Welltower Inc. (WELL) Key Metrics
WELL valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $169.23B
- Enterprise value
- $183.39B
- P/E (TTM)
- 105.3 10-yr median 62.8
- Forward P/E
- 78.1
- PEG ratio
- 3.62
- Price / sales
- 13.3 10-yr median 6.2
- Price / book
- 3.6 10-yr median 1.8
- EV / EBITDA
- 62.1 10-yr median 25.6
- Dividend yield
- 1.45% $3.40 a year
- Beta
- 0.75
WELL key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsWELL valuation Price multiples at each fiscal year-end price.
WELL returns How much profit the business earns on the capital it uses.
WELL per-share figures Results divided by the shares outstanding at year-end.
WELL financial health Debt, liquidity and how easily interest is covered.
WELL efficiency & capital use Working capital cycle and where the cash goes.
WELL valuation history
WELL returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
WELL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
WELL cash returned to shareholders
WELL price vs earnings per share
WELL key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $126.13B | $76.72B | $46.77B | $30.49B | $36.61B | $26.97B | $33.02B | $26.05B | $23.53B | $24.11B |
| Enterprise value | $142.47B | $89.97B | $60.90B | $57.26B | $51.02B | $39.68B | $48.13B | $39.13B | $35.02B | $36.05B |
| P/E ratio | 134.6 | 80.6 | 137.5 | 215.9 | 108.9 | 27.6 | 26.8 | 32.4 | 45.0 | 22.4 |
| Price / sales | 11.8 | 9.8 | 7.2 | 5.3 | 7.8 | 5.9 | 6.5 | 5.6 | 5.5 | 5.7 |
| Price / book | 3.0 | 2.4 | 1.8 | 1.4 | 2.1 | 1.6 | 2.1 | 1.8 | 1.6 | 1.6 |
| Price / free cash flow | 44.3 | 34.9 | 30.2 | 23.5 | 29.1 | 20.0 | 21.7 | 16.5 | 16.6 | 15.0 |
| Price / operating cash flow | 43.8 | 34.0 | 29.2 | 22.9 | 28.7 | 19.8 | 21.5 | 16.4 | 16.4 | 14.7 |
| EV / sales | 13.4 | 11.5 | 9.4 | 9.9 | 10.8 | 8.7 | 9.4 | 8.4 | 8.1 | 8.5 |
| EV / EBITDA | 61.7 | 32.4 | 25.4 | 28.1 | 29.8 | 25.9 | 22.5 | 20.4 | 20.3 | 16.8 |
| EV / free cash flow | 50.0 | 40.9 | 39.3 | 44.1 | 40.6 | 29.4 | 31.6 | 24.8 | 24.6 | 22.4 |
| Earnings yield | 0.7% | 1.2% | 0.7% | 0.5% | 0.9% | 3.6% | 3.7% | 3.1% | 2.2% | 4.5% |
| Free cash flow yield | 2.3% | 2.9% | 3.3% | 4.3% | 3.4% | 5.0% | 4.6% | 6.1% | 6.0% | 6.7% |
| Dividend yield | 1.5% | 2.0% | 2.7% | 3.7% | 2.8% | 4.1% | 4.2% | 5.2% | 5.6% | 5.4% |
| Shareholder yield (dividends + buybacks) | 1.5% | 2.0% | 2.7% | 3.7% | 2.8% | 4.2% | 4.2% | 5.2% | 6.9% | 5.4% |
| Share price at fiscal year-end | $185.61 | $126.03 | $90.17 | $65.55 | $85.77 | $64.62 | $81.78 | $69.41 | $63.77 | $66.93 |
| Per share | ||||||||||
| Revenue per share | $15.70 | $12.90 | $12.49 | $12.42 | $11.03 | $10.99 | $12.63 | $12.45 | $11.65 | $11.80 |
| Earnings per share | $1.38 | $1.56 | $0.66 | $0.30 | $0.79 | $2.35 | $3.05 | $2.15 | $1.42 | $2.99 |
| Operating cash flow per share | $4.24 | $3.71 | $3.09 | $2.86 | $2.99 | $3.27 | $3.80 | $4.22 | $3.89 | $4.55 |
| Free cash flow per share | $4.19 | $3.61 | $2.99 | $2.79 | $2.94 | $3.23 | $3.77 | $4.20 | $3.85 | $4.47 |
| Cash per share | $7.41 | $5.76 | $3.84 | $1.36 | $0.63 | $3.70 | $0.71 | $0.57 | $0.66 | $1.16 |
| Book value per share | $62.00 | $52.49 | $48.98 | $45.99 | $41.32 | $41.27 | $38.48 | $38.99 | $39.09 | $41.10 |
| Tangible book value per share | $57.81 | $51.16 | $47.85 | $41.66 | $36.96 | $37.51 | $34.31 | $34.60 | $34.83 | $37.02 |
| Dividends per share | $2.76 | $2.54 | $2.43 | $2.43 | $2.43 | $2.68 | $3.47 | $3.59 | $3.59 | $3.61 |
| Capex per share | $0.05 | $0.10 | $0.10 | $0.07 | $0.05 | $0.04 | $0.04 | $0.02 | $0.04 | $0.05 |
