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.

Welltower (WELL) Financials

WELL NYSE

Trailing 12 months to June 30, 2026

Revenue $12.8B +37.6% YoY

Net Income $1.6B +37.3% YoY

EPS (Diluted) $2.17 +23.3% YoY

Free Cash Flow $1.8B +10.8% YoY

Market Cap $173.4B as of Oct 26, 2026

Price / Sales 13.6x on $12.8B revenue, trailing 12 months to June 30, 2026

Price / Earnings 112x on $1.6B net income, trailing 12 months to June 30, 2026

Price / Book 3.7x on $46.4B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 26, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 28, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 28, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the WELL SEC filings page.

Welltower Inc. (WELL) reported $12.8B in revenue over the twelve months to Jun 30, 2026, up 37.6% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI WELL FY2025 2026-10-25

Welltower’s larger asset base supported growth, while equity kept leverage from rising with expansion.

Cash conversion was much stronger than the income statement alone suggests: FY2025 operating cash flow reached $2.9B against net income of $936.8M. Free cash flow rose 30.9% while capital expenditures rose 22.5%, indicating operating cash growth outpaced the additional reinvestment required by expansion.

Revenue rose 35.6% in FY2025 while gross margin widened only 0.6 percentage points, pointing to growth without much improvement in the core spread. Net margin then fell 3.3 percentage points as reported selling, general and administrative expense surged 642.5%, showing that costs below gross profit absorbed much of the expansion.

Balance-sheet expansion was funded through a mix of obligations and equity: assets grew 31.9% while liabilities grew 30.5%. Debt-to-equity was 0.5x in FY2025 versus 0.6x in FY2023, so the larger capital base did not translate into higher leverage relative to equity.

Financial Health Signals

Financial Health Score (4 of 6 dimensions) 61/100

Scored as: REITs peer group

Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed: here 4 of 6, with the others left out rather than counted as zero. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Welltower Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

FFO Margin

FFO Margin measures funds from operations against revenue, and funds from operations is net income with property depreciation added back, since a building written down a little further every year on paper is often worth more rather than less. Welltower Inc. scores 50/100 on it among other REITs.

FFO Growth

FFO Growth follows the three-year path of funds from operations, which is net income with property depreciation added back. Welltower Inc. scores 84/100 on it among other REITs.

Leverage

n/a

Not available for Welltower Inc., so it is left out of the overall score, which averages the 4 of 6 dimensions that can be computed.

Interest Cov.

n/a

Not available for Welltower Inc., so it is left out of the overall score, which averages the 4 of 6 dimensions that can be computed.

AFFO Margin

AFFO Margin takes funds from operations, subtracts the spending a REIT needs just to keep its properties in working order, and measures what is left against revenue. Welltower Inc. scores 52/100 on it among other REITs.

Dividend Cov.

Dividend coverage measures funds from operations against the dividends actually paid, and a figure above 1 means the payout came out of operations. Welltower Inc. scores 59/100 on it among other REITs.

Piotroski F-Score Partial

6/8

Welltower Inc. passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

3.08x

For every $1 of reported earnings, Welltower Inc. generates $3.08 in operating cash flow ($2.9B OCF vs $936.8M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$3.5B

YoY+39.1%

QoQ+5.7%

5Y CAGR+25.4%

10Y CAGR+12.7%

Welltower Inc. generated $3.5B in revenue in Q2 2026. This represents an increase of 39.1% from the same quarter a year earlier. Against the prior quarter it is up 5.7%.

Net Income

$445.0M

YoY+47.4%

QoQ-38.9%

5Y CAGR+76.1%

10Y CAGR+7.7%

Welltower Inc. reported $445.0M in net income in Q2 2026. This represents an increase of 47.4% from the same quarter a year earlier. Against the prior quarter it is down 38.9%.

EPS (Diluted)

$0.61

YoY+35.6%

QoQ-40.2%

Welltower Inc. earned $0.61 per diluted share (EPS) in Q2 2026. This represents an increase of 35.6% from the same quarter a year earlier. Against the prior quarter it is down 40.2%.

EBITDA

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow

$414.5M

YoY-22.8%

QoQ+3.6%

5Y CAGR+9.0%

10Y CAGR-0.2%

Welltower Inc. generated $414.5M in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 22.8% from the same quarter a year earlier. Against the prior quarter it is up 3.6%.

