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Welltower

WELL Clue Score71
United States Fiscal year ends December CIK 0000766704
$225.47 +1.09% Close, 9 Oct 2026
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Price $225.47 +172.18% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueNet income
Fiscal year 2016Revenue4.28Net income1.08EPS, diluted2.81Fiscal year 2017Revenue4.32 +0.8%Net income0.54 −50.0%EPS, diluted1.26 −55.2%Fiscal year 2018Revenue4.70 +8.9%Net income0.83 +53.5%EPS, diluted2.02 +60.3%Fiscal year 2019Revenue5.12 +9.0%Net income1.33 +60.3%EPS, diluted3.05 +51.0%Fiscal year 2020Revenue4.61 −10.1%Net income1.04 −21.9%EPS, diluted2.33 −23.6%Fiscal year 2021Revenue3.20 −30.6%EPS, diluted0.78 −66.5%Fiscal year 2022Revenue4.17 +30.5%EPS, diluted0.30 −61.5%Fiscal year 2023Revenue4.75 +13.9%EPS, diluted0.66 +120.0%Fiscal year 2024Revenue6.03 +26.8%EPS, diluted1.57 +137.9%Fiscal year 2025Revenue8.45 +40.2%EPS, diluted1.39 −11.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 4.28 4.32 4.70 5.12 4.61 3.20 4.17 4.75 6.03 8.45
Growth +0.8% +8.9% +9.0% −10.1% −30.6% +30.5% +13.9% +26.8% +40.2%
Net income 1.08 0.54 0.83 1.33 1.04 n/a n/a n/a n/a n/a
Growth −50.0% +53.5% +60.3% −21.9%
EPS, diluted 2.81 1.26 2.02 3.05 2.33 0.78 0.30 0.66 1.57 1.39
Growth −55.2% +60.3% +51.0% −23.6% −66.5% −61.5% +120.0% +137.9% −11.5%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Net margin
Fiscal year 2016Net margin25.3%Fiscal year 2017Net margin12.5%Fiscal year 2018Net margin17.7%Fiscal year 2019Net margin26.0%Fiscal year 2020Net margin22.6%Fiscal year 2021Fiscal year 2022Fiscal year 2023Fiscal year 2024Fiscal year 2025
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net margin 25.3% 12.5% 17.7% 26.0% 22.6% n/a n/a n/a n/a n/a

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flow
Fiscal year 2016Operating cash flow1.64Dividends paid−1.23Fiscal year 2017Operating cash flow1.43Dividends paid−1.28Fiscal year 2018Operating cash flow1.58Buybacks0.00Dividends paid−1.30Fiscal year 2019Operating cash flow1.54Buybacks0.00Dividends paid−1.40Fiscal year 2020Operating cash flow1.36Buybacks−0.01Dividends paid−1.12Fiscal year 2021Operating cash flow1.28Buybacks0.00Dividends paid−1.04Fiscal year 2022Operating cash flow1.33Buybacks0.00Dividends paid−1.13Fiscal year 2023Operating cash flow1.60Dividends paid−1.26Fiscal year 2024Operating cash flow2.26Dividends paid−1.55Fiscal year 2025Operating cash flow2.88Dividends paid−1.88
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 1.64 1.43 1.58 1.54 1.36 1.28 1.33 1.60 2.26 2.88
Buybacks n/a n/a 0.00 0.00 −0.01 0.00 0.00 n/a n/a n/a
Dividends paid −1.23 −1.28 −1.30 −1.40 −1.12 −1.04 −1.13 −1.26 −1.55 −1.88

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.42Total debt11.73Net cash (debt)−11.31Shareholders’ equity14.81Debt to equity0.79Fiscal year 2017Cash0.24Total debt11.04Net cash (debt)−10.79Shareholders’ equity14.42Debt to equity0.77Fiscal year 2018Cash0.22Total debt12.19Net cash (debt)−11.97Shareholders’ equity14.63Debt to equity0.83Fiscal year 2019Cash0.28Total debt13.42Net cash (debt)−13.14Shareholders’ equity15.54Debt to equity0.86Fiscal year 2020Cash1.55Total debt2.38Net cash (debt)−0.83Shareholders’ equity15.97Debt to equity0.15Fiscal year 2021Cash0.27Total debt13.91Net cash (debt)−13.64Shareholders’ equity17.64Debt to equity0.79Fiscal year 2022Cash0.63Total debt14.71Net cash (debt)−14.08Shareholders’ equity20.29Debt to equity0.73Fiscal year 2023Cash1.99Total debt15.74Net cash (debt)−13.74Shareholders’ equity25.40Debt to equity0.62Fiscal year 2024Cash3.51Total debt15.50Net cash (debt)−11.99Shareholders’ equity31.96Debt to equity0.49Fiscal year 2025Cash5.03Total debt19.20Net cash (debt)−14.16Shareholders’ equity42.13Debt to equity0.46
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.42 0.24 0.22 0.28 1.55 0.27 0.63 1.99 3.51 5.03
Total debt 11.73 11.04 12.19 13.42 2.38 13.91 14.71 15.74 15.50 19.20
Net cash (debt) −11.31 −10.79 −11.97 −13.14 −0.83 −13.64 −14.08 −13.74 −11.99 −14.16
Shareholders’ equity 14.81 14.42 14.63 15.54 15.97 17.64 20.29 25.40 31.96 42.13
Debt to equity 0.79 0.77 0.83 0.86 0.15 0.79 0.73 0.62 0.49 0.46

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
4.28 4.32 4.70 5.12 4.61 3.20 4.17 4.75 6.03 8.45
Growth +0.8% +8.9% +9.0% −10.1% −30.6% +30.5% +13.9% +26.8% +40.2%
n/a 2.08 2.43 2.69 2.60 2.77 3.56 3.95 4.83 6.49
0.16 0.12 0.13 0.13 0.13 0.13 0.15 0.18 0.24 1.75
0.71 0.30 0.42 0.54 −0.03 0.17 0.17 0.35 0.52 n/a
−0.02 0.02 0.01 0.00 0.01 0.01 0.01 0.01 0.00 −0.01
1.08 0.54 0.83 1.33 1.04 n/a n/a n/a n/a n/a
Growth −50.0% +53.5% +60.3% −21.9%
Per share
2.83 1.26 2.03 3.07 2.36 0.79 0.31 0.66 1.58 1.41
2.81 1.26 2.02 3.05 2.33 0.78 0.30 0.66 1.57 1.39
Growth −55.2% +60.3% +51.0% −23.6% −66.5% −61.5% +120.0% +137.9% −11.5%
358.3 367.2 373.6 401.8 415.5 425.0 462.2 515.6 603.0 665.6
360.2 369.0 375.3 403.8 417.4 426.8 465.2 518.7 608.8 679.5
Growth +2.4% +1.7% +7.6% +3.4% +2.3% +9.0% +11.5% +17.4% +11.6%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 12.9% a year over five years, and earnings per share fell 9.8% a year.
  • The diluted share count rose 62.8% in five years, which is dilution.
  • Profitable in every one of the 5 years on file.