Welltower (WELL)
Market Price (7/8/2026): $236.98 | Market Cap: $165.8 BilInvestor Relations Sector: Real Estate | Industry: Health Care REITs
Welltower (WELL)
Market Price (7/8/2026): $236.98Market Cap: $165.8 BilSector: Real EstateIndustry: Health Care REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 38% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25%, CFO LTM is 3.0 Bil, FCF LTM is 2.9 Bil Low stock price volatilityVol 12M is 22% Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include Geriatric Care, Show more. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% | Expensive valuation multiplesP/SPrice/Sales ratio is 14x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 454x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 56x, P/EPrice/Earnings or Price/(Net Income) is 118x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 13% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.3% Key risksWELL key risks include [1] dependence on the financial health of its concentrated tenant and operator base, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 38% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25%, CFO LTM is 3.0 Bil, FCF LTM is 2.9 Bil |
| Low stock price volatilityVol 12M is 22% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include Geriatric Care, Show more. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 14x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 454x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 56x, P/EPrice/Earnings or Price/(Net Income) is 118x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.3% |
| Key risksWELL key risks include [1] dependence on the financial health of its concentrated tenant and operator base, Show more. |
Qualitative Assessment
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Welltower (WELL) stock has gained about 20% since 3/31/2026 because of the following key factors:
1. Strong Q1 2026 Financial Performance and Operational Momentum.
Welltower reported robust financial results for fiscal Q1 2026, which ended on March 31, 2026, significantly exceeding analyst expectations. The company announced earnings per share (EPS) of $1.02, surpassing consensus estimates of $0.68 by $0.34. Quarterly revenue increased by 38.3% year-over-year to $3.35 billion, well above the $3.12 billion consensus estimate. Additionally, normalized funds from operations (FFO) per diluted share rose 23% over the prior year to $1.47, exceeding the $1.46 analyst estimate. This strong performance was underpinned by a 16.4% year-over-year growth in total portfolio same-store net operating income (SSNOI), primarily driven by a 22.1% increase in the Seniors Housing Operating (SHO) portfolio.
2. Significant Strategic Investment Activity and Capital Recycling.
Welltower demonstrated an aggressive and strategic approach to capital deployment and portfolio optimization during the period. In fiscal Q1 2026, the company completed $3.3 billion of pro rata gross investments. Subsequent to quarter-end, Welltower closed or entered into agreements to close an additional $7.2 billion in pro rata gross investments. A notable transaction was the completion of the previously announced acquisition of a Canadian portfolio of 38 Amica Senior Lifestyles communities for a pro rata purchase price of C$4.1 billion on April 1, 2026. This extensive investment activity was complemented by the recycling of capital through $1.72 billion in real estate dispositions during fiscal Q1 2026.
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Welltower (WELL) stock has gained about 20% since 3/31/2026 because of the following key factors:
1. Strong Q1 2026 Financial Performance and Operational Momentum.
Welltower reported robust financial results for fiscal Q1 2026, which ended on March 31, 2026, significantly exceeding analyst expectations. The company announced earnings per share (EPS) of $1.02, surpassing consensus estimates of $0.68 by $0.34. Quarterly revenue increased by 38.3% year-over-year to $3.35 billion, well above the $3.12 billion consensus estimate. Additionally, normalized funds from operations (FFO) per diluted share rose 23% over the prior year to $1.47, exceeding the $1.46 analyst estimate. This strong performance was underpinned by a 16.4% year-over-year growth in total portfolio same-store net operating income (SSNOI), primarily driven by a 22.1% increase in the Seniors Housing Operating (SHO) portfolio.
2. Significant Strategic Investment Activity and Capital Recycling.
Welltower demonstrated an aggressive and strategic approach to capital deployment and portfolio optimization during the period. In fiscal Q1 2026, the company completed $3.3 billion of pro rata gross investments. Subsequent to quarter-end, Welltower closed or entered into agreements to close an additional $7.2 billion in pro rata gross investments. A notable transaction was the completion of the previously announced acquisition of a Canadian portfolio of 38 Amica Senior Lifestyles communities for a pro rata purchase price of C$4.1 billion on April 1, 2026. This extensive investment activity was complemented by the recycling of capital through $1.72 billion in real estate dispositions during fiscal Q1 2026.
