Welltower Inc Financials
This page shows Welltower Inc (WELL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Welltower Inc's revenue declined 99.9% year-over-year, from $8.0B to $10.8M. This contraction results in a growth score of 0/100.
Welltower Inc carries a low D/E ratio of 0.39, meaning only $0.39 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 97/100, indicating a strong balance sheet with room for future borrowing.
While Welltower Inc generated $2.9M in operating cash flow, capex of $750.8M consumed most of it, leaving -$748.0M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Welltower Inc generates a 2.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 9/100. This is down from 3.0% the prior year.
Welltower Inc passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Welltower Inc generates $3.00 in operating cash flow ($2.9M OCF vs $962K net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Welltower Inc generated $10.8M in revenue in fiscal year 2025. This represents a decrease of 99.9% from the prior year.
Welltower Inc generated -$748.0M in free cash flow in fiscal year 2025, representing cash available after capex.
Welltower Inc reported $962K in net income in fiscal year 2025. This represents a decrease of 99.9% from the prior year.
Welltower Inc earned $1.39 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 11.5% from the prior year.
Welltower Inc held $5.0M in cash against $16.4M in long-term debt as of fiscal year 2025.
Welltower Inc paid $2.82 per share in dividends in fiscal year 2025. This represents an increase of 10.2% from the prior year.
Welltower Inc had 698M shares outstanding in fiscal year 2025. This represents an increase of 8.8% from the prior year.
Welltower Inc's gross margin was 40.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.6 percentage points from the prior year.
Welltower Inc's net profit margin was 8.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.3 percentage points from the prior year.
Welltower Inc's ROE was 2.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.8 percentage points from the prior year.
Welltower Inc invested $750.8M in capex in fiscal year 2025, funding long-term assets and infrastructure.
WELL Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.2B+18.4% | $2.7B+5.4% | $2.5B+5.2% | $2.4B+7.7% | $2.3B+9.5% | $2.1B+12.6% | $1.8B-1.9% | $1.9B |
| Cost of Revenue | $1.9B+22.6% | $1.6B+4.1% | $1.5B+3.6% | $1.5B+3.8% | $1.4B+16.2% | $1.2B+9.1% | $1.1B+1.3% | $1.1B |
| Gross Profit | $1.2B+12.5% | $1.1B+7.3% | $1.0B+7.6% | $960.7M+14.2% | $841.5M-0.2% | $843.0M+18.1% | $713.6M-6.5% | $762.8M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $1.6B+2367.2% | $63.1M-1.6% | $64.2M+0.7% | $63.8M+30.9% | $48.7M-37.5% | $77.9M+40.2% | $55.6M+4.2% | $53.3M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | $139.1M+4.2% | $133.4M-9.4% | $147.3M |
| Income Tax | -$5.0M-313.5% | $2.3M+121.7% | $1.1M+119.1% | -$5.5M-4941.2% | $114K+102.4% | -$4.7M-527.4% | $1.1M-82.2% | $6.2M |
| Net Income | $117.8M-58.3% | $282.2M-7.4% | $304.6M+18.4% | $257.3M+107.9% | $123.8M-72.9% | $456.8M+75.2% | $260.7M+98.0% | $131.6M |
| EPS (Diluted) | $0.13-68.3% | $0.41-8.9% | $0.45+12.5% | $0.40+100.0% | $0.20-72.6% | $0.73+73.8% | $0.42+90.9% | $0.22 |
WELL Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $67.3B+13.1% | $59.5B+6.6% | $55.8B+4.8% | $53.3B+4.4% | $51.0B+4.3% | $49.0B+7.5% | $45.5B+2.2% | $44.6B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $5.0B-26.0% | $6.8B+54.4% | $4.4B+25.9% | $3.5B-0.1% | $3.5B-1.6% | $3.6B+28.4% | $2.8B+16.3% | $2.4B |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $251.1M-58.8% | $608.7M+164.3% | $230.3M+3.9% | $221.7M-0.4% | $222.5M-10.1% | $247.4M-28.8% | $347.6M+2.7% | $338.5M |
| Goodwill | $346.3M+68.4% | $205.6M-1.4% | $208.5M+4.1% | $200.2M+34.2% | $149.2M+118.4% | $68.3M0.0% | $68.3M0.0% | $68.3M |
| Total Liabilities | $24.1B+19.4% | $20.2B+4.7% | $19.3B+3.1% | $18.7B+1.3% | $18.5B+3.3% | $17.9B+12.9% | $15.8B-1.0% | $16.0B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $19.2B+13.9% | $16.9B+5.5% | $16.0B+1.6% | $15.7B+1.4% | $15.5B-1.7% | $15.8B+13.1% | $13.9B-1.9% | $14.2B |
| Total Equity | $42.1B+8.7% | $38.8B+8.0% | $35.9B+5.7% | $34.0B+6.3% | $32.0B+5.3% | $30.3B+4.7% | $29.0B+5.2% | $27.5B |
| Retained Earnings | $11.0B+0.9% | $10.9B+2.6% | $10.7B+2.9% | $10.4B+2.6% | $10.1B+1.2% | $10.0B+4.7% | $9.5B+2.7% | $9.3B |
WELL Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $654.3M-23.8% | $858.4M+11.5% | $770.0M+28.6% | $599.0M+7.1% | $559.2M-18.4% | $685.0M+13.1% | $605.4M+48.8% | $406.8M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$5.5B-234.6% | -$1.6B-16.5% | -$1.4B+31.0% | -$2.0B+8.0% | -$2.2B-52.2% | -$1.4B-13.3% | -$1.3B-120.1% | -$580.9M |
| Financing Cash Flow | $3.0B-6.4% | $3.2B+128.4% | $1.4B+8.4% | $1.3B-17.7% | $1.6B-5.2% | $1.7B+58.4% | $1.1B+83.1% | $578.6M |
| Dividends Paid | $509.6M+2.6% | $496.9M+13.2% | $439.1M+1.5% | $432.4M+3.4% | $418.2M+2.3% | $408.8M+11.7% | $366.1M+3.9% | $352.2M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
WELL Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.2%-2.1pp | 41.3%+0.7pp | 40.6%+0.9pp | 39.6%+2.3pp | 37.4%-3.6pp | 41.0%+1.9pp | 39.1%-1.9pp | 41.0% |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 3.7%-6.8pp | 10.5%-1.4pp | 11.9%+1.3pp | 10.6%+5.1pp | 5.5%-16.7pp | 22.2%+7.9pp | 14.3%+7.2pp | 7.1% |
| Return on Equity | 0.3%-0.5pp | 0.7%-0.1pp | 0.9%+0.1pp | 0.8%+0.4pp | 0.4%-1.1pp | 1.5%+0.6pp | 0.9%+0.4pp | 0.5% |
| Return on Assets | 0.2%-0.3pp | 0.5%-0.1pp | 0.5%+0.1pp | 0.5%+0.2pp | 0.2%-0.7pp | 0.9%+0.4pp | 0.6%+0.3pp | 0.3% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 0.46+0.0 | 0.43-0.0 | 0.44-0.0 | 0.46-0.0 | 0.48-0.0 | 0.52+0.0 | 0.48-0.0 | 0.52 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Welltower Inc's annual revenue?
Welltower Inc (WELL) reported $10.8M in total revenue for fiscal year 2025. This represents a -99.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Welltower Inc's revenue growing?
Welltower Inc (WELL) revenue declined by 99.9% year-over-year, from $8.0B to $10.8M in fiscal year 2025.
Is Welltower Inc profitable?
Yes, Welltower Inc (WELL) reported a net income of $962K in fiscal year 2025, with a net profit margin of 8.9%.
What is Welltower Inc's earnings per share (EPS)?
Welltower Inc (WELL) reported diluted earnings per share of $1.39 for fiscal year 2025. This represents a -11.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
How much debt does Welltower Inc have?
As of fiscal year 2025, Welltower Inc (WELL) had $5.0M in cash and equivalents against $16.4M in long-term debt.
What is Welltower Inc's gross margin?
Welltower Inc (WELL) had a gross margin of 40.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Welltower Inc's net profit margin?
Welltower Inc (WELL) had a net profit margin of 8.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Welltower Inc pay dividends?
Yes, Welltower Inc (WELL) paid $2.82 per share in dividends during fiscal year 2025.
What is Welltower Inc's return on equity (ROE)?
Welltower Inc (WELL) has a return on equity of 2.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Welltower Inc's free cash flow?
Welltower Inc (WELL) generated -$748.0M in free cash flow during fiscal year 2025. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Welltower Inc's operating cash flow?
Welltower Inc (WELL) generated $2.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Welltower Inc's total assets?
Welltower Inc (WELL) had $67.3M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Welltower Inc's capital expenditures?
Welltower Inc (WELL) invested $750.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How many shares does Welltower Inc have outstanding?
Welltower Inc (WELL) had 698M shares outstanding as of fiscal year 2025.
What is Welltower Inc's debt-to-equity ratio?
Welltower Inc (WELL) had a debt-to-equity ratio of 0.39 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Welltower Inc's return on assets (ROA)?
Welltower Inc (WELL) had a return on assets of 1.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Welltower Inc's Piotroski F-Score?
Welltower Inc (WELL) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Welltower Inc's earnings high quality?
Welltower Inc (WELL) has an earnings quality ratio of 3.00x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Welltower Inc?
Welltower Inc (WELL) scores 26 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.