Cash & Debt

$2.0B

YoY-55.4%

QoQ-58.2%

5Y CAGR+30.8%

10Y CAGR+15.5%

Welltower Inc. held $2.0B in cash against $17.7B in long-term debt as of Q2 2026.

Dividends Per Share

$0.74

YoY+10.4%

QoQ0.0%

Welltower Inc. paid $0.74 per share in dividends in Q2 2026. This represents an increase of 10.4% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

719M

YoY+7.5%

QoQ+1.8%

Welltower Inc. had 719M shares outstanding in Q2 2026. This represents an increase of 7.5% from the same quarter a year earlier. Against the prior quarter it is up 1.8%.

Margins & Returns

Gross Margin

39.3%

YoY-1.2pp

QoQ+0.7pp

5Y change-4.3pp

Welltower Inc.'s gross margin was 39.3% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 1.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.7 percentage points.

Net Margin

12.6%

YoY+0.7pp

QoQ-9.2pp

5Y change+10.3pp

10Y change-7.1pp

Welltower Inc.'s net profit margin was 12.6% in Q2 2026, showing the share of revenue converted to profit. This is up 0.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 9.2 percentage points.

Return on Equity

1.0%

YoY+0.1pp

QoQ-0.7pp

5Y change+0.8pp

10Y change-0.5pp

Welltower Inc.'s quarterly ROE was 1.0% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is up 0.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.7 percentage points.

Operating Margin

Not reported for Q2 2026.

Capital Allocation

Capital Expenditures

$589.1M

YoY+153.0%

QoQ+118.3%

5Y CAGR+55.1%

10Y CAGR+27.4%

Welltower Inc. invested $589.1M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 153.0% from the same quarter a year earlier. Against the prior quarter it is up 118.3%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 2026.

WELL Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

WELL quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$12.8B	$10.8B+35.6%	$8.0B+20.4%	$6.6B+13.3%	$5.9B+23.6%	$4.7B+3.0%	$4.6B-10.1%	$5.1B+9.0%	$4.7B+8.9%	$4.3B+0.8%	$4.3B+10.9%	$3.9B+15.4%	$3.3B+16.1%	$2.9B+59.6%	$1.8B+37.5%	$1.3B
Cost of Revenue	$7.7B	$6.5B+34.3%	$4.8B+22.4%	$3.9B+10.9%	$3.6B+28.3%	$2.8B+6.8%	$2.6B-3.4%	$2.7B+10.6%	$2.4B+16.8%	$2.1B	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	$5.0B	$4.3B+37.6%	$3.2B+17.5%	$2.7B+16.9%	$2.3B+17.0%	$2.0B-2.0%	$2.0B-17.4%	$2.4B+7.2%	$2.3B+1.6%	$2.2B	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$1.8B	$1.7B+642.5%	$235.5M+31.5%	$179.1M+19.1%	$150.4M+18.7%	$126.7M-1.3%	$128.4M+1.5%	$126.5M+0.1%	$126.4M+3.6%	$122.0M-21.4%	$155.2M+5.3%	$147.4M+3.1%	$142.9M+32.0%	$108.3M+11.3%	$97.3M+26.1%	$77.2M
Interest Expense	$740.5M	$652.0M+13.5%	$574.3M-5.5%	$607.8M+14.8%	$529.5M+8.1%	$489.9M-4.8%	$514.4M-7.4%	$555.6M+5.5%	$526.6M+8.7%	$484.6M-7.0%	$521.3M+5.9%	$492.2M+2.3%	$481.0M+4.9%	$458.4M+26.8%	$361.6M+24.3%	$291.0M
Income Tax	-$53.0M	-$7.1M-363.6%	$2.7M-57.6%	$6.4M-12.2%	$7.2M-16.8%	$8.7M-12.6%	$10.0M+237.1%	$3.0M-65.9%	$8.7M-56.9%	$20.1Mn/m	-$19.1M-396.5%	$6.5Mn/m	-$1.3M-116.9%	$7.5M-1.6%	$7.6Mn/m	-$1.4M
Net Income	$1.6B	$936.8M-1.6%	$951.7M+179.8%	$340.1M+140.8%	$141.2M-58.0%	$336.1M-65.7%	$978.8M-20.6%	$1.2B+53.1%	$805.0M+54.0%	$522.8M-51.5%	$1.1B+22.0%	$883.8M+72.6%	$512.2M+253.1%	$145.1M-51.2%	$297.3M+36.6%	$217.6M
EPS (Basic)	N/A	$1.41-10.8%	$1.58+139.4%	$0.66+112.9%	$0.31-60.8%	$0.79-66.5%	$2.36-23.1%	$3.07+51.2%	$2.03+61.1%	$1.26-55.5%	$2.83+20.4%	$2.35+61.0%	$1.46+421.4%	$0.28	$0.99+10.0%	$0.90
EPS (Diluted)	$2.17	$1.39-11.5%	$1.57+137.9%	$0.66+120.0%	$0.30-61.5%	$0.78-66.5%	$2.33-23.6%	$3.05+51.0%	$2.02+60.3%	$1.26-55.2%	$2.81+20.1%	$2.34+61.4%	$1.45+417.9%	$0.28	$0.98+8.9%	$0.90
Diluted Shares (Avg)	N/A	680M+11.6%	609M+17.4%	519M+11.5%	465M+9.0%	427M+2.3%	417M+3.4%	404M+7.6%	375M+1.7%	369M+2.4%	360M+3.1%	349M+13.5%	308M+10.4%	279M	226M+29.6%	174M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$3.5B+39.1%	$3.4B+38.3%	$3.2B+41.3%	$2.7B+30.6%	$2.5B+39.6%	$2.4B+30.3%	$2.3B+28.6%	$2.1B+23.7%
Cost of Revenue	$2.2B+41.9%	$2.1B+40.6%	$1.9B+37.2%	$1.6B+30.0%	$1.5B+36.3%	$1.5B+33.3%	$1.4B+36.0%	$1.2B+21.8%
Gross Profit	$1.4B+34.9%	$1.3B+35.0%	$1.2B+48.2%	$1.1B+31.5%	$1.0B+44.8%	$960.7M+25.9%	$841.5M+17.9%	$843.0M+26.4%
SG&A Expenses	$67.5M+5.2%	$67.5M+5.8%	$1.6B+3097.4%	$63.1M-19.0%	$64.2M+15.5%	$63.8M+19.6%	$48.7M+9.9%	$77.9M+69.0%
Interest Expense	$181.9M+28.9%	$192.7M+32.9%	$203.8M+31.9%	$162.1M+16.5%	$141.2M+5.8%	$145.0M-1.6%	$154.5M-0.1%	$139.1M-11.2%
Income Tax	-$62.0M-5985.9%	$11.6Mn/m	-$5.0M-4472.8%	$2.3Mn/m	$1.1M-4.4%	-$5.5M-189.1%	$114Kn/m	-$4.7M-202.7%
Net Income	$445.0M+47.4%	$728.7M+182.5%	$96.4M-19.6%	$280.6M-37.6%	$301.9M+18.5%	$258.0M+102.9%	$120.0M+43.0%	$449.8M+252.9%
EPS (Basic)	$0.63+37.0%	$1.04+160.0%	$0.13-27.8%	$0.42-43.2%	$0.46+9.5%	$0.40+81.8%	$0.18+20.0%	$0.74+208.3%
EPS (Diluted)	$0.61+35.6%	$1.02+155.0%	$0.13-27.8%	$0.41-43.8%	$0.45+7.1%	$0.40+81.8%	$0.18+12.5%	$0.73+204.2%
Diluted Shares (Avg)	738M+10.4%	726M+11.1%	N/A	685M+10.9%	668M+10.5%	654M+13.2%	N/A	618M+17.7%

Not reported in any period shown, so not listed: R&D Expenses, Operating Income, EBITDA.

