Tearsheet

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow


0 Megatrend and thematic drivers
Megatrends include Aging Population & Chronic Disease, Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include Geriatric Care, Show more.
 
0 Megatrend and thematic drivers
Megatrends include Aging Population & Chronic Disease, Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include Geriatric Care, Show more.

Valuation, Metrics & Events

WELL Stock


Why The Stock Moved


Qualitative Assessment

AI Generated Analysis | Feedback

1. Robust Third Quarter 2025 Earnings Exceed Expectations

Welltower reported strong third-quarter 2025 results, with normalized funds from operations (FFO) per share of $1.34, surpassing analyst expectations and representing a 20.7% increase year-over-year. The company's total revenue for the quarter also grew significantly by 30.6% year-over-year to $2.69 billion.

2. Exceptional Performance in Seniors Housing Operating (SHO) Portfolio

The Seniors Housing Operating (SHO) portfolio demonstrated strong growth, with same-store net operating income (SSNOI) increasing by 20.3% year-over-year in the third quarter of 2025. This was driven by a 400 basis-point rise in average occupancy and a 4.8% growth in Revenue Per Occupied Room (RevPOR), showcasing robust operational efficiency and demand within this core segment.

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Stock Movement Drivers

Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
WELL Return-17%37%-21%42%43%64%198%
Peers Return-7%9%-17%7%18%40%48%
S&P 500 Return16%27%-19%24%23%16%112%

Monthly Win Rates [3]
WELL Win Rate67%67%33%67%83%70% 
Peers Win Rate58%47%42%60%65%64% 
S&P 500 Win Rate58%75%42%67%75%70% 

Max Drawdowns [4]
WELL Max Drawdown-59%-7%-32%0%-4%-2% 
Peers Max Drawdown-52%-9%-28%-20%-13%-4% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: VTR, MPW, ALX, WELL, OHI. See WELL Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique KeyEventWELLS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-41.6%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven71.4%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven576 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-63.0%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven170.4%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven722 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-35.6%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven55.3%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven322 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-49.3%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven97.3%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven781 days1480 days

Compare to VTR, MPW, ALX, WELL, OHI


In The Past

Welltower's stock fell -41.6% during the 2022 Inflation Shock from a high on 3/29/2022. A -41.6% loss requires a 71.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Welltower (WELL)

Latest Trefis Analyses

Trade Ideas

Select past ideas related to WELL. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
MPW_10312025_Short_Squeeze10312025MPWMedical Properties TrustSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.
8.5%8.5%-5.8%
WELL_6302020_Dip_Buyer_FCFYield06302020WELLWelltowerDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
24.8%67.0%-4.9%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
MPW_10312025_Short_Squeeze10312025MPWMedical Properties TrustSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.
8.5%8.5%-5.8%
WELL_6302020_Dip_Buyer_FCFYield06302020WELLWelltowerDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
24.8%67.0%-4.9%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for Welltower

Peers to compare with:

Financials

WELLVTRMPWALXOHIMedian
NameWelltowerVentas Medical .Alexande.Omega He. 
Mkt Price------
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Growth & Margins

WELLVTRMPWALXOHIMedian
NameWelltowerVentas Medical .Alexande.Omega He. 
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CFO/Rev LTM------
CFO/Rev 3Y Avg------
FCF/Rev LTM------
FCF/Rev 3Y Avg------

Valuation

WELLVTRMPWALXOHIMedian
NameWelltowerVentas Medical .Alexande.Omega He. 
Mkt Cap------
P/S------
P/EBIT------
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P/CFO------
Total Yield------
Dividend Yield------
FCF Yield 3Y Avg------
D/E------
Net D/E------

Returns

WELLVTRMPWALXOHIMedian
NameWelltowerVentas Medical .Alexande.Omega He. 
1M Rtn------
3M Rtn------
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Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Seniors Housing Operating4,7644,2453,2133,0823,457
Triple-net887932891801973
Outpatient Medical750679635720688
Non-segment/Corporate2375334
Total6,6385,8614,7424,6065,121


Operating Income by Segment
$ Mil20242023202220212020
Seniors Housing Operating1,10898   
Triple-net845662   
Outpatient Medical519233   
Non-segment/Corporate219-162   
Total2,690831   


Assets by Segment
$ Mil20242023202220212020
Seniors Housing Operating24,62222,00118,85216,04415,785
Triple-net8,3948,6199,7108,5479,435
Outpatient Medical7,3276,6156,2046,5237,992
Non-segment/Corporate3,6696581441,369170
Total44,01237,89334,91032,48433,381


Price Behavior

Short Interest

Short Interest: As Of Date11142025
Short Interest: Shares Quantity12,410,239
Short Interest: % Change Since 1031202511.4%
Average Daily Volume3,120,569
Days-to-Cover Short Interest3.98
Basic Shares Quantity672,407,000
Short % of Basic Shares1.8%

SEC Filings

Expand for More

Report DateFiling DateFiling
93020251028202510-Q 9/30/2025
6302025729202510-Q 6/30/2025
3312025429202510-Q 3/31/2025
12312024212202510-K 12/31/2024
93020241029202410-Q 9/30/2024
6302024730202410-Q 6/30/2024
3312024430202410-Q 3/31/2024
12312023215202410-K 12/31/2023
93020231031202310-Q 9/30/2023
6302023801202310-Q 6/30/2023
3312023503202310-Q 3/31/2023
12312022221202310-K 12/31/2022
93020221108202210-Q 9/30/2022
6302022809202210-Q 6/30/2022
3312022510202210-Q 3/31/2022
12312021216202210-K 12/31/2021

Insider Activity

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 OwnerTitleFiling DateActionPriceSharesTransacted
Value
Value of
Held Shares
Form
0Gundlach Andrew 7022025Buy151.4610,0001,514,6001,514,600Form
1BACON KENNETH J 12102024Sell130.192,200286,4181,611,622Form