Welltower Inc.WELL
NYSE•Real Estate•REIT - Healthcare Facilities
Welltower Inc. is a 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. Our portfolio of 2,000+ seniors and wellness housing communities are positioned at the intersection of housing and hospitality, creating vibrant communities for mature renters and older adults. We believe our real estate portfolio is unmatched, located in highly attractive micro markets with stunning built environments. Yet, we are an unusual real estate organization as we view ourselves as an operating company in a real estate wrapper, driven by highly aligned partnerships and an unconventional culture. Through our disciplined approach to capital allocation powered by our Data Science platform and superior operating results driven by the Welltower Business System - our end-to-end operating platform - we aspire to deliver long-term compounding of per share growth for our existing investors, our North Star. Welltower Inc. was incorporated in 1970 and is based in Toledo, United States.
Welltower Inc. (WELL) reported trailing twelve months revenue of $11.77B as of March 2026, a 37.6% increase year-over-year. Quarterly revenue reached $3.35B, reflecting continued top-line momentum.
Welltower Inc. generated $1.46B in TTM net income, with quarterly EBITDA of $1.16B. The operating margin expanded from 14.3% to 16.1%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (16.1%) and net margin (22.4%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 10.6% a year ago, signaling stronger bottom-line efficiency.
WELL trades at a P/E of 93.8x (a premium multiple) and a P/S of 11.6x. The price-to-book ratio of 3.1x reflects a moderate premium to book value.
The company generated $400.18M in free cash flow over the trailing twelve months, a 11.6% increase year-over-year, indicating cash generation ability. The balance sheet shows $67.22B in total assets with $17.93B in long-term debt against $43.79B in stockholders equity for a debt-to-equity ratio of 0.4, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 8.8%. The business may lack pricing power or face rising costs.'
ROE is positive at ~2.8% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~65.8% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 66.3% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
FCF covers net income by 1.7x on average — earnings are well-supported by cash generation.
D/E ratio is 0.4 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding increased 16.5% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation