Welltower (WELL)
NYSE:WELL
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Welltower
(NYSE:WELL)
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Rating:72Outperform
Price Target:
$231.00
▲(12.85% Upside)
Action:UpgradedDate:03/10/26
The score is driven primarily by improving financial resilience (lower leverage) and solid cash-flow growth, reinforced by an established technical uptrend and upbeat guidance for continued NOI/FFO expansion. The biggest constraint is valuation, with a very high P/E and only a modest dividend yield.
Positive Factors
Strong revenue & FFO growth
Sustained high single- to double-digit top-line and FFO growth demonstrates durable demand for senior housing and healthcare properties, improving cash generation. Strong FFO supports reinvestment, deleveraging and distributions, underpinning long-term balance-sheet resilience and strategic optionality.
Negative Factors
Profitability volatility
Variable margins and a step-down in operating profitability reduce predictability of cash returns and FFO conversion. Over time this can constrain reinvestment, slow dividend normalization, and complicate capital-allocation choices if margin recovery lags revenue gains.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue & FFO growth
Sustained high single- to double-digit top-line and FFO growth demonstrates durable demand for senior housing and healthcare properties, improving cash generation. Strong FFO supports reinvestment, deleveraging and distributions, underpinning long-term balance-sheet resilience and strategic optionality.
Read all positive factors
Welltower (WELL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$142.83B
Dividend Yield1.51%
Average Volume (3M)3.02M
Price to Earnings (P/E)131.9
Beta (1Y)0.32
Revenue Growth32.27%
EPS Growth67.00%
CountryUS
Employees685
SectorReal Estate
Sector Strength53
IndustryREIT - Healthcare Facilities
Share Statistics
EPS (TTM)0.14
Shares Outstanding697,752,500
10 Day Avg. Volume2,198,894
30 Day Avg. Volume3,015,542
Financial Highlights & Ratios
PEG Ratio-12.26
Price to Book (P/B)2.93
Price to Sales (P/S)11.58
P/FCF Ratio43.38
Enterprise Value/Market Cap1.11
Enterprise Value/Revenue14.92
Enterprise Value/Gross Profit38.09
Enterprise Value/Ebitda68.89
Forecast
1Y Price Target
$231.15Price Target Upside12.92% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering14
EPS Forecast (FY)2.87
Revenue Forecast (FY)$13.30B
Welltower Business Overview & Revenue Model
Company Description
Welltower Inc. (NYSE:WELL), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The Company invests with leading seniors housing operators, post-acute providers and health systems to fund ...
How the Company Makes Money
Welltower generates revenue primarily through rental income from its real estate investments in senior housing and healthcare facilities. The company typically enters into long-term leases with experienced operators, ensuring a stable cash flow. A...
Welltower Earnings Call Summary
Earnings Call Date:Feb 10, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 28, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive operating and strategic momentum: very large revenue and cash-flow growth in 2025, consistent high-single to double-digit same-store NOI and occupancy gains in SHOP, successful capital rotation and fund launches, and meaningful deleveraging and liquidity. The principal risks discussed were operational complexity, integration and capex needs in newer or legacy pools, slower-performing triple-net segments, and heightened competition for SHOP assets. Management emphasized disciplined capital allocation and execution, which mitigates many risks. On balance, the positive operational results, balance sheet progress, and scalable initiatives outweigh the challenges.Positive Updates
Strong Revenue, EBITDA and FFO Growth in 2025
Company delivered 36% revenue growth, 32% EBITDA growth, and 22% FFO per share growth for 2025; fourth-quarter net income attributable to common stockholders of $0.14 per diluted share and normalized FFO of $1.45 per diluted share (28.3% YoY growth).
Negative Updates
Operational Complexity and Industry Challenges
Management emphasized senior living is a hard, operationally intensive business requiring substantial transformation; decade-long overhaul continues and some portfolios (e.g., legacy assets) required significant remediation and investment to stabilize operations.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Revenue, EBITDA and FFO Growth in 2025
Company delivered 36% revenue growth, 32% EBITDA growth, and 22% FFO per share growth for 2025; fourth-quarter net income attributable to common stockholders of $0.14 per diluted share and normalized FFO of $1.45 per diluted share (28.3% YoY growth).
