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WELL

Welltower Inc.

WELL

Welltower Inc. • NYSE
$208.30 ▲ 0.99% (+2.05)
Market Cap $142.96 B
52w High $209.04
52w Low $123.11
Dividend Yield 2.82%
P/E 143.66
Volume 1.31M
Outstanding Shares 686.33M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.686B ▲ $826.458M ▲ $278.161M ▼ 10.357% ▼ $0.41 ▼ $964.97M ▲
Q2-2025 $2.516B ▲ $558.098M ▲ $301.888M ▲ 11.998% ▲ $0.46 ▲ $947.716M ▲
Q1-2025 $2.389B ▲ $547.62M ▲ $257.957M ▲ 10.8% ▲ $0.4 ▲ $843.307M ▲
Q4-2024 $2.219B ▲ $528.868M ▲ $119.971M ▼ 5.406% ▼ $0.19 ▼ $748.327M ▲
Q3-2024 $2.011B $485.873M $449.849M 22.369% $0.74 $741.906M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $6.807B ▲ $59.505B ▲ $20.477B ▲ $38.757B ▲
Q2-2025 $4.41B ▲ $55.833B ▲ $19.287B ▲ $35.901B ▲
Q1-2025 $3.502B ▼ $53.294B ▲ $18.712B ▲ $33.957B ▲
Q4-2024 $3.507B ▼ $51.044B ▲ $18.472B ▲ $31.956B ▲
Q3-2024 $3.565B $48.954B $17.89B $30.334B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $282.186M ▼ $858.356M ▲ $-1.63B ▼ $3.24B ▲ $2.325B ▲ $858.356M ▲
Q2-2025 $304.618M ▲ $770.034M ▲ $-1.399B ▲ $1.418B ▲ $913.226M ▲ $781.554M ▲
Q1-2025 $257.266M ▲ $598.958M ▲ $-2.028B ▲ $1.308B ▼ $-101.172M ▼ $587.438M ▲
Q4-2024 $123.753M ▼ $559.212M ▼ $-2.205B ▼ $1.59B ▼ $-72.951M ▼ $545.052M ▼
Q3-2024 $467.244M $684.984M $-1.449B $1.678B $920.81M $669.316M

Revenue by Products

Product Q3-2024Q1-2025Q2-2025Q3-2025
Management Service
Management Service
 $1.51Bn ▲$1.86Bn ▲$1.97Bn ▲$2.06Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Welltower’s revenue has climbed steadily over the past five years, with a particularly strong step-up in the most recent year, showing that demand and pricing in its healthcare and senior housing assets have been improving. Profitability at the operating level has also trended better, suggesting stronger portfolio performance and scale benefits. Net income, however, has been quite volatile over the period, reflecting the sensitivity of a healthcare REIT to one‑off items, interest rates, and property-level disruptions. The current level of earnings has recovered toward pre‑pandemic strength, but the history here highlights that reported profits can swing meaningfully from year to year even when the underlying business is gradually improving.

Balance Sheet

Balance Sheet The balance sheet has expanded substantially as Welltower has grown its portfolio, with total assets and equity both moving higher over time. Importantly, equity has grown faster than debt, which points to a capital structure that has become sturdier rather than more stretched. Debt levels have risen, but not in an alarming way relative to the growth in the business, and cash on hand is now much higher than a few years ago. Overall, the company looks better capitalized and more liquid than earlier in the period, giving it some cushion against market or operating setbacks.

Cash Flow

Cash Flow Operating cash flow has increased consistently over the last five years, reflecting rising rents and better portfolio performance. Free cash flow has followed the same pattern, remaining solid after the relatively modest capital spending needed to maintain the properties captured here. The combination of growing cash generation and manageable reinvestment needs is a key strength, especially for a REIT that must fund dividends and portfolio growth. Even when accounting earnings were weaker, the cash flow trend stayed positive, suggesting a resilient underlying cash engine.

Competitive Edge

Competitive Edge Welltower is one of the largest players in healthcare real estate, especially senior housing, which gives it strong bargaining power, diversified exposure, and deep relationships across operators and health systems. Its focus at the intersection of housing, healthcare, and hospitality positions it to benefit from aging demographics and rising demand for higher-quality senior living environments. The firm differentiates itself by acting less like a passive landlord and more like an operating partner, using its scale and data to help operators improve performance. It still faces competition from other healthcare REITs and from new capital entering attractive niches, as well as regulatory and reimbursement risks, but its breadth, partnerships, and operating mindset give it a meaningful edge.

Innovation and R&D

Innovation and R&D Welltower has invested heavily in building a proprietary data and AI platform over many years, creating a large historical dataset on senior housing operations that competitors would struggle to replicate. Tools like WellGPT and the broader Welltower Business System turn this data into practical guidance for investment decisions, pricing, staffing, and property operations. Beyond analytics, the company is pushing technology inside its buildings—smart systems, digital health, telehealth integration, and wellness-focused services—to improve resident outcomes and operator efficiency. It is also exploring new healthcare segments and sustainability initiatives. The key opportunity is to turn this innovation into consistently better returns and new fee-based revenue streams, but execution risk remains and the financial payoff from these platforms will need to be proven over time.

Summary

Overall, Welltower shows a picture of a growing healthcare REIT with improving revenues, stronger underlying cash generation, and a healthier balance sheet than a few years ago. Earnings have been choppy, which is not unusual for a complex real estate and healthcare platform, but the direction of operating results and cash flows has been favorable. Strategically, the company is trying to move beyond traditional REIT status by embedding data science, AI, and operational expertise into how it invests and runs properties. Its scale, partnerships, and technology create a meaningful competitive position, particularly in senior housing, with demographic trends as a tailwind. Key watchpoints include the stability of earnings in a higher-rate and evolving healthcare environment, the actual economic benefits realized from its data and AI initiatives, and continued discipline around leverage and capital allocation as the portfolio expands.

NEWS

October 27, 2025 · 4:08 PM UTC

Welltower Issues Business Update

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October 27, 2025 · 4:07 PM UTC

Welltower Announces a Transformative New Era to Maximize Long-Term Shareholder Returns

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October 27, 2025 · 4:06 PM UTC

Welltower Announces $23 Billion of Transactions and Intensified Focus on Seniors Housing to Amplify Long-Term Growth Profile

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October 27, 2025 · 4:05 PM UTC

Welltower Reports Third Quarter 2025 Results

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October 3, 2025 · 8:00 AM UTC

Welltower Announces Date of Third Quarter 2025 Earnings Release, Conference Call and Webcast

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