Welltower (WELL) Financials

$164.20 -2.74 (-1.64%)

Closing price 08/22/2025 03:59 PM Eastern

Extended Trading

$161.76 -2.44 (-1.49%)

As of 08/22/2025 07:54 PM Eastern

Annual Income Statements for Welltower

This table shows Welltower's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	447	818	1,012	464	758	1,232	979	336	141	340	952
Consolidated Net Income / (Loss)	512	889	1,082	541	830	1,330	1,039	374	161	358	973
Net Income / (Loss) Continuing Operations	358	608	1,082	541	830	1,330	1,039	374	161	358	973
Total Pre-Tax Income	384	636	709	300	423	543	-32	171	173	350	524
Total Revenue	2,863	3,368	4,281	3,832	4,700	4,566	4,092	4,252	5,861	6,638	7,991
Net Interest Income / (Expense)	-443	-408	98	-485	0.00	-556	-514	-352	151	168	256
Total Interest Income	38	84	98	0.00	0.00	0.00	0.00	138	151	168	256
Loans and Leases Interest Income	-	-	-	-	-	-	-	138	151	168	256
Total Interest Expense	481	492	0.00	485	0.00	556	514	490	0.00	0.00	0.00
Total Non-Interest Income	3,306	3,776	4,183	4,317	4,700	5,121	4,606	4,605	5,710	6,470	7,735
Service Charges on Deposit Accounts	1,892	2,158	2,505	-	-	-	-	-	4,174	4,754	6,027
Other Service Charges	7.88	19	30	-	-	-	-	33	85	160	138
Other Non-Interest Income	1,406	1,599	1,649	4,317	4,700	5,121	4,606	4,572	1,452	1,556	1,570
Provision for Credit Losses	0.00	0.00	-	63	0.00	19	94	7.27	10	9.81	10
Total Non-Interest Expense	2,480	2,790	3,572	3,469	4,277	4,004	4,018	4,074	5,677	6,278	7,457
Net Occupancy & Equipment Expense	1,403	1,622	1,877	-	2,433	2,690	-	2,775	3,559	3,948	4,830
Other Operating Expenses	153	194	167	2,384	239	179	2,797	168	782	895	927
Depreciation Expense	844	826	901	922	950	1,027	1,038	1,038	1,310	1,401	1,632
Impairment Charge	0.00	2.22	37	124	116	28	136	51	18	36	93
Other Special Charges	9.56	35	546	40	539	80	47	43	9.01	-2.11	-26
Income Tax Expense	-1.27	6.45	-19	20	8.67	2.96	9.97	8.71	7.25	6.36	2.70
Other Gains / (Losses), net	-27	-22	354	261	415	790	1,080	212	-5.25	14	451
Net Income / (Loss) Attributable to Noncontrolling Interest	0.15	4.80	4.27	18	25	98	60	38	19	18	21
Basic Earnings per Share	$1.46	$2.35	$2.83	$1.26	$2.03	$3.07	$2.36	$0.79	$0.31	$0.66	$1.58
Weighted Average Basic Shares Outstanding	306.27M	348.24M	358.28M	367.24M	373.62M	401.85M	415.45M	424.98M	462.19M	515.63M	602.98M
Diluted Earnings per Share	$1.45	$2.34	$2.81	$1.26	$2.02	$3.05	$2.33	$0.78	$0.30	$0.66	$1.57
Weighted Average Diluted Shares Outstanding	307.75M	349.42M	360.23M	369.00M	375.25M	403.81M	417.39M	426.84M	465.16M	518.70M	608.75M
Weighted Average Basic & Diluted Shares Outstanding	306M	348.20M	357.70M	367.90M	373.50M	410.33M	417.38M	447.28M	490.64M	568.88M	641.31M
Cash Dividends to Common per Share	$3.18	$3.30	$3.44	$3.48	$3.48	$3.48	$2.70	$2.44	$2.44	$2.44	$2.56

This table shows Welltower's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-3.73	26	103	127	84	127	255	450	120	258	302
Consolidated Net Income / (Loss)	1.80	29	106	135	88	132	261	457	124	257	305
Net Income / (Loss) Continuing Operations	1.80	29	106	135	88	132	261	457	124	257	305
Total Pre-Tax Income	6.78	38	152	72	87	141	90	184	109	199	298
Total Revenue	1,908	1,561	1,513	3,165	400	1,860	1,825	1,917	2,671	2,423	2,548
Net Interest Income / (Expense)	540	36	-114	-114	360	53	63	-70	491	62	62
Total Interest Income	151	36	39	42	51	53	63	69	71	62	62
Loans and Leases Interest Income	-	36	39	42	51	53	63	69	71	62	62
Total Interest Expense	-389	0.00	152	157	-309	0.00	0.00	139	-420	0.00	0.00
Total Non-Interest Income	1,368	1,524	1,627	3,279	40	1,807	1,761	1,987	2,180	2,361	2,486
Other Service Charges	-	8.58	84	35	32	29	32	45	32	35	32
Other Non-Interest Income	-2,890	384	383	3,246	-2,458	1,778	1,729	430	-2,367	2,326	2,454
Provision for Credit Losses	10	0.78	2.46	4.06	2.52	1.01	5.16	4.19	-0.25	-2.01	-1.11
Total Non-Interest Expense	1,898	1,522	1,358	3,016	382	1,718	1,729	1,729	2,553	2,226	2,251
Other Operating Expenses	-2,024	67	1,014	2,669	-2,855	1,312	1,349	1,311	-2,764	1,685	1,737
Depreciation Expense	342	339	342	339	381	366	382	404	480	486	495
Impairment Charge	13	13	1.09	7.39	15	43	2.39	23	24	52	20
Other Special Charges	8.42	145	1.28	-	-	-3.05	-4.12	-9.49	-18	2.95	-0.41
Income Tax Expense	-4.09	3.05	3.50	4.58	-4.77	6.19	1.10	-4.71	0.11	-5.52	1.05
Other Gains / (Losses), net	-9.07	-6.32	-43	-4.03	67	-3.08	171	-4.04	287	53	7.46
Net Income / (Loss) Attributable to Noncontrolling Interest	5.53	2.96	3.30	7.25	4.53	4.49	5.96	6.95	3.78	-0.69	2.73
Basic Earnings per Share	($0.02)	$0.05	$0.21	$0.50	($0.10)	$0.22	$0.42	$0.74	$0.20	$0.40	$0.46
Weighted Average Basic Shares Outstanding	462.19M	492.06M	499.02M	521.85M	515.63M	574.05M	600.55M	611.29M	602.98M	643.39M	656.59M
Diluted Earnings per Share	($0.03)	$0.05	$0.20	$0.50	($0.09)	$0.22	$0.42	$0.73	$0.20	$0.40	$0.45
Weighted Average Diluted Shares Outstanding	465.16M	494.49M	501.97M	525.14M	518.70M	577.53M	604.56M	618.31M	608.75M	653.80M	668.14M
Weighted Average Basic & Diluted Shares Outstanding	490.64M	497.03M	518.73M	535.97M	568.88M	597.92M	609.15M	622.69M	641.31M	653.95M	668.83M
Cash Dividends to Common per Share	-	$0.61	$0.61	$0.61	-	$0.61	$0.61	$0.67	-	$0.67	$0.67

