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WELLWelltower

Real estate · REIT · NYSE
WELL quote by TradingView
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FY2025 at a glance

Sales up 35.6%

XBRL, from each 10-K
RevenueStatements ↓
$10.8B
from $8.0B in FY2024
FY2016FY2025
Net incomeStatements ↓
$936.8M
from $951.7M in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$1.39
from $1.57 in FY2024
FY2016FY2025
Total debtStatements ↓
$19.2B
from $15.5B in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (32, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)2.29Sales (ttm)13.8BNet income (ttm)1.7BSales growth+35.6%EPS growth-11.5%Sales Q/Q+38.4%
Free cash flow-Gross margin22.2%Oper. margin-Net margin12.1%FCF margin-ROE3.4%
ROA2.3%R&D / sales-Dividend2.82Debt/Eq0.37Curr. ratio-Cash2.3B
Op. cash flow (ttm)3.3BNet debt15.9BPayout ratio202.9%Stock pay / sales14.4%Shares out.733.6MShares Y/Y+11.6%
Book / share66.22Cash / share3.10Sales / share18.80Asset turnover0.19Sales 3Y CAGR+22.7%Sales 5Y CAGR+18.7%
EPS 3Y CAGR+66.7%EPS 5Y CAGR-9.8%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Revenue growth sped up to +35.6%+20.4% → +35.6% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
What management wrote about it → · Every company →

WELL against Real estate peers

Ten years, side by side → · All 30 →
GrowthProfitBalanceCleanInsiders
WELLPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 30 companies, the better end on the right. Hover a dot for the company.

Sales growth
+35.6%1st of 29 · median +5.1%
Net margin
12.1%22nd of 29 · median 21.7%
Return on equity
3.4%24th of 27 · median 7.8%
Debt / equity (less is better)
0.375th of 24 · median 0.84
WELL and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
WELL Welltower$13.8B +35.6%22.2%12.1%3.4%-0.37
AMT American Tower$11.0B +5.1%-30.1%94.2%36.0%10.69
EQIX Equinix$10.1B +5.4%51.6%16.4%11.3%-1.4%1.57
PLD Prologis$8.9B +7.2%-41.5%6.9%-0.65
IRM Iron Mountain$7.8B +12.2%-5.9%--6.9%-
SPG Simon Property Group$7.2B +6.7%-63.0%110.4%46.9%6.96
Where each dollar goes

From $4.7B of sales to $336.1M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $2.0BRevenue to Cost of revenue: $2.8BGross profit to Net profit: $336.1MGross profit to Costs, tax, other: $1.6B Revenue: $4.7B Revenue$4.7B +3% Y/Y Gross profit: $2.0B · 41% margin Gross profit$2.0B41% margin Cost of revenue: $2.8B · 59% of revenue Cost of revenue$2.8B59% of revenue Net profit: $336.1M · 7% margin Net profit$336.1M7% margin −66% Y/Y Costs, tax, other: $1.6B · 34% of revenue Costs, tax, other$1.6B34% of revenue

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From $5.9B of sales to $141.2M of profit

FY2022, from the 10-K income statement and revenue by region
United States to Revenue: $4.8BUnited Kingdom to Revenue: $558.3MCanada to Revenue: $458.9MRevenue to Gross profit: $2.3BRevenue to Cost of revenue: $3.6BGross profit to Net profit: $141.2MGross profit to Costs, tax, other: $2.2B United States: $4.8B · 83% United States$4.8B83% United Kingdom: $558.3M · 10% United Kingdom$558.3M10% Canada: $458.9M · 8% Canada$458.9M8% Revenue: $5.9B Revenue$5.9B +24% Y/Y Gross profit: $2.3B · 39% margin Gross profit$2.3B39% margin Cost of revenue: $3.6B · 61% of revenue Cost of revenue$3.6B61% of revenue Net profit: $141.2M · 2% margin Net profit$141.2M2% margin −58% Y/Y Costs, tax, other: $2.2B · 37% of revenue Costs, tax, other$2.2B37% of revenue

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From $6.6B of sales to $340.1M of profit

FY2023, from the 10-K income statement and revenue by region
United States to Revenue: $5.5BUnited Kingdom to Revenue: $606.8MCanada to Revenue: $509.3MRevenue to Gross profit: $2.7BRevenue to Cost of revenue: $3.9BGross profit to Net profit: $340.1MGross profit to Costs, tax, other: $2.4B United States: $5.5B · 83% United States$5.5B83% United Kingdom: $606.8M · 9% United Kingdom$606.8M9% Canada: $509.3M · 8% Canada$509.3M8% Revenue: $6.6B Revenue$6.6B +13% Y/Y Gross profit: $2.7B · 41% margin Gross profit$2.7B41% margin Cost of revenue: $3.9B · 59% of revenue Cost of revenue$3.9B59% of revenue Net profit: $340.1M · 5% margin Net profit$340.1M5% margin +141% Y/Y Costs, tax, other: $2.4B · 35% of revenue Costs, tax, other$2.4B35% of revenue

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From $8.0B of sales to $951.7M of profit

