What is Welltower Inc's earnings per share (EPS)?

Welltower Inc (WELL) reported diluted earnings per share of $1.39 for fiscal year 2025. This represents a -11.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Welltower Inc Financials

WELL

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Welltower Inc (WELL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI WELL FY2025 2026-04-29

Operating cash supports the payout, but balance-sheet growth still depends on outside capital as assets scale faster than earnings.

From FY2023 to FY2025, operating cash flow rose from $1.60B to $2.88B, yet investing outflows hit $10.5B in FY2025, so the business can fund its dividend stream from operations but not its expansion program. That funding gap explains why cash balances climbed to $5.03B alongside long-term debt of $19.2B, even while debt-to-equity improved to 0.5x.

Because depreciation reached $2.08B in FY2025, more than 2x net income of $937M, reported earnings understate the cash produced by the asset base. That is why operating cash flow of $2.88B looks materially stronger than the bottom line.

The gross margin stayed tightly clustered around 40.0% from FY2021 through FY2025 even as revenue more than doubled, so scale did not erode the economics at the gross-profit line. But return on assets was still only 1.4% in FY2025 on $67.3B of assets, showing this is a capital-heavy compounding model rather than a high-turnover one.

Financial Health Signals

Financial Profile 31/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Welltower Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Welltower Inc's revenue surged 35.6% year-over-year to $10.8B, reflecting rapid business expansion. This strong growth earns a score of 80/100.

Leverage

Welltower Inc carries a low D/E ratio of 0.46, meaning only $0.46 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 93/100, indicating a strong balance sheet with room for future borrowing.

Returns

Welltower Inc generates a 2.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 16/100. This is down from 3.0% the prior year.

Piotroski F-Score Neutral

6/9

Welltower Inc passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

3.08x

For every $1 of reported earnings, Welltower Inc generates $3.08 in operating cash flow ($2.9B OCF vs $936.8M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$10.8B

YoY+35.6%

5Y CAGR+18.7%

10Y CAGR+10.9%

Welltower Inc generated $10.8B in revenue in fiscal year 2025. This represents an increase of 35.6% from the prior year.

EBITDA

N/A

Net Income

$936.8M

YoY-1.6%

5Y CAGR-2.0%

10Y CAGR+0.5%

Welltower Inc reported $936.8M in net income in fiscal year 2025. This represents a decrease of 1.6% from the prior year.

EPS (Diluted)

$1.39

YoY-11.5%

5Y CAGR-9.8%

10Y CAGR-5.1%

Welltower Inc earned $1.39 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 11.5% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$5.0B

YoY+43.5%

5Y CAGR+26.6%

10Y CAGR+28.1%

Welltower Inc held $5.0B in cash against $19.2B in long-term debt as of fiscal year 2025.

Dividends Per Share

$2.82

YoY+10.2%

5Y CAGR+0.9%

10Y CAGR-1.6%

Welltower Inc paid $2.82 per share in dividends in fiscal year 2025. This represents an increase of 10.2% from the prior year.

Shares Outstanding

698M

YoY+8.8%

5Y CAGR+10.8%

10Y CAGR+7.0%

Welltower Inc had 698M shares outstanding in fiscal year 2025. This represents an increase of 8.8% from the prior year.

Margins & Returns

Gross Margin

40.1%

YoY+0.6pp

5Y CAGR-3.5pp

Welltower Inc's gross margin was 40.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.6 percentage points from the prior year.

Operating Margin

N/A

Net Margin

8.6%

YoY-3.3pp

5Y CAGR-13.9pp

10Y CAGR-14.4pp

Welltower Inc's net profit margin was 8.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.3 percentage points from the prior year.

Return on Equity

2.2%

YoY-0.8pp

5Y CAGR-4.3pp

10Y CAGR-3.9pp

Welltower Inc's ROE was 2.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.8 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

WELL Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$10.8B+35.6%	$8.0B+20.4%	$6.6B+13.3%	$5.9B+23.6%	$4.7B+3.0%	$4.6B
Cost of Revenue	$6.5B+34.3%	$4.8B+22.4%	$3.9B+10.9%	$3.6B+28.3%	$2.8B+6.8%	$2.6B
Gross Profit	$4.3B+37.6%	$3.2B+17.5%	$2.7B+16.9%	$2.3B+17.0%	$2.0B-2.0%	$2.0B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$1.7B+642.5%	$235.5M+31.5%	$179.1M+19.1%	$150.4M+18.7%	$126.7M-1.3%	$128.4M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	$607.8M+14.8%	$529.5M+8.1%	$489.9M-4.8%	$514.4M
Income Tax	-$7.1M-363.6%	$2.7M-57.6%	$6.4M-12.2%	$7.2M-16.8%	$8.7M-12.6%	$10.0M
Net Income	$936.8M-1.6%	$951.7M+179.8%	$340.1M+140.8%	$141.2M-58.0%	$336.1M-67.6%	$1.0B
EPS (Diluted)	$1.39-11.5%	$1.57+137.9%	$0.66+120.0%	$0.30-61.5%	$0.78-66.5%	$2.33

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$3.4B+5.4%	$3.2B+18.4%	$2.7B+5.4%	$2.5B+5.2%	$2.4B+7.7%	$2.3B+9.5%	$2.1B+12.6%	$1.8B
Cost of Revenue	$2.1B+6.3%	$1.9B+22.6%	$1.6B+4.1%	$1.5B+3.6%	$1.5B+3.8%	$1.4B+16.2%	$1.2B+9.1%	$1.1B
Gross Profit	$1.3B+4.0%	$1.2B+12.5%	$1.1B+7.3%	$1.0B+7.6%	$960.7M+14.2%	$841.5M-0.2%	$843.0M+18.1%	$713.6M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$67.5M-95.7%	$1.6B+2367.2%	$63.1M-1.6%	$64.2M+0.7%	$63.8M+30.9%	$48.7M-37.5%	$77.9M+40.2%	$55.6M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$17.4M	N/A	N/A	N/A	N/A	N/A	$139.1M+4.2%	$133.4M
Income Tax	$11.6M+333.4%	-$5.0M-313.5%	$2.3M+121.7%	$1.1M+119.1%	-$5.5M-4941.2%	$114K+102.4%	-$4.7M-527.4%	$1.1M
Net Income	$752.3M+710.9%	$92.8M-67.1%	$282.2M-7.4%	$304.6M+18.4%	$257.3M+150.8%	$102.6M-77.5%	$456.8M+75.2%	$260.7M
EPS (Diluted)	$1.02	N/A	$0.41-8.9%	$0.45+12.5%	$0.40	N/A	$0.73+73.8%	$0.42

WELL Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$67.3B+31.9%	$51.0B+16.0%	$44.0B+16.1%	$37.9B+8.5%	$34.9B+7.5%	$32.5B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$5.0B+43.5%	$3.5B+75.9%	$2.0B+215.6%	$631.7M+134.6%	$269.3M-82.6%	$1.5B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$251.1M+12.8%	$222.5M-32.6%	$330.1M+14.2%	$289.2M+29.3%	$223.6M-6.9%	$240.3M
Goodwill	$346.3M+132.1%	$149.2M+118.4%	$68.3M0.0%	$68.3M0.0%	$68.3M0.0%	$68.3M
Total Liabilities	$24.1B+30.5%	$18.5B+4.7%	$17.6B+6.9%	$16.5B+3.7%	$15.9B+4.3%	$15.3B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$19.2B+23.9%	$15.5B-1.5%	$15.7B+6.9%	$14.7B+5.8%	$13.9B+484.9%	$2.4B
Total Equity	$42.1B+31.8%	$32.0B+25.8%	$25.4B+25.2%	$20.3B+15.1%	$17.6B+10.4%	$16.0B
Retained Earnings	$11.0B+9.3%	$10.1B+10.4%	$9.1B+3.9%	$8.8B+1.6%	$8.7B+4.0%	$8.3B

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$67.2B-0.1%	$67.3B+13.1%	$59.5B+6.6%	$55.8B+4.8%	$53.3B+4.4%	$51.0B+4.3%	$49.0B+7.5%	$45.5B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$4.7B-6.6%	$5.0B-26.0%	$6.8B+54.4%	$4.4B+25.9%	$3.5B-0.1%	$3.5B-1.6%	$3.6B+28.4%	$2.8B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$284.2M+13.2%	$251.1M-58.8%	$608.7M+164.3%	$230.3M+3.9%	$221.7M-0.4%	$222.5M-10.1%	$247.4M-28.8%	$347.6M
Goodwill	$342.9M-1.0%	$346.3M+68.4%	$205.6M-1.4%	$208.5M+4.1%	$200.2M+34.2%	$149.2M+118.4%	$68.3M0.0%	$68.3M
Total Liabilities	$22.3B-7.5%	$24.1B+19.4%	$20.2B+4.7%	$19.3B+3.1%	$18.7B+1.3%	$18.5B+3.3%	$17.9B+12.9%	$15.8B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$17.9B-6.6%	$19.2B+13.9%	$16.9B+5.5%	$16.0B+1.6%	$15.7B+1.4%	$15.5B-1.7%	$15.8B+13.1%	$13.9B
Total Equity	$43.8B+4.0%	$42.1B+8.7%	$38.8B+8.0%	$35.9B+5.7%	$34.0B+6.3%	$32.0B+5.3%	$30.3B+4.7%	$29.0B
Retained Earnings	$11.8B+6.6%	$11.0B+0.9%	$10.9B+2.6%	$10.7B+2.9%	$10.4B+2.6%	$10.1B+1.2%	$10.0B+4.7%	$9.5B

