Welltower (WELL) Financials

$152.53 +3.36 (+2.25%)

Closing price 05/27/2025 03:59 PM Eastern

Extended Trading

$153.90 +1.37 (+0.90%)

As of 04:18 AM 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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	952	340	141	336	979	1,232	758	464	1,012	818
Consolidated Net Income / (Loss)	973	358	161	374	1,039	1,330	830	541	1,082	889
Net Income / (Loss) Continuing Operations	973	358	161	374	1,039	1,330	830	541	1,082	608
Total Pre-Tax Income	524	350	173	171	-32	543	423	300	709	636
Total Revenue	7,991	6,638	5,861	4,252	4,092	4,566	4,700	3,832	4,281	3,368
Net Interest Income / (Expense)	256	168	151	-352	-514	-556	0.00	-485	98	-408
Total Interest Income	256	168	151	138	0.00	0.00	0.00	0.00	98	84
Loans and Leases Interest Income	256	168	151	138	-	-	-	-	-	-
Total Interest Expense	0.00	0.00	0.00	490	514	556	0.00	485	0.00	492
Total Non-Interest Income	7,735	6,470	5,710	4,605	4,606	5,121	4,700	4,317	4,183	3,776
Service Charges on Deposit Accounts	6,027	4,754	4,174	-	-	-	-	-	2,505	2,158
Other Service Charges	138	160	85	33	-	-	-	-	30	19
Other Non-Interest Income	1,570	1,556	1,452	4,572	4,606	5,121	4,700	4,317	1,649	1,599
Provision for Credit Losses	10	9.81	10	7.27	94	19	0.00	63	-	0.00
Total Non-Interest Expense	7,457	6,278	5,677	4,074	4,018	4,004	4,277	3,469	3,572	2,790
Net Occupancy & Equipment Expense	4,830	3,948	3,559	2,775	-	2,690	2,433	-	1,877	1,622
Other Operating Expenses	927	895	782	168	2,797	179	239	2,384	167	194
Depreciation Expense	1,632	1,401	1,310	1,038	1,038	1,027	950	922	901	826
Impairment Charge	93	36	18	51	136	28	116	124	37	2.22
Other Special Charges	-26	-2.11	9.01	43	47	80	539	40	546	35
Income Tax Expense	2.70	6.36	7.25	8.71	9.97	2.96	8.67	20	-19	6.45
Other Gains / (Losses), net	451	14	-5.25	212	1,080	790	415	261	354	-22
Net Income / (Loss) Attributable to Noncontrolling Interest	21	18	19	38	60	98	25	18	4.27	4.80
Basic Earnings per Share	$1.58	$0.66	$0.31	$0.79	$2.36	$3.07	$2.03	$1.26	$2.83	$2.35
Weighted Average Basic Shares Outstanding	602.98M	515.63M	462.19M	424.98M	415.45M	401.85M	373.62M	367.24M	358.28M	348.24M
Diluted Earnings per Share	$1.57	$0.66	$0.30	$0.78	$2.33	$3.05	$2.02	$1.26	$2.81	$2.34
Weighted Average Diluted Shares Outstanding	608.75M	518.70M	465.16M	426.84M	417.39M	403.81M	375.25M	369.00M	360.23M	349.42M
Weighted Average Basic & Diluted Shares Outstanding	641.31M	568.88M	490.64M	447.28M	417.38M	410.33M	373.50M	367.90M	357.70M	348.20M
Cash Dividends to Common per Share	$2.56	$2.44	$2.44	$2.44	$2.70	$3.48	$3.48	$3.48	$3.44	$3.30

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

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	258	120	450	255	127	84	127	103	26	-3.73	-6.77
Consolidated Net Income / (Loss)	257	124	457	261	132	88	135	106	29	1.80	-2.65
Net Income / (Loss) Continuing Operations	257	124	457	261	132	88	135	106	29	1.80	-2.65
Total Pre-Tax Income	199	109	184	90	141	87	72	152	38	6.78	6.24
Total Revenue	2,423	2,671	1,917	1,691	1,712	400	3,165	1,513	1,561	1,908	1,334
Net Interest Income / (Expense)	62	491	-70	-70	-95	360	-114	-114	36	540	-140
Total Interest Income	62	71	69	63	53	51	42	39	36	151	0.00
Loans and Leases Interest Income	62	71	69	63	53	51	42	39	36	-	-
Total Interest Expense	0.00	-420	139	133	147	-309	157	152	0.00	-389	140
Total Non-Interest Income	2,361	2,180	1,987	1,761	1,807	40	3,279	1,627	1,524	1,368	1,474
Other Service Charges	35	32	45	32	29	32	35	84	8.58	-	-
Other Non-Interest Income	2,326	-2,367	430	1,729	1,778	-2,458	3,246	383	384	-2,890	1,474
Provision for Credit Losses	-2.01	-0.25	4.19	5.16	1.01	2.52	4.06	2.46	0.78	10	0.49
Total Non-Interest Expense	2,226	2,553	1,729	1,602	1,574	382	3,016	1,358	1,522	1,898	1,321
Other Operating Expenses	1,685	-2,764	1,311	1,216	1,164	-2,855	2,669	1,014	67	-2,024	962
Depreciation Expense	486	480	404	382	366	381	339	342	339	342	354
Impairment Charge	52	24	23	2.39	43	15	7.39	1.09	13	13	4.36
Other Special Charges	2.95	-18	-9.49	1.71	0.01	-	-	1.28	145	8.42	0.00
Income Tax Expense	-5.52	0.11	-4.71	1.10	6.19	-4.77	4.58	3.50	3.05	-4.09	3.26
Other Gains / (Losses), net	53	287	-4.04	171	-3.08	67	-4.03	-43	-6.32	-9.07	-5.63
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.69	3.78	6.95	5.96	4.49	4.53	7.25	3.30	2.96	5.53	4.11
Basic Earnings per Share	$0.40	$0.20	$0.74	$0.42	$0.22	($0.10)	$0.50	$0.21	$0.05	($0.02)	($0.01)
Weighted Average Basic Shares Outstanding	643.39M	602.98M	611.29M	600.55M	574.05M	515.63M	521.85M	499.02M	492.06M	462.19M	463.37M
Diluted Earnings per Share	$0.40	$0.20	$0.73	$0.42	$0.22	($0.09)	$0.50	$0.20	$0.05	($0.03)	($0.01)
Weighted Average Diluted Shares Outstanding	653.80M	608.75M	618.31M	604.56M	577.53M	518.70M	525.14M	501.97M	494.49M	465.16M	463.37M
Weighted Average Basic & Diluted Shares Outstanding	653.95M	641.31M	622.69M	609.15M	597.92M	568.88M	535.97M	518.73M	497.03M	490.64M	472.52M
Cash Dividends to Common per Share	$0.67	-	$0.67	$0.61	$0.61	-	$0.61	$0.61	$0.61	-	$0.61

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

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-101	-73	921	385	402	-611	388	1,660	-83	297	-17
Net Cash From Operating Activities	599	559	685	605	407	371	439	416	376	253	356
Net Cash From Continuing Operating Activities	599	559	685	605	407	371	439	416	376	253	356
Net Income / (Loss) Continuing Operations	257	124	457	261	132	88	135	106	29	1.80	-2.65
Consolidated Net Income / (Loss)	257	124	457	261	132	88	135	106	29	1.80	-2.65
Provision For Loan Losses	-2.01	-0.25	4.19	5.16	1.01	2.52	4.06	2.46	0.78	10	0.49
Depreciation Expense	486	480	404	382	366	381	339	342	339	342	354
Amortization Expense	14	4.21	15	15	13	12	11	10	9.71	7.10	8.81
Non-Cash Adjustments to Reconcile Net Income	-20	36	-257	-110	-33	-17	-70	-42	-4.07	3.76	-6.18
Changes in Operating Assets and Liabilities, net	-136	-85	62	53	-72	-96	20	-2.82	1.89	-112	1.82
Net Cash From Investing Activities	-2,028	-2,205	-1,449	-1,279	-581	-3,144	-1,237	-393	-933	-419	-1,199
Net Cash From Continuing Investing Activities	-2,028	-2,205	-1,449	-1,279	-581	-3,144	-1,237	-393	-933	-419	-1,199
Purchase of Property, Leasehold Improvements and Equipment	-367	-514	-415	-392	-364	-468	-386	-362	-318	-328	-293
Purchase of Investment Securities	-2,118	-1,934	-1,170	-1,076	-295	-2,728	-962	-152	-651	-183	-982
Sale of Property, Leasehold Improvements and Equipment	318	191	16	85	45	13	82	-20	22	75	21
Sale and/or Maturity of Investments	151	66	135	119	47	53	43	151	24	27	64
Other Investing Activities, net	-12	-14	-16	-14	-14	-15	-14	-12	-10	-9.76	-8.86
Net Cash From Financing Activities	1,308	1,590	1,678	1,059	579	2,138	1,209	1,632	470	457	831
Net Cash From Continuing Financing Activities	1,308	1,590	1,678	1,059	579	2,138	1,209	1,632	470	457	831
Issuance of Debt	0.00	194	1,016	1.49	1.38	3.75	8.26	1,022	363	-306	380
Issuance of Common Equity	1,992	2,153	1,242	1,604	2,416	2,745	1,931	923	411	1,483	827
Repayment of Debt	-134	-142	-122	-101	-1,483	-303	-338	-62	-40	-462	-94
Payment of Dividends	-432	-418	-409	-366	-352	-338	-319	-303	-300	-298	-283
Other Financing Activities, Net	-118	-198	-49	-79	-4.28	30	-74	52	36	41	0.03
Effect of Exchange Rate Changes	20	-17	7.70	-0.46	-2.19	26	-23	5.57	2.81	5.98	-4.43
Cash Interest Paid	129	202	110	131	149	206	148	126	148	167	157
Cash Income Taxes Paid	11	0.03	-0.74	5.87	3.26	3.59	2.94	0.83	0.33	-3.29	1.26