WELL Balance Sheet

WELL quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$67.3B+31.9%	$51.0B+16.0%	$44.0B+16.1%	$37.9B+8.5%	$34.9B+7.5%	$32.5B-2.7%	$33.4B+10.0%	$30.3B+8.6%	$27.9B-3.2%	$28.9B-0.5%	$29.0B+16.3%	$25.0B+8.1%	$23.1B+18.1%	$19.5B+31.0%	$14.9B
Cash & Equivalents	$5.0B+43.5%	$3.5B+75.9%	$2.0B+215.6%	$631.7M+134.6%	$269.3M-82.6%	$1.5B+442.3%	$284.9M+32.3%	$215.4M-11.7%	$243.8M-59.9%	$607.2M+43.7%	$422.7M-23.6%	$553.4M+248.5%	$158.8M-84.6%	$1.0B+532.3%	$163.5M
Accounts Receivable	$251.1M+12.8%	$222.5M-32.6%	$330.1M+14.2%	$289.2M+29.3%	$223.6M-6.9%	$240.3M-28.7%	$336.9M+19.3%	$282.4M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$346.3M+132.1%	$149.2M+118.4%	$68.3M0.0%	$68.3M0.0%	$68.3M0.0%	$68.3M0.0%	$68.3M0.0%	$68.3M0.0%	$68.3M0.0%	$68.3M0.0%	$68.3M0.0%	$68.3M0.0%	$68.3M0.0%	$68.3M0.0%	$68.3M
Total Liabilities	$24.1B+30.5%	$18.5B+4.7%	$17.6B+6.9%	$16.5B+3.7%	$15.9B+4.3%	$15.3B-6.9%	$16.4B+14.4%	$14.3B+13.3%	$12.6B-4.1%	$13.2B-3.5%	$13.7B+19.8%	$11.4B+1.0%	$11.3B+25.6%	$9.0B+18.2%	$7.6B
Long-Term Debt	$19.2B+23.9%	$15.5B-1.5%	$15.7B+6.9%	$14.7B+5.8%	$13.9B+484.9%	$2.4B-82.3%	$13.4B+10.1%	$12.2B+10.4%	$11.0B-5.9%	$11.7B-3.3%	$12.1B+12.7%	$10.8B+3.1%	$10.4B+23.4%	$8.5B+28.7%	$6.6B
Total Equity	$42.1B+31.8%	$32.0B+25.8%	$25.4B+25.2%	$20.3B+15.1%	$17.6B+10.4%	$16.0B+2.8%	$15.5B+6.2%	$14.6B+1.5%	$14.4B-2.6%	$14.8B+1.5%	$14.6B+10.7%	$13.2B+15.4%	$11.4B+10.9%	$10.3B+44.5%	$7.1B
Retained Earnings	$11.0B+9.3%	$10.1B+10.4%	$9.1B+3.9%	$8.8B+1.6%	$8.7B+4.0%	$8.3B+13.2%	$7.4B+20.1%	$6.1B+15.1%	$5.3B+10.7%	$4.8B+28.9%	$3.7B	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$69.9B+25.1%	$67.2B+26.1%	$67.3B+31.9%	$59.5B+21.6%	$55.8B+22.6%	$53.3B+19.6%	$51.0B+16.0%	$49.0B+17.5%
Cash & Equivalents	$2.0B-55.4%	$4.7B+34.3%	$5.0B+43.5%	$6.8B+90.9%	$4.4B+58.8%	$3.5B+46.6%	$3.5B+75.9%	$3.6B+38.1%
Accounts Receivable	$283.8M+23.3%	$284.2M+28.2%	$251.1M+12.8%	$608.7M+146.0%	$230.3M-33.8%	$221.7M-34.5%	$222.5M-32.6%	$247.4M-20.4%
Goodwill	$349.2M+67.5%	$342.9M+71.3%	$346.3M+132.1%	$205.6M+200.9%	$208.5M+205.2%	$200.2M+193.0%	$149.2M+118.4%	$68.3M0.0%
Total Liabilities	$22.2B+15.2%	$22.3B+19.1%	$24.1B+30.5%	$20.2B+12.9%	$19.3B+21.7%	$18.7B+16.9%	$18.5B+4.7%	$17.9B+0.3%
Long-Term Debt	$17.7B+11.0%	$17.9B+14.1%	$19.2B+23.9%	$16.9B+6.9%	$16.0B+14.6%	$15.7B+10.7%	$15.5B-1.5%	$15.8B-0.4%
Total Equity	$46.4B+29.3%	$43.8B+29.0%	$42.1B+31.8%	$38.8B+27.8%	$35.9B+23.9%	$34.0B+23.3%	$32.0B+25.8%	$30.3B+32.2%
Retained Earnings	$12.2B+14.6%	$11.8B+13.6%	$11.0B+9.3%	$10.9B+9.6%	$10.7B+11.9%	$10.4B+11.7%	$10.1B+10.4%	$10.0B+10.1%

Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Long-Term Investments, Current Liabilities, Non-Current Liabilities.