This table details how cash moves in and out of Welltower's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	315	-131	185	-298	6.83	70	1,635	-1,674	376	1,354	1,635
Net Cash From Operating Activities	1,139	1,383	1,639	1,434	1,584	1,536	1,365	1,275	1,329	1,602	2,256
Net Cash From Continuing Operating Activities	1,139	1,383	1,639	1,434	1,584	1,536	1,365	1,275	1,329	1,602	2,256
Net Income / (Loss) Continuing Operations	512	889	1,082	541	830	1,330	1,039	374	161	358	973
Consolidated Net Income / (Loss)	512	889	1,082	541	830	1,330	1,039	374	161	358	973
Provision For Loan Losses	0.00	0.00	10	63	-	19	94	7.27	10	9.81	10
Depreciation Expense	844	826	901	938	950	1,027	1,038	1,038	1,310	1,401	1,632
Amortization Expense	7.71	9.01	9.14	0.36	20	16	11	16	27	42	48
Non-Cash Adjustments to Reconcile Net Income	-151	-333	-360	-158	-292	-764	-786	-115	-39	-133	-364
Changes in Operating Assets and Liabilities, net	-74	-8.49	-3.74	50	77	-92	-32	-45	-141	-76	-42
Net Cash From Investing Activities	-2,126	-3,502	-183	155	-2,386	-2,049	2,348	-4,516	-3,704	-5,708	-5,515
Net Cash From Continuing Investing Activities	-2,126	-3,502	-183	155	-2,386	-2,049	2,348	-4,516	-3,704	-5,708	-5,515
Purchase of Property, Leasehold Improvements and Equipment	-331	-432	-622	-483	-427	-652	-446	-701	-1,108	-1,533	-1,685
Purchase of Investment Securities	-2,856	-4,148	-2,372	-1,065	-3,742	-4,376	-1,555	-5,504	-3,063	-4,493	-4,475
Sale of Property, Leasehold Improvements and Equipment	911	824	2,350	1,378	1,542	2,651	4,300	1,070	199	97	337
Sale and/or Maturity of Investments	163	263	478	338	360	344	66	638	298	271	367
Other Investing Activities, net	-13	-8.67	-17	-13	-120	-15	-17	-19	-30	-51	-58
Net Cash From Financing Activities	1,303	1,997	-1,251	-1,914	818	577	-2,081	1,568	2,761	5,449	4,905
Net Cash From Continuing Financing Activities	1,303	1,997	-1,251	-1,914	818	577	-2,081	1,568	2,761	5,449	4,905
Issuance of Debt	753	1,680	964	323	3,298	4,759	1,651	2,052	1,153	1,397	1,213
Issuance of Common Equity	2,344	1,756	534	622	790	1,056	595	2,348	3,668	6,010	7,416
Repayment of Debt	-707	-297	-1,430	-1,149	-1,820	-3,620	-2,849	-1,731	-782	-742	-1,848
Payment of Dividends	-1,035	-1,210	-1,299	-1,326	-1,459	-1,401	-1,119	-1,036	-1,132	-1,261	-1,545
Other Financing Activities, Net	-52	69	-20	-96	9.52	-217	-351	-65	-146	44	-330
Effect of Exchange Rate Changes	-0.69	-8.58	-20	27	-9.02	5.31	3.45	-1.01	-11	11	-12
Cash Interest Paid	504	493	542	488	501	575	508	493	532	629	593
Cash Income Taxes Paid	19	12	8.01	10	2.25	14	14	-4.81	3.44	7.68	8.42

This table details how cash moves in and out of Welltower's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	297	-83	1,660	388	-611	402	385	921	-73	-101	913
Net Cash From Operating Activities	253	376	416	439	371	407	605	685	559	599	770
Net Cash From Continuing Operating Activities	253	376	416	439	371	407	605	685	559	599	770
Net Income / (Loss) Continuing Operations	1.80	29	106	135	88	132	261	457	124	257	305
Consolidated Net Income / (Loss)	1.80	29	106	135	88	132	261	457	124	257	305
Provision For Loan Losses	10	0.78	2.46	4.06	2.52	1.01	5.16	4.19	-0.25	-2.01	-1.11
Depreciation Expense	342	339	342	339	381	366	382	404	480	486	495
Amortization Expense	7.10	9.71	10	11	12	13	15	15	4.21	14	13
Non-Cash Adjustments to Reconcile Net Income	3.76	-4.07	-42	-70	-17	-33	-110	-257	36	-20	-14
Changes in Operating Assets and Liabilities, net	-112	1.89	-2.82	20	-96	-72	53	62	-85	-136	-28
Net Cash From Investing Activities	-419	-933	-393	-1,237	-3,144	-581	-1,279	-1,449	-2,205	-2,028	-1,399
Net Cash From Continuing Investing Activities	-419	-933	-393	-1,237	-3,144	-581	-1,279	-1,449	-2,205	-2,028	-1,399
Purchase of Property, Leasehold Improvements and Equipment	-328	-318	-362	-386	-468	-364	-392	-415	-514	-367	-345
Purchase of Investment Securities	-183	-651	-152	-962	-2,728	-295	-1,076	-1,170	-1,934	-2,118	-1,186
Sale of Property, Leasehold Improvements and Equipment	75	22	-20	82	13	45	85	16	191	318	93
Sale and/or Maturity of Investments	27	24	151	43	53	47	119	135	66	151	48
Other Investing Activities, net	-9.76	-10	-12	-14	-15	-14	-14	-16	-14	-12	-8.65
Net Cash From Financing Activities	457	470	1,632	1,209	2,138	579	1,059	1,678	1,590	1,308	1,418
Net Cash From Continuing Financing Activities	457	470	1,632	1,209	2,138	579	1,059	1,678	1,590	1,308	1,418
Issuance of Debt	-306	363	1,022	8.26	3.75	1.38	1.49	1,016	194	0.00	1,359
Issuance of Common Equity	1,483	411	923	1,931	2,745	2,416	1,604	1,242	2,153	1,992	1,975
Repayment of Debt	-462	-40	-62	-338	-303	-1,483	-101	-122	-142	-134	-1,433
Payment of Dividends	-298	-300	-303	-319	-338	-352	-366	-409	-418	-432	-439
Other Financing Activities, Net	41	36	52	-74	30	-4.28	-79	-49	-198	-118	-44
Effect of Exchange Rate Changes	5.98	2.81	5.57	-23	26	-2.19	-0.46	7.70	-17	20	124
Cash Interest Paid	167	148	126	148	206	149	131	110	202	129	123
Cash Income Taxes Paid	-3.29	0.33	0.83	2.94	3.59	3.26	5.87	-0.74	0.03	11	7.58

