At a glance
Welltower, Inc. is worth $175.33B, about 172 times its fiscal 2025 earnings. Revenue grew 35.6% to $10.84B in fiscal 2025, with 8.6% kept as profit; over 5 years it has grown 18.7% a year. It pays a 1.28% dividend yield, and returned $6.85B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +33.9% over the past year with dividends reinvested and +26.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 61.9% in the 2020 crash (S&P 500: 33.7%) and 40.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 15 months and 16 months after the lows.
The business in plain English
Welltower is a real estate investment trust (REIT): a company that owns property and must pay out at least 90% of its taxable income as dividends. It owns more than 2,500 seniors and wellness housing communities in the United States, United Kingdom and Canada. It also owns skilled nursing facilities and outpatient medical buildings. Its customers are older renters and the healthcare operators and providers that lease its buildings.
The Seniors Housing Operating segment produced 78% of 2025 revenue of $10.8 billion. Its communities range from apartments for independent adults aged 55 and over to assisted living and dementia care. Welltower owns them and pays 62 partner companies to run them under incentive-based management contracts. That means its income depends on how full the communities are and what they cost to run. Care UK, Cogir Management and Sunrise Senior Living were the largest managers, at 14%, 12% and 10% of segment revenue.
Triple-net leases supplied 11% of revenue. Operators of seniors housing and skilled nursing homes lease buildings for 10 to 20 years and pay the property taxes, insurance and maintenance themselves, so Welltower collects rent without running the property. Outpatient medical buildings added 7%, and about 91% of them are tied to health systems. By country, the United States produced 73% of revenue, the United Kingdom 20% and Canada 7%.
Price history
The interactive chart needs JavaScript.
WELL +33.9% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Seniors Housing Operating | $8.49B | 78.3% |
| Triple-net | $1.20B | 11% |
| Outpatient Medical | $781.9M | 7.2% |
By geography
| United States | $7.94B | 73.2% |
| United Kingdom | $2.17B | 20% |
| Canada | $734.3M | 6.8% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $3.72B, up 38.4% from a year earlier, and net income was $396.6M (+41.4%).
- For fiscal 2025, revenue was $10.84B (+35.6% year over year; +18.7% a year from FY2020 to FY2025) with a 8.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +18.7% good |
|---|---|
| Free cash flow margin | 16.9% good |
| Return on equity (FY2025) | 2.2% weak |
| Return on assets (FY2025) | 1.4% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $4.61B | $978.8M | $1.12B |
| FY2021 | $4.74B | $336.1M | $992.7M |
| FY2022 | $5.86B | $141.2M | $852.7M |
| FY2023 | $6.64B | $340.1M | $1.08B |
| FY2024 | $7.99B | $951.7M | $1.40B |
| FY2025 | $10.84B | $936.8M | $1.83B |
Valuation snapshot
| Market value | $175.33B |
|---|---|
| P/E ratio | 171.9 |
| Dividend yield | 1.28% |
Rank among 1514 US companies
Market value at each year end
Welltower’s market value went from $24.26B at the end of 2016 to $175.33B on Nov 2, 2026, about 7.2 times as much; since the end of 2025 it is up 38%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $175.33B | +37.6% |
| 2025 | $127.39B | +62.3% |
| 2024 | $78.48B | +62.4% |
| 2023 | $48.33B | +56.0% |
| 2022 | $30.97B | -17.0% |
| 2021 | $37.33B | +38.4% |
| 2020 | $26.97B | -18.7% |
| 2019 | $33.19B | +27.3% |
| 2018 | $26.07B | +10.4% |
| 2017 | $23.62B | -2.7% |
| 2016 | $24.26B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| WELL price data to Nov 2, 2026 | +30.1% | +33.9% | +42.4% | +26.9% | +17.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +30.1% |
| 2025 | +49.9% |
| 2024 | +43.1% |
| 2023 | +41.8% |
| 2022 | -21.2% |
| 2021 | +37.0% |
| 2020 | -17.5% |
| 2019 | +23.0% |
| 2018 | +15.3% |
| 2017 | +0.2% |
| 2016 | +3.4% |
| 2015 | -5.7% |
| 2014 | +48.6% |
| 2013 | -8.4% |
| 2012 | +18.2% |
| 2011 | +21.3% |
| 2010 | +14.3% |
| 2009 | +12.9% |
| 2008 | +0.3% |
| 2007 | +9.7% |
| 2006 | +37.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 33.3% over that stretch · deepest drop along the way 47.4%, back to its old high 17.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 49.9% over that stretch · deepest drop along the way 61.9%, back to its old high 15.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 30.8% over that stretch · deepest drop along the way 40.8%, back to its old high 16.2 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 4 open-market purchases ($2.4M) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 26, 2026 | Andrew Gundlach Director | buy | $605K |
| Aug 26, 2026 | Andrew Gundlach Director | buy | $605K |
| Aug 25, 2026 | Andrew Gundlach Director | buy | $599K |
| Aug 25, 2026 | Andrew Gundlach Director | buy | $599K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9.5% | Mar 31, 2025 |
| Vanguard Capital Management | 7.55% | Mar 31, 2026 |
| Vanguard Portfolio Management | 6.01% | Mar 31, 2026 |
| Cohen & Steers, Inc. | 4.9% | Jul 31, 2026 |
| Norges Bank | 4.9% | Jun 30, 2025 |
ETFs with the most weight in WELL
| REZ iShares Residential and Multisector Real Estate ETF | 18.39% |
| SPRE SP Funds S&P Global REIT Sharia ETF | 12.93% |
| JPRE JPMorgan Realty Income ETF | 8.97% |
| RITA ETFB Green SRI REITs ETF | 8.94% |
| RWR SPDR Dow Jones REIT ETF | 8.77% |
| ICF iShares Cohen & Steers REIT ETF | 8.64% |
| XLRE Real Estate Select Sector SPDR Fund | 8.51% |
| USRT iShares Core U.S. REIT ETF | 8.25% |
What could go wrong
- Operating costs and occupancy hit results directly. Most revenue comes from communities Welltower owns and partners manage. Higher labor costs, weaker occupancy or poor management at these homes reduce Welltower's income, and it relies on 62 partners to run them well.
