# Welltower Inc. (WELL)

> Owns senior-living and healthcare properties, earning income from resident operations and rents paid by operators and healthcare providers.

- Exchange: NYSE · Sector: Real Estate · Industry: Reit Healthcare Facilities
- Headquarters: Toledo, Ohio
- Founded: 1970 (company founding year)
- Employees: 712 (December 31, 2025)
- SEC CIK: 0000766704 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000766704))
- Full page: https://inspectstocks.com/stocks/well
- Data as of: price 2026-09-28; newest filing used 2026-04-29; latest fiscal period ended 2026-03-31

## Grade

**A+** on the growth-and-cash rubric, 5 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Revenue growing overall | passed | $11.8B | $6B |
| Revenue growing recently | passed | $11.8B | $10.8B |
| Free cash flow positive | passed | $1.9B |  |
| Free cash flow growing overall | passed | $1.9B | $903.1M |
| Free cash flow growing recently | passed | $1.9B | $1.8B |

Business quality (the + / − mark): 4 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | 12.4% |  |
| Healthy profit margin | passed | 12.4% |  |
| Good return on equity | failed | 3.5% |  |
| Debt under control | passed | 0.51 |  |
| Turns sales into cash | passed | 15.9% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $11.8B |
| Net income, trailing twelve months | $1.5B |
| Free cash flow, trailing twelve months | $1.9B |
| Net margin | 12.4% |
| Return on equity | 3.5% |
| Debt to equity | 0.51 |
| Diluted EPS, trailing twelve months | $2.01 |
| Share price | $233.08 |
| Market value | $164.5B |
| Price / earnings | 116.0x |
| Price / sales | 14.0x |

## What the business does

Welltower is a real estate investment trust (REIT) that owns housing and healthcare properties in the United States, the United Kingdom and Canada. At December 31, 2025, its portfolio included more than 2,500 communities and properties (high). It runs some senior-housing properties through operator partners and leases other properties to care operators and healthcare providers. In the second quarter of 2026, occupancy at properties held in both comparison periods rose 330 basis points year over year (high), and revenue per occupied room rose 5.2% year over year (high).

### How it makes money

- **Senior Housing Operating: senior apartments and care communities where partner operators provide services to residents.** (85.8% (quarter ended March 31, 2026)) — Residents pay for housing and, depending on the community, meals, help with daily activities and other care. Welltower earns revenue from these operating properties; outside partners manage many of them. The supplied segment figures do not reconcile to consolidated revenue.
- **Triple-net properties: senior housing and long-term care buildings leased to operators.** (12.1% (quarter ended March 31, 2026)) — Operators pay rent, generally in monthly payments, and are responsible under the leases for property costs such as utilities, taxes, insurance and maintenance. The supplied segment figures do not reconcile to consolidated revenue.
- **Outpatient Medical: buildings leased to healthcare providers.** (2.2% (quarter ended March 31, 2026)) — Healthcare providers, including providers connected with health systems, pay rent under property leases. The supplied segment figures do not reconcile to consolidated revenue.

### Products

- **Senior Housing Operating communities** — Age-targeted apartments and senior communities, including independent living, assisted living, memory care and continuing care communities. Services vary by property and may include meals, housekeeping, activities and help with daily tasks.
- **Triple-net senior housing and care properties** — Senior housing and long-term care buildings leased to operators under long-term agreements. The tenant generally pays rent and the property's operating expenses.
- **Outpatient medical buildings** — Buildings leased to healthcare providers for services delivered outside a hospital stay, including medical offices and other outpatient care space.
- **Real estate loans** — Loans to property owners or developers, usually secured by real estate or related guarantees, that generate interest and may include principal repayments and fees.
- **Property development and construction investments** — Funding for new or redeveloped properties, provided directly or with joint-venture partners, with funds advanced as construction work progresses.

### Customers

- Older adults who pay for housing and, where available, meals, help with daily activities and care; family members may help choose the community or arrange payment.
- Senior-housing and care operators that lease properties from Welltower and pay rent under lease agreements.
- Healthcare providers, including providers connected with health systems, that lease outpatient medical buildings.
- Operators of nursing and post-acute care properties, whose income may include payments from Medicare, Medicaid, private insurers and patients.

### Competitors

- Ventas, Inc. (VTR) — Competes to buy and finance healthcare and senior-housing properties, and to attract property tenants and operating partners.
- Healthpeak Properties, Inc. (DOC) — Competes for healthcare property investments and for healthcare providers seeking space in medical buildings.
- Omega Healthcare Investors, Inc. (OHI) — Competes for investments in long-term care properties and leases to care operators.
- CareTrust REIT, Inc. (CTRE) — Competes for nursing and other post-acute care property investments and operator tenants.
- National Health Investors, Inc. (NHI) — Competes for senior-housing and healthcare property investments and leases to operators.

### What it depends on

- Welltower relies on outside operators to manage many Senior Housing Operating properties. It had relationships with 62 operator partners (December 31, 2025, high). Care UK, Cogir Management Company and Sunrise Senior Living accounted for 14%, 12% and 10% of Senior Housing Operating segment revenue, respectively (year ended December 31, 2025, high).
- Operators of long-term and post-acute care properties rely in part on government healthcare payments, including Medicare and Medicaid; those operators' ability to pay rent or meet other obligations can be affected by payment rates and eligibility rules.
- Welltower relies on its REIT tax status and must meet tax-law requirements for its income, assets and distributions.

### What could go wrong

- If care operators' costs rise, including labor costs, or their resident and patient revenue falls, they may have less ability to pay rent or meet other obligations to Welltower.
- Changes to Medicare or Medicaid payment rules, rates or eligibility can reduce income for care operators, affecting their ability to meet obligations to Welltower.
- Operators may fail to meet healthcare licensing, care-quality or other legal requirements. This can disrupt operations or lead to penalties, loss of licenses or government payments, and Welltower may face additional exposure at properties it operates through RIDEA arrangements.

## More on this company

- [Overview](https://inspectstocks.com/stocks/well)
- [Financial statements](https://inspectstocks.com/stocks/well/financials)
- [Competitors](https://inspectstocks.com/stocks/well/peers)
- [Earnings](https://inspectstocks.com/stocks/well/earnings)

---

Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.