Welltower Inc.
- Open
- 239.27
- Day high
- 240.80
- Day low
- 237.67
- Prev close
- 238.71
- Volume
- 59K
- Mkt cap
- $172.9B
- P/E (TTM)
- 124.3
- EPS (TTM)
- $1.93
- P/B
- 3.7
- P/S
- 13.7
- Yield
- 0.97%
- Per share
- $2.33
- ▲Insiders net buying $599K over the last 3 months (1 open-market buy, 0 sales)
- 🏛Institutions accumulating (13F)
Welltower Inc. (WELL) is a Real Estate company listed on NYSE. The stock is up 43% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 0 sales (SEC Form 4). Drillr has 1 published research article covering WELL.
Welltower Inc. (WELL) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
WELL earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $0.62 | $0.61 | -1.1% | $3.5B | +4.2% |
| May 7, 2026 | $0.68 | $1.04 | +53.2% | $3.4B | +7.4% |
| Feb 13, 2024 | $0.94 | $0.96 | +2.1% | $1.7B | +1.7% |
| May 2, 2023 | $0.82 | $0.85 | +3.7% | $1.6B | +1.5% |
| Feb 15, 2023 | $0.82 | $0.83 | +1.2% | $1.5B | +13.2% |
| Feb 15, 2022 | $0.81 | $0.83 | +2.5% | $1.3B | +5.8% |
| Nov 4, 2021 | $0.80 | $0.80 | +0.0% | $1.2B | +10.1% |
| Jul 29, 2021 | $0.77 | $0.79 | +2.6% | $1.1B | +4.7% |
| Feb 9, 2021 | $0.77 | $0.84 | +9.1% | $1.1B | +8.3% |
| Oct 28, 2020 | $0.16 | $0.77 | +381.3% | $1.0B | +381.3% |
| Aug 5, 2020 | $0.83 | $0.86 | +3.6% | $1.2B | +20.4% |
| May 6, 2020 | $0.37 | $0.75 | +102.7% | $1.3B | +31.6% |
WELL insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 27, 2026 | Gundlach Andrewdirector | Buy | 2,500 | $239.47 |
| Aug 24, 2026 | LOPEZ DENNIS Gdirector | Grant | 73 | $237.40 |
| Jun 29, 2026 | Mitra Shankhdirector, officer: CEO | Grant | 17 | $173.32 |
| May 26, 2026 | LOPEZ DENNIS Gdirector | Grant | 63 | $216.01 |
| Feb 27, 2026 | DeSalvo Karen Bdirector | Grant | 1,056 | — |
| Feb 27, 2026 | SULLIVAN KATHRYN Mdirector | Grant | 1,056 | — |
| Feb 27, 2026 | Spisso Johnesedirector | Grant | 1,056 | — |
| Feb 27, 2026 | LOPEZ DENNIS Gdirector | Grant | 1,787 | — |
| Feb 27, 2026 | Rivera Sergiodirector | Grant | 1,056 | — |
| Feb 27, 2026 | BACON KENNETH Jdirector | Grant | 1,056 | — |
| Feb 27, 2026 | Gundlach Andrewdirector | Grant | 1,787 | — |
| Feb 27, 2026 | Patton Ade J.director | Grant | 1,056 | — |
| Feb 18, 2026 | Burkart John F.officer: Vice Chairman and COO | Grant | 195,846 | — |
| Feb 18, 2026 | Mitra Shankhdirector, officer: CEO | Grant | 470,270 | — |
| Feb 18, 2026 | Chaudhri Nikhilofficer: Co-President and CIO | Grant | 20,614 | — |
Source: WELL SEC Form 4 filings, latest Aug 27, 2026. For informational purposes only — not investment advice.
See the full WELL insider & 13F page →Welltower Inc. company profile
Overview
Welltower Inc. (NYSE:WELL) is a real estate investment trust (REIT) founded in 1970 and headquartered in Toledo, Ohio. The company has evolved from a traditional healthcare real estate owner into a comprehensive healthcare infrastructure platform that partners with leading operators to transform the delivery of healthcare services. As an S&P 500 component, Welltower has established itself as one of the largest healthcare REITs in North America, with a diversified portfolio spanning the United States, Canada, and the United Kingdom. The company focuses on properties that serve aging populations and healthcare delivery systems, positioning itself at the intersection of real estate and healthcare innovation.
Business
Welltower operates as a healthcare-focused real estate investment trust that owns, develops, and manages properties essential to healthcare delivery. The company's business centers around providing real estate infrastructure for healthcare services, particularly those serving aging populations and evolving care delivery models. The company operates four primary business segments. The Seniors Housing Operating Portfolio represents approximately 60-65% of revenue and consists of independent living, assisted living, and memory care communities operated under a structure called RIDEA (REIT Investment Diversification and Empowerment Act), where Welltower directly participates in operations alongside experienced partners. The Outpatient Medical Portfolio accounts for roughly 20-25% of revenue and includes medical office buildings, outpatient surgery centers, and other healthcare facilities leased to healthcare providers under traditional triple-net lease arrangements. The Seniors Housing Triple-Net Portfolio comprises about 10-15% of revenue and involves senior living properties leased to operators under long-term triple-net leases where tenants are responsible for operating expenses. The Long-Term Post-Acute Portfolio makes up the remaining 5-10% and includes skilled nursing facilities and rehabilitation centers. A REIT is a company that owns, operates, or finances income-generating real estate and must distribute at least 90% of its taxable income to shareholders as dividends. Healthcare REITs like Welltower specialize in properties used for healthcare delivery, benefiting from the essential nature of healthcare services and demographic trends such as population aging. The RIDEA structure allows REITs to participate more directly in healthcare operations while maintaining their tax-advantaged status, enabling greater control over property performance and operational improvements.