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

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	53,294	51,044	48,954	45,534	44,554	44,012	41,655	40,064	38,494	37,893	37,414
Cash and Due from Banks	3,502	3,507	3,565	2,777	2,388	1,994	2,582	2,204	572	632	343
Restricted Cash	108	205	219	87	90	82	105	95	67	91	82
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	40,299	38,073	36,821	35,027	34,401	34,524	31,853	30,899	31,190	30,980	30,500
Intangible Assets	2,688	2,549	2,269	2,192	2,159	2,166	1,962	1,950	1,991	1,945	1,921
Other Assets	6,696	6,711	5,542	5,383	5,447	5,246	5,085	4,847	4,606	4,178	4,500
Total Liabilities & Shareholders' Equity	53,294	51,044	48,954	45,534	44,554	44,012	41,655	40,064	38,494	37,893	37,414
Total Liabilities	18,712	18,472	17,890	15,845	16,006	17,640	17,836	17,871	16,898	16,499	16,957
Short-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	655
Long-Term Debt	15,724	15,500	15,764	13,936	14,205	15,736	15,834	15,991	14,961	14,548	14,446
Other Long-Term Liabilities	2,988	2,971	2,126	1,910	1,801	1,905	2,002	1,880	1,937	1,951	1,856
Redeemable Noncontrolling Interest	277	256	270	262	301	291	245	369	392	384	401
Total Equity & Noncontrolling Interests	34,305	32,316	30,794	29,426	28,247	26,081	23,574	21,824	21,204	21,010	20,057
Total Preferred & Common Equity	33,957	31,956	30,334	28,976	27,548	25,404	22,954	21,204	20,448	20,295	19,169
Total Common Equity	33,957	31,956	30,334	28,976	27,548	25,404	22,954	21,204	20,448	20,295	19,169
Common Stock	42,683	40,654	38,569	37,303	35,698	33,308	30,590	28,595	27,658	27,235	25,763
Retained Earnings	-8,396	-8,223	-7,925	-7,966	-7,854	-7,629	-7,374	-7,183	-6,985	-6,709	-6,407
Treasury Stock	-20	-114	-115	-115	-115	-112	-112	-112	-113	-111	-112
Accumulated Other Comprehensive Income / (Loss)	-310	-360	-195	-246	-181	-163	-149	-96	-112	-120	-75
Noncontrolling Interest	348	360	460	450	699	677	620	619	756	715	887