3. Enhanced Shareholder Returns and Positive Analyst Revisions.
The company announced a substantial 15% increase in its quarterly common stock dividend to $0.85 per share, effective beginning with fiscal Q2 2026, signaling strong confidence in future performance and directly benefiting shareholders. This positive corporate action was reinforced by numerous analyst upgrades and increased price targets during May 2026. For instance, Jefferies Financial Group raised its price target from $237.00 to $248.00, Citigroup increased its target from $245.00 to $255.00, UBS Group from $240.00 to $249.00, and Scotiabank from $236.00 to $248.00, with the consensus rating remaining a "Buy" or "Moderate Buy."
4. Favorable Broader Healthcare Real Estate Investment Trust (REIT) Market Trends.
Welltower benefited from an overall resilient healthcare REIT sector, characterized by stable fundamentals and improving market conditions. The sector continued to experience sustained demand for healthcare services, driven by long-term demographic tailwinds, particularly in senior housing. Occupancy rates within the senior housing sector had rebounded to the high-80% range by late 2025, indicating a strong recovery and healthy demand environment. Investor sentiment for healthcare REITs remained constructive, further supported by defensive cash flows and improving capital market conditions.
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Stock Movement Drivers
Fundamental Drivers
The 20.6% change in WELL stock from 3/31/2026 to 7/7/2026 was primarily driven by a 38.3% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 197.04 | 237.59 | 20.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,667 | 11,584 | 8.6% |
| Net Income Margin (%) | 8.8% | 12.2% | 38.3% |
| P/E Multiple | 145.1 | 118.1 | -18.6% |
| Shares Outstanding (Mil) | 690 | 700 | -1.4% |
| Cumulative Contribution | 20.6% |
Market Drivers
3/31/2026 to 7/7/2026| Return | Correlation | |
|---|---|---|
| WELL | 20.6% | |
| Market (SPY) | 15.0% | -22.5% |
| Sector (XLRE) | 9.9% | 66.5% |
Fundamental Drivers
The 28.9% change in WELL stock from 12/31/2025 to 7/7/2026 was primarily driven by a 23.4% change in the company's Net Income Margin (%).| (LTM values as of) | 12312025 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 184.32 | 237.59 | 28.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,752 | 11,584 | 18.8% |
| Net Income Margin (%) | 9.8% | 12.2% | 23.4% |
| P/E Multiple | 129.1 | 118.1 | -8.5% |
| Shares Outstanding (Mil) | 672 | 700 | -3.9% |
| Cumulative Contribution | 28.9% |
Market Drivers
12/31/2025 to 7/7/2026| Return | Correlation | |
|---|---|---|
| WELL | 28.9% | |
| Market (SPY) | 9.9% | -1.8% |
| Sector (XLRE) | 12.0% | 64.0% |
Fundamental Drivers
The 56.9% change in WELL stock from 6/30/2025 to 7/7/2026 was primarily driven by a 37.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302025 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 151.40 | 237.59 | 56.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,412 | 11,584 | 37.7% |
| Net Income Margin (%) | 12.9% | 12.2% | -5.6% |
| P/E Multiple | 90.0 | 118.1 | 31.3% |
| Shares Outstanding (Mil) | 643 | 700 | -8.1% |
| Cumulative Contribution | 56.9% |
Market Drivers
6/30/2025 to 7/7/2026| Return | Correlation | |
|---|---|---|
| WELL | 56.9% | |
| Market (SPY) | 22.0% | -0.7% |
| Sector (XLRE) | 11.1% | 58.4% |
Fundamental Drivers
The 212.5% change in WELL stock from 6/30/2023 to 7/7/2026 was primarily driven by a 587.5% change in the company's Net Income Margin (%).| (LTM values as of) | 6302023 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 76.02 | 237.59 | 212.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,938 | 11,584 | 95.1% |
| Net Income Margin (%) | 1.8% | 12.2% | 587.5% |
| P/E Multiple | 356.4 | 118.1 | -66.9% |
| Shares Outstanding (Mil) | 492 | 700 | -29.7% |
| Cumulative Contribution | 212.5% |
Market Drivers
6/30/2023 to 7/7/2026| Return | Correlation | |
|---|---|---|
| WELL | 212.5% | |
| Market (SPY) | 74.6% | 24.6% |
| Sector (XLRE) | 30.8% | 63.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| WELL Return | 37% | -21% | 42% | 43% | 50% | 26% | 314% |
| Peers Return | -5% | -4% | 21% | 29% | 27% | 12% | 101% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| WELL Win Rate | 67% | 33% | 67% | 83% | 67% | 71% | |
| Peers Win Rate | 50% | 53% | 58% | 67% | 57% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| WELL Max Drawdown | -10% | -41% | -15% | -11% | -13% | -11% | |
| Peers Max Drawdown | -26% | -28% | -19% | -15% | -10% | -16% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VTR, OHI, SBRA, NHI, CTRE. 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] 2026 data is for the year up to 7/7/2026 (YTD)
How Low Can It Go
| Event | WELL | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -12.6% | -6.7% |
| % Gain to Breakeven | 14.5% | 7.1% |
| Time to Breakeven | 26 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -31.5% | -24.5% |
| % Gain to Breakeven | 45.9% | 32.4% |
| Time to Breakeven | 245 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -61.8% | -33.7% |
| % Gain to Breakeven | 161.5% | 50.9% |
| Time to Breakeven | 462 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -19.1% | -3.7% |
| % Gain to Breakeven | 23.7% | 3.9% |
| Time to Breakeven | 204 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -20.5% | -12.2% |
| % Gain to Breakeven | 25.8% | 13.9% |
| Time to Breakeven | 35 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -14.7% | -6.8% |
| % Gain to Breakeven | 17.2% | 7.3% |
| Time to Breakeven | 15 days | 15 days |
In The Past
Welltower's stock fell -8.4% during the 2025 US Tariff Shock. Such a loss loss requires a 9.2% gain to breakeven.