Revenue model
Welltower generates revenue through multiple streams depending on the property structure. For its Seniors Housing Operating Portfolio, the company earns revenue through its share of net operating income from senior living communities, typically splitting revenues and expenses with operating partners under management agreements. This model provides direct exposure to occupancy rates, rental rates, and operational efficiency improvements. For Outpatient Medical and Triple-Net portfolios, Welltower earns rental income from long-term lease agreements with healthcare providers and senior living operators, providing more predictable cash flows. The company's profitability is influenced by several key factors that can enhance or pressure margins. Demographic tailwinds represent a significant growth driver, with approximately 5,000 Americans turning 80 daily starting in 2025, creating sustained demand for senior housing services. Supply constraints in senior housing development due to high construction costs and challenging financing environments limit new competition and support pricing power. Operational leverage in the seniors housing operating portfolio means that as occupancy increases, incremental revenue flows through at high margins since many costs are fixed, with management expecting flow-through margins to reach the mid-60% to 70% range. Factors that could pressure margins include labor cost inflation, particularly in healthcare and senior care services where staffing shortages can drive up wages and reliance on expensive agency labor. Interest rate fluctuations affect both the company's cost of capital and the relative attractiveness of REIT dividends compared to other income investments. Regulatory changes in healthcare reimbursement, particularly Medicare and Medicaid rates that affect skilled nursing facilities, can impact tenant ability to pay rent. Economic downturns may reduce families' ability to afford private-pay senior housing, though the need-based nature of these services provides some recession resistance.
Competitive moat
Welltower's competitive moat stems from several interconnected advantages, though the strength varies across its business segments. The company benefits from high barriers to entry in healthcare real estate, where regulatory requirements, specialized knowledge of healthcare operations, and relationships with healthcare providers create significant hurdles for new competitors. The essential nature of healthcare services provides demand stability, as senior housing and medical services are typically needs-based rather than discretionary spending. The company's scale and capital access advantages are substantial, with nearly $9 billion in balance sheet liquidity and investment-grade credit ratings that enable competitive acquisition financing. Welltower's operational platform and technology initiatives are creating differentiation, with proprietary systems designed to improve operational efficiency and provide real-time data to site-level employees. The company's geographic diversification across major metropolitan markets in three countries and strong operator relationships built over decades provide competitive advantages in sourcing off-market deals, with 93-94% of recent acquisitions completed through bilateral negotiations. However, the moat faces several challenges. Healthcare real estate is becoming increasingly competitive as more capital targets the sector, driven by demographic trends. Regulatory risks in healthcare can impact tenant creditworthiness and property values. The capital-intensive nature of the business means that maintaining competitive advantages requires continuous investment in properties and technology. Operator dependency in the seniors housing operating portfolio creates key-person risk, though Welltower has been actively consolidating its operator base to work with stronger, more regionally dense partners. While the company has built meaningful competitive advantages, the moat is moderate rather than exceptionally strong, requiring ongoing investment and execution to maintain.
Risks & safety
Welltower demonstrates a solid margin of safety with strong financial metrics and conservative capital structure, though valuation appears elevated. • Liquidity and Solvency: Nearly $9 billion in balance sheet liquidity with $3.5 billion in cash and short-term investments provides substantial financial flexibility. Net debt-to-adjusted EBITDA of 3.3x represents a record low leverage ratio, well below typical REIT leverage of 5-7x. Investment-grade credit ratings from both S&P and Moody's with recent upgrades indicate strong creditworthiness. • Cash Generation: Strong free cash flow generation of $2.2 billion in 2024, with operating cash flow of $2.3 billion supporting dividend coverage. REIT structure requires 90% of taxable income distribution, limiting retained earnings but providing predictable income streams. • Valuation Concerns: Current P/E ratio of 95.5x appears elevated, though REIT valuations are better assessed through FFO (Funds From Operations) metrics. EV/EBITDA of 29.4x suggests premium valuation. Price-to-book ratio of 2.9x indicates shares trade well above net asset value. • Other Considerations: Portfolio concentration in seniors housing (65%+ of NOI) creates some sector risk, though demographic trends are favorable. Interest rate sensitivity as a REIT could impact valuation and cost of capital. Strong same-store NOI growth of 12.9% demonstrates operational momentum supporting current valuations.
Recent development
Over the past few years, Welltower has undergone significant strategic transformation focused on operational excellence and technology integration. The company has developed the Welltower Business System, a proprietary technology platform designed to streamline operations, reduce complexity, and provide real-time insights to site-level employees. This system has shown early success, saving approximately 5 hours per move-in for executive directors and improving operational efficiency across the portfolio. The company has been actively consolidating its operator base, transitioning from working with numerous smaller operators to fewer, more regionally dense partners who share Welltower's vision of continuous improvement. Notable transitions include converting 89 Holiday by Atria assets to six strong operating partners and the recent acquisition of Amica Senior Living for CAD 4.6 billion, which significantly expanded the company's Canadian presence. Welltower has launched a private fund management business, creating a capital-light revenue stream by managing third-party capital alongside its own investments. The company has also been converting triple-net properties to the RIDEA operating structure, allowing for greater operational control and participation in upside performance. Additionally, Welltower completed a comprehensive corporate rebranding and received credit rating upgrades from both S&P and Moody's, reflecting improved financial strength and market position. The company's capital allocation strategy has become increasingly sophisticated, with over 93% of recent acquisitions sourced through off-market, bilateral negotiations and 75% completed with repeat counterparties. This approach has enabled Welltower to acquire assets at attractive basis points relative to replacement costs while building regional density that enhances operational efficiency.
WELL company profile · for informational purposes only — not investment advice.
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