WELL Cash Flow Statement

WELL quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$3.2B	$2.9B+27.7%	$2.3B+40.9%	$1.6B+20.6%	$1.3B+4.2%	$1.3B-6.6%	$1.4B-11.1%	$1.5B-3.0%	$1.6B+10.4%	$1.4B-12.5%	$1.6B+18.5%	$1.4B+21.4%	$1.1B+15.2%	$988.5M+20.8%	$818.1M+39.1%	$588.2M
Depreciation & Amortization	N/A	$2.1B+27.7%	$1.6B+16.5%	$1.4B+6.9%	$1.3B+26.3%	$1.0B-0.1%	$1.0B+1.1%	$1.0B+8.1%	$950.5M+3.1%	$921.7M+2.3%	$901.2M+9.1%	$826.2M-2.1%	$844.1M-3.4%	$874.0M+63.8%	$533.6M+26.0%	$423.6M
Stock-Based Compensation	N/A	$1.6B+1953.2%	$75.8M+103.8%	$37.2M+42.3%	$26.1M+46.8%	$17.8M-37.1%	$28.3M+13.1%	$25.0M-9.4%	$27.6M+44.7%	$19.1M-33.8%	$28.9M-6.4%	$30.8M-3.8%	$32.1M+59.0%	$20.2M+8.9%	$18.5M+71.7%	$10.8M
Capital Expenditures	$1.4B	$1.1B+22.5%	$857.5M+65.7%	$517.7M+8.8%	$476.0M+68.4%	$282.6M+15.3%	$245.0M-25.5%	$328.8M+23.5%	$266.2M+6.4%	$250.3M+14.2%	$219.1M+16.7%	$187.8M+41.4%	$132.8M-2.2%	$135.8M+0.3%	$135.4M+51.8%	-$89.2M
Free Cash Flow	$1.8B	$1.8B+30.9%	$1.4B+29.0%	$1.1B+27.1%	$852.7M-14.1%	$992.7M-11.3%	$1.1B-7.2%	$1.2B-8.4%	$1.3B+11.3%	$1.2B-16.6%	$1.4B+18.8%	$1.2B+18.8%	$1.0B+18.0%	$852.7M+24.9%	$682.7M+36.8%	$499.0M
Investing Cash Flow	-$13.2B	-$10.5Bn/m	-$5.5Bn/m	-$5.7Bn/m	-$3.7Bn/m	-$4.5B-292.4%	$2.3Bn/m	-$2.0Bn/m	-$2.4B-1643.8%	$154.6Mn/m	-$183.4Mn/m	-$3.5Bn/m	-$2.1Bn/m	-$3.5Bn/m	-$3.6Bn/m	-$4.5B
Financing Cash Flow	$7.6B	$9.0B+83.5%	$4.9B-10.0%	$5.4B+97.3%	$2.8B+76.1%	$1.6Bn/m	-$2.1B-460.5%	$577.1M-29.5%	$818.4Mn/m	-$1.9Bn/m	-$1.3B-162.6%	$2.0B+53.3%	$1.3B-21.9%	$1.7B-54.2%	$3.6B-8.0%	$4.0B
Dividends Paid	$2.1B	$1.9B+21.5%	$1.5B+22.6%	$1.3B+11.4%	$1.1B+9.2%	$1.0B-7.4%	$1.1B-20.3%	$1.4B+8.1%	$1.3B+1.8%	$1.3B+3.6%	$1.2B+7.8%	$1.1B+18.1%	$969.7M+15.4%	$839.9M+28.6%	$653.3M+35.1%	$483.7M
Share Buybacks	N/A	N/A	N/A	N/A	$0n/m	$0-100.0%	$7.7Mn/m	$0n/m	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$1.0B+30.3%	$670.0M+11.9%	$654.3M+17.0%	$858.4M+25.3%	$770.0M+27.2%	$599.0M+47.2%	$559.2M+50.9%	$685.0M+56.0%
Depreciation & Amortization	$737.8M+49.0%	$622.8M+28.2%	$594.2M+23.7%	$509.8M+26.3%	$495.0M+29.6%	$485.9M+32.8%	$480.4M+26.2%	$403.8M+19.0%
Stock-Based Compensation	$16.5M+8.3%	$18.8M+7.6%	N/A	$15.6M-60.9%	$15.3M+47.4%	$17.5M+45.3%	N/A	$39.9M+352.4%
Capital Expenditures	$589.1M+153.0%	$269.8M+12.3%	$314.0M-1.5%	$263.1M+9.1%	$232.9M+41.1%	$240.3M+81.4%	$318.8M+73.6%	$241.2M+86.8%
Free Cash Flow	$414.5M-22.8%	$400.2M+11.6%	$340.4M+41.6%	$595.3M+34.1%	$537.2M+22.0%	$358.6M+30.7%	$240.4M+28.6%	$443.8M+43.2%
Investing Cash Flow	-$5.3Bn/m	-$807.2Mn/m	-$5.5Bn/m	-$1.6Bn/m	-$1.4Bn/m	-$2.0Bn/m	-$2.2Bn/m	-$1.4Bn/m
Financing Cash Flow	$1.5B+8.2%	-$199.5M-115.3%	$3.0B+90.7%	$3.2B+93.2%	$1.4B+33.9%	$1.3B+126.1%	$1.6B-25.6%	$1.7B+38.8%
Dividends Paid	$524.4M+19.4%	$520.5M+20.4%	$509.6M+21.9%	$496.9M+21.6%	$439.1M+19.9%	$432.4M+22.8%	$418.2M+23.6%	$408.8M+28.3%

