Welltower Inc.
WELLFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
TTM ROIC
5.7%
FY2025 · Normalized FFO / Total Invested Capital (Equity + Debt); REIT-adjusted framework · WACC ~6% · Moat spread +-0.3pp
Financial Snapshot
ticker: WELL step: 04 generated: 2026-05-12 source: quick-research
Welltower Inc. (WELL) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | YoY (25) |
|---|---|---|---|---|---|
| Revenue | $5.97B | $6.62B | $8.04B | $9.18B | +14% |
| Same-Store NOI | +6.7% | +11.0% | +12.5% | +13.5% | |
| SHOP Same-Store NOI | +9.2% | +20.0% | +22.0% | +22.5% | |
| Normalized FFO/Share | $3.39 | $3.64 | $4.32 | $5.29 | +22.5% |
13th consecutive quarter of SHOP same-store NOI growth >20% (Q3 2025). FY25 SS revenue +9.6% in Q4. ~400 bps SHOP occupancy growth YoY. Best-in-class growth among healthcare REITs.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$3.0B |
| Adjusted FFO | ~$2.8B |
| Cash & Equivalents | ~$3.7B (high cash from outpatient medical sale) |
| Total Debt | ~$15-17B |
| Net Debt/EBITDA | ~5.0-5.5x (REIT range) |
| Dividend | $2.74/share (~1.0% yield) |
Key Ratios (approximate)
- P/AFFO: ~30x | EV/EBITDA: ~25x
- Dividend Yield: ~1.0% | Dividend Growth: +6% annual
- Forward P/FFO: ~25x
Growth Profile
Senior housing demographic tailwind is structural and accelerating: 80+ population +48% by 2030 (US Census). Supply growth at lowest since 2006. SHOP same-store NOI growing 20%+ creates 15-20% FFO growth. $5.7B in 2026 deal closings + $23B 2025 transactions = inorganic acceleration. Welltower 3.0 = sustained mid-teens FFO growth multi-year.
Forward Estimates
- FY 2026: Normalized FFO $5.79-5.95 (raised guide); same-store NOI +13%; SHOP same-store +18%
- FY 2027: Consensus FFO ~$6.50-7.00 driven by SHOP occupancy gains + new SHOP acquisitions
- Long-term: 8-10% organic FFO growth; 15%+ total return profile
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $WELL.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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