This table presents Welltower's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	24,963	29,024	28,865	27,944	30,342	33,381	32,484	34,910	37,893	44,012	51,044
Cash and Due from Banks	474	361	419	244	215	285	1,545	269	632	1,994	3,507
Restricted Cash	80	62	188	66	101	101	476	77	91	82	205
Loans and Leases, Net of Allowance	380	819	616	427	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	68,974	24,549	23,500	23,507	26,509	28,695	26,066	28,772	30,980	34,524	38,073
Intangible Assets	1,136	1,351	1,403	1,502	1,581	1,617	1,500	1,790	1,945	2,166	2,549
Other Assets	26,777	1,108	1,845	2,130	1,867	2,614	2,200	3,934	4,178	5,246	6,711
Total Liabilities & Shareholders' Equity	24,963	29,024	28,865	27,944	30,342	33,381	32,484	34,910	37,893	44,012	51,044
Total Liabilities	11,403	13,665	13,185	12,644	14,331	16,398	15,259	15,912	16,499	17,640	18,472
Short-Term Debt	0.00	835	645	719	1,147	1,588	0.00	325	0.00	0.00	0.00
Long-Term Debt	10,693	12,057	11,639	10,941	12,079	13,327	13,799	13,806	14,548	15,736	15,500
Other Long-Term Liabilities	627	697	827	912	1,105	1,483	1,460	1,781	1,951	1,905	2,971
Redeemable Noncontrolling Interest	86	183	398	375	424	476	343	401	384	291	256
Total Equity & Noncontrolling Interests	13,473	15,176	15,281	14,925	15,587	16,507	16,882	18,597	21,010	26,081	32,316
Total Preferred & Common Equity	13,175	14,591	14,806	14,423	14,632	15,540	15,973	17,636	20,295	25,404	31,956
Total Common Equity	12,169	13,584	13,800	13,705	13,914	15,540	15,973	17,636	20,295	25,404	31,956
Common Stock	15,070	16,833	17,363	18,035	18,809	20,601	21,242	23,582	27,235	33,308	40,654
Retained Earnings	-2,794	-3,120	-3,341	-4,155	-4,697	-4,870	-5,016	-5,717	-6,709	-7,629	-8,223
Treasury Stock	-35	-44	-55	-65	-68	-79	-104	-108	-111	-112	-114
Accumulated Other Comprehensive Income / (Loss)	-77	-88	-170	-111	-130	-112	-149	-121	-120	-163	-360
Noncontrolling Interest	298	585	475	502	954	966	909	961	715	677	360

This table presents Welltower's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	37,893	38,494	40,064	41,655	44,012	44,554	45,534	48,954	51,044	53,294	55,833
Cash and Due from Banks	632	572	2,204	2,582	1,994	2,388	2,777	3,565	3,507	3,502	4,410
Restricted Cash	91	67	95	105	82	90	87	219	205	108	114
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	30,980	31,190	30,899	31,853	34,524	34,401	35,027	36,821	38,073	40,299	41,417
Intangible Assets	1,945	1,991	1,950	1,962	2,166	2,159	2,192	2,269	2,549	2,688	2,775
Other Assets	4,178	4,606	4,847	5,085	5,246	5,447	5,383	5,542	6,711	6,696	7,118
Total Liabilities & Shareholders' Equity	37,893	38,494	40,064	41,655	44,012	44,554	45,534	48,954	51,044	53,294	55,833
Total Liabilities	16,499	16,898	17,871	17,836	17,640	16,006	15,845	17,890	18,472	18,712	19,287
Short-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt	14,548	14,961	15,991	15,834	15,736	14,205	13,936	15,764	15,500	15,724	15,971
Other Long-Term Liabilities	1,951	1,937	1,880	2,002	1,905	1,801	1,910	2,126	2,971	2,988	3,316
Redeemable Noncontrolling Interest	384	392	369	245	291	301	262	270	256	277	283
Total Equity & Noncontrolling Interests	21,010	21,204	21,824	23,574	26,081	28,247	29,426	30,794	32,316	34,305	36,263
Total Preferred & Common Equity	20,295	20,448	21,204	22,954	25,404	27,548	28,976	30,334	31,956	33,957	35,901
Total Common Equity	20,295	20,448	21,204	22,954	25,404	27,548	28,976	30,334	31,956	33,957	35,901
Common Stock	27,235	27,658	28,595	30,590	33,308	35,698	37,303	38,569	40,654	42,683	44,614
Retained Earnings	-6,709	-6,985	-7,183	-7,374	-7,629	-7,854	-7,966	-7,925	-8,223	-8,396	-8,534
Treasury Stock	-111	-113	-112	-112	-112	-115	-115	-115	-114	-20	-14
Accumulated Other Comprehensive Income / (Loss)	-120	-112	-96	-149	-163	-181	-246	-195	-360	-310	-166
Noncontrolling Interest	715	756	619	620	677	699	450	460	360	348	363

This table displays calculated financial ratios and metrics derived from Welltower's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	18.18%	17.65%	27.13%	-10.49%	22.66%	-2.87%	-10.39%	3.93%	37.82%	13.26%	20.38%
EBITDA Growth	24.80%	14.45%	14.63%	-23.55%	12.55%	13.82%	-35.11%	18.91%	23.37%	18.76%	22.91%
EBIT Growth	258.64%	50.94%	22.77%	-57.76%	41.34%	28.19%	-103.78%	932.81%	1.35%	102.27%	49.82%
NOPAT Growth	288.26%	48.92%	27.38%	-61.63%	48.42%	30.16%	-102.66%	1,229.01%	2.33%	107.27%	51.81%
Net Income Growth	270.48%	73.44%	21.78%	-50.04%	53.48%	60.34%	-21.91%	-63.95%	-57.12%	123.05%	171.64%
EPS Growth	417.86%	61.38%	20.09%	-55.16%	60.32%	50.99%	-23.61%	-66.52%	-61.54%	120.00%	137.88%
Operating Cash Flow Growth	15.19%	21.42%	18.55%	-12.50%	10.44%	-3.03%	-11.15%	-6.55%	4.19%	20.56%	40.86%
Free Cash Flow Firm Growth	53.68%	-126.60%	129.74%	26.37%	-239.27%	-18.48%	140.53%	-326.08%	-36.25%	-119.89%	6.49%
Invested Capital Growth	8.43%	16.40%	-1.02%	-3.59%	8.16%	9.10%	-2.74%	6.79%	8.49%	17.15%	14.17%
Revenue Q/Q Growth	2.95%	4.73%	15.45%	19.60%	-15.45%	16.34%	-19.74%	4.65%	16.80%	-12.85%	56.32%
EBITDA Q/Q Growth	0.72%	3.33%	1.27%	-13.22%	6.79%	6.52%	-17.07%	4.02%	-0.47%	3.43%	9.72%
EBIT Q/Q Growth	17.44%	3.11%	2.04%	-40.08%	24.51%	17.24%	-111.95%	3.00%	-28.29%	4.95%	24.41%
NOPAT Q/Q Growth	30.82%	-8.43%	4.67%	-46.24%	68.93%	19.49%	-108.99%	149.68%	-25.19%	31.02%	3.35%
Net Income Q/Q Growth	54.53%	-6.03%	22.91%	-44.92%	34.85%	9.50%	-7.55%	-19.22%	-28.63%	31.91%	3.77%
EPS Q/Q Growth	64.77%	-8.95%	24.34%	-49.40%	40.28%	10.11%	-6.43%	-25.00%	-34.78%	-8.33%	22.66%
Operating Cash Flow Q/Q Growth	-6.42%	4.68%	0.78%	-5.73%	6.82%	-2.95%	-4.94%	2.26%	-2.20%	7.89%	9.13%
Free Cash Flow Firm Q/Q Growth	-37.38%	-44.60%	162.65%	-47.67%	-0.80%	-179.86%	262.44%	-175.90%	24.26%	-51.92%	18.38%
Invested Capital Q/Q Growth	2.33%	5.82%	-3.61%	-0.44%	0.22%	4.98%	-0.16%	4.04%	1.08%	6.19%	2.66%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	43.13%	41.96%	37.83%	32.31%	29.65%	34.74%	25.16%	28.78%	25.76%	27.02%	27.58%
EBIT Margin	13.37%	17.15%	16.57%	7.82%	9.01%	11.89%	-0.50%	4.02%	2.95%	5.27%	6.56%
Profit (Net Income) Margin	17.90%	26.38%	25.28%	14.11%	17.65%	29.14%	25.39%	8.81%	2.74%	5.40%	12.17%
Tax Burden Percent	133.34%	139.68%	152.56%	180.44%	195.93%	245.06%	-3,292.51%	219.31%	92.78%	102.31%	185.50%
Interest Burden Percent	100.39%	110.11%	100.00%	100.00%	100.00%	100.00%	153.89%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	-0.33%	1.01%	-2.70%	6.72%	2.05%	0.54%	0.00%	5.10%	4.19%	1.82%	0.51%
Return on Invested Capital (ROIC)	1.64%	2.17%	2.58%	1.02%	1.47%	1.77%	-0.05%	0.51%	0.48%	0.88%	1.16%
ROIC Less NNEP Spread (ROIC-NNEP)	2.84%	4.84%	5.38%	3.18%	4.80%	7.38%	7.29%	2.03%	0.44%	0.98%	4.05%
Return on Net Nonoperating Assets (RNNOA)	2.40%	3.97%	4.39%	2.48%	3.83%	6.30%	6.12%	1.56%	0.31%	0.62%	2.14%
Return on Equity (ROE)	4.04%	6.15%	6.97%	3.49%	5.30%	8.06%	6.07%	2.07%	0.80%	1.50%	3.30%
Cash Return on Invested Capital (CROIC)	-6.45%	-12.98%	3.61%	4.67%	-6.36%	-6.94%	2.73%	-6.06%	-7.67%	-14.92%	-12.07%
Operating Return on Assets (OROA)	1.59%	2.14%	2.45%	1.05%	1.45%	1.70%	-0.06%	0.51%	0.48%	0.85%	1.10%
Return on Assets (ROA)	2.13%	3.29%	3.74%	1.90%	2.85%	4.18%	3.15%	1.11%	0.44%	0.87%	2.05%
Return on Common Equity (ROCE)	3.60%	5.47%	6.15%	3.10%	4.67%	7.20%	5.60%	1.92%	0.75%	1.43%	3.21%
Return on Equity Simple (ROE_SIMPLE)	3.89%	6.09%	7.31%	3.75%	5.67%	8.56%	6.50%	2.12%	0.79%	1.41%	3.04%
Net Operating Profit after Tax (NOPAT)	384	572	728	279	415	540	-14	162	166	344	522
NOPAT Margin	13.41%	16.98%	17.01%	7.29%	8.82%	11.83%	-0.35%	3.81%	2.83%	5.18%	6.53%
Net Nonoperating Expense Percent (NNEP)	-1.20%	-2.67%	-2.79%	-2.17%	-3.33%	-5.62%	-7.34%	-1.52%	0.04%	-0.10%	-2.89%
SG&A Expenses to Revenue	49.03%	48.17%	43.84%	0.00%	51.76%	58.92%	0.00%	65.25%	60.72%	59.47%	60.44%
Operating Expenses to Revenue	86.63%	82.85%	83.43%	90.54%	90.99%	87.70%	98.19%	95.81%	96.87%	94.58%	93.31%
Earnings before Interest and Taxes (EBIT)	383	578	709	300	423	543	-21	171	173	350	524
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,235	1,413	1,620	1,238	1,394	1,586	1,029	1,224	1,510	1,793	2,204
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.36	1.24	1.29	1.33	1.53	1.82	1.51	1.96	1.45	1.86	2.46
Price to Tangible Book Value (P/TBV)	1.51	1.38	1.44	1.50	1.74	2.05	1.68	2.19	1.61	2.03	2.67
Price to Revenue (P/Rev)	5.77	4.99	4.16	4.76	4.54	6.21	5.90	8.11	5.01	7.11	9.82
Price to Earnings (P/E)	36.99	20.54	17.59	39.32	28.12	22.99	24.65	102.57	207.89	138.83	82.46
Dividend Yield	6.31%	6.95%	7.00%	7.07%	6.13%	4.98%	4.67%	3.08%	3.93%	2.77%	2.03%
Earnings Yield	2.70%	4.87%	5.69%	2.54%	3.56%	4.35%	4.06%	0.97%	0.48%	0.72%	1.21%
Enterprise Value to Invested Capital (EV/IC)	1.16	1.10	1.12	1.16	1.24	1.39	1.20	1.50	1.23	1.47	1.89
Enterprise Value to Revenue (EV/Rev)	9.83	9.24	7.34	8.15	7.73	9.70	9.08	11.67	7.56	9.32	11.37
Enterprise Value to EBITDA (EV/EBITDA)	22.79	22.03	19.41	25.24	26.07	27.93	36.10	40.55	29.33	34.49	41.23
Enterprise Value to EBIT (EV/EBIT)	73.52	53.89	44.32	104.29	85.78	81.61	0.00	290.63	255.87	176.66	173.29
Enterprise Value to NOPAT (EV/NOPAT)	73.28	54.44	43.16	111.80	87.57	82.06	0.00	306.25	267.06	179.94	174.19
Enterprise Value to Operating Cash Flow (EV/OCF)	24.71	22.52	19.18	21.79	22.93	28.85	27.23	38.91	33.33	38.61	40.28