FY2024, from the 10-K income statement and revenue by region
United States to Revenue: $6.6BUnited Kingdom to Revenue: $872.5MCanada to Revenue: $554.6MRevenue to Gross profit: $3.2BRevenue to Cost of revenue: $4.8BGross profit to Net profit: $951.7MGross profit to Costs, tax, other: $2.2B United States: $6.6B · 82% United States$6.6B82% United Kingdom: $872.5M · 11% United Kingdom$872.5M11% Canada: $554.6M · 7% Canada$554.6M7% Revenue: $8.0B Revenue$8.0B +20% Y/Y Gross profit: $3.2B · 40% margin Gross profit$3.2B40% margin Cost of revenue: $4.8B · 60% of revenue Cost of revenue$4.8B60% of revenue Net profit: $951.7M · 12% margin Net profit$951.7M12% margin +180% Y/Y Costs, tax, other: $2.2B · 28% of revenue Costs, tax, other$2.2B28% of revenue

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From $10.8B of sales to $936.8M of profit

FY2025, from the 10-K income statement and revenue by region
United States to Revenue: $7.9BUnited Kingdom to Revenue: $2.2BCanada to Revenue: $734.3MRevenue to Gross profit: $4.3BRevenue to Cost of revenue: $6.5BGross profit to Net profit: $936.8MGross profit to Costs, tax, other: $3.4B United States: $7.9B · 73% United States$7.9B73% United Kingdom: $2.2B · 20% United Kingdom$2.2B20% Canada: $734.3M · 7% Canada$734.3M7% Revenue: $10.8B Revenue$10.8B +36% Y/Y Gross profit: $4.3B · 40% margin Gross profit$4.3B40% margin Cost of revenue: $6.5B · 60% of revenue Cost of revenue$6.5B60% of revenue Net profit: $936.8M · 9% margin Net profit$936.8M9% margin −2% Y/Y Costs, tax, other: $3.4B · 31% of revenue Costs, tax, other$3.4B31% of revenue

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Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Costs, tax, other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

1 of 3
  • !
    Net margin below the peer median12.1% vs 21.7%
  • !
    Return on equity below 15%3.4%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 23.6% → 8.6%

Cash and shareholders

2 of 3
  • !
    Share count up over 5 years+62.8%
  • ✓
    Dividend per share up over 5 years$2.70 → $2.82
  • ✓
    Cash from operations above net income$2.9B vs $936.8M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$10.0B of principal due, schedule of Sep 30, 2026

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 10.8B Net income 936.8M
FY2016 revenue 4.3B · Revenues, 0000766704-19-000014 FY2016 net income 1.0B · NetIncomeLossAvailableToCommonStockholdersBasic, 0000766704-19-000014 4.3B FY2016 FY2017 revenue 4.3B · Revenues, 0000766704-20-000015 FY2017 net income 463.6M · NetIncomeLossAvailableToCommonStockholdersBasic, 0000766704-20-000015 4.3B FY2017 FY2018 revenue 4.7B · Revenues, 0000766704-21-000018 FY2018 net income 758.2M · NetIncomeLossAvailableToCommonStockholdersBasic, 0000766704-21-000018 4.7B FY2018 FY2019 revenue 5.1B · Revenues, 0000766704-22-000013 FY2019 net income 1.2B · NetIncomeLossAvailableToCommonStockholdersBasic, 0000766704-22-000013 5.1B FY2019 FY2020 revenue 4.6B · Revenues, 0000766704-23-000010 FY2020 net income 978.8M · NetIncomeLossAvailableToCommonStockholdersBasic, 0000766704-23-000010 4.6B FY2020 FY2021 revenue 4.7B · Revenues, 0000766704-24-000008 FY2021 net income 336.1M · NetIncomeLossAvailableToCommonStockholdersBasic, 0000766704-24-000008 4.7B FY2021 FY2022 revenue 5.9B · Revenues, 0000766704-25-000009 FY2022 net income 141.2M · NetIncomeLossAvailableToCommonStockholdersBasic, 0000766704-25-000009 5.9B FY2022 FY2023 revenue 6.6B · Revenues, 0000766704-26-000010 FY2023 net income 340.1M · NetIncomeLossAvailableToCommonStockholdersBasic, 0000766704-26-000010 6.6B FY2023 FY2024 revenue 8.0B · Revenues, 0000766704-26-000010 FY2024 net income 951.7M · NetIncomeLossAvailableToCommonStockholdersBasic, 0000766704-26-000010 8.0B FY2024 FY2025 revenue 10.8B · Revenues, 0000766704-26-000010 FY2025 net income 936.8M · NetIncomeLossAvailableToCommonStockholdersBasic, 0000766704-26-000010 10.8B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

