# Welltower Inc. (WELL) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/WELL/thesis · /stocks/WELL/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/WELL/fundamental

## Navigation

- Overview: /stocks/WELL
- Financials (this page): /stocks/WELL/financials
- Thesis: /stocks/WELL/thesis
- Investment Memo: /stocks/WELL/memo
- Coverage universe: /stocks