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	30.91	24.32	0.00	0.00	43.24	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.79	0.84	0.79	0.77	0.83	0.88	0.80	0.74	0.68	0.60	0.48
Long-Term Debt to Equity	0.79	0.79	0.75	0.72	0.75	0.78	0.80	0.73	0.68	0.60	0.48
Financial Leverage	0.85	0.82	0.82	0.78	0.80	0.85	0.84	0.77	0.71	0.63	0.53
Leverage Ratio	1.90	1.87	1.87	1.83	1.86	1.93	1.93	1.86	1.80	1.71	1.61
Compound Leverage Factor	1.90	2.06	1.87	1.83	1.86	1.93	2.96	1.86	1.80	1.71	1.61
Debt to Total Capital	44.28%	45.78%	44.08%	43.40%	45.24%	46.76%	44.48%	42.65%	40.48%	37.37%	32.24%
Short-Term Debt to Total Capital	0.00%	2.95%	2.30%	2.66%	3.92%	4.98%	0.00%	0.98%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	44.28%	42.83%	41.78%	40.74%	41.32%	41.78%	44.48%	41.67%	40.48%	37.37%	32.24%
Preferred Equity to Total Capital	4.13%	3.55%	3.59%	2.66%	2.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.58%	2.71%	3.12%	3.25%	4.71%	4.52%	4.04%	4.11%	3.06%	2.30%	1.28%
Common Equity to Total Capital	50.00%	47.96%	49.22%	50.70%	47.59%	48.72%	51.49%	53.23%	56.47%	60.33%	66.47%
Debt to EBITDA	8.73	9.18	7.63	9.47	9.49	9.40	13.41	11.55	9.63	8.77	7.03
Net Debt to EBITDA	8.28	8.88	7.26	9.23	9.26	9.16	11.44	11.26	9.16	7.62	5.35
Long-Term Debt to EBITDA	8.73	8.59	7.23	8.89	8.67	8.40	13.41	11.28	9.63	8.77	7.03
Debt to NOPAT	28.07	22.68	16.97	41.98	31.89	27.62	-961.44	87.21	87.74	45.79	29.71
Net Debt to NOPAT	26.62	21.94	16.13	40.87	31.12	26.91	-820.62	85.07	83.38	39.74	22.60
Long-Term Debt to NOPAT	28.07	21.22	16.08	39.40	29.12	24.68	-961.44	85.20	87.74	45.79	29.71
Noncontrolling Interest Sharing Ratio	10.98%	10.95%	11.77%	11.22%	11.79%	10.73%	7.88%	7.22%	6.09%	4.33%	2.69%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,509	-3,419	1,017	1,285	-1,790	-2,121	859	-1,943	-2,647	-5,822	-5,444
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	146.29%	111.56%	167.28%
Free Cash Flow to Firm to Interest Expense	-3.14	-6.95	0.00	2.65	0.00	-3.82	1.67	-3.97	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	2.37	2.81	0.00	2.96	0.00	2.76	2.65	2.60	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	3.57	3.61	0.00	4.81	0.00	6.36	10.15	3.36	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.12	0.12	0.15	0.13	0.16	0.14	0.12	0.13	0.16	0.16	0.17
Fixed Asset Turnover	0.04	0.07	0.18	0.16	0.19	0.17	0.15	0.16	0.20	0.20	0.22
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	24,336	28,327	28,038	27,033	29,237	31,898	31,024	33,129	35,942	42,107	48,073
Invested Capital Turnover	0.12	0.13	0.15	0.14	0.17	0.15	0.13	0.13	0.17	0.17	0.18
Increase / (Decrease) in Invested Capital	1,893	3,991	-289	-1,006	2,205	2,660	-874	2,105	2,813	6,165	5,966
Enterprise Value (EV)	28,138	31,130	31,435	31,247	36,326	44,307	37,161	49,624	44,282	61,841	90,883
Market Capitalization	16,524	16,810	17,804	18,228	21,319	28,336	24,131	34,478	29,357	47,214	78,478
Book Value per Share	$37.14	$38.39	$38.07	$37.00	$37.04	$38.30	$38.28	$40.52	$42.95	$47.40	$51.32
Tangible Book Value per Share	$33.46	$34.38	$34.01	$32.76	$32.65	$34.14	$34.52	$36.25	$38.69	$43.36	$47.23
Total Capital	24,336	28,327	28,038	27,033	29,237	31,898	31,024	33,129	35,942	42,107	48,073
Total Debt	10,777	12,968	12,358	11,732	13,226	14,915	13,799	14,131	14,548	15,736	15,500
Total Long-Term Debt	10,777	12,133	11,713	11,013	12,079	13,327	13,799	13,806	14,548	15,736	15,500
Net Debt	10,223	12,545	11,751	11,423	12,910	14,529	11,778	13,784	13,826	13,659	11,789
Capital Expenditures (CapEx)	-580	-392	-1,728	-895	-1,115	-1,998	-3,854	-370	908	1,436	1,349
Net Nonoperating Expense (NNE)	-128	-317	-354	-261	-415	-790	-1,053	-212	5.25	-14	-451
Net Nonoperating Obligations (NNO)	10,777	12,968	12,358	11,732	13,226	14,915	13,799	14,131	14,548	15,736	15,500
Total Depreciation and Amortization (D&A)	852	835	910	939	970	1,043	1,050	1,053	1,337	1,443	1,680
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.46	$2.35	$2.83	$1.26	$2.03	$3.07	$2.36	$0.79	$0.31	$0.66	$1.58
Adjusted Weighted Average Basic Shares Outstanding	306.27M	348.24M	358.28M	367.24M	373.62M	401.85M	415.45M	424.98M	462.19M	515.63M	602.98M
Adjusted Diluted Earnings per Share	$1.45	$2.34	$2.81	$1.26	$2.02	$3.05	$2.33	$0.78	$0.30	$0.66	$1.57
Adjusted Weighted Average Diluted Shares Outstanding	307.75M	349.42M	360.23M	369.00M	375.25M	403.81M	417.39M	426.84M	465.16M	518.70M	608.75M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	329.91M	355.14M	362.56M	371.67M	386.36M	410.33M	417.38M	447.28M	490.64M	568.88M	641.31M
Normalized Net Operating Profit after Tax (NOPAT)	323	718	935	432	1,056	647	114	251	191	377	588
Normalized NOPAT Margin	11.29%	21.33%	21.84%	11.29%	22.46%	14.18%	2.77%	5.90%	3.26%	5.68%	7.36%
Pre Tax Income Margin	13.42%	18.89%	16.57%	7.82%	9.01%	11.89%	-0.77%	4.02%	2.95%	5.27%	6.56%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.80	1.17	0.00	0.62	0.00	0.98	-0.04	0.35	0.00	0.00	0.00
NOPAT to Interest Expense	0.80	1.16	0.00	0.58	0.00	0.97	-0.03	0.33	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	2.00	1.97	0.00	2.47	0.00	4.57	7.45	1.10	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	2.00	1.96	0.00	2.42	0.00	4.57	7.46	1.09	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	202.04%	136.19%	120.04%	245.21%	175.80%	105.28%	107.74%	276.63%	704.70%	351.98%	158.84%
Augmented Payout Ratio	202.04%	136.19%	120.04%	245.21%	175.80%	105.28%	108.47%	276.63%	704.70%	351.98%	158.84%