| Debt per share | $31.46 | $27.53 | $31.08 | $58.91 | $34.38 | $34.14 | $38.11 | $35.44 | $31.79 | $34.31 |
| Shares outstanding | 679.5M | 608.8M | 518.7M | 465.2M | 426.8M | 417.4M | 403.8M | 375.2M | 369.0M | 360.2M |
| Change in shares outstanding | +11.6% | +17.4% | +11.5% | +9.0% | +2.3% | +3.4% | +7.6% | +1.7% | +2.4% | +3.1% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 2.5% | 3.3% | 1.5% | 0.7% | 1.9% | 6.0% | 8.2% | 5.5% | 3.6% | 7.3% |
| Return on invested capital (ROIC) | 0.7% | 2.7% | 2.1% | 1.8% | 2.4% | 2.4% | 4.2% | 4.3% | 3.8% | 4.8% |
| Return on assets (ROA) | 1.6% | 2.0% | 0.8% | 0.4% | 1.0% | 3.0% | 3.9% | 2.8% | 1.8% | 3.7% |
| Return on tangible assets | 1.5% | 1.9% | 0.8% | 0.4% | 1.0% | 3.2% | 3.9% | 2.8% | 2.0% | 3.9% |
| Free cash flow margin | 26.7% | 28.0% | 23.9% | 22.5% | 26.7% | 29.4% | 29.8% | 33.7% | 33.0% | 37.9% |
| Income quality (OCF / net income) | 3.08 | 2.37 | 4.71 | 9.41 | 3.79 | 1.39 | 1.25 | 1.97 | 2.74 | 1.52 |
| Financial health | ||||||||||
| Total debt | $21.38B | $16.76B | $16.12B | $27.40B | $14.68B | $14.25B | $15.39B | $13.30B | $11.73B | $12.36B |
| Cash & short-term investments | $5.03B | $3.51B | $1.99B | $631.7M | $269.3M | $1.55B | $284.9M | $215.4M | $243.8M | $419.4M |
| Net debt | $16.35B | $13.25B | $14.13B | $26.77B | $14.41B | $12.70B | $15.10B | $13.08B | $11.49B | $11.94B |
| Debt / equity | 0.51 | 0.52 | 0.63 | 1.28 | 0.83 | 0.83 | 0.99 | 0.91 | 0.81 | 0.83 |
| Debt / assets | 0.32 | 0.33 | 0.37 | 0.72 | 0.42 | 0.44 | 0.46 | 0.44 | 0.42 | 0.43 |
| Net debt / EBITDA | 7.08 | 4.77 | 5.88 | 13.13 | 8.41 | 8.29 | 7.05 | 6.81 | 6.67 | 5.58 |
| Current ratio | 5.34 | 5.28 | 4.51 | 2.00 | 1.93 | 3.30 | 0.89 | 0.78 | 1.03 | 1.63 |
| Quick ratio | 5.34 | 5.28 | 4.51 | 2.00 | 1.32 | 3.30 | 0.44 | 0.78 | 1.03 | 1.63 |
| Interest coverage | 0.5 | 2.0 | 1.5 | 1.4 | 1.6 | 1.4 | 2.2 | 2.2 | 2.3 | 2.5 |
| Working capital | $8.06B | $5.86B | $3.86B | $1.54B | $1.24B | $2.40B | −$222.6M | −$480.9M | $56.1M | $920.1M |
| Invested capital | $58.48B | $45.21B | $39.53B | $48.16B | $32.04B | $29.93B | $30.64B | $27.71B | $25.91B | $26.75B |
| Tangible asset value | $40.36B | $31.76B | $25.79B | $19.38B | $17.14B | $15.66B | $15.30B | $14.36B | $13.73B | $14.21B |
| Net current asset value | −$14.19B | −$11.24B | −$12.68B | −$13.42B | −$13.33B | −$11.82B | −$14.52B | −$12.63B | −$10.96B | −$10.79B |
| Graham number | $43.85 | $42.97 | $26.88 | $17.72 | $27.06 | $46.66 | $51.41 | $43.38 | $35.30 | $52.60 |
| Graham net-net per share | −$22.87 | −$20.25 | −$25.99 | −$30.32 | −$31.76 | −$30.31 | −$35.95 | −$34.85 | −$30.80 | −$31.72 |
| Capital allocation | ||||||||||
| Dividends paid | $1.88B | $1.55B | $1.26B | $1.13B | $1.04B | $1.12B | $1.40B | $1.35B | $1.33B | $1.30B |
| Share buybacks (net) | — | — | $0 | $0 | $0 | $7.7M | $0 | $0 | $287.5M | $0 |
| Dividend payout ratio | 200.5% | 162.4% | 370.7% | 801.3% | 308.2% | 114.3% | 113.7% | 167.6% | 253.6% | 120.5% |
| Dividends + buybacks / free cash flow | 65.9% | 70.3% | 81.3% | 87.2% | 82.5% | 83.6% | 92.1% | 85.6% | 113.5% | 80.6% |
| Capex / revenue | 0.3% | 0.7% | 0.8% | 0.5% | 0.4% | 0.4% | 0.3% | 0.2% | 0.3% | 0.4% |
| Capex / operating cash flow | 1.2% | 2.6% | 3.2% | 2.3% | 1.5% | 1.3% | 1.0% | 0.5% | 0.9% | 1.0% |
| Capex / depreciation | 0.02 | 0.03 | 0.04 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0.02 |
| Stock-based compensation / revenue | 14.6% | 1.0% | 0.6% | 0.5% | 0.4% | 0.6% | 0.5% | 0.6% | 0.4% | 0.7% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 16.4% | 3.0% | 2.9% | 2.6% | 2.7% | 2.8% | 2.5% | 2.7% | 2.8% | 3.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 140.6 | 148.8 | 147.6 | 145.1 | 141.6 | 115.8 | 103.0 | 107.9 | 134.3 | 159.1 |
