WELL · Welltower Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $10.84B | $7.99B | $6.64B | $5.86B | $4.74B | $4.61B |
| Cost of Revenue | $6.49B | $4.83B | $3.95B | $3.56B | $2.77B | $2.60B |
| Gross Profit | $4.35B | $3.16B | $2.69B | $2.30B | $1.97B | $2.01B |
| R&D | - | - | - | - | - | - |
| SG&A | $1.75B | $235.49M | $179.09M | $150.39M | $126.73M | $128.39M |
| Total Operating Expenses | $11.32B | $7.47B | $6.29B | $5.69B | $4.57B | $4.64B |
| D&A | $2.08B | $1.63B | $1.40B | $1.31B | $1.04B | $1.04B |
| Operating Income | - | $524.44M | $350.05M | $173.06M | $170.75M | ($31.55M) |
| Interest Expense | - | - | $607.85M | $529.52M | $489.85M | $514.39M |
| Income Tax | ($7.12M) | $2.70M | $6.36M | $7.25M | $8.71M | $9.97M |
| Net Income | $936.85M | $951.68M | $340.09M | $141.21M | $336.14M | $978.84M |
| EPS - Basic | $1.41 | $1.58 | $0.66 | $0.31 | $0.79 | $2.36 |
| EPS - Diluted | $1.39 | $1.57 | $0.66 | $0.30 | $0.78 | $2.33 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $5.03B | $3.51B | $1.99B | $631.68M | $269.26M | $1.55B |
| Accounts Receivable | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - |
| Total Assets | $67.30B | $51.04B | $44.01B | $37.89B | $34.91B | $32.48B |
| Current Liabilities | - | - | - | - | - | - |
| Long-term Debt | $19.20B | $15.50B | $15.74B | $14.71B | $13.91B | $13.89B |
| Total Liabilities | $24.10B | $18.47B | $17.64B | $16.50B | $15.91B | $15.26B |
| Stockholders' Equity | $42.13B | $31.96B | $25.40B | $20.29B | $17.64B | $15.97B |
| Retained Earnings | $11.03B | $10.10B | $9.15B | $8.80B | $8.66B | $8.33B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.88B | $2.26B | $1.60B | $1.33B | $1.28B | $1.36B |
| Investing Cash Flow | ($10.51B) | ($5.51B) | ($5.71B) | ($3.70B) | ($4.52B) | $2.35B |
| Financing Cash Flow | $9.00B | $4.91B | $5.45B | $2.76B | $1.57B | ($2.08B) |
| CapEx | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 40.1% | 39.6% | 40.5% | 39.3% | 41.5% | 43.6% |
| Operating margin | - | 6.6% | 5.3% | 3.0% | 3.6% | -0.7% |
| EBITDA margin | - | 27.0% | 26.4% | 25.3% | 25.5% | 21.9% |
| Net margin | 8.6% | 11.9% | 5.1% | 2.4% | 7.1% | 21.3% |
| Free cash flow margin | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - | - |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 16.1% | 2.9% | 2.7% | 2.6% | 2.7% | 2.8% |
| Effective tax rate | -0.8% | 0.3% | 1.8% | 4.9% | 2.5% | 1.0% |
| Return on assets | 1.4% | 1.9% | 0.8% | 0.4% | 1.0% | 3.0% |
| Return on equity | 2.2% | 3.0% | 1.3% | 0.7% | 1.9% | 6.1% |
| Return on invested capital | - | 1.1% | 0.8% | 0.5% | 0.5% | -0.1% |
| Liquidity | ||||||
| Current ratio | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - |
| Leverage | ||||||