This table displays calculated financial ratios and metrics derived from Welltower's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	79.14%	22.51%	12.52%	137.20%	-79.06%	9.72%	11.78%	-39.44%	568.46%	30.29%	39.64%
EBITDA Growth	-2.04%	6.70%	19.06%	31.64%	17.07%	33.60%	-4.51%	21.91%	47.91%	34.33%	65.45%
EBIT Growth	-101.93%	-28.69%	41.16%	999.22%	1,277.73%	262.72%	-44.46%	27.27%	675.69%	41.03%	229.76%
NOPAT Growth	-83.70%	-27.21%	41.90%	977.12%	748.41%	276.99%	-43.85%	178.74%	18.32%	51.60%	232.65%
Net Income Growth	-97.28%	-56.45%	11.15%	5,178.10%	4,818.80%	359.70%	145.12%	239.07%	39.93%	95.44%	16.86%
EPS Growth	-123.08%	-64.29%	0.00%	5,100.00%	-200.00%	340.00%	110.00%	46.00%	322.22%	81.82%	7.14%
Operating Cash Flow Growth	-10.57%	15.88%	5.43%	23.33%	46.22%	8.18%	45.45%	56.01%	50.93%	47.23%	27.19%
Free Cash Flow Firm Growth	-37.48%	-32.72%	23.70%	-8.51%	-116.71%	-116.37%	-71.30%	-73.50%	3.57%	-21.24%	-60.65%
Invested Capital Growth	8.49%	8.42%	9.38%	11.51%	17.15%	16.95%	14.25%	18.09%	14.17%	17.67%	20.39%
Revenue Q/Q Growth	42.99%	13.25%	-3.05%	109.14%	-87.38%	18.03%	-1.22%	13.31%	39.34%	-9.27%	5.17%
EBITDA Q/Q Growth	-7.34%	11.13%	30.40%	-1.96%	-17.59%	7.73%	-6.80%	25.16%	-0.02%	15.86%	15.50%
EBIT Q/Q Growth	-109.84%	3,039.21%	300.87%	-5.17%	-89.46%	57.61%	-38.62%	117.32%	-35.76%	68.22%	50.08%
NOPAT Q/Q Growth	73.08%	221.58%	325.76%	-54.55%	36.33%	42.89%	-36.58%	125.63%	-42.13%	87.14%	45.51%
Net Income Q/Q Growth	167.77%	1,492.60%	271.37%	26.69%	-34.35%	48.84%	98.03%	75.24%	-72.91%	107.89%	18.41%
EPS Q/Q Growth	-200.00%	266.67%	300.00%	150.00%	-118.00%	29.41%	90.91%	73.81%	-72.60%	100.00%	12.50%
Operating Cash Flow Q/Q Growth	-28.82%	48.41%	10.69%	5.48%	-15.61%	9.80%	48.82%	13.14%	-18.36%	7.11%	28.56%
Free Cash Flow Firm Q/Q Growth	24.48%	-0.01%	-11.57%	-28.77%	-50.82%	0.15%	11.67%	-30.42%	16.17%	-25.48%	-16.97%
Invested Capital Q/Q Growth	1.08%	1.71%	4.45%	3.85%	6.19%	1.53%	2.04%	7.34%	2.66%	4.65%	4.40%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	18.25%	24.79%	33.34%	15.63%	102.00%	30.18%	28.48%	31.45%	22.57%	28.82%	31.65%
EBIT Margin	-0.07%	2.44%	10.07%	4.57%	3.81%	8.05%	5.00%	9.59%	4.42%	8.20%	11.70%
Profit (Net Income) Margin	0.09%	1.83%	7.03%	4.26%	22.14%	7.69%	15.41%	23.83%	4.63%	10.62%	11.95%
Tax Burden Percent	26.51%	75.35%	69.80%	186.51%	101.12%	93.42%	288.25%	248.44%	113.28%	129.47%	102.15%
Interest Burden Percent	-524.59%	100.00%	100.00%	50.00%	574.36%	102.22%	106.88%	100.00%	92.48%	100.00%	100.00%
Effective Tax Rate	-60.27%	8.01%	2.30%	6.35%	-5.45%	4.39%	1.22%	-2.56%	0.10%	-2.78%	0.35%
Return on Invested Capital (ROIC)	0.10%	0.36%	1.56%	0.43%	3.93%	1.20%	0.77%	1.16%	0.72%	1.55%	2.25%
ROIC Less NNEP Spread (ROIC-NNEP)	0.03%	0.32%	1.28%	0.87%	3.90%	1.20%	1.95%	2.86%	0.82%	1.90%	2.30%
Return on Net Nonoperating Assets (RNNOA)	0.02%	0.23%	0.95%	0.61%	2.47%	0.70%	1.13%	1.65%	0.43%	0.90%	1.04%
Return on Equity (ROE)	0.12%	0.59%	2.50%	1.04%	6.40%	1.90%	1.89%	2.81%	1.16%	2.45%	3.29%
Cash Return on Invested Capital (CROIC)	-7.67%	-7.63%	-8.42%	-10.19%	-14.92%	-14.51%	-12.36%	-15.43%	-12.07%	-14.96%	-16.84%
Operating Return on Assets (OROA)	-0.01%	0.37%	1.52%	0.88%	0.62%	1.20%	0.74%	1.08%	0.74%	1.43%	2.14%
Return on Assets (ROA)	0.02%	0.28%	1.06%	0.82%	3.59%	1.14%	2.29%	2.69%	0.78%	1.86%	2.19%
Return on Common Equity (ROCE)	0.11%	0.55%	2.37%	0.99%	6.12%	1.82%	1.83%	2.73%	1.13%	2.39%	3.22%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.60%	0.63%	1.18%	0.00%	1.67%	2.12%	3.09%	0.00%	3.24%	3.18%
Net Operating Profit after Tax (NOPAT)	11	35	149	68	92	132	84	189	109	204	297
NOPAT Margin	0.57%	2.24%	9.84%	2.14%	23.09%	7.70%	4.94%	9.84%	4.09%	8.43%	11.66%
Net Nonoperating Expense Percent (NNEP)	0.06%	0.04%	0.27%	-0.43%	0.03%	0.00%	-1.18%	-1.70%	-0.09%	-0.35%	-0.05%
SG&A Expenses to Revenue	0.00%	61.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	99.52%	97.52%	89.77%	95.31%	95.56%	91.89%	94.69%	90.19%	95.59%	91.88%	88.34%
Earnings before Interest and Taxes (EBIT)	-1.29	38	152	144	15	138	85	184	118	199	298
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	348	387	504	495	408	517	482	603	603	698	807
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.45	1.65	1.83	1.80	1.86	1.80	2.14	2.57	2.46	2.89	2.80
Price to Tangible Book Value (P/TBV)	1.61	1.84	2.03	1.98	2.03	1.95	2.32	2.79	2.67	3.14	3.03
Price to Revenue (P/Rev)	5.01	6.01	6.72	5.44	7.11	8.01	9.74	15.26	9.82	11.49	10.84
Price to Earnings (P/E)	207.89	321.81	329.13	164.09	138.83	112.08	104.47	85.18	82.46	90.77	88.99
Dividend Yield	3.93%	3.54%	3.90%	3.82%	2.77%	2.64%	2.35%	1.95%	2.03%	1.71%	1.74%
Earnings Yield	0.48%	0.31%	0.30%	0.61%	0.72%	0.89%	0.96%	1.17%	1.21%	1.10%	1.12%
Enterprise Value to Invested Capital (EV/IC)	1.23	1.35	1.40	1.40	1.47	1.46	1.69	1.94	1.89	2.21	2.14
Enterprise Value to Revenue (EV/Rev)	7.56	8.77	9.26	7.28	9.32	10.06	11.60	17.74	11.37	12.97	12.14
Enterprise Value to EBITDA (EV/EBITDA)	29.33	32.10	33.18	31.97	34.49	32.35	38.81	45.15	41.23	46.59	41.69
Enterprise Value to EBIT (EV/EBIT)	255.87	312.15	265.03	166.21	176.66	138.29	193.02	215.15	173.29	190.63	142.56
Enterprise Value to NOPAT (EV/NOPAT)	267.06	317.58	271.13	211.33	179.94	140.30	192.13	179.66	174.19	187.72	140.94
