Welltower Inc. (WELL) Stock Analysis
Real Estate · REIT - Healthcare Facilities · NYSE
Welltower Inc. (WELL) posted $10.84B in revenue for fiscal 2025 (up 35.6% year over year), at a 8.6% net margin, and has compounded revenue about 18.7%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Welltower Inc.
Welltower Inc. has grown revenue from $4.28B to $10.84B over the last 10 fiscal years, compounding about 18.7% a year. The most recent year was up 35.6%, so growth is actually accelerating.
Net margin sits at 8.6%, down 3.3 points year over year on a 40.1% gross margin. It carries about $19.20B of total debt.
At today's valuation the market is pricing in roughly 28.8% annual free-cash-flow growth — versus the 10.3% it actually delivered over the last five years, so the price already assumes a step-up from the recent record. The one thing worth a second look in the filings is share count rising (dilution).
Synthesised from Welltower Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Welltower Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.28B | $4.32B | $4.70B | $5.12B | $4.61B | $4.74B | $5.86B | $6.64B | $7.99B | $10.84B |
| Gross profit | — | $2.23B | $2.27B | $2.43B | $2.01B | $1.97B | $2.30B | $2.69B | $3.16B | $4.35B |
| Net income | $1.08B | $540.61M | $829.75M | $1.33B | $1.04B | $336.14M | $141.21M | $340.09M | $951.68M | $936.85M |
| Net margin | 25.3% | 12.5% | 17.7% | 26.0% | 22.6% | 7.1% | 2.4% | 5.1% | 11.9% | 8.6% |
Source: Welltower Inc. SEC filings (10-K). 18 years of history available in the interactive view.
Welltower Inc.: 2 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Share count rising (dilution)Shares outstanding grew 55.7% over 4 years (447.2M → 696.5M) — existing holders' stakes are being diluted.
- Heavy debt loadTotal debt of $19197.3M is 6.7× last year's operating cash flow — it would take years of cash flow to clear.
What growth is priced into WELL stock?
At today's market cap of $168.93B, Welltower Inc. is priced for free-cash-flow growth of about 28.8% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $1.83B from the FY ending 2025-12-31). For comparison, free cash flow actually grew 10.3%/yr over the last five fiscal years and revenue 18.7%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 18 years of Welltower Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Welltower Inc. financial history by metric
Compare Welltower Inc. with peers
About Welltower Inc.
Welltower Inc., an S&P 500 company, is positioned at the center of the silver economy, focusing on rental housing for aging seniors across the United States, United Kingdom, and Canada. Their portfolio of 2,500+ seniors and wellness housing communities are positioned at the intersection of housing and hospitality, creating vibrant communities for mature renters and older adults. They believe our real estate portfolio is unmatched, located in highly attractive micro markets with stunning built environments. Yet, Welltower is an unusual real estate organization as they view themselves as an operating company in a real estate wrapper, driven by highly aligned partnerships and an unconventional culture. Through their disciplined approach to capital allocation powered by their Data Science platform and superior operating results driven by the Welltower Business System - their end-to-end operating platform - they aspire to deliver long-term compounding of per share growth for their existing investors, North Star. Welltower Inc. was incorporated in 1970 in Delaware and is based in Toledo, Ohio.
Welltower Inc. — frequently asked questions
What is Welltower Inc.'s revenue?
Welltower Inc. (WELL) reported revenue of $10.84B for fiscal year 2025, up 35.6% from the prior year, according to its SEC filings.
Is Welltower Inc. profitable?
Yes. WELL earned net income of $936.85M in fiscal 2025, a net margin of 8.6%.
What is WELL's P/E ratio?
Welltower Inc. trades at a price-to-earnings ratio of about 105.1 based on the latest data in our nightly-refreshed cache.
How fast is Welltower Inc. growing?
WELL's revenue grew at roughly 18.7% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Welltower Inc. have?
As of fiscal year 2025, WELL carried roughly $19.20B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Welltower Inc.'s gross margin?
WELL's gross margin was 40.1% in fiscal 2025 — gross profit of $4.35B on revenue of $10.84B.
What is Welltower Inc.'s market cap?
Welltower Inc. (WELL) has a market capitalization of about $168.93B, based on the latest data in our nightly-refreshed cache.
When does Welltower Inc.'s fiscal year end?
WELL's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into WELL stock?
At today's market cap of $168.93B, Welltower Inc. is priced for free-cash-flow growth of about 28.8% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $1.83B from the FY ending 2025-12-31). For comparison, free cash flow actually grew 10.3%/yr over the last five fiscal years and revenue 18.7%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Welltower Inc.'s official SEC filings (10-K and 10-Q), covering 18 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.