- A few big operators carry weight. Care UK, Cogir and Sunrise Senior Living generated 14%, 12% and 10% of operating-segment revenue in 2025. If a major operator or tenant became insolvent, or had to be replaced, income could be disrupted.
- Flu seasons and outbreaks can cut occupancy. A severe cold and flu season, an epidemic or another public health crisis, and the government's response, can reduce occupancy in seniors housing. The shares fell 61.9% in the 2020 COVID crash.
- New competition and oversupply. If too many new seniors housing communities open in Welltower's markets, its operators and managers may struggle to fill units and hold rents. That would make it harder to meet their obligations to Welltower.
- Large exposure outside the United States. The United Kingdom and Canada supplied 20% and 7% of 2025 revenue. Owning property abroad brings different laws, regulators and taxes, and exchange-rate swings can change the dollar value of that income.
- Interest rates and access to capital. Welltower funds growth with debt and new shares. Higher interest rates, a credit rating downgrade or tighter markets could raise its costs. Total debt was about $16.5 billion as of September 30, 2026.
Recent events
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Quarterly results released
- Other company announcement
- Investor presentation or announcement
- Shareholder vote results
- Other company announcement
- Quarterly results released
- Major agreement signed
For income and retirement investors
Welltower paid $2.82 per share in dividends for 2025, up from $2.56 in 2024, its second straight increase. But it cut the dividend from $2.70 in 2020 to $2.44 in 2021 and held it there through 2023, so it grew only about 0.9% a year over 2020–2025. Dividends equaled 200% of 2025 net income, partly because depreciation, a non-cash charge, shrinks REIT earnings. They also ran slightly above free cash flow (cash left after running costs and capital spending), at about 103%. Welltower bought back no shares from 2021 to 2025. Its share count rose 68.5% between October 2021 and October 2026 as it issued new stock. The yield was a modest 1.35% as of October 28, 2026.
In past downturns the shares fell 47.4% (2008 financial crisis), 61.9% (2020 COVID crash) and 40.8% (2022 bear market), each time taking 15 to 18 months to recover. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Welltower make money?
Mostly from seniors housing communities it owns and pays partner companies to manage. That Seniors Housing Operating segment produced 78% of Welltower's $10.8 billion of revenue in 2025. Triple-net leases, where operators rent buildings and pay the taxes, insurance and maintenance, added 11%. Outpatient medical buildings, mostly tied to health systems, added 7%. By country, about 73% of revenue came from the United States, 20% from the United Kingdom and 7% from Canada.
Does Welltower raise its dividend every year?
No. Welltower raised its dividend in 2024 and again in 2025, to $2.82 per share, but the record has gaps. It cut the dividend from $2.70 per share in 2020 to $2.44 in 2021 and kept it at $2.44 through 2023. As a result, the dividend grew only about 0.9% a year over 2020–2025. The board decides each dividend. The yield was 1.35% as of October 28, 2026.
Is Welltower's dividend covered by its cash flow?
Not quite. In 2025 Welltower paid about $1.88 billion in dividends against $1.83 billion of free cash flow, a payout of about 103%. Measured against net income the payout was 200%. That figure overstates the strain, because depreciation, a non-cash charge, shrinks REIT earnings. Welltower's 10-K warns that cash available for distributions may fall short of expected levels, and the company also depends on new debt and shares to fund growth.
Why is Welltower's P/E ratio so high?
Mainly because accounting earnings understate a REIT's cash flow, and partly because the shares have climbed. As of October 28, 2026, Welltower traded at about 163.5 times its 2025 earnings of $1.39 per diluted share. Net income is reduced by depreciation on $61.2 billion of real estate (as of September 30, 2026). For that reason, REIT investors often look at cash-flow measures such as funds from operations instead. The shares returned 28.3% in the year to October 28, 2026.
How has Welltower stock performed over the long term?
The shares have gained a lot over time, with deep drops along the way. As of October 28, 2026, they returned about 25.4% a year over five years and 16.8% a year over ten years. But they fell 61.9% in the 2020 COVID crash, 47.4% in the 2008 financial crisis and 40.8% in the 2022 bear market. They also lost 17.5% in calendar 2020 and 21.2% in 2022. Past returns do not guarantee future results.