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Asset Allocation
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| Event | WELL | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -31.5% | -24.5% |
| % Gain to Breakeven | 45.9% | 32.4% |
| Time to Breakeven | 245 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -61.8% | -33.7% |
| % Gain to Breakeven | 161.5% | 50.9% |
| Time to Breakeven | 462 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -20.5% | -12.2% |
| % Gain to Breakeven | 25.8% | 13.9% |
| Time to Breakeven | 35 days | 62 days |
| 2013 Taper Tantrum | ||
| % Loss | -27.5% | -0.2% |
| % Gain to Breakeven | 37.9% | 0.2% |
| Time to Breakeven | 315 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -23.3% | -17.9% |
| % Gain to Breakeven | 30.3% | 21.8% |
| Time to Breakeven | 136 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -34.6% | -53.4% |
| % Gain to Breakeven | 52.9% | 114.4% |
| Time to Breakeven | 151 days | 1085 days |
In The Past
Welltower's stock fell -8.4% during the 2025 US Tariff Shock. Such a loss loss requires a 9.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Welltower (WELL)
Welltower Inc. (NYSE:WELL) is a real estate investment trust (REIT) that specializes in owning and investing in healthcare infrastructure. The company's core business revolves around funding the essential real estate properties needed by leading healthcare providers to scale innovative care delivery models and improve overall health outcomes. By focusing on this critical infrastructure, Welltower plays a significant role in transforming the healthcare experience for people across its target markets.
The company's portfolio primarily consists of interests in a diverse range of healthcare properties, including seniors housing communities, post-acute care facilities, and various outpatient medical properties. Welltower serves as a key partner to its primary customers, which include leading seniors housing operators, post-acute providers, and health systems. These real estate assets are strategically located in major, high-growth markets across the United States, Canada, and the United Kingdom, ensuring the company supports vital healthcare services in key geographies.
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Here are 1-3 brief analogies for Welltower (WELL):
Prologis for medical clinics and senior living communities.
American Tower for healthcare facilities.
Equinix for medical office buildings and senior care centers.
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Welltower's major products are categories of real estate assets it owns and invests in:
- Seniors Housing Properties: Real estate assets designed for the accommodation and care of senior citizens.
- Post-Acute Care Properties: Real estate assets used for facilities providing medical care and rehabilitation services following a hospital stay.
- Outpatient Medical Properties: Real estate assets for facilities offering healthcare services where patients do not require an overnight stay, such as medical offices or urgent care centers.
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Major Customers of Welltower (WELL)
Welltower Inc. (WELL) is a real estate investment trust (REIT) that invests in health care infrastructure. As such, Welltower primarily partners with and provides real estate solutions to other companies and organizations, rather than selling directly to individuals.
Based on the provided company description, Welltower's major customers and partners fall into the following categories:
- Seniors housing operators: Companies that manage and operate senior living facilities.
- Post-acute providers: Organizations offering care to patients transitioning from a hospital stay, such as skilled nursing facilities or rehabilitation centers.
- Health systems: Integrated networks of health care providers, including hospitals, clinics, and outpatient medical facilities.
The description does not provide specific names or public symbols for these customer companies, but rather describes them by their operational categories.
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- Sunrise Senior Living
- Atria Senior Living
- Pegasus Senior Living
- Storypoint Senior Living
- Revera Inc.
