656万 | -28.3% |
| Cash and Cash Equivalents, at Carrying Value | $22.7亿 | $68.1亿 | -66.6% | $50.3亿 | $35.1亿 | +43.5% |
| Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $0 | $0 | – | -$256万 | -$256万 | 0.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $24.2亿 | $69.4亿 | -65.2% | $52.1亿 | $37.1亿 | +40.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $3.19亿 | $24.2亿 | -86.8% | $15亿 | $16.4亿 | -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 | 14亿 | 14亿 | 0.0% | 14亿 | 14亿 | 0.0% |
| Common Stock, Shares, Issued | 7.32亿 | 6.84亿 | +7.0% | 6.97亿 | 6.37亿 | +9.4% |
| Common Stock, Shares, Outstanding | 7.32亿 | 6.84亿 | +7.0% | 6.97亿 | 6.35亿 | +9.6% |
| Common Stock, Value, Issued | $7.32亿 | $6.84亿 | +7.0% | $6.97亿 | $6.37亿 | +9.4% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $1850万 | $48.3万 | +3,734.2% | $2400万 | $1010万 | +137.7% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $4.03亿 | $2.29亿 | +75.8% | $10.1亿 | $8.02亿 | +25.8% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $4.21亿 | $2.3亿 | +83.5% | $10.3亿 | $8.12亿 | +27.2% |
| Contract with Customer, Liability | $5.01亿2025-12-31 | $4.31亿 | +16.4% | $5.01亿 | $4.31亿 | +16.4% |
| Conversion of Stock, Shares Converted | 1.43万 | 3,000 | +376.7% | 159万 | 49.5万 | +222.0% |
| Cost of Goods and Services Sold | $22.5亿 | $15.8亿 | +42.4% | $64.9亿 | $48.3亿 | +34.3% |
| Cost of Property Repairs and Maintenance | $8840万 | $7180万 | +23.1% | $2.83亿 | $2.12亿 | +33.2% |
| Costs and Expenses | $33.8亿 | $23.9亿 | +41.2% | $113亿 | $74.7亿 | +51.6% |
| Cumulative Dividends | $219亿 | $197亿 | +11.0% | $202亿 | $183亿 | +10.2% |
| Current Income Tax Expense (Benefit) | – | – | – | $4250万 | $922万 | +361.1% |
| Debt Instrument, Unamortized Discount (Premium), Net | $2040万 | $2450万 | -16.7% | $2340万 | $2200万 | +6.4% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$4960万 | -$652万 | -661.4% |
| Deferred Tax Assets, Net | $6980万2025-12-31 | $2850万 | +145.3% | $6980万 | $2850万 | +145.3% |
| Deferred Tax Assets, Operating Loss Carryforwards | $5.8亿2025-12-31 | $3.94亿 | +47.1% | $5.8亿 | $3.94亿 | +47.1% |
| Deferred Tax Assets, Tax Deferred Expense | $1.8亿2025-12-31 | $7680万 | +134.5% | $1.8亿 | $7680万 | +134.5% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 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
数据截至 2026-11-01