Not reported in any period shown, so not listed: Share Buybacks.

WELL Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

WELL quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	40.1%+0.6pp	39.6%-1.0pp	40.5%+1.3pp	39.3%-2.2pp	41.5%-2.1pp	43.6%-3.9pp	47.5%-0.8pp	48.2%-3.5pp	51.7%	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	8.6%-3.3pp	11.9%+6.8pp	5.1%+2.7pp	2.4%-4.7pp	7.1%-14.2pp	21.3%-2.8pp	24.1%+6.9pp	17.1%+5.0pp	12.1%-13.1pp	25.2%+2.3pp	22.9%+7.6pp	15.3%+10.3pp	5.0%-11.4pp	16.5%-0.1pp	16.6%
Return on Equity	2.2%-0.8pp	3.0%+1.6pp	1.3%+0.6pp	0.7%-1.2pp	1.9%-4.2pp	6.1%-1.8pp	7.9%+2.4pp	5.5%+1.9pp	3.6%-3.7pp	7.3%+1.2pp	6.1%+2.2pp	3.9%+2.6pp	1.3%-1.6pp	2.9%-0.2pp	3.0%
Return on Assets	1.4%-0.5pp	1.9%+1.1pp	0.8%+0.4pp	0.4%-0.6pp	1.0%-2.0pp	3.0%-0.7pp	3.7%+1.0pp	2.6%+0.8pp	1.9%-1.9pp	3.7%+0.7pp	3.0%+1.0pp	2.1%+1.4pp	0.6%-0.9pp	1.5%+0.1pp	1.5%
Debt-to-Equity	0.460.0x	0.48-0.1x	0.62-0.1x	0.72-0.1x	0.79+0.6x	0.15-0.7x	0.860.0x	0.83+0.1x	0.770.0x	0.790.0x	0.830.0x	0.82-0.1x	0.91+0.1x	0.82-0.1x	0.92
Liabilities-to-Equity	0.570.0x	0.58-0.1x	0.69-0.1x	0.81-0.1x	0.90-0.1x	0.96-0.1x	1.06+0.1x	0.98+0.1x	0.880.0x	0.890.0x	0.94+0.1x	0.87-0.1x	0.99+0.1x	0.87-0.2x	1.07
Asset Turnover	0.160.0x	0.160.0x	0.150.0x	0.150.0x	0.140.0x	0.140.0x	0.150.0x	0.150.0x	0.150.0x	0.150.0x	0.130.0x	0.130.0x	0.120.0x	0.090.0x	0.09
FCF Margin	16.9%-0.6pp	17.5%+1.2pp	16.3%+1.8pp	14.5%-6.4pp	20.9%-3.4pp	24.3%+0.7pp	23.6%-4.5pp	28.0%+0.6pp	27.4%-5.7pp	33.2%+2.2pp	31.0%+0.9pp	30.1%+0.5pp	29.6%-8.2pp	37.8%-0.2pp	38.0%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	39.3%-1.2pp	38.7%-1.0pp	39.2%+1.8pp	41.3%+0.3pp	40.6%+1.5pp	39.6%-1.4pp	37.4%-3.4pp	41.0%+0.9pp
Net Margin	12.6%+0.7pp	21.7%+11.1pp	3.0%-2.3pp	10.4%-11.4pp	11.8%-2.1pp	10.7%+3.8pp	5.3%+0.5pp	21.9%+14.2pp
Return on Equity	1.0%+0.1pp	1.7%+0.9pp	0.2%-0.1pp	0.7%-0.8pp	0.8%0.0pp	0.8%+0.3pp	0.4%+0.1pp	1.5%+0.9pp
Return on Assets	0.6%+0.1pp	1.1%+0.6pp	0.1%-0.1pp	0.5%-0.4pp	0.5%0.0pp	0.5%+0.2pp	0.2%0.0pp	0.9%+0.6pp
Debt-to-Equity	0.38-0.1x	0.41-0.1x	0.460.0x	0.43-0.1x	0.440.0x	0.46-0.1x	0.48-0.1x	0.52-0.2x
Liabilities-to-Equity	0.48-0.1x	0.510.0x	0.570.0x	0.52-0.1x	0.540.0x	0.550.0x	0.58-0.1x	0.59-0.2x
Asset Turnover	0.050.0x	0.050.0x	0.050.0x	0.050.0x	0.050.0x	0.050.0x	0.040.0x	0.040.0x
FCF Margin	11.7%-9.4pp	11.9%-2.9pp	10.7%0.0pp	22.2%+0.6pp	21.1%-3.0pp	14.8%+0.1pp	10.7%0.0pp	21.6%+2.9pp

