NYSE · Real Estate

Welltower Inc.

WELL · REIT - Healthcare Facilities

$206.65

▲ 0.1 (0.05%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

A⤢

Gross Profit Margin 37.8%

Operating Margin 16.9%

Net Income Margin 22.0%

Fin. Health

D⤢

Years to Pay Off Debt 27.4 yrs

Working Capital vs Long-Term Debt -$10.2B

Working Capital $7.7B

Valuation

F⤢

Margin of Safety 0.0%

Price-to-Book 3.33x

Cash Flow

A⤢

Free Cash Flow $662M

CapEx % of Net Income 1.2%

Owner Earnings $1.4B

Profitability

Gross Profit Margin 37.8%

Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.

Operating Margin 16.9%

Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.

Net Income Margin 22.0%

Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.

Financial Health

Years to Pay Off Debt 27.4 yrs

Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.

Working Capital vs Long-Term Debt -$10.2B

Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.

Working Capital $7.7B

Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.

Cash Flow

Free Cash Flow $662M

Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.

CapEx % of Net Income 1.2%

Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.

Owner Earnings $1.4B

Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

About Welltower Inc.

Welltower Inc. is a S&P 500 company, is positioned at the center of the silver economy, focusing on rental housing for aging seniors across the United States, United Kingdom and Canada. Our portfolio of 2,000+ seniors and wellness housing communities are positioned at the intersection of housing and hospitality, creating vibrant communities for mature renters and older adults. We believe our real estate portfolio is unmatched, located in highly attractive micro markets with stunning built environments. Yet, we are an unusual real estate organization as we view ourselves as an operating company in a real estate wrapper, driven by highly aligned partnerships and an unconventional culture. Through our disciplined approach to capital allocation powered by our Data Science platform and superior operating results driven by the Welltower Business System - our end-to-end operating platform - we aspire to deliver long-term compounding of per share growth for our existing investors, our North Star. Welltower Inc. was incorporated in 1970 in Delaware and is based in Toledo, Ohio.

Market Data

Market Cap $145.9B

Enterprise Value $167.1B

P/E (TTM) 99.83

Dividend Yield 1.43%

Exchange NYSE

Key Margins

Gross Profit 37.8%

Operating Margin 16.9%

Net Margin 22.0%

Company Info

Sector Real Estate

Industry REIT - Healthcare Facilities

Employees 712

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Welltower Inc. at $206.65.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $206.65, the stock trades at a 448% premium to its Graham Number of $37.73. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

Showing Key Metrics

Income Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Gross Profit %	37.8%▼	38.3%•	N/A
Operating Margin %	16.9%▲	-30.1%•	N/A
Net Income %	22.0%▲	3.1%•	N/A
Diluted EPS	1.02▲	0.14•	N/A

Balance Sheet Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Total Assets	$67.2B	$67.3B	N/A
Total Debt	$20.0B▼	$21.4B•	N/A
Working Capital	$7.7B▼	$8.1B•	N/A
Years to Pay Debt	27.43	221.69	N/A

Cash Flow Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Free Cash Flow	$662M▲	$647M•	N/A
Owner Earnings	$1.4B	$711M	N/A
CapEx % of Net Income	1.2%	7.8%	N/A

Income Statement

	2026	2025	2024
Tax Effect Of Unusual Items	-187	-170
Tax Rate For Calcs	0	0
Normalized EBITDA	1,175,720	-416,032
Total Unusual Items	-5,553	-43,357
Total Unusual Items Excluding Goodwill	-5,553	-43,357
Net Income From Continuing Operation Net Minority Interest	308,272	96,441
Reconciled Depreciation	632,209	606,878
Reconciled Cost Of Revenue	2,045,963	1,921,205
EBITDA	1,170,167	-459,389
EBIT	537,958	-1,066,267
Net Interest Income	-192,715	-203,784
Interest Expense	192,715	203,784
Normalized Income	313,638	139,628
Net Income From Continuing And Discontinued Operation	308,272	96,441
Total Expenses	2,747,278	4,078,077
Rent Expense Supplemental	2,055,420
Diluted Average Shares	726,255	710,167
Basic Average Shares	699,837	689,582
Diluted EPS	0	0
Basic EPS	0	0
Diluted NI Availto Com Stockholders	741,581	100,760
Average Dilution Earnings	12,909	4,319
Net Income Common Stockholders	728,672	96,441
Net Income	728,672	96,441
Minority Interests	-23,652	-21,326
Net Income Including Noncontrolling Interests	752,324	117,767
Net Income From Tax Loss Carryforward	420,400
Net Income Continuous Operations	331,924	117,767
Earnings From Equity Interest Net Of Tax	-1,686	1,382,833
Tax Provision	11,633	-4,985
Pretax Income	345,243	-1,270,051
Other Income Expense	-20,466	-122,537
Other Non Operating Income Expenses	-14,913	-79,180
Special Income Charges	-5,553	-49,013
Other Special Charges	727	3,089	0
Write Off	4,826	45,924
Gain On Sale Of Security		5,656	9,102
Net Non Operating Interest Income Expense	-192,715	-203,784
Interest Expense Non Operating	192,715	203,784
Operating Income	558,424	-943,730
Operating Expense	691,858	2,144,145
Provision For Doubtful Accounts	1,632	-7,384
Depreciation Amortization Depletion Income Statement	622,752	594,151
Depreciation And Amortization In Income Statement	622,752	594,151
Selling General And Administration	67,474	1,557,378
General And Administrative Expense	67,474	1,557,378
Other Gand A	67,474	1,557,378
Gross Profit	1,250,282	1,200,415
Cost Of Revenue	2,055,420	1,933,932
Total Revenue	3,305,702	3,134,347
Operating Revenue	3,305,702	3,134,347

Balance Sheet

	2026	2025	2024
Treasury Shares Number	184	125
Ordinary Shares Number	704,687	696,507
Share Issued	704,870	696,632
Net Debt	13,229,793	14,163,624
Total Debt	19,984,841	21,380,295
Tangible Book Value	43,793,675	42,129,498
Invested Capital	61,727,243	61,326,800
Working Capital	7,691,233	8,056,442
Net Tangible Assets	43,793,675	42,129,498
Capital Lease Obligations	2,051,273	2,182,993
Common Stock Equity	43,793,675	42,129,498
Total Capitalization	61,727,243	61,326,800
Total Equity Gross Minority Interest	44,929,270	43,202,939
Minority Interest	1,135,595	1,073,441
Stockholders Equity	43,793,675	42,129,498
Gains Losses Not Affecting Retained Earnings	-342,466	-287,641
Other Equity Adjustments	-342,466	-287,641
Treasury Stock	22,853	14,405
Retained Earnings	-8,955,459	-9,163,784
Additional Paid In Capital	52,409,593	50,898,707
Capital Stock	704,860	696,621
Common Stock	704,860	696,621
Total Liabilities Net Minority Interest	22,291,286	24,100,108
Total Non Current Liabilities Net Minority Interest	19,984,841	22,244,429
Other Non Current Liabilities		447,924	330,594
Derivative Product Liabilities		416,210	13,001
Long Term Debt And Capital Lease Obligation	19,984,841	21,380,295
Long Term Capital Lease Obligation	2,051,273	2,182,993
Long Term Debt	17,933,568	19,197,302
Current Liabilities	2,306,445	1,855,679
Current Deferred Liabilities		501,429	430,836
Current Deferred Revenue		501,429	430,836
Payables And Accrued Expenses	2,306,445	1,354,250
Current Accrued Expenses	2,306,445	790,794
Interest Payable		175,704	121,168
Payables		563,456	370,014
Total Tax Payable		266,385	140,701
Accounts Payable		297,071	229,313
Total Assets	67,220,556	67,303,047
Total Non Current Assets	57,222,878	57,390,926
Investments And Advances	2,045,081	1,809,590
Other Investments			172,260
Long Term Equity Investment	2,045,081	1,809,590
Investment Properties	53,154,631	53,423,291
Goodwill And Other Intangible Assets
Goodwill
Net PPE	2,023,166	2,158,045
Gross PPE	2,023,166	2,158,045
Leases	2,023,166	2,158,045
Current Assets	9,997,678	9,912,121
Restricted Cash	115,518	175,861
Receivables	5,178,385	4,702,582
Other Receivables	57,800	497,963
Accrued Interest Receivable
Loans Receivable	2,567,564	1,831,210
Accounts Receivable	2,553,021	2,373,409
Cash Cash Equivalents And Short Term Investments	4,703,775	5,033,678
Cash And Cash Equivalents	4,703,775	5,033,678

Cash Flow

	2026	2025	2024
Free Cash Flow	661,562	646,853
Repayment Of Debt	-1,204,036	-120,040
Issuance Of Debt	19,775	2,011,532
Issuance Of Capital Stock	1,544,848	2,063,348
Capital Expenditure	-8,449	-7,476
Interest Paid Supplemental Data	216,403	206,250
Income Tax Paid Supplemental Data	20,092	429
End Cash Position	4,819,293	5,209,539
Beginning Cash Position	5,209,539	6,940,573
Effect Of Exchange Rate Changes	-53,532	37,204
Changes In Cash	-336,714	-1,768,238
Financing Cash Flow	-199,539	3,032,604
Cash Flow From Continuing Financing Activities	-199,539	3,032,604
Net Other Financing Charges	-39,629	-412,618
Cash Dividends Paid	-520,497	-509,618
Net Common Stock Issuance	1,544,848	2,063,348
Common Stock Issuance	1,544,848	2,063,348
Net Issuance Payments Of Debt	-1,184,261	1,891,492
Net Long Term Debt Issuance	-1,184,261	1,891,492
Long Term Debt Payments	-1,204,036	-120,040
Long Term Debt Issuance	19,775	2,011,532
Investing Cash Flow	-807,186	-5,455,171
Cash Flow From Continuing Investing Activities	-807,186	-5,455,171
Net Other Investing Changes	-644,802	-240,493
Dividends Received Cfi	45,395	130,346
Net Investment Purchase And Sale	-51,386	14,703
Sale Of Investment			9,381
Purchase Of Investment	-51,386	14,703
Net Investment Properties Purchase And Sale	1,343,272	4,718,458
Sale Of Investment Properties	1,717,876	5,136,183
Purchase Of Investment Properties	-374,604	-417,725
Net Business Purchase And Sale	-1,491,216	-10,070,709
Purchase Of Business	-1,491,216	-10,070,709
Capital Expenditure Reported	-8,449	-7,476
Operating Cash Flow	670,011	654,329
Cash Flow From Continuing Operating Activities	670,011	654,329
Dividend Received Cfo	3,059	3,312
Change In Working Capital	-248,906	-157,839
Change In Payables And Accrued Expense	-192,334	-104,837
Change In Accrued Expense	-192,334	-104,837
Change In Receivables	-56,572	-53,002
Other Non Cash Items	-75,976	-77,313
Stock Based Compensation	18,830	1,508,384
Provisionand Write Offof Assets	1,632	-7,384
Asset Impairment Charge	4,826	45,924
Depreciation Amortization Depletion	632,209	606,878
Depreciation And Amortization	632,209	606,878
Amortization Cash Flow	9,457	12,727
Amortization Of Intangibles	9,457	12,727
Depreciation	622,752	594,151
Operating Gains Losses	-417,987	-1,385,400
Earnings Losses From Equity Investments	1,686	-4,442
Gain Loss On Investment Securities	-420,400	-1,384,047
Net Income From Continuing Operations	752,324	117,767

📊 Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.

Quarter vs Same Quarter Last Year

YoY strips seasonality

Revenue Growth (YoY)

Prior year: $2.4B ▲ $3.3B +38.4%

Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.

Gross Margin

Prior year: 38.8% ▲ 37.8% -1.0pp

Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.

Operating Margin

Prior year: 23.4% ▲ 16.9% -6.5pp

Graham: operating margin reflects true business economics before financing. Trend matters as much as level.

Net Margin

Prior year: 10.8% ▲ 22.0% +11.2pp

Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.

Quarterly Health Checks

3 Graham/Buffett criteria that are valid and reliable on quarterly data

✅ Adequate Size

Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.

$3.3B/qtr (≈$13.2B ann.)

vs > $1.5B annualised revenue

✅ Financial Condition

Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.

4.33x current ratio

vs ≥ 2.0x

✅ Free Cash Flow

Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.

$662M

vs Positive

Operating Cash Flow

$670M

Latest quarter · Buffett's cash reality check

ROIC

0.7%

Based on latest annual operating income

Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.

Market Cap / Net Assets

3.2x

Net Assets: $44.9B

⚠️ Revenue grew vs prior year but operating margin contracted. Possible explanations: deliberate investment in growth (hiring, marketing, R&D), input cost inflation, or pricing pressure from competition. Buffett distinguishes between spending that builds moat vs. spending that doesn't.

Peers & Industry

No auto-detected peers for REIT - Healthcare Facilities. You can manually compare WELL against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.06%

Low — management has little skin in the game

Return on Equity (ROE)

1.7%

Weak — poor returns on equity

Return on Assets (ROA)

1.1%

Poor — assets are not generating adequate returns

Debt Trend YoY

-6.5% YoY

Debt is declining — management is deleveraging

Leadership Team

Shankh Mitra

CEO & Director

Age 44

Pay: $7,911,537

1.086% of net income

Timothy McHugh

Co-President & CFO

Age 40

Pay: $3,201,500

0.439% of net income

Nikhil Chaudhri

Co-President & Chief Investment Officer

Age 37

Pay: $3,551,850

0.487% of net income

John Burkart

Vice Chairman & COO

Age 61

Pay: $2,976,500

0.408% of net income

Top Institutional Holders

Institution	% Owned	Shares
Blackrock Inc.	10.48%	74,003,756
Vanguard Capital Management LLC	6.42%	45,352,434
Vanguard Portfolio Management LLC	5.93%	41,863,049
State Street Corporation	5.89%	41,560,777
Cohen & Steers Inc.	5.08%	35,845,277
Capital International Investors	5.07%	35,817,366
FMR, LLC	3.14%	22,175,983
Bank of America Corporation	3.08%	21,750,501

Risk Analysis

Beta (Market Risk)

0.78

Low volatility — more stable than the market

Short Interest

2.9% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.44x

Conservative balance sheet — low financial risk

Current Ratio

1.65x

Adequate liquidity

52-Week Price Range

Low: $148.97 Current: $206.65 High: $221.68

Currently at 79% of 52-week range

Welltower Inc.

Metric Explanations

Full Graham Analysis

Income Highlights

Balance Sheet Highlights

Cash Flow Highlights

Quarter vs Same Quarter Last Year

Quarterly Health Checks

Operating Cash Flow

ROIC

Market Cap / Net Assets

Peers & Industry

Capital Allocation & Alignment

Leadership Team

Top Institutional Holders

Risk Analysis