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REIT that owns senior housing, medical office and post-acute healthcare real estate, mostly leased to healthcare operators.
REIT that owns senior housing, medical office and post-acute healthcare real estate, mostly leased to healthcare operators.
Owns senior housing and receives the operating results of much of it, revenue and expenses, rather than fixed rent, under a structure called RIDEA, so it earns more when occupancy and rents rise. Medical offices and post-acute properties leased to tenants provide steadier rent.
Moat: narrow (scale, installed base). Large, diversified healthcare-property portfolio and operator relationships built over decades.
Headquarters: Toledo, Ohio, United States · Founded: 1970 · Employees: 712
Size Welltower (WELL) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $180B, the 68th largest of 3,117 United States companies the cockpit tracks. Shares closed at $245.01 on 6 Nov 2026.
Performance Over six months the shares gained 14.5%, against -0.8% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 9 in its peer set.
Growth Revenue grew 39.1% over the last twelve months (peer median +10.8%); the operating margin is 6.9% (peer median 38.2%).
Valuation It trades at 83.9× forward earnings against a peer median of 39.0× (2nd most expensive of 10).
Credit Welltower has 12 bonds outstanding ($6.60B), rated A- by the agencies and trading like A- at a weighted spread of 63 bp.
Short interest Short interest is 2.3% of the free float (15 Oct 2026).
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $13.8B | $10.8B | $7.99B | $6.63B | $5.85B |
| Revenue growth | — | +36% | +20% | +13% | — |
| Gross profit | $2.75B | $2.27B | $1.53B | $1.29B | $991M |
| EBITDA | $3.61B | $2.68B | $2.94B | $2.52B | $2.17B |
| Net income | $1.67B | $937M | $952M | $340M | $141M |
| Free cash flow | $2.45B | $2.11B | $1.39B | $1.18B | $860M |
| Capital expenditure | $1.25B | $1.05B | $858M | $518M | $476M |
| Total debt | $21.2B | $21.4B | $16.8B | $16.1B | $15.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Welltower WELL | $180B | +15% | +39% | 7% | 83.9× | n/a |
| Ventas VTR | $47.9B | +2% | +22% | 15% | 106.4× | n/a |
| Healthpeak Properties DOC | $14.3B | +4% | +9% | 17% | 123.6× | n/a |
| Omega Healthcare Investors OHI | $14.6B | +2% | +14% | 61% | 24.3× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | WELL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.8% | +9.0% | 4th highest of 10 |
| 6-month return | +14.5% | -0.8% | highest of 9 |
| Distance from 52-week high | -4.0% | -9.9% | 2nd highest of 10 |
| Revenue growth (TTM) | +39.1% | +10.8% | highest of 10 |
| Operating margin | 6.9% | 38.2% | lowest of 10 |
| Forward P/E | 83.9× | 39.0× | 2nd most expensive of 10 |
| Bond spread | 63 bp | 82 bp | tightest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Welltower WELL | United States | $180B | +15% | +39% | 7% | 83.9× | n/a | n/a |
| Prologis PLD | United States | $123B | -11% | +7% | 38% | 39.0× | n/a | n/a |
| Equinix EQIX | United States | $100B | -5% | +11% | 15% | 53.2× | n/a | n/a |
| American Tower AMT | United States | $87.6B | +8% | +5% | 44% | 27.8× | n/a | n/a |
| Simon Property SPG | United States | $73.9B | +14% | +15% | 47% | 32.3× | n/a | n/a |
| Digital Realty DLR | United States | $65.9B | -10% | +21% | 20% | 65.9× | n/a | n/a |
| Public Storage PSA | United States | $63.1B | +10% | +5% | 44% | 35.6× | n/a | n/a |
| Realty Income O | United States | $56.1B | -4% | +11% | 46% | 36.0× | n/a | n/a |
| Equity Residential VMRK | United States | $50.7B | n/a | +4% | 29% | 39.1× | n/a | n/a |
| Ventas VTR | United States | $47.9B | +2% | +22% | 15% | 106.4× | n/a | n/a |
Welltower has 12 bonds outstanding with $6.60B face value. The agencies rate it A-; its bonds trade like A-. Weighted yield 5.29%, a spread of 63 bp over government bonds.