Not reported in any period shown, so not listed: Operating Margin, Current Ratio.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Welltower Inc. WELL	FY2025	$10.8B	$936.8M	8.6%	$173.4B	61/100
Ventas, Inc. VTR	FY2025	$5.8B	$251.4M	4.3%	$44.8B	48/100
Healthpeak Properties, Inc. DOC	FY2025	$2.8B	$71.3M	2.5%	$13.7B	50/100
Omega Healthcare Investors Inc. OHI	FY2025	$1.2B	$590.2M	49.6%	$15.0B	76/100
CareTrust REIT, Inc CTRE	FY2025	$476.4M	$320.5M	67.3%	$8.7B	87/100
American Healthcare REIT, Inc. AHR	FY2025	$2.3B	$69.8M	3.1%	$11.7B	63/100

Where Welltower Inc. Ranks

Frequently Asked Questions

What is Welltower Inc.'s annual revenue?

Welltower Inc. (WELL) reported $10.8B in total revenue for fiscal year 2025. This represents a 35.6% 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 grew by 35.6% year-over-year, from $8.0B to $10.8B in fiscal year 2025.

Is Welltower Inc. profitable?

Yes, Welltower Inc. (WELL) reported a net income of $1.6B over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net income of $936.8M, with a net profit margin of 8.6%.

How much debt does Welltower Inc. have?

As of fiscal year 2025, Welltower Inc. (WELL) had $5.0B in cash and equivalents against $19.2B 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 8.6% 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 2.2% 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 $1.8B in free cash flow during fiscal year 2025. This represents a 30.9% change compared to the previous fiscal year. 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 $2.9B 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 $67.3B 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 $1.1B 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 0.46 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.

What is Welltower Inc.'s liabilities-to-equity ratio?

Welltower Inc. (WELL) had a liabilities-to-equity ratio of 0.57 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-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 P/E ratio?

Welltower Inc. (WELL) trades at 112x earnings, its market capitalization divided by $1.6B net income, trailing 12 months to June 30, 2026. The market capitalization is $173.4B as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Welltower Inc.'s price-to-sales ratio?

Welltower Inc. (WELL) trades at 13.6x sales, its market capitalization divided by $12.8B revenue, trailing 12 months to June 30, 2026. The market capitalization is $173.4B as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Welltower Inc.'s Piotroski F-Score?

Welltower Inc. (WELL) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 3.08x, 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 61 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is the average of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. For Welltower Inc. it averages the 4 of 6 dimensions that can be computed; the others are left out rather than counted as zero. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.