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Welltower WELL

US equityMarket cap rank #92REIT - Healthcare Facilities
$235.05
+$5.18 (+2.25%)
Market open · Sep 24, 2:00 pm ET
After hours $229.87 0.00%
Open$233.00
Prev close$229.87
Day range$232.85 – $236.97
Volume1.09M
Market cap$169.41B
P/E (TTM)108.3
Dividend yield1.26%

Fundamentals

Latest reported quarter: Q2, ended Jun 2026

Revenue$3.52B+40.0% YoY
Operating profit$564.44M+27.3% YoY
Net profit$462.98M+52.0% YoY
Diluted EPS$0.61+35.6% YoY
Free cash flow$994.78M+30.7% YoY
Operating cash flow$1.00B

Revenue, last 8 quarters

$2.0BSep '24$2.2BDec '24$2.4BMar '25$2.5BJun '25$2.6BSep '25$3.1BDec '25$3.3BMar '26$3.5BJun '26

Net profit, last 8 quarters

$456.8MSep '24$123.8MDec '24$257.3MMar '25$304.6MJun '25$282.2MSep '25$117.8MDec '25$752.3MMar '26$463.0MJun '26

Diluted EPS by quarter

0.73Sep '240.19Dec '240.40Mar '250.45Jun '250.41Sep '250.14Dec '251.02Mar '260.61Jun '26

Free cash flow by quarter

$669.3MSep '24$545.1MDec '24$587.4MMar '25$761.4MJun '25$852.2MSep '25$646.9MDec '25$661.6MMar '26$994.8MJun '26

Annual revenue

$4.6BFY20$4.7BFY21$5.8BFY22$6.5BFY23$7.9BFY24$10.7BFY25

Profitability & balance sheet

Gross margin38.7%
Operating margin5.2%
Net margin12.3%
Return on equity3.8%
Return on assets2.5%
Return on invested capital3.6%
Current ratio3.16
Liabilities / assets31.8%
Cash & investments$1.97B
Total debt$19.72B
Net cash (debt)-$17.76B
Free cash flow / sales25.1%

Where the revenue comes from

Quarter 2026/Q2

By business line

  • Seniors Housing Operating$3.00B 84.5%
  • Triple-net$414.84M 11.7%
  • Non-segment/Corporate$88.64M 2.5%
  • Outpatient Medical$45.77M 1.3%

Income statement

Line item 2026 Q2 2026 Q1 2025 ANNUAL 2025 Q4 2025 Q3
Total Revenue as Reported $3.54B $3.35B $10.84B $3.18B $2.69B
Total Operating Revenue $3.52B $3.31B $10.67B $3.13B $2.63B
Cost of Revenue $2.15B $2.06B $6.49B $1.93B $1.58B
Gross Profit $1.37B $1.25B $4.18B $1.20B $1.05B
Operating Expense $807.43M $691.86M $3.82B $2.14B $574.02M
Selling and Admin Expenses $67.49M $67.47M $1.75B $1.56B $63.12M
-General & Admin Expense $67.49M $67.47M $1.75B $1.56B $63.12M
Depreciation & Amortization & Depletion $737.76M $622.75M $2.08B $594.15M $509.81M
-Depreciation & Amortization $737.76M $622.75M $2.08B $594.15M $509.81M
Asset Impairment Loss $2.18M $1.63M -$9.42M -$7.38M $1.09M
Operating Profit $564.44M $558.42M $355.17M -$943.73M $476.99M
Net Non-Operating Interest Income (Expense) -$181.91M -$192.72M -$651.96M -$203.78M -$162.05M
Non-Operating Interest Expense $181.91M $192.72M $651.96M $203.78M $162.05M
Other Income (Expense) -$62.10M -$20.47M -$183.24M -$122.54M -$21.83M
Special Income (Charges) -$27.76M -$5.55M -$130.53M -$49.01M -$3.08M
-Less:Other Special Charges $1.98M $727,000.00 $9.25M $3.09M –
-Less:Write Off $25.77M $4.83M $121.28M $45.92M $3.08M
Other Non-Operating Income (Expenses) -$34.34M -$14.91M -$30.30M -$79.18M $12.93M
Pretax Profit $320.43M $345.24M -$480.03M -$1.27B $293.11M
Tax -$61.98M $11.63M -$7.12M -$4.99M $2.34M
Earnings from Equity Interest Net of Tax $80.57M -$1.69M $1.43B $1.38B -$8.59M
Net Profit $462.98M $752.32M $961.84M $117.77M $282.19M
Profit from Continuing Operations $462.98M $331.92M $961.84M $117.77M $282.19M
Minority Interests $17.97M $23.65M $24.99M $21.33M $1.63M
Net Income to Parent Company $445.00M $728.67M $936.85M $96.44M $280.56M
Net Income to Common Stockholders $445.00M $728.67M $936.85M $96.44M $280.56M
Basic EPS $0.63 $1.04 $1.41 $0.14 $0.42
Diluted EPS $0.61 $1.02 $1.39 $0.14 $0.41
Dividend Per Share $0.74 $0.74 $2.82 $0.74 $0.74
Net Income from Tax Loss Carry forward – $420.40M – – –
Gain on Sale of Security – – -$22.41M $5.66M -$31.68M