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Shankh Mitra, Chief Executive Officer, Chief Investment Officer, and Director
Shankh Mitra was appointed CEO and joined Welltower's Board of Directors on October 5, 2020. He also holds the title of Chief Investment Officer. Mitra joined Welltower in 2016, and his previous roles at the company included Senior Vice President – Finance and Investments, Senior Vice President of Investments, Chief Investment Officer (since 2018), Vice Chair, and Chief Operating Officer (April 2020). Before joining Welltower, he served as Portfolio Manager, Real Estate Securities at Millennium Management LLC. He also held Senior Analyst positions at Citadel Investment Group and Fidelity Investments. Mitra began his career at PricewaterhouseCoopers. He earned an MBA in Applied Value Investing from Columbia Business School and a bachelor's degree in engineering from Jadavpur University. Mitra serves on the Board of Trustees of Public Storage (NYSE: PSA).
Tim McHugh, Co-President & Chief Financial Officer
Tim McHugh was appointed Co-President & Chief Financial Officer. He joined Welltower in 2016 as Vice President – Finance and Investments. Prior to his current role, he held positions including Treasurer, Senior Vice President, Chief Financial Officer, and Executive Vice President, Chief Financial Officer. Before joining Welltower, McHugh was a Senior Analyst at RREEF Management (now DWS Investments), where he focused on investing in the healthcare, office, and specialty sectors. He also worked as an Equity Research Analyst at Northern Trust. McHugh holds a Bachelor of Science in Finance and a minor in Technology & Management from the University of Illinois at Urbana-Champaign and is a Chartered Financial Analyst (CFA). He has been instrumental in strengthening Welltower's balance sheet.
John Burkart, Vice Chairman & Chief Operating Officer
John Burkart was appointed Vice Chairman & Chief Operating Officer, having previously served as Executive Vice President – Chief Operating Officer. He joined Welltower in 2021. Before Welltower, Burkart spent 25 years at Essex Property Trust, a multifamily REIT, where he most recently served as Senior Executive Vice President and Chief Operating Officer. At Welltower, he has played a significant role in creating a comprehensive operating platform within the seniors housing industry.
Nikhil Chaudhri, Co-President & Chief Investment Officer
Nikhil Chaudhri was appointed Co-President & Chief Investment Officer. He joined Welltower as an associate nearly 10 years ago and was named Co-Head of US Investments in 2020 and CIO in 2023. Chaudhri has overseen approximately $11 billion of global capital deployment across various property types. He also leads the company's talent recruitment, training, and development programs. He holds an MBA from Columbia Business School and a BSE in Computer Science Engineering from the University of Michigan, and is a CFA charterholder.
Edward Cheung, Executive Vice President – International Investments
Edward Cheung holds the position of Executive Vice President – International Investments. He joined Welltower in 2019 and is responsible for overseeing the company's offices in Toronto and London. Cheung has been key in the transformation and substantial growth of Welltower's businesses in Canada and the UK through numerous transactions. Prior to joining Welltower, he served as Managing Partner at Brookfield Financial, a Brookfield Company, specializing in structured finance and M&A advisory.
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Here are the key risks to Welltower's business:
- Financial Health of Senior Housing Operators and Market Dynamics: Welltower's profitability is significantly tied to the financial performance and stability of its seniors housing and post-acute care operators. Challenges faced by these operators, such as financial distress or an inability to meet contractual obligations, directly impact Welltower's rental income and overall investment value. For example, concerns have been raised regarding the financial health of former key tenant ProMedica and the nature of subsequent joint ventures with new operators. Additionally, the senior housing market itself faces risks from potential oversupply or slower-than-expected growth in demand, which could lead to reduced occupancy rates and downward pressure on rental rates.
- Rising Interest Rates and Substantial Debt Load: As a real estate investment trust (REIT), Welltower carries a significant debt load. Rising interest rates increase the cost of borrowing, which can lead to higher interest expenses, reduce profitability, and make it more expensive to finance new acquisitions or refinance existing debt. The company faces substantial debt maturities in the coming years, necessitating prudent management of its debt levels in a dynamic interest rate environment.
- Regulatory and Reimbursement Risks in the Healthcare Industry: The healthcare industry, in which Welltower's properties operate, is subject to extensive and evolving governmental regulation. Changes in healthcare laws, policies, or reimbursement rates for programs like Medicare and Medicaid can directly affect the financial viability of Welltower's tenants and operators. Such regulatory shifts could impact their ability to generate sufficient revenue to cover lease payments and other obligations to Welltower, thereby adversely affecting the company's financial performance.