Enterprise Value to Operating Cash Flow (EV/OCF)	33.33	35.68	38.23	37.34	38.61	38.11	40.49	43.86	40.28	45.33	43.10
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.68	0.69	0.72	0.66	0.60	0.50	0.47	0.51	0.48	0.45	0.44
Long-Term Debt to Equity	0.68	0.69	0.72	0.66	0.60	0.50	0.47	0.51	0.48	0.45	0.44
Financial Leverage	0.71	0.72	0.74	0.70	0.63	0.58	0.58	0.58	0.53	0.47	0.45
Leverage Ratio	1.80	1.81	1.82	1.79	1.71	1.66	1.65	1.65	1.61	1.55	1.53
Compound Leverage Factor	-9.46	1.81	1.82	0.89	9.85	1.69	1.76	1.65	1.49	1.55	1.53
Debt to Total Capital	40.48%	40.93%	41.88%	39.93%	37.37%	33.23%	31.94%	33.66%	32.24%	31.26%	30.41%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	40.48%	40.93%	41.88%	39.93%	37.37%	33.23%	31.94%	33.66%	32.24%	31.26%	30.41%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	3.06%	3.14%	2.59%	2.18%	2.30%	2.34%	1.63%	1.56%	1.28%	1.24%	1.23%
Common Equity to Total Capital	56.47%	55.93%	55.53%	57.89%	60.33%	64.44%	66.42%	64.78%	66.47%	67.50%	68.36%
Debt to EBITDA	9.63	9.75	9.90	9.13	8.77	7.39	7.33	7.85	7.03	6.60	5.91
Net Debt to EBITDA	9.16	9.34	8.48	7.58	7.62	6.10	5.83	5.96	5.35	5.08	4.24
Long-Term Debt to EBITDA	9.63	9.75	9.90	9.13	8.77	7.39	7.33	7.85	7.03	6.60	5.91
Debt to NOPAT	87.74	96.48	80.91	60.36	45.79	32.03	36.30	31.22	29.71	26.59	19.99
Net Debt to NOPAT	83.38	92.36	69.27	50.12	39.74	26.45	28.84	23.73	22.60	20.49	14.33
Long-Term Debt to NOPAT	87.74	96.48	80.91	60.36	45.79	32.03	36.30	31.22	29.71	26.59	19.99
Noncontrolling Interest Sharing Ratio	6.09%	5.96%	5.48%	4.86%	4.33%	4.28%	3.28%	2.90%	2.69%	2.57%	2.05%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,802	-2,803	-3,127	-4,027	-6,073	-6,064	-5,357	-6,986	-5,856	-7,349	-8,596
Operating Cash Flow to CapEx	100.00%	127.09%	109.18%	144.58%	81.42%	127.35%	196.88%	171.87%	172.90%	1,225.51%	305.44%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-20.53	-25.72	0.00	-41.16	-40.15	-50.24	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	2.73	2.80	0.00	2.76	4.54	4.93	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.23	0.86	0.00	0.59	2.23	2.06	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.16	0.15	0.15	0.19	0.16	0.15	0.15	0.11	0.17	0.17	0.18
Fixed Asset Turnover	0.20	0.19	0.19	0.24	0.20	0.19	0.19	0.15	0.22	0.23	0.24
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	35,942	36,557	38,184	39,653	42,107	42,753	43,624	46,828	48,073	50,306	52,517
Invested Capital Turnover	0.17	0.16	0.16	0.20	0.17	0.16	0.16	0.12	0.18	0.18	0.19
Increase / (Decrease) in Invested Capital	2,813	2,838	3,276	4,094	6,165	6,196	5,440	7,175	5,966	7,553	8,893
Enterprise Value (EV)	44,282	49,249	53,589	55,436	61,841	62,216	73,761	90,698	90,883	110,994	112,625
Market Capitalization	29,357	33,778	38,909	41,424	47,214	49,489	61,977	77,989	78,478	98,255	100,532
Book Value per Share	$42.95	$41.68	$42.66	$44.25	$47.40	$47.99	$48.46	$49.80	$51.32	$52.95	$54.90
Tangible Book Value per Share	$38.69	$37.48	$38.60	$40.34	$43.36	$44.11	$44.68	$45.96	$47.23	$48.76	$50.65
Total Capital	35,942	36,557	38,184	39,653	42,107	42,753	43,624	46,828	48,073	50,306	52,517
Total Debt	14,548	14,961	15,991	15,834	15,736	14,205	13,936	15,764	15,500	15,724	15,971
Total Long-Term Debt	14,548	14,961	15,991	15,834	15,736	14,205	13,936	15,764	15,500	15,724	15,971
Net Debt	13,826	14,322	13,692	13,148	13,659	11,727	11,072	11,979	11,789	12,114	11,448
Capital Expenditures (CapEx)	253	296	381	304	455	319	308	399	323	49	252
Net Nonoperating Expense (NNE)	9.07	6.32	43	-67	3.79	0.16	-177	-268	-15	-53	-7.46
Net Nonoperating Obligations (NNO)	14,548	14,961	15,991	15,834	15,736	14,205	13,936	15,764	15,500	15,724	15,971
Total Depreciation and Amortization (D&A)	349	349	352	350	392	379	397	419	485	500	508
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.02)	$0.05	$0.21	$0.24	($0.10)	$0.22	$0.42	$0.74	$0.20	$0.40	$0.46
Adjusted Weighted Average Basic Shares Outstanding	462.19M	492.06M	499.02M	521.85M	515.63M	574.05M	600.55M	611.29M	602.98M	643.39M	656.59M
Adjusted Diluted Earnings per Share	($0.03)	$0.05	$0.20	$0.24	($0.09)	$0.22	$0.42	$0.73	$0.20	$0.40	$0.45
Adjusted Weighted Average Diluted Shares Outstanding	465.16M	494.49M	501.97M	525.14M	518.70M	577.53M	604.56M	618.31M	608.75M	653.80M	668.14M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	490.64M	497.03M	518.73M	535.97M	568.88M	597.92M	609.15M	622.69M	641.31M	653.95M	668.83M
Normalized Net Operating Profit after Tax (NOPAT)	20	180	151	75	72	173	88	138	115	178	317
Normalized NOPAT Margin	1.04%	11.55%	9.99%	2.36%	17.95%	10.12%	5.18%	7.22%	4.30%	7.34%	12.42%
Pre Tax Income Margin	0.36%	2.44%	10.07%	2.28%	21.89%	8.23%	5.35%	9.59%	4.09%	8.20%	11.70%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	1.00	0.92	0.00	0.94	0.63	1.32	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.98	0.43	0.00	0.89	0.63	1.36	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	-1.50	-1.02	0.00	-1.23	-1.67	-1.54	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	-1.53	-1.51	0.00	-1.27	-1.68	-1.51	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	704.70%	938.56%	883.73%	449.55%	351.98%	284.64%	223.45%	156.30%	158.84%	147.97%	148.67%
Augmented Payout Ratio	704.70%	938.56%	883.73%	449.55%	351.98%	284.64%	223.45%	156.30%	158.84%	147.97%	148.67%

