Welltower (WELL) stock
Real Estate · Health Care REITs
Welltower (WELL) is a Health Care REITs company in the Real Estate sector, headquartered in Toledo, Ohio. As of October 23, 2026, WELL closed at $237.32, a market capitalization of $171.01 billion, the 74th largest company in the S&P 500. Over the last twelve months it generated $12.76 billion in revenue (+39% year over year) and $2.92 billion in free cash flow. The stock trades at 106.4x trailing earnings and 74.2x forward earnings.
- 1-year total return: +36.8% (dividends reinvested)
- 5-year return: +27.0% a year
- 52-week range: $174.91 – $255.20
- Gross margin 39.6%, operating margin 16.6%
- Dividend yield: 1.43%, 2 straight years of increases
- FI Handbook report card: D+ across 10 metrics
- Largest of 30 Real Estate stocks in the S&P 500
WELL price chart
1Y price change: +34.8% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| WELL | +3.2% | +29.2% | +36.8% | +44.7% | +27.0% | +17.0% | +14.7% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1980.
WELL key statistics
- Market cap
- $171.0B
- #74 in S&P 500
- P/E (TTM)
- 106.4x
- Forward P/E
- 74.2x
- EPS (TTM)
- $2.23
- Revenue (TTM)
- $12.8B
- +39%
- Free cash flow
- $2.9B
- Gross margin
- 39.6%
- Operating margin
- 16.6%
- Return on equity
- 3.8%
- Dividend yield
- 1.43%
- 52-week range
- $174.91 – $255.20
- Beta
- 0.75
- Price / sales
- 13.4x
- EV / EBITDA
- 56.9x
- Debt / equity
- 0.41x
- Employees
- 712
WELL report card
D+Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth39.1%A
- Gross margin39.6%C
- Operating margin16.6%C
- FCF margin22.9%B
- Return on equity3.8%F
- Net debt / EBITDA5.3xF
- Forward P/E74.2xF
- PEG ratio3.7xF
- Shareholder yield1.4%D
- Share count change / yr10.2%F
Welltower financials
Revenue went from $4.3B in fiscal 2016 to $8.5B in fiscal 2025, growing 7.9% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.3B | $4.3B | $4.7B | $5.1B | $4.6B | $3.2B | $4.2B | $4.8B | $6.0B | $8.5B |
| Gross profit | — | $2.2B | $2.3B | $2.4B | $2.0B | $422.7M | $614.9M | $806.0M | $1.2B | $2.0B |
| Net income | $1.1B | $540.6M | $829.8M | $1.3B | $1.0B | $374.5M | $160.6M | $358.1M | $972.9M | $961.8M |
| EPS (diluted) | $2.81 | $1.26 | $2.02 | $3.05 | $2.33 | $0.78 | $0.30 | $0.66 | $1.57 | $1.39 |
| Buybacks | — | — | $0 | $0 | $7.7M | $0 | $0 | — | — | — |
| Dividends paid | $1.2B | $1.3B | $1.3B | $1.4B | $1.1B | $1.0B | $1.1B | $1.3B | $1.5B | $1.9B |
| Diluted shares | 360.2M | 369.0M | 375.3M | 403.8M | 417.4M | 426.8M | 465.2M | 518.7M | 608.8M | 679.5M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into WELL?
A reverse DCF asks what growth the current price requires. With an enterprise value of $188.8B and $2.9B of trailing free cash flow, Welltower needs to grow free cash flow about 41.7% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return.
P/E ratio history
Current 170.7x vs. median 55.7x (10th–90th percentile 19.9x–223.7x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
WELL dividend
- Dividend yield
- 1.43%
- Annual dividend
- $3.40
- Years of increases
- 2
- 5-yr dividend growth
- 0.9%
- per year
- Payout ratio
- 133%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
WELL analyst price targets
22 analysts' average 12-month target is $260.55 (+10% vs. $237.32). Targets range from $219.00 to $292.00. 82% rate it a buy.
WELL earnings
Next report: October 26, 2026.
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Jul 27, 2026 | $0.65 | $0.54 | -16.9% |
| Apr 28, 2026 | $0.50 | $0.55 | +9.4% |
| Feb 10, 2026 | $0.59 | $0.55 | -7.1% |
| Oct 27, 2025 | $0.53 | $0.55 | +3.1% |
| Jul 28, 2025 | $0.44 | $0.45 | +3.4% |
| Apr 28, 2025 | $0.38 | $0.40 | +5.3% |
| Feb 11, 2025 | $0.41 | $0.34 | -17.6% |
| Oct 28, 2024 | $0.35 | $0.41 | +17.0% |
Stocks like WELL
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 VTR Ventas | -0.22% | +27% | $44.5B | 160.7x | Compare |
 DOC Healthpeak Properties | -0.47% | +11% | $13.6B | 55.0x | Compare |
 PLD Prologis | -0.17% | +4% | $122.9B | 28.1x | Compare |
 EQIX Equinix | +0.25% | +17% | $94.2B | 61.5x | Compare |
 AMT American Tower Corporation (REI | +4.08% | +3% | $88.1B | 26.0x | Compare |
 SPG Simon Property | -0.19% | +24% | $80.3B | 14.9x | Compare |
 DLR Digital Realty Trust | +0.84% | +1% | $65.1B | 83.7x | Compare |
 PSA Public Storage | +0.25% | +5% | $57.9B | 29.6x | Compare |
WELL news
- Welltower Gears Up to Report Q3 Earnings: What's in the Cards? · Oct 23, 2026
- iShares U.S. Real Estate ETF (IYR) Sells $9.5 Million More Welltower on Oct. 21 · Oct 23, 2026
- Learn Why The Bull Case For Welltower (WELL) Could Change Following Dividend Increase · Oct 22, 2026
- Welltower (WELL) Has Investors Asking A Bigger Question · Oct 22, 2026
- Unlocking Q3 Potential of Welltower (WELL): Exploring Wall Street Estimates for Key Metrics · Oct 21, 2026
WELL stock FAQ
What is WELL's market cap?
Welltower's market capitalization is $171.01 billion as of October 23, 2026, ranking 74th in the S&P 500.
What is WELL's P/E ratio?
WELL trades at a trailing price-to-earnings ratio of 106.4x and a forward P/E of 74.2x. Its median P/E over the period we track is 55.7x.
Does WELL pay a dividend?
Yes. Welltower pays $3.40 per share a year, a 1.43% yield. It has raised its dividend 2 years in a row. Dividends grew 0.9% a year over the last five years.
How much has WELL stock returned?
Including reinvested dividends, WELL returned +36.8% over one year, +27.0% a year over five years, +17.0% a year over ten years through October 23, 2026.
Is WELL stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Welltower must grow free cash flow about 42% a year for the next decade. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the WELL price target?
22 analysts cover WELL with an average 12-month price target of $260.55, +10% from the current price. 82% of them rate it a buy.
When does WELL report earnings?
Welltower is expected to report earnings on October 26, 2026.
How many employees does Welltower have?
Welltower has about 712 full-time employees, or $17.9 million of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology