# Welltower Inc. (WELL)

> Source: Nexqual · https://nexqual.com/WELL · data as of 2026-10-22 20:02 UTC · cite as "Nexqual, Welltower Inc. (WELL), nexqual.com/WELL" · informational, not investment advice.

**Price:** USD 237.4 (+1.37% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 234.19 · day 234.25–238.27 · 52w 174.91–255.2 · market cap $171B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $12.8B, net income $1.62B (12.7% margin), free cash flow $2.02B (SEC filings).
- Valuation: P/E 105.9x (avg 113.5x at the last 3 fiscal year-ends), net debt $15.8B.
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $2.4M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.91 on a 1–5 scale) (22 analysts), mean target USD 260.55 (range 219–292).
- Total return with dividends: 1Y +36.8% vs S&P 500 +14.9%; 5Y +230.2% vs S&P 500 +80.3%.
- Next earnings: 2026-10-26, EPS estimate USD 0.71, revenue estimate $3.75B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.74B | $5.86B | $6.64B | $7.99B | $10.8B | $12.8B |
| Gross profit | $1.97B | $2.30B | $2.69B | $3.16B | $4.35B | — |
| Net income | $374M | $161M | $358M | $973M | $962M | $1.62B |
| EPS (diluted) | $0.78 | $0.30 | $0.66 | $1.57 | $1.39 | — |
| Free cash flow | $993M | $853M | $1.08B | $1.40B | $1.83B | $2.02B |
| Gross margin | 41.5% | 39.3% | 40.5% | 39.6% | 40.1% | — |
| Net margin | 7.9% | 2.7% | 5.4% | 12.2% | 8.9% | 12.7% |
| Revenue growth | +3.0% | +23.6% | +13.3% | +20.4% | +35.6% | — |
| Cash + short-term investments | $269M | $632M | $1.99B | $3.51B | $5.03B | — |
| Total debt | $13.9B | $14.7B | $15.7B | $15.5B | $19.2B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 105.9x · P/S 13.4x · EV/Sales 14.6x · P/FCF 84.7x · P/B 3.7x · FCF yield 1.18% · Earnings yield 0.94% · Dividend yield (paid, TTM) 1.20% · Net debt $15.8B · EV $187B
P/E at fiscal year-ends: Dec 2025 131.1x, Dec 2024 78.9x, Dec 2023 130.6x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $2.4M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-25…2026-08-26 | Gundlach Andrew | Director | 10,000 | $2.4M | 240.76 | Too little history (no open-market trades in 2023 or 2024) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.91 on a 1–5 scale), 22 analysts; mean target USD 260.55 (low 219, high 292).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Wells Fargo | Target raised | Overweight | $266 → $268 |
| 2026-10-13 | Barclays | Target lowered | Equal-Weight | $259 → $246 |
| 2026-09-24 | JP Morgan | Upgrade | Neutral → Overweight | $260 |
| 2026-09-21 | Evercore ISI Group | Target lowered | Outperform | $260 → $256 |
| 2026-09-02 | Scotiabank | Target raised | Sector Outperform | $244 → $251 |
| 2026-09-01 | Morgan Stanley | Target raised | Overweight | $215 → $251 |
| 2026-09-01 | Wells Fargo | Target raised | Overweight | $237 → $266 |
| 2026-08-31 | Barclays | Target raised | Equal-Weight | $254 → $259 |
| 2026-08-04 | Keybanc | Target raised | Overweight | $240 → $275 |
| 2026-08-03 | RBC Capital | Target raised | Outperform | $238 → $260 |
| 2026-07-31 | Citigroup | Target raised | Buy | $255 → $275 |
| 2026-07-31 | Cantor Fitzgerald | Target raised | Overweight | $235 → $260 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +36.8% | +230.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +37.0% | +26.9% |
| Volatility (annualized) | 22.8% | 24.0% |
| Max drawdown | -12.6% (Nov 2025→Jan 2026) | -40.0% (Mar 2022→Oct 2022) |

## Peers (REIT - Healthcare Facilities)
VTR (Ventas, Inc.) USD 86.99 +1.89% · OHI (Omega Healthcare Investors, Inc) USD 46.3 +4.16% · DOC (Healthpeak Properties, Inc.) USD 19.34 +4.65% · AHR (American Healthcare REIT, Inc.) USD 53.4 +1.02% · CTRE (CareTrust REIT, Inc.) USD 36.62 +2.72% · HR (Healthcare Realty Trust Incorpo) USD 17.93 +4.00%

## More
Full page: https://nexqual.com/WELL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in WELL's own 10-K filed 2026-02-12 (https://www.sec.gov/Archives/edgar/data/766704/000076670426000010/well-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Welltower OP | "We are structured as an umbrella partnership REIT, or "UPREIT," under which substantially all of our business is conducted through Welltower OP LLC ("Welltower OP"), the day-to-day management of which is exclusively cont…" |

Other companies that name WELL in their own reports (relationship from WELL's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Brookdale Senior Living Inc. (BKD) | 10-K 2026-02-19 | "In September 2024, the Company entered into a definitive agreement to acquire 11 senior living communities that were leased by the Company from a joint venture between Welltower Inc. ("Welltower") and…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Seniors Housing Operating | $2.98B | 84.2% | +51.4% |
| Total revenue | $3.54B | 100% | — |
The lines above cover 84.2% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $2.13B | 60.1% | +9.6% |
| United Kingdom | $1.13B | 31.8% | +170.4% |
| Canada | $285.7M | 8.1% | +52.7% |
| Total revenue | $3.54B | 100% | — |

## Company outlook (8-K filed 2026-07-27)

- "Outlook for 2026 Net income attributable to common stockholders guidance has been revised to a range of $3.11 to $3.19 per diluted share from the previous range of $3.24 to $3.38."
- "We also increased the guidance range of full year normalized FFO attributable to common stockholders to a range of $6.36 to $6.44 per diluted share from the previous range of $6.21 to $6.35."
- "This includes approximately $0.8 billion of consideration from expected property sales, which predominantly includes announced OM and Integra dispositions and land parcels related to foregone development, as well as $0.3 billion of expected proceeds from loan repayments."
- "Our guidance does not include any additional investments, dispositions or capital transactions, nor any other expenses, impairments, unanticipated additions to the loan loss reserve or other additional normalizing items beyond those disclosed."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.71 | $0.67 | +6.8% | $3.75B | 1 |
| Next quarter (ends 2026-12-31) | $0.67 | $0.69 | -2.9% | $3.96B | 1 |
| Current fiscal year (ends 2026-12-31) | $2.88 | $3.01 | -4.3% | $14.45B | 1 |
| Next fiscal year (ends 2027-12-31) | $3.20 | $3.36 | -4.8% | $16.66B | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-26): ±6.6%; last 8 reports averaged ±3.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 28.9% | ±6.6% |
| 2026-12-18 | 56 | 26.1% | ±8.3% |
| 2027-01-15 | 84 | 25.0% | ±9.7% |
| 2027-02-19 | 119 | 25.4% | ±11.7% |
| 2027-03-19 | 147 | 25.8% | ±13.1% |
| 2027-05-21 | 210 | 25.3% | ±15.3% |
| 2027-06-17 | 237 | 25.7% | ±16.5% |
| 2027-08-20 | 301 | 25.9% | ±18.6% |