| Debt / Equity | 0.46 | 0.49 | 0.62 | 0.73 | 0.79 | 0.87 |
| Debt / Assets | 0.29 | 0.30 | 0.36 | 0.39 | 0.40 | 0.43 |
| Debt / EBITDA | - | 7.19 | 8.99 | 9.92 | 11.51 | 13.79 |
| Interest coverage | - | - | 0.6x | 0.3x | 0.3x | -0.1x |
| Equity multiplier | 1.60 | 1.60 | 1.73 | 1.87 | 1.98 | 2.03 |
| Liabilities / Assets | 0.36 | 0.36 | 0.40 | 0.44 | 0.46 | 0.47 |
| Efficiency | ||||||
| Asset turnover | 0.16 | 0.16 | 0.15 | 0.15 | 0.14 | 0.14 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 133.5x | 80.3x | 136.6x | 218.5x | 110.0x | 27.7x |
| P / B | 3.0x | 2.4x | 1.8x | 1.5x | 2.1x | 1.7x |
| P / S | 11.6x | 9.6x | 7.0x | 5.2x | 7.7x | 5.9x |
| EV / EBITDA | - | 41.1x | 34.6x | 30.0x | 41.6x | 39.0x |
| Growth | ||||||
| Revenue growth (YoY) | 35.6% | 20.4% | 13.3% | 23.6% | 3.0% | -10.1% |
| Revenue CAGR (3y) | 22.7% | 19.0% | 13.0% | 4.6% | 0.3% | 2.2% |
| Revenue CAGR (5y) | 18.7% | 9.3% | 7.1% | 6.3% | 2.1% | 3.6% |
| Gross profit growth (YoY) | 37.6% | 17.5% | 16.9% | 17.0% | -2.0% | -33.9% |
| Operating income growth (YoY) | - | 49.8% | 102.3% | 1.4% | - | - |
| Net income growth (YoY) | -1.6% | 179.8% | 140.8% | -58.0% | -65.7% | -20.6% |
| EPS growth (YoY) | -11.5% | 137.9% | 120.0% | -61.5% | -66.5% | -23.6% |
| EPS CAGR (3y) | 66.7% | 26.3% | -34.3% | -53.8% | -27.2% | 22.7% |
| EPS CAGR (5y) | -9.8% | -12.4% | -20.0% | -25.0% | -22.6% | -0.1% |
| FCF growth (YoY) | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | 31.8% | 25.8% | 25.2% | 15.1% | 10.4% | 2.8% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$2.79B totalTriple Net$1.20B · 42.9%
Senior Housing Operating$810.03M · 29.0%
Outpatient Medical$781.93M · 28.0%
Geographic
$8.45B totalUS$5.90B · 69.8%
GB$1.89B · 22.3%
CA$668.34M · 7.9%
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- -Current ratio improved
- ✗No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Real Estate Investment Trusts
Comparing WELLTOWER INC. against the 5 most active filers in the same SIC group.
Dividends
$2.96/share trailing 12 months · +10.4% YoY
| Ex-date | Per share |
|---|---|
| May 13, 2026 | $0.7400 |
| Feb 25, 2026 | $0.7400 |
| Nov 10, 2025 | $0.7400 |
| Aug 12, 2025 | $0.7400 |
| May 14, 2025 | $0.6700 |
| Feb 25, 2025 | $0.6700 |
| Nov 13, 2024 | $0.6700 |
| Aug 12, 2024 | $0.6700 |
| May 10, 2024 | $0.6100 |
| Feb 22, 2024 | $0.6100 |
| Nov 13, 2023 | $0.6100 |
| Aug 14, 2023 | $0.6100 |
| May 15, 2023 | $0.6100 |
| Feb 27, 2023 | $0.6100 |
| Nov 17, 2022 | $0.6100 |
| Aug 22, 2022 | $0.6100 |
| May 23, 2022 | $0.6100 |
| Feb 28, 2022 | $0.6100 |
| Nov 15, 2021 | $0.6100 |
| Aug 11, 2021 | $0.6100 |
| May 10, 2021 | $0.6100 |
| Feb 19, 2021 | $0.6100 |
| Nov 9, 2020 | $0.6100 |
| Aug 17, 2020 | $0.6100 |