Welltower Inc. (WELL)
Real Estate · Health Care REITs · US stock · S&P 500 component
$237.40
▲ +3.21 (1.37%)
Fair valueFair
$234 −1.5% to fair value
$117fair band $199–$284$351
Day's range
$234.25 – $238.27
52-week range
$174.72 – $255.20
Red flags⚠ Heavy dilution⚠ Heavy dilution⚠ Heavy dilution⚠ Heavy dilution⚠ Heavy dilution
About Welltower Inc.
Welltower is a real estate investment trust that owns health care and senior living properties, including senior housing communities, outpatient medical buildings and some long-term care facilities. It earns income from rents and from operating partnerships in which residents pay for housing and care. The company invests in properties across North America and the United Kingdom, and its results are linked to demographic trends and occupancy at its communities.
Trailing twelve-month revenue stands at $11.8 billion, while revenue grew by 22.7% a year over the past three years. The company pays a dividend, and the yield is 1.3%. On the X-Ray Score, it is rated 48 out of 100.
Price chart
52-wk range $174.72 – $255.20Volume 2,349,979Daily, split-adjusted
Vitals
Market cap$172.4B
52-week range$174.72 – $255.20
Volume (last day)2,349,979
P/E (TTM)114.4
EBIT / EV yield–
Free-cash-flow yield–
Dividend yield1.3%
Revenue (TTM)$11.8B
Net income (TTM)$1.4B
Operating margin–
Return on capital–
Debt incl. leases$19.5B
Cash & securities$4.7B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$234middle half of models $184 – $223
Fair
−1.5% to fair value
Average of the 5 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $237
Undervalued < $199Fair $199 – $284Overvalued > $284
P/B multiple
$184
P/S multiple
$177
P/FFO multiple
$223
P/AFFO multiple
$214
Dividend discount, multi-stage
$371
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Real Estate peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
12/100
Expensive against its sector on earnings and cash flow.
See the numbers →
Fair value vs price1.0×
Growth
Strong
91/100
Growing faster than most of its sector.
See the numbers →
Revenue growth (3y)22.7%
EPS growth (3y)66.7%
Growth consistency100%
Profitability
Weak
35/100
Earns lower returns on its capital than most peers.
See the numbers →
Gross profitability7.0%
Financial health
Fair
69/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score7 / 9
Dividends
Weak
41/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield1.3%
Dividend growth18.4%
Quarterly results: last 6 quarters
+28.6%
Dec '24
+30.3%
Mar '25
+39.6%
Jun '25
+30.6%
Sep '25
+41.3%
Dec '25
+38.3%
Mar '26
Revenue against the same quarter a year earlier. Latest quarter revenue $3.4B, diluted EPS $1.02.
Compare with peers
VTR Ventas, Inc.45 DOC Healthpeak Properties,...39Other Health Care REITs companies by X-Ray Score.
SWOT analysis: Welltower Inc.
Strengthsinside the company
- Revenue has grown 22.7% a year over three years (median 6.6% for sector peers).
- Earnings per share have compounded at 66.7% a year over three years.
- Passes 7 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- No clear weakness in the figures we track.
Opportunitiesvaluation and setting
- Revenue growth picked up to 35.6% last year from 22.7% a year over three years.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Trades at 120.4x earnings, 277% above the 31.9x median of sector peers, so the price already assumes better results.
- Our Market Compass rates the backdrop for Real Estate as unfavourable.
- Our checks raised: Heavy dilution; Heavy dilution.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare WELL with peers and sector
Medians of 28 Real Estate peers and of 28 Real Estate stocks in our universe.
Largest peers (X-Ray Score): PLD 43, EQIX 51, AMT 53, SPG 42, DLR 37, PSA 52.