Read all positive updates
Company Guidance
Welltower’s 2026 guidance calls for net income attributable to common stockholders of $3.11–$3.27 per diluted share and normalized FFO of $6.09–$6.25 per diluted share ($6.17 midpoint), an $0.88 per‑share midpoint increase versus 2025 driven by +$0.58 from higher senior housing operating NOI, +$0.30 from investment/financing activity and +$0.02 from higher triple‑net income (net of ~ $0.02 G&A headwind); management assumes G&A ≈ $265M with stock‑based comp ≈ $60M (~8¢ FFO drag). Underlying total portfolio same‑store NOI growth is guided to 11.25%–15.75%, with subsegment ranges: outpatient medical 2%–3%, long‑term post‑acute 2%–3%, senior housing triple net 3%–4%, and senior housing operating 15%–21% (midpoint SHOP drivers: revenue growth ~9% = RevPOR +4.8% and occupancy +350 bps; expense growth ~5.5% implying expense‑per‑unit just under 1.5%). Guidance includes only the $5.7B of closed/announced investments to date; balance‑sheet metrics to note: Q4 net debt/adjusted EBITDA was 3.03x (≈0.5x improvement y/y), cash on hand $5.2B, $9.5B of gross disposition/equity proceeds used to fund $13.8B of investment activity, and management expects to exit 2026 with net debt/EBITDA roughly in line with current levels.Welltower Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
78
Positive
Cash Flow
74
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 10.67B | 7.85B | 6.48B | 5.78B | 4.71B |
| Gross Profit | 4.18B | 3.02B | 2.53B | 2.22B | 1.93B |
| EBITDA | 2.31B | 2.78B | 2.40B | 2.04B | 1.71B |
| Net Income | 936.85M | 951.68M | 340.09M | 141.21M | 336.14M |
Balance Sheet | |||||
| Total Assets | 67.30B | 51.04B | 44.01B | 37.89B | 34.91B |
| Cash, Cash Equivalents and Short-Term Investments | 5.03B | 3.51B | 1.99B | 631.68M | 269.26M |
| Total Debt | 21.38B | 16.76B | 16.12B | 14.96B | 14.68B |
| Total Liabilities | 24.10B | 18.47B | 17.64B | 16.50B | 15.91B |
| Stockholders Equity | 42.13B | 31.96B | 25.40B | 20.29B | 17.64B |
Cash Flow | |||||
| Free Cash Flow | 2.85B | 2.20B | 1.55B | 1.30B | 1.26B |
| Operating Cash Flow | 2.88B | 2.26B | 1.60B | 1.33B | 1.28B |
| Investing Cash Flow | -10.51B | -5.51B | -5.71B | -3.70B | -4.52B |
| Financing Cash Flow | 9.00B | 4.91B | 5.45B | 2.76B | 1.57B |
Welltower Technical Analysis
Positive
204.70
Price Trends
201.35
Positive
196.35
Positive
181.31
Positive
Market Momentum
-0.53
Negative
56.39
Neutral
85.34
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For WELL, the sentiment is Positive. The current price of 204.7 is above the 20-day moving average (MA) of 201.75, above the 50-day MA of 201.35, and above the 200-day MA of 181.31, indicating a bullish trend. The MACD of -0.53 indicates Negative momentum. The RSI at 56.39 is Neutral, neither overbought nor oversold. The STOCH value of 85.34 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for WELL.
Welltower Risk Analysis
Welltower disclosed 47 risk factors in its most recent earnings report. Welltower reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Welltower Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $8.65B | 18.09 | 8.99% | 3.56% | 59.25% | 88.37% | |
74 Outperform | $13.42B | 22.25 | 11.83% | 6.11% | 13.50% | 31.56% | |
72 Outperform | $142.83B | 131.88 | 2.49% | 1.51% | 32.27% | 67.00% | |
70 Outperform | $5.06B | 29.37 | 5.63% | 6.47% | 8.12% | 75.95% | |
66 Neutral | $40.88B | 140.08 | 2.10% | 2.45% | 15.69% | ― | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
56 Neutral | $11.88B | 156.87 | 0.91% | 7.73% | 9.58% | -111.99% |
* Real Estate Sector Average
WELL
Welltower
204.70
65.52
47.08%
DOC
Healthpeak Properties
16.68
-0.71
-4.07%
OHI
Omega Healthcare
45.41
10.25
29.17%
SBRA
Sabra Healthcare REIT
20.08
4.21
26.52%
VTR
Ventas
84.05
20.21
31.67%
CTRE
CareTrust REIT
38.77
12.45
47.31%
Welltower Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Welltower Expands Sustainability-Linked Unsecured Revolving Credit Facility
Positive
Mar 10, 2026
On March 6, 2026, Welltower OP LLC, a subsidiary of Welltower Inc., entered into an Amended and Restated Credit Agreement with a syndicate of 32 banks, replacing its prior unsecured revolving and term loan facilities with a new $6.25 billion unsec...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.