Balance sheet

Line item 2026 Q2 2026 Q1 2025 ANNUAL 2025 Q4 2025 Q3
Total Assets $69.88B $67.22B $67.30B $67.30B $59.50B
Total Current Assets $7.86B $10.00B $9.91B $9.91B $11.09B
Cash and Cash Equivalents & Short-Term Investments $1.97B $4.70B $5.03B $5.03B $6.81B
-Cash and Cash Equivalents $1.97B $4.70B $5.03B $5.03B $6.81B
Receivables $5.76B $5.18B $4.70B $4.70B $4.15B
-Accounts Receivable $2.81B $2.55B $2.37B $2.37B $2.38B
-Loans Receivable $2.95B $2.57B $1.83B $1.83B $1.77B
Restricted Cash $132.00M $115.52M $175.86M $175.86M $134.07M
Total Non-Current Assets $62.01B $57.22B $57.39B $57.39B $48.41B
Net PPE $1.96B $2.02B $2.16B $2.16B $1.25B
-Gross PPE $1.96B $2.02B $2.16B $2.16B $1.25B
Investments and Advances $2.00B $2.05B $1.81B $1.81B $1.84B
-Long Term Equity Investment $2.00B $2.05B $1.81B $1.81B $1.84B
Total Liabilities $22.21B $22.29B $24.10B $24.10B $20.19B
Total Current Liabilities $2.49B $2.31B $1.86B $1.86B $2.03B
Current Accrued Expenses $2.49B $2.31B $790.79M $790.79M $2.03B
Total Non-Current Liabilities $19.72B $19.98B $22.24B $22.24B $18.16B
Long Term Debt and Capital Lease Obligation $19.72B $19.98B $21.38B $21.38B $18.16B
-Long Term Debt $17.73B $17.93B $19.20B $19.20B $16.85B
-Long Term Capital Lease Obligation $1.99B $2.05B $2.18B $2.18B $1.31B
Total Equity $47.66B $44.93B $43.20B $43.20B $39.31B
Stockholders' Equity $46.41B $43.79B $42.13B $42.13B $38.76B
Capital Stock $719.07M $704.86M $696.62M $696.62M $684.23M
-Common Stock $719.07M $704.86M $696.62M $696.62M $684.23M
Additional Paid-In Capital $55.18B $52.41B $50.90B $50.90B $47.05B
Retained Earnings -$9.04B -$8.96B -$9.16B -$9.16B -$8.75B
Less: Treasury Stock $25.96M $22.85M $14.41M $14.41M $14.34M
Gains/Losses Not Affecting Retained Earnings -$421.65M -$342.47M -$287.64M -$287.64M -$217.45M
Minority Interests $1.25B $1.14B $1.07B $1.07B $555.56M
-Other Receivables – $57.80M $497.96M $497.96M –
Payables – – $563.46M $563.46M –
-Accounts Payable – – $297.07M $297.07M –
-Total Tax Payable – – $266.39M $266.39M –
Current Deferred Liabilities – – $501.43M $501.43M –
Derivative Product Liabilities – – $416.21M $416.21M –
Other Non-Current Liabilities – – $447.92M $447.92M –

Cash flow

Line item 2026 Q2 2026 Q1 2025 ANNUAL 2025 Q4 2025 Q3
Operating Cash Flow $1.00B $670.01M $2.88B $654.33M $858.36M
Net cash flow from continuing operations $1.00B $670.01M $2.88B $654.33M $858.36M
Net Income from Continuing Operations $462.98M $752.32M $961.84M $117.77M $282.19M
Gain/Loss from Continuing Operations -$78.58M -$417.99M -$1.40B -$1.39B $40.27M
Depreciation & Depletion & Amortization $748.63M $632.21M $2.14B $606.88M $523.67M
Other Non-Cash Items -$89.41M -$75.98M -$225.26M -$77.31M -$55.30M
Change in Working Capital -$92.88M -$248.91M -$280.78M -$157.84M $41.26M
-Change in Receivables -$93.48M -$56.57M -$196.88M -$53.00M -$68.75M
-Change in Payables and Accrued Expense $606,000.00 -$192.33M -$83.91M -$104.84M $110.01M
Net cash flow from investing -$5.27B -$807.19M -$10.51B -$5.46B -$1.63B
Net Cash Flow from Continuing Investing Activities -$5.27B -$807.19M -$10.51B -$5.46B -$1.63B
Capital Expenditure -$8.85M -$8.45M -$33.80M -$7.48M -$6.15M
Net Business Purchase and Sale -$5.35B -$1.49B -$14.41B -$10.07B -$1.14B
Net Investment Purchase and Sale $32.70M -$51.39M -$76.64M $14.70M -$23.92M
Net Other Investing Changes -$403.50M -$644.80M -$468.99M -$240.49M -$350.29M
Financing Cash Flow $1.53B -$199.54M $9.00B $3.03B $3.24B
Net Cash Flow from Continuing Financing Activities $1.53B -$199.54M $9.00B $3.03B $3.24B
Net Issuance Payments Of Debt -$786.30M -$1.18B $2.61B $1.89B $926.51M
Net Common Stock Issuance $2.91B $1.54B $8.90B $2.06B $2.87B
Cash Dividends Paid -$524.39M -$520.50M -$1.88B -$509.62M -$496.92M
Net Other Financing Charges -$62.28M -$39.63M -$633.02M -$412.62M -$59.20M
Ending Cash Balance $2.10B $4.82B $5.21B $5.21B $6.94B
Net Change in Cash -$2.73B -$336.71M $1.37B -$1.77B $2.47B
Beginning Cash Balance $4.82B $5.21B $3.71B $6.94B $4.52B
Effect of Exchange Rate Changes $5.66M -$53.53M $129.39M $37.20M -$51.48M
Free Cash Flow $994.78M $661.56M $2.85B $646.85M $852.21M
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