| Metric | WELL | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 48 | 52 | 52 |
| Valuation | 12 | 53 | 53 |
| Growth | 90 | 56 | 56 |
| Profitability | 35 | 53 | 53 |
| Financial health | 69 | 53 | 53 |
| Dividends | 41 | 48 | 48 |
Sector leaders: highest X-Ray Score in Real Estate
WELL ranks #17 of 29 in Real Estate by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for WELL
Each factor is rated by where WELL stands among the 29 Real Estate stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 4 Good · 2 Average · 7 Bad of 13
Growth: 3 · 0 · 0
Profitability: 0 · 1 · 2
Financial strength: 1 · 0 · 0
Valuation: 0 · 0 · 3
Cash flow: 0 · 1 · 2
| Factor | WELL | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +22.7% | Good beats 98% | +6.8% | – | – |
| Revenue growth, last year | +35.6% | Good beats 98% | +5.1% | +20.4% | ▲ Better |
| EPS growth, 3 years a year | +66.7% | Good beats 98% | −1.9% | – | – |
| Profitability | |||||
| Gross margin | 39.8% | Average beats 40% | 47.1% | 40.1% | ≈ In line |
| Net margin | 12.2% | Bad beats 29% | 21.5% | 7.1% | ▲ Better |
| Return on equity | 3.3% | Bad beats 17% | 7.3% | 1.9% | ≈ In line |
| Financial strength | |||||
| Piotroski F-score | 7 / 9 | Good beats 69% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 120.4x | Bad beats 9% | 32.1x | 134.6x | ▲ Better |
| Price / book | 3.9x | Bad beats 21% | 2.6x | 2.1x | ▼ Worse |
| Price / sales | 14.7x | Bad beats 2% | 7.0x | 7.7x | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | 25.1% | Bad beats 16% | 44.6% | 26.6% | ≈ In line |
| Cash from operations / net income | 2.06 | Average beats 59% | 1.91 | 3.79 | ▼ Worse |
| Accruals (lower is better) | −2.3% | Bad beats 22% | −3.7% | – | – |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 4 Good · ● 0 Average · ● 3 BadCash quality
Earnings backed by cashBad
Risk models
Piotroski F-ScoreGood
Growth
EPS growth (3y)Good
Revenue growth (3y)Good
Growth consistencyGood
Balance sheet
Valuation
Fair value vs priceBad
Profitability
Gross profitabilityBad
Each check is graded against the company's sector, not a fixed number. Checklist score 39/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $4.7B | $5.9B | $6.6B | $8.0B | $10.8B |
| Operating income | $661M | $703M | $958M | $524M | – |
| Net income | $336M | $141M | $340M | $952M | $937M |
| Operating cash flow | $1.3B | $1.3B | $1.6B | $2.3B | $2.9B |
| Operating margin | 13.9% | 12.0% | 14.4% | 6.6% | – |
| Free cash flow | – | – | – | – | – |
| Diluted EPS | $0.78 | $0.30 | $0.66 | $1.57 | $1.39 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
12 bullish · 1 neutral · 3 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 0 neutral · 1 bearish
Moving averages (daily)
| SMA 10 | 233.1 | Bullish |
| EMA 10 | 233.5 | Bullish |
| SMA 20 | 230.3 | Bullish |
| EMA 20 | 232.2 | Bullish |
| SMA 50 | 233.7 | Bullish |
| EMA 50 | 232.0 | Bullish |
| SMA 100 | 230.1 | Bullish |
| EMA 100 | 228.1 | Bullish |
| SMA 200 | 216.1 | Bullish |
| EMA 200 | 216.3 | Bullish |
Oscillators (daily)
| RSI (14) | 58.28 | Neutral |
| MACD (12, 26) | 0.91 | Bullish |
| Momentum (12) | 5.15 | Bullish |
| Stochastic %K (14) | 89.46 | Bearish |
| Williams %R (14) | -10.54 | Bearish |
| CCI (20) | 102.9 | Bearish |
Pivot points (classic, last session)
S3 231.0 | S2 232.6 | S1 235.0 | Pivot 236.6 | R1 239.0 | R2 240.7 | R3 243.1 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
3.07 USD
Yield on today's price
1.29%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.8500 | |
| 0.7400 | |
| 0.7400 | |
| 0.7400 | |
| 0.7400 | |
| 0.6700 | |
| 0.6700 | |
| 0.6700 | |
| 0.6700 | |
| 0.6100 | |
| 0.6100 | |
| 0.6100 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold WELL
| ETF | Share of the fund |
|---|---|
| REZ iShares Residential and Multisector Re... | 23.52% |
| XLRE The Real Estate Select Sector SPDR | 11.01% |
| IYR iShares U.S. Real Estate | 10.82% |
| RWR SPDR Dow Jones REIT | 10.57% |
| SCHH Schwab U.S. REIT | 9.62% |
| USRT iShares Core U.S. REIT | 9.03% |
| REET iShares Global REIT | 8.85% |
| VNQ Vanguard Real Estate | 8.51% |
The eight funds with the largest weight in WELL among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
WELL SEC filings
8-KSEC EDGAR
Other events
424B5SEC EDGAR
424B5
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Other events
424B5SEC EDGAR
424B5
424B5SEC EDGAR
424B5
8-KSEC EDGAR
Regulation FD disclosure
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.