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- Accelerated shift to home-based and virtual care models: The rapid advancement and adoption of telemedicine, remote monitoring, and other digital health technologies are enabling a significant portion of healthcare services to be delivered effectively and conveniently outside of traditional physical facilities. This trend could reduce the long-term demand for outpatient medical properties and shorten stays in post-acute communities, potentially diminishing the necessity and value of Welltower's physical real estate assets.
- Technologically-enabled "Aging in Place" revolution: Innovations in smart home technology, predictive analytics, and expanded home healthcare services are empowering seniors to remain in their homes longer, reducing the demand for traditional seniors housing communities. This preference, coupled with the increasing efficacy and availability of in-home support, could lead to lower occupancy rates and pressure on rental income for Welltower's seniors housing portfolio as fewer seniors transition to institutional living.
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Welltower invests in seniors housing, post-acute communities, and outpatient medical properties across the United States, Canada, and the United Kingdom. The addressable markets for these services in the specified regions are:
Seniors Housing Market
- United States: The U.S. senior living market was valued at approximately $943.9 billion in 2025.
- Canada: The Canada senior living market generated a revenue of approximately $130.9 billion in 2025.
- United Kingdom: The seniors housing sector in the UK is forecast to grow from £63 billion in 2024 to £219 billion by 2029.
Post-Acute Care Market
- United States: The U.S. post-acute care market size was valued at $490.6 billion in 2025.
- Canada: The Canada long-term care market, a component of post-acute care, generated approximately $29.12 billion in revenue in 2023.
- United Kingdom: The UK outpatient care market, which encompasses significant aspects of post-acute care, accounted for $164.00 billion in 2025.
Outpatient Medical Properties Market
- United States: The U.S. ambulatory services market size was estimated at $289.5 billion in 2023.
- Canada: The Canada Outpatient Care Market generated a value of $94.99 billion in 2025.
- United Kingdom: The UK Outpatient Care Market accounted for $164.00 billion in 2025.
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Welltower Inc. (NYSE:WELL) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and favorable market dynamics:
- Strong Demographic Tailwinds for Senior Housing: The aging population, particularly the entry of the oldest Baby Boomers into the 80+ age bracket starting in 2026, is creating unprecedented demand for senior housing and healthcare services. This demographic shift provides a robust and long-term source of demand for Welltower's core seniors housing portfolio.
- Strategic Acquisitions and Robust Development Pipeline: Welltower is actively expanding its portfolio through targeted acquisitions and a substantial development pipeline, focusing on premium senior housing and outpatient medical real estate in affluent, high-barrier markets. The company completed approximately $11 billion in net investments in 2025 and had $5.7 billion in deals closed or under contract in early 2026, primarily focused on acquiring senior living communities in the U.S., Canada, and the U.K.
- Increased Occupancy and Revenue Per Occupied Room (RevPOR) in Senior Housing Operating (SHO) Portfolio: The company anticipates continued growth in its Senior Housing Operating (SHO) portfolio, driven by rising occupancy rates and an increase in Revenue Per Occupied Room (RevPOR). Welltower expects average blended same-store net operating income (SSNOI) growth of 11.25% to 15.75% for its total portfolio in 2026, with the SHO segment projected to grow between 15.0% and 21.0%.
- Operational Efficiencies and Technology Enhancements: Welltower is leveraging its "Welltower Business System" and data science platform to drive operational improvements and efficiency gains across its portfolio. This strategic focus on technology and talent investment is aimed at enhancing the resident and employee experience, streamlining operations, and contributing to margin expansion and long-term profitability.
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Share Repurchases
- Welltower's Board of Directors approved a share repurchase program for up to $3,000,000,000 of common stock on November 7, 2022.
- No shares were repurchased under this program during the years ended December 31, 2024, 2023, and 2022.
- The company also reported no share repurchases for $0 million from April 1, 2025, to June 30, 2025, and from October 1, 2025, to December 31, 2025.
Share Issuance
- In March 2025, Welltower established a new at-the-market (ATM) equity program, allowing the sale of up to $7,500,000,000 in common stock.
- For the nine months ended September 30, 2025, ATM Program issuances generated gross proceeds of $6,873,247,000 from 45,080,143 shares.
- For the nine months ended September 30, 2024, ATM Program issuances generated gross proceeds of $5,288,418,000 from 53,547,363 shares.