Key Financial Trends

Welltower Inc. (NYSE: WELL) has shown steady financial growth and operational improvements over the past several quarters and years, according to the latest financial statements through Q2 2025. Here are the key trends observed from the income statements, cash flow statements, and balance sheets from 2022 through mid-2025:

Net Income Growth: Consolidated net income has increased from $1.8 million in Q4 2022 to $304.6 million in Q2 2025, demonstrating substantial profitability growth.
Operating Cash Flow Improvement: Net cash from operating activities rose significantly to $770 million in Q2 2025, up from $253 million in Q4 2022, showcasing strong cash generation capability.
Steady Revenue Increase: Total revenue grew from approximately $1.9 billion in Q4 2022 up to $2.55 billion in Q2 2025, supported by higher non-interest income segments.
Investment in Property and Equipment: Purchase of property, leasehold improvements, and equipment regularly increased, reaching $345 million in Q2 2025, indicating ongoing capital investments to support business growth.
Equity Capital Raises: The company issued common equity totaling nearly $2 billion in Q2 2025, which strengthens the equity base and supports future expansion.
Improved Earnings Per Share (EPS): Diluted EPS rose from $0.05 in Q1 2023 to $0.45 in Q2 2025, reflecting increased profitability on a per-share basis.
Stable Long-Term Debt Levels: Long-term debt increased moderately from about $14.6 billion in Q1 2023 to $15.97 billion by Q2 2025, suggesting manageable leverage aligned with asset growth.
Consistent Dividend Payments: Dividends per share were stable at $0.61 per quarter through early 2024, increasing slightly to $0.67 in 2025 quarters, reflecting a commitment to shareholder returns.
Increasing Non-Interest Expenses: Total non-interest expenses remain high, with some fluctuations, reaching over $2.25 billion in Q2 2025, which may pressure margins if not controlled.
Large Negative Other Non-Interest Income: Significant swings and negative values in other non-interest income (e.g., -$2.3 billion in Q4 2024), likely due to impairments or other one-time items, introduce volatility to earnings.

Summary: Welltower has demonstrated solid improvement in its profitability and cash flow generation over recent years, showing strength in earnings growth and operational cash flows. Continued capital investments and equity financing support the company’s expansion and asset base growth. However, investors should be mindful of the volatility in other non-interest income and consistently high non-interest expenses that could affect future profitability. The steady dividend payments coupled with rising EPS are positive factors for shareholders.

08/24/25 01:18 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Welltower's Financials

When does Welltower's financial year end?

According to the most recent income statement we have on file, Welltower's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Welltower's net income changed over the last 10 years?

Welltower's net income appears to be on a downward trend, with a most recent value of $972.86 million in 2024, rising from $512.30 million in 2014. The previous period was $358.14 million in 2023. See where experts think Welltower is headed by visiting Welltower's forecast page.

How has Welltower's revenue changed over the last 10 years?

Over the last 10 years, Welltower's total revenue changed from $2.86 billion in 2014 to $7.99 billion in 2024, a change of 179.2%.

How much debt does Welltower have?

Welltower's total liabilities were at $18.47 billion at the end of 2024, a 4.7% increase from 2023, and a 62.0% increase since 2014.

How much cash does Welltower have?

In the past 10 years, Welltower's cash and equivalents has ranged from $215.38 million in 2018 to $3.51 billion in 2024, and is currently $3.51 billion as of their latest financial filing in 2024.

How has Welltower's book value per share changed over the last 10 years?

Over the last 10 years, Welltower's book value per share changed from 37.14 in 2014 to 51.32 in 2024, a change of 38.2%.

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This page (NYSE:WELL) was last updated on 8/24/2025 by MarketBeat.com Staff

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Welltower (WELL) Financials

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Welltower (WELL) Financials

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