WELL's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue10.8B
FY2016: 4.3BFY2017: 4.3BFY2018: 4.7BFY2019: 5.1BFY2020: 4.6BFY2021: 4.7BFY2022: 5.9BFY2023: 6.6BFY2024: 8.0BFY2025: 10.8B FY2017FY2019FY2021FY2023FY2025
Net income936.8M
FY2016: 1.0BFY2017: 463.6MFY2018: 758.2MFY2019: 1.2BFY2020: 978.8MFY2021: 336.1MFY2022: 141.2MFY2023: 340.1MFY2024: 951.7MFY2025: 936.8M FY2017FY2019FY2021FY2023FY2025
EPS (diluted)1.39
FY2016: 2.81FY2017: 1.26FY2018: 2.02FY2019: 3.05FY2020: 2.33FY2021: 0.78FY2022: 0.30FY2023: 0.66FY2024: 1.57FY2025: 1.39 FY2017FY2019FY2021FY2023FY2025
Dividend per share2.82
FY2016: 3.44FY2017: 3.48FY2018: 3.48FY2019: 3.48FY2020: 2.70FY2021: 2.44FY2022: 2.44FY2023: 2.44FY2024: 2.56FY2025: 2.82 FY2017FY2019FY2021FY2023FY2025
Diluted shares679.5M
FY2016: 360.2MFY2017: 369.0MFY2018: 375.2MFY2019: 403.8MFY2020: 417.4MFY2021: 426.8MFY2022: 465.2MFY2023: 518.7MFY2024: 608.8MFY2025: 679.5M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Seniors Housing Operating 810.0M7.5% +37.9%
Outpatient Medical 00.0% -
Triple Net 00.0% -

10-K 0000766704-26-000010, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
United States 7.9B73.2% +20.9%
United Kingdom 2.2B20.0% +148%
Canada 734.3M6.8% +32.4%

10-K 0000766704-26-000010, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue4.3B4.3B4.7B5.1B4.6B4.7B5.9B6.6B8.0B10.8B
Cost of revenue-2.1B2.4B2.7B2.6B2.8B3.6B3.9B4.8B6.5B
SG&A155.2M122.0M126.4M126.5M128.4M126.7M150.4M179.1M235.5M1.7B
Interest expense521.3M484.6M526.6M555.6M514.4M489.9M529.5M607.8M593.0M579.6M
Pretax income709.3M299.6M423.5M542.9M-31.6M170.8M173.1M350.0M524.4M-
Income tax-19.1M20.1M8.7M3.0M10.0M8.7M7.2M6.4M2.7M-7.1M
Net income1.0B463.6M758.2M1.2B978.8M336.1M141.2M340.1M951.7M936.8M
EPS (diluted)2.811.262.023.052.330.780.300.661.571.39
Diluted shares360.2M369.0M375.2M403.8M417.4M426.8M465.2M518.7M608.8M679.5M
Depreciation & amortization901.2M921.7M950.5M1.0B1.0B1.0B1.3B1.4B1.6B2.1B
Net margin23.6%10.7%16.1%24.1%21.3%7.1%2.4%5.1%11.9%8.6%
Revenue growth-+0.8%+8.9%+9.0%-10.1%+3.0%+23.6%+13.3%+20.4%+35.6%
EPS growth--55.2%+60.3%+51.0%-23.6%-66.5%-61.5%+120%+138%-11.5%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash607.2M243.8M215.4M284.9M1.5B269.3M631.7M2.0B3.5B5.0B
Goodwill68.3M68.3M68.3M68.3M68.3M68.3M68.3M68.3M149.2M346.3M
Total assets28.9B27.9B30.3B33.4B32.5B34.9B37.9B44.0B51.0B67.3B
Total debt11.7B11.0B12.2B13.4B2.4B13.9B14.7B15.7B15.5B19.2B
Total liabilities13.2B12.6B14.3B16.4B15.3B15.9B16.5B17.6B18.5B24.1B
Shareholders' equity14.8B14.4B14.6B15.5B16.0B17.6B20.3B25.4B32.0B42.1B
Retained earnings4.8B5.3B6.1B7.4B8.3B8.7B8.8B9.1B10.1B11.0B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow1.6B1.4B1.6B1.5B1.4B1.3B1.3B1.6B2.3B2.9B
Stock-based pay (added back)28.9M19.1M27.6M25.0M28.3M17.8M26.1M37.2M75.8M1.6B
Dividends paid1.2B1.3B1.3B1.4B1.1B1.0B1.1B1.3B1.5B1.9B
Buybacks--007.7M00---
Investing cash flow-183.4M154.6M-2.4B-2.0B2.3B-4.5B-3.7B-5.7B-5.5B-10.5B
Financing cash flow-1.3B-1.9B818.4M577.1M-2.1B1.6B2.8B5.4B4.9B9.0B
Dividend per share3.443.483.483.482.702.442.442.442.562.82

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)28.9M19.1M27.6M25.0M28.3M17.8M26.1M37.2M75.8M1.6B
Stock-based pay / revenue0.7%0.4%0.6%0.5%0.6%0.4%0.4%0.6%0.9%14.4%
Operating lease cash paid---5.5M3.9M6.0M5.6M2.0M10.6M26.2M
Finance lease principal paid---3.4M3.6M3.6M2.3M2.7M--
Operating lease liabilities---364.8M311.2M434.3M302.4M303.6M1.2B1.6B
Finance lease liabilities---108.9M107.1M111.7M113.5M79.7M108.0M540.1M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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