Outbound Investments
- In 2025, Welltower announced $23 billion in transaction activity, including $14 billion in acquisitions, primarily seniors housing.
- Significant acquisitions in October 2025 included a Barchester-operated portfolio in the U.K. for approximately £5.2 billion (over $6.9 billion USD) and the HC-One-operated portfolio for £1.2 billion.
- The company also announced plans to divest an 18 million square foot outpatient medical portfolio valued at approximately $7.2 billion, with expected pro rata disposition proceeds of $3.5 billion in 2026.
Capital Expenditures
- Capital improvements to existing properties totaled $736,288,000 for the nine months ended September 30, 2025, and $538,752,000 for the nine months ended September 30, 2024.
- Cash disbursed for construction in progress was $333,981,000 for the nine months ended September 30, 2025, and $632,511,000 for the nine months ended September 30, 2024.
- Welltower anticipates funding an additional $370 million for development in 2026 related to projects underway as of December 31, 2025.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 63.47 |
| Mkt Cap | 12.0 |
| Rev LTM | 1,025 |
| Op Inc LTM | 400 |
| FCF LTM | 655 |
| FCF 3Y Avg | 552 |
| CFO LTM | 663 |
| CFO 3Y Avg | 557 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 18.9% |
| Rev Chg 3Y Avg | 13.5% |
| Rev Chg Q | 25.5% |
| QoQ Delta Rev Chg LTM | 6.0% |
| Op Inc Chg LTM | 9.4% |
| Op Inc Chg 3Y Avg | 18.8% |
| Op Mgn LTM | 40.6% |
| Op Mgn 3Y Avg | 44.1% |
| QoQ Delta Op Mgn LTM | -0.4% |
| CFO/Rev LTM | 52.9% |
| CFO/Rev 3Y Avg | 53.3% |
| FCF/Rev LTM | 52.9% |
| FCF/Rev 3Y Avg | 52.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Seniors Housing Operating | 8,489 | 6,035 | 4,764 | 4,245 | 3,213 |
| Triple-net | 1,197 | 789 | 887 | 932 | 891 |
| Outpatient Medical | 782 | 802 | 750 | 679 | 635 |
| Non-segment/Corporate | 370 | 365 | 237 | 5 | 3 |
| Total | 10,838 | 7,991 | 6,638 | 5,861 | 4,742 |
| $ Mil | 2024 | 2023 | 2022 | 2008 | 2007 |
|---|---|---|---|---|---|
| Seniors Housing Operating | 1,512 | 1,108 | 98 | ||
| Triple-net | 748 | 845 | 662 | ||
| Outpatient Medical | 556 | 519 | 233 | ||
| Non-segment/Corporate | 345 | 219 | -162 | 2 | |
| Investment properties | 437 | ||||
| Medical office buildings | 88 | ||||
| Investment Properties | 366 | ||||
| Operating Properties | 82 | ||||
| Total | 3,161 | 2,690 | 831 | 526 | 449 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Triple-net | 767 | 687 | 737 | 429 | 875 |
| Outpatient Medical | 242 | 203 | 295 | 917 | 207 |
| Seniors Housing Operating | 28 | -64 | -29 | 322 | 929 |
| Non-segment/Corporate | -679 | -665 | -628 | -630 | -680 |
| Total | 358 | 161 | 374 | 1,039 | 1,330 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Seniors Housing Operating | 42,015 | 30,094 | 24,622 | 22,001 | 18,852 |
| Triple-net | 13,448 | 7,934 | 8,394 | 8,619 | 9,710 |
| Non-segment/Corporate | 8,518 | 5,485 | 3,669 | 658 | 144 |
| Outpatient Medical | 3,322 | 7,531 | 7,327 | 6,615 | 6,204 |
| Total | 67,303 | 51,044 | 44,012 | 37,893 | 34,910 |
Price Behavior
| Market Price | $237.59 | |
| Market Cap ($ Bil) | 166.3 | |
| First Trading Date | 03/17/1992 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $214.68 | $196.96 |
| DMA Trend | up | up |
| Distance from DMA | 10.7% | 20.6% |
| 3M | 1YR | |
| Volatility | 28.3% | 22.3% |
| Downside Capture | -161.42 | -51.28 |