| Days of inventory on hand | — | — | — | 41.9 | 53.7 | 66.9 | 64.6 | 0.0 | 0.0 | 0.0 |
| Days payables outstanding | 14.8 | 15.2 | 18.0 | 20.1 | 18.2 | 11.3 | 8.0 | — | 0.0 | 0.0 |
| Cash conversion cycle (days) | 125.8 | 133.6 | 129.6 | 166.9 | 177.1 | 171.5 | 159.7 | — | 134.3 | 159.1 |
| Receivables turnover | 2.60 | 2.45 | 2.47 | 2.52 | 2.58 | 3.15 | 3.54 | 3.38 | 2.72 | 2.29 |
| Payables turnover | 24.65 | 24.00 | 20.25 | 18.18 | 20.08 | 32.42 | 45.87 | — | — | — |
| Inventory turnover | — | — | — | 8.72 | 6.80 | 5.45 | 5.65 | 2,433,017,000.00 | 2,083,925,000.00 | 3,753,966,000.00 |
| Asset turnover | 0.18 | 0.17 | 0.16 | 0.16 | 0.14 | 0.14 | 0.16 | 0.16 | 0.15 | 0.15 |
| Average receivables | $4.11B | $3.20B | $2.62B | $2.30B | $1.83B | $1.46B | $1.44B | $1.38B | $1.58B | $1.85B |
| Average payables | $263.2M | $201.3M | $195.0M | $195.8M | $138.2M | $80.1M | $58.6M | — | $0 | $0 |
| Average inventory | — | — | — | $408.3M | $408.3M | $476.4M | $476.4M | $1 | $1 | $0 |
| Intangibles / total assets | 4.2% | 1.6% | 1.3% | 5.3% | 5.3% | 4.8% | 5.0% | 5.4% | 5.6% | 5.1% |
Computed from WELL's annual financial statements (latest annual report filed February 12, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
WELL valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Welltower traded at 134.6 times earnings, against a 10-year median of 62.8. Based on the latest twelve months, the trailing P/E is 105.3 and the forward P/E is 78.1. Welltower earned a return on equity of 2.5% and a return on invested capital of 0.7% in fiscal 2025. It ended the year with $21.4 billion of debt and $5.0 billion in cash and short-term investments, net debt of $16.3 billion. It returned $1.9 billion to shareholders: $1.9 billion in dividends and $0 in share buybacks, 66% of free cash flow. The share count rose 88.6% from 360.2M to 679.5M over 9 years.
See the WELL income statement, the WELL chart for price history, or the WELL stock overview for the latest quote and news.
WELL key metrics FAQ
What is Welltower's P/E ratio?
Welltower's trailing P/E ratio is 105.3 based on the last twelve months of earnings (as of October 17, 2026), and its forward P/E is 78.1. At the end of fiscal 2025 it was 134.6, compared with a 10-year median of 62.8.
What is Welltower's EV/EBITDA?
Welltower's enterprise value was 61.7 times EBITDA at the end of fiscal 2025 (enterprise value $142.5 billion, EBITDA $2.3 billion); the current EV/EBITDA is 62.1.
What is Welltower's return on equity?
Welltower's return on equity (ROE) was 2.5% in fiscal 2025: net income of $936.8 million on average shareholders' equity of $37.0 billion.
What is Welltower's ROIC?
Welltower's return on invested capital was 0.7% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Welltower have?
Welltower had total debt of $21.4 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.51 and $16.3 billion of net debt (7.08 times EBITDA).
What is Welltower's dividend yield?
Welltower's forward dividend yield is 1.45%. Welltower paid $1.9 billion in dividends in fiscal 2025 ($2.76 per share), a payout ratio of 200.5%.
What is Welltower's free cash flow yield?
Welltower generated $2.8 billion of free cash flow in fiscal 2025, a free cash flow yield of 2.3% on its market value at year-end ($126.1 billion).
What is Welltower's current ratio?
Welltower's current ratio was 5.34 at the end of fiscal 2025: current assets were 5.34 times current liabilities.