WELL
Welltower Inc.
WELL's fundamentals are mixed: revenue grew 39%, but its operating margin went from 9.1% to −1.9%. At 106x earnings, it's trading in line with its usual 102x. Analysts expect earnings growth.
WELL Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Stable | |
| N/A | |
| N/A |
WELL's revenue is currently strong, and its profitability is stable. Free cash flow and net leverage aren't meaningful measures for real estate companies like WELL.
WELL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 30x | $68.76 | -72% |
| Forward | 83x | $245 | — |
| Fair | 100x | $230 | -5.9% |
| Current | 106x | $245 | — |
| Expensive | 151x | $348 | +42% |
Historical ranges are pointers, not guarantees.
WELL's PE is in its fair range at 106x. If earnings grow as analysts expect, today's price would be 83x next year's earnings.
WELL Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Strong growth | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for WELL, but weaker profitability.
WELL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.94 | +28% |
| Q3 2026 | $2.30 | +58% |
| Q2 2026 | $2.17 | +22% |
| Q1 2026 | $2.01 | +15% |
| Q4 2025 | $1.39 | -11% |
| Q3 2025 | $1.46 | -5.2% |
| Q2 2025 | $1.78 | +70% |
| Q1 2025 | $1.75 | +111% |
| Q4 2024 | $1.57 | +138% |
WELL's earnings per share have fallen from their peak: $2.30 over the past year, against $3.17 in mid-2020.
WELL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3.7B | +38% |
| Q2 2026 | $3.5B | +39% |
| Q1 2026 | $3.4B | +38% |
| Q4 2025 | $3.2B | +41% |
| Q3 2025 | $2.7B | +31% |
| Q2 2025 | $2.5B | +40% |
| Q1 2025 | $2.4B | +30% |
| Q4 2024 | $2.3B | +29% |
WELL's revenue has grown year over year for 21 quarters in a row: $3.7B last quarter, up 38% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 9.1% | -1.8 points |
| Q2 2026 | 9% | -2.7 points |
| Q1 2026 | 10% | +2.1 points |
| Q4 2025 | -40% | -45 points |
| Q3 2025 | 11% | +2 points |
| Q2 2025 | 12% | +6.7 points |
| Q1 2025 | 8.2% | +0.6 points |
| Q4 2024 | 4.8% | -0.2 points |
WELL's operating margin was 9.1% last quarter, down 1.8 points from the same quarter a year ago.
WELL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $655.1M | +10% |
| Q2 2026 | $684.3M | +27% |
| Q1 2026 | $400.2M | +12% |
| Q4 2025 | $340.4M | +42% |
| Q3 2025 | $595.3M | +34% |
| Q2 2025 | $537.2M | +22% |
| Q1 2025 | $358.6M | +31% |
| Q4 2024 | $240.4M | +29% |
WELL's free cash flow was $2.1B over the past year, up 20% from the year before. Free cash flow isn't a meaningful measure for real estate companies like WELL.
WELL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +2.3% | +16.9M shares |
| 1 year | +10% | +69.5M shares |
| 3 years | +44% | +230M shares |
| 5 years | +76% | +325M shares |
| Available history | +87% | +351M shares |
WELL has 755M diluted shares, up 10% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2021 | — |
| Q3 2021 | — |
| Q4 2020 | — |
| Q3 2020 | — |
WELL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 6.6x | High |
| Q2 2026 | 7.3x | High |
| Q1 2026 | 7.0x | High |
| Q4 2025 | 8.8x | High |
| Q3 2025 | 3.5x | Elevated |
| Q2 2025 | 4.4x | High |
| Q1 2025 | 5.2x | High |
| Q4 2024 | 5.6x | High |
WELL's net debt is about 6.6 years of its operating earnings (EBITDA), up from 3.5 years a year ago. Net leverage isn't a meaningful measure for real estate companies like WELL.
WELL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 62.4 | Neutral |
| Stochastic | 72.3 | Neutral |
WELL's weekly RSI is 62 (neutral) and its Stochastic is 72 (neutral).
WELL PE vs Real Estate Sector
| Metric | WELL | Sector median | Relative |
|---|---|---|---|
| PE | 106x | 24x | 345% above |
| PE % | 53 | 23 | 30 pts above |
WELL is trading at 106x earnings, a 345% premium to the Real Estate sector's median of 24x.
WELL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $235.2 | 4.2% above |
| 20 week MA | $236.5 | 3.6% above |
| 50 week MA | $216.2 | 13% above |
| 100 week MA | $186.5 | 31% above |
| 200 week MA | $140.5 | 74% above |
WELL is in an uptrend: it's above all five of its weekly moving averages, and 74% above its 200-week average.
WELL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $81.0 | $63.5 | -22% |
| 2021 | $63.5 | $82.8 | +30% |
| 2022 | $82.8 | $65.1 | -21% |
| 2023 | $65.1 | $90.2 | +39% |
| 2024 | $90.2 | $125.0 | +39% |
| 2025 | $125.0 | $187.9 | +50% |
| 2026 YTD | $187.9 | $244.9 | +30% |
WELL has finished higher in four of the last six years. It's up 30% so far in 2026.