| Upside Capture | -25.96 | 13.68 |
| Correlation (SPY) | -20.0% | -0.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.72 | -0.55 | -0.29 | 0.01 | 0.01 | 0.35 |
| Up Beta | 0.54 | 0.70 | 0.47 | 0.32 | 0.34 | 0.36 |
| Down Beta | -0.09 | -0.63 | -0.64 | 0.25 | 0.01 | 0.38 |
| Up Capture | -69% | -51% | -7% | 4% | 12% | 21% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 14 | 24 | 39 | 72 | 150 | 428 |
| Down Capture | -192% | -130% | -148% | -56% | -64% | 30% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 7 | 17 | 24 | 53 | 101 | 322 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WELL | |
|---|---|---|---|---|
| WELL | 58.2% | 22.3% | 1.97 | - |
| Sector ETF (XLRE) | 10.2% | 14.1% | 0.45 | 59.0% |
| Equity (SPY) | 20.7% | 12.5% | 1.22 | -1.0% |
| Gold (GLD) | 23.0% | 27.8% | 0.73 | -0.4% |
| Commodities (DBC) | 22.9% | 18.6% | 0.97 | -8.2% |
| Real Estate (VNQ) | 13.6% | 13.8% | 0.68 | 58.1% |
| Bitcoin (BTCUSD) | -41.8% | 42.8% | -1.14 | -3.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WELL | |
|---|---|---|---|---|
| WELL | 26.5% | 23.9% | 0.95 | - |
| Sector ETF (XLRE) | 3.3% | 19.1% | 0.08 | 67.1% |
| Equity (SPY) | 13.3% | 17.1% | 0.60 | 37.1% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | 11.0% |
| Commodities (DBC) | 7.6% | 19.5% | 0.29 | 9.1% |
| Real Estate (VNQ) | 3.1% | 18.9% | 0.06 | 67.0% |
| Bitcoin (BTCUSD) | 13.2% | 53.5% | 0.43 | 11.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WELL | |
|---|---|---|---|---|
| WELL | 16.8% | 31.9% | 0.56 | - |
| Sector ETF (XLRE) | 6.9% | 20.4% | 0.29 | 70.3% |
| Equity (SPY) | 15.7% | 17.9% | 0.75 | 46.0% |
| Gold (GLD) | 11.6% | 16.1% | 0.59 | 7.9% |
| Commodities (DBC) | 6.2% | 18.0% | 0.27 | 18.4% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 73.6% |
| Bitcoin (BTCUSD) | 57.9% | 66.2% | 0.98 | 13.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/28/2026 | -1.0% | 0.0% | -1.5% |
| 2/10/2026 | 3.5% | 3.9% | 3.0% |
| 10/27/2025 | -1.6% | -0.2% | 12.5% |
| 4/28/2025 | 1.6% | 1.3% | 2.2% |
| 2/11/2025 | 2.2% | 4.4% | 2.2% |
| 10/28/2024 | 5.2% | 2.9% | 7.0% |
| 7/29/2024 | 0.5% | -0.5% | 8.3% |
| 4/29/2024 | -0.5% | 1.0% | 5.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 19 | 17 | 16 |
| # Negative | 4 | 6 | 7 |
| Median Positive | 3.0% | 4.4% | 6.8% |
| Median Negative | -1.0% | -0.9% | -2.3% |
| Max Positive | 8.2% | 14.4% | 24.9% |
| Max Negative | -1.6% | -3.8% | -8.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/28/2026 | -1.0% | 0.0% | -1.5% |
| 2/10/2026 | 3.5% | 3.9% | 3.0% |
| 10/27/2025 | -1.6% | -0.2% | 12.5% |
| 4/28/2025 | 1.6% | 1.3% | 2.2% |
| 2/11/2025 | 2.2% | 4.4% | 2.2% |
| 10/28/2024 | 5.2% | 2.9% | 7.0% |
| 7/29/2024 | 0.5% | -0.5% | 8.3% |
| 4/29/2024 | -0.5% | 1.0% | 5.7% |
| 2/13/2024 | 7.0% | 8.0% | 5.8% |
| 10/30/2023 | 2.1% | 7.7% | 8.5% |
| 7/31/2023 | 3.0% | 3.2% | 1.8% |
| 5/2/2023 | 0.2% | 1.3% | -2.8% |
| 2/15/2023 | 3.1% | 0.6% | -8.5% |
| 11/7/2022 | 8.2% | 14.4% | 6.7% |
| 8/9/2022 | 0.8% | -2.4% | -6.9% |
| 5/10/2022 | 1.4% | 4.5% | -2.3% |
| 2/15/2022 | 3.4% | -0.3% | 14.2% |
| 11/4/2021 | 5.1% | 5.9% | 3.9% |
| 7/29/2021 | -1.0% | -1.3% | -1.7% |
| 4/28/2021 | 0.7% | -3.8% | -1.1% |
| 2/9/2021 | 2.7% | 6.4% | 17.1% |
| 10/28/2020 | 4.5% | 9.1% | 24.9% |
| 8/5/2020 | 6.1% | 7.1% | 15.0% |
| SUMMARY STATS | |||
| # Positive | 19 | 17 | 16 |
| # Negative | 4 | 6 | 7 |
| Median Positive | 3.0% | 4.4% | 6.8% |