WELL Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$2.9B+27.7%	$2.3B+40.9%	$1.6B+20.6%	$1.3B+4.2%	$1.3B-6.6%	$1.4B
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$10.5B-90.6%	-$5.5B+3.4%	-$5.7B-54.1%	-$3.7B+18.0%	-$4.5B-292.4%	$2.3B
Financing Cash Flow	$9.0B+83.5%	$4.9B-10.0%	$5.4B+97.3%	$2.8B+76.1%	$1.6B+175.3%	-$2.1B
Dividends Paid	$1.9B+21.5%	$1.5B+22.6%	$1.3B+11.4%	$1.1B+9.2%	$1.0B-7.4%	$1.1B
Share Buybacks	N/A	N/A	N/A	$0	$0-100.0%	$7.7M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$670.0M+2.4%	$654.3M-23.8%	$858.4M+11.5%	$770.0M+28.6%	$599.0M+7.1%	$559.2M-18.4%	$685.0M+13.1%	$605.4M
Capital Expenditures	$750.8M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	-$80.8M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$807.2M+85.2%	-$5.5B-234.6%	-$1.6B-16.5%	-$1.4B+31.0%	-$2.0B+8.0%	-$2.2B-52.2%	-$1.4B-13.3%	-$1.3B
Financing Cash Flow	-$199.5M-106.6%	$3.0B-6.4%	$3.2B+128.4%	$1.4B+8.4%	$1.3B-17.7%	$1.6B-5.2%	$1.7B+58.4%	$1.1B
Dividends Paid	$520.5M+2.1%	$509.6M+2.6%	$496.9M+13.2%	$439.1M+1.5%	$432.4M+3.4%	$418.2M+2.3%	$408.8M+11.7%	$366.1M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

WELL Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	40.1%+0.6pp	39.6%-1.0pp	40.5%+1.3pp	39.3%-2.2pp	41.5%-2.1pp	43.6%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	8.6%-3.3pp	11.9%+6.8pp	5.1%+2.7pp	2.4%-4.7pp	7.1%-15.5pp	22.6%
Return on Equity	2.2%-0.8pp	3.0%+1.6pp	1.3%+0.6pp	0.7%-1.2pp	1.9%-4.6pp	6.5%
Return on Assets	1.4%-0.5pp	1.9%+1.1pp	0.8%+0.4pp	0.4%-0.6pp	1.0%-2.2pp	3.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.46-0.0	0.48-0.1	0.62-0.1	0.72-0.1	0.79+0.6	0.15
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	38.7%-0.5pp	39.2%-2.1pp	41.3%+0.7pp	40.6%+0.9pp	39.6%+2.3pp	37.4%-3.6pp	41.0%+1.9pp	39.1%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	22.4%+19.5pp	2.9%-7.6pp	10.5%-1.4pp	11.9%+1.3pp	10.6%+6.1pp	4.6%-17.7pp	22.2%+7.9pp	14.3%
Return on Equity	1.7%+1.5pp	0.2%-0.5pp	0.7%-0.1pp	0.9%+0.1pp	0.8%+0.4pp	0.3%-1.2pp	1.5%+0.6pp	0.9%
Return on Assets	1.1%+1.0pp	0.1%-0.3pp	0.5%-0.1pp	0.5%+0.1pp	0.5%+0.3pp	0.2%-0.7pp	0.9%+0.4pp	0.6%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.41-0.0	0.46+0.0	0.43-0.0	0.44-0.0	0.46-0.0	0.48-0.0	0.52+0.0	0.48
FCF Margin	-2.4%	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Welltower Inc's annual revenue?

Welltower Inc (WELL) reported $10.8B in total revenue for fiscal year 2025. This represents a 35.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Welltower Inc's revenue growing?

Welltower Inc (WELL) revenue grew by 35.6% year-over-year, from $8.0B to $10.8B in fiscal year 2025.

Is Welltower Inc profitable?

Yes, Welltower Inc (WELL) reported a net income of $936.8M in fiscal year 2025, with a net profit margin of 8.6%.

How much debt does Welltower Inc have?

As of fiscal year 2025, Welltower Inc (WELL) had $5.0B in cash and equivalents against $19.2B in long-term debt.

What is Welltower Inc's gross margin?

Welltower Inc (WELL) had a gross margin of 40.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Welltower Inc's net profit margin?

Welltower Inc (WELL) had a net profit margin of 8.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Welltower Inc pay dividends?

Yes, Welltower Inc (WELL) paid $2.82 per share in dividends during fiscal year 2025.

What is Welltower Inc's return on equity (ROE)?

Welltower Inc (WELL) has a return on equity of 2.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Welltower Inc's operating cash flow?

Welltower Inc (WELL) generated $2.9B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Welltower Inc's total assets?

Welltower Inc (WELL) had $67.3B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Welltower Inc have outstanding?

Welltower Inc (WELL) had 698M shares outstanding as of fiscal year 2025.

What is Welltower Inc's debt-to-equity ratio?

Welltower Inc (WELL) had a debt-to-equity ratio of 0.46 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Welltower Inc's return on assets (ROA)?

Welltower Inc (WELL) had a return on assets of 1.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Welltower Inc's Piotroski F-Score?

Welltower Inc (WELL) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Welltower Inc's earnings high quality?

Welltower Inc (WELL) has an earnings quality ratio of 3.08x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Welltower Inc?

Welltower Inc (WELL) scores 31 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.