| Median Negative | -1.0% | -0.9% | -2.3% |
| Max Positive | 8.2% | 14.4% | 24.9% |
| Max Negative | -1.6% | -3.8% | -8.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/12/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/15/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/12/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/15/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 02/16/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 07/30/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/10/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/14/2020 | 10-K |
| 09/30/2019 | 10/30/2019 | 10-Q |
| 06/30/2019 | 08/01/2019 | 10-Q |
Recent Forward Guidance
Updated 5/31/2026Latest: Q1 2026 Earnings Reported 4/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Income per diluted share | 3.24 | 3.31 | 3.38 | 3.8% | Raised | Guidance: 3.19 for 2026 | |
| 2026 Normalized FFO per diluted share | 6.21 | 6.28 | 6.35 | 1.8% | Raised | Guidance: 6.17 for 2026 | |
| 2026 Same Store NOI growth | 12.25% | 14.13% | 16.0% | 4.6% | 0.6% | Raised | Guidance: 13.5% for 2026 |
| 2026 General and Administrative Expenses | 263.00 Mil | 267.00 Mil | 271.00 Mil | 0.8% | Raised | Guidance: 265.00 Mil for 2026 | |
| 2026 Pro rata disposition proceeds | 1.40 Bil | -60.0% | Lowered | Guidance: 3.50 Bil for 2026 | |||
| 2026 Seniors Housing Operating SSNOI growth | 16.5% | 19.0% | 21.5% | Higher New | |||
| 2026 Seniors Housing Triple-net SSNOI growth | 3.0% | 3.5% | 4.0% | Higher New | |||
| 2026 Outpatient Medical SSNOI growth | 2.0% | 2.5% | 3.0% | Higher New | |||
| 2026 Long-Term/Post-Acute Care SSNOI growth | 2.0% | 2.5% | 3.0% | Higher New | |||
| 2026 Stock-based compensation expense | 60.00 Mil | Higher New | |||||
Prior: Q4 2025 Earnings Reported 2/10/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Income | 3.11 | 3.19 | 3.27 | 275.3% | Higher New | Guidance: 0.85 for 2025 | |
| 2026 Normalized FFO | 6.09 | 6.17 | 6.25 | 17.1% | Higher New | Guidance: 5.27 for 2025 | |
| 2026 SSNOI Growth | 11.25% | 13.5% | 15.75% | -2.5% | -0.4% | Lower New | Guidance: 13.85% for 2025 |
| 2026 General and Administrative Expenses | 260.00 Mil | 265.00 Mil | 270.00 Mil | 7.7% | Higher New | Guidance: 246.00 Mil for 2025 | |
| 2026 Development Funding | 370.00 Mil | 362.5% | Higher New | Guidance: 80.00 Mil for 2025 | |||
| 2026 Disposition Proceeds | 3.50 Bil | -61.1% | Lower New | Guidance: 9.00 Bil for 2026 | |||
Insider Activity
Updated 6/29/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gundlach, Andrew | ELLEN-MARIA GORRISSEN TRUST I U/A DATED JUNE 3, 1993 | Buy | 7022025 | 151.46 | 10,000 | 1,514,600 | 1,514,600 | Form | |
| 2 | Gundlach, Andrew | ELLEN-MARIA GORRISSEN TRUST II U/A DATED JUNE 3, 1993 | Buy | 7022025 | 151.46 | 10,000 | 1,514,600 | 3,029,200 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gundlach, Andrew | ELLEN-MARIA GORRISSEN TRUST I U/A DATED JUNE 3, 1993 | Buy | 7022025 | 151.46 | 10,000 | 1,514,600 | 1,514,600 | Form | |
| 2 | Gundlach, Andrew | ELLEN-MARIA GORRISSEN TRUST II U/A DATED JUNE 3, 1993 | Buy | 7022025 | 151.46 | 10,000 | 1,514,600 | 3,029,200 | Form |
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Health Care REITs Resources |
| Healthcare Real Estate Insights |
| Seniors Housing Business |
| RevistaMed |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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