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

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

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

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	30.29%	568.46%	-39.44%	11.78%	9.72%	-79.06%	137.20%	12.52%	22.51%	79.14%	7.61%
EBITDA Growth	34.33%	47.91%	21.91%	-4.51%	33.60%	17.07%	31.64%	19.06%	6.70%	-2.04%	3.60%
EBIT Growth	41.03%	675.69%	27.27%	-44.46%	262.72%	1,277.73%	999.22%	41.16%	-28.69%	-101.93%	-85.54%
NOPAT Growth	51.60%	18.32%	178.74%	-43.85%	276.99%	748.41%	977.12%	41.90%	-27.21%	-83.70%	-92.71%
Net Income Growth	95.44%	39.93%	239.07%	145.12%	359.70%	4,818.80%	5,178.10%	11.15%	-56.45%	-97.28%	-101.39%
EPS Growth	81.82%	322.22%	46.00%	110.00%	340.00%	-200.00%	5,100.00%	0.00%	-64.29%	-123.08%	-102.38%
Operating Cash Flow Growth	47.23%	50.93%	56.01%	45.45%	8.18%	46.22%	23.33%	5.43%	15.88%	-10.57%	0.82%
Free Cash Flow Firm Growth	-21.24%	3.57%	-73.50%	-71.30%	-116.37%	-116.71%	-8.51%	23.70%	-32.72%	-37.48%	-443.37%
Invested Capital Growth	17.67%	14.17%	18.09%	14.25%	16.95%	17.15%	11.51%	9.38%	8.42%	8.49%	11.67%
Revenue Q/Q Growth	-9.27%	39.34%	13.31%	-1.22%	18.03%	-87.38%	109.14%	-3.05%	13.25%	42.99%	-0.79%
EBITDA Q/Q Growth	15.86%	-0.02%	25.16%	-6.80%	7.73%	-17.59%	-1.96%	30.40%	11.13%	-7.34%	-11.33%
EBIT Q/Q Growth	68.22%	-35.76%	117.32%	-38.62%	57.61%	-89.46%	-5.17%	300.87%	3,039.21%	-109.84%	-87.82%
NOPAT Q/Q Growth	87.14%	-42.13%	125.63%	-36.58%	42.89%	36.33%	-54.55%	325.76%	221.58%	73.08%	-94.01%
Net Income Q/Q Growth	107.89%	-72.91%	75.24%	98.03%	48.84%	-34.35%	26.69%	271.37%	1,492.60%	167.77%	-102.77%
EPS Q/Q Growth	100.00%	-72.60%	73.81%	90.91%	29.41%	-118.00%	150.00%	300.00%	266.67%	-200.00%	-105.00%
Operating Cash Flow Q/Q Growth	7.11%	-18.36%	13.14%	48.82%	9.80%	-15.61%	5.48%	10.69%	48.41%	-28.82%	-9.83%
Free Cash Flow Firm Q/Q Growth	-25.48%	16.17%	-30.42%	11.67%	0.15%	-50.82%	-28.77%	-11.57%	-0.01%	24.48%	9.46%
Invested Capital Q/Q Growth	4.65%	2.66%	7.34%	2.04%	1.53%	6.19%	3.85%	4.45%	1.71%	1.08%	1.86%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	28.82%	22.57%	31.45%	28.48%	30.18%	102.00%	15.63%	33.34%	24.79%	18.25%	28.16%
EBIT Margin	8.20%	4.42%	9.59%	5.00%	8.05%	3.81%	4.57%	10.07%	2.44%	-0.07%	0.99%
Profit (Net Income) Margin	10.62%	4.63%	23.83%	15.41%	7.69%	22.14%	4.26%	7.03%	1.83%	0.09%	-0.20%
Tax Burden Percent	129.47%	113.28%	248.44%	288.25%	93.42%	101.12%	186.51%	69.80%	75.35%	26.51%	-42.53%
Interest Burden Percent	100.00%	92.48%	100.00%	106.88%	102.22%	574.36%	50.00%	100.00%	100.00%	-524.59%	47.46%
Effective Tax Rate	-2.78%	0.10%	-2.56%	1.22%	4.39%	-5.45%	6.35%	2.30%	8.01%	-60.27%	52.21%
Return on Invested Capital (ROIC)	1.55%	0.72%	1.16%	0.77%	1.20%	3.93%	0.43%	1.56%	0.36%	0.10%	0.07%
ROIC Less NNEP Spread (ROIC-NNEP)	1.90%	0.82%	2.86%	1.95%	1.20%	3.90%	0.87%	1.28%	0.32%	0.03%	0.01%
Return on Net Nonoperating Assets (RNNOA)	0.90%	0.43%	1.65%	1.13%	0.70%	2.47%	0.61%	0.95%	0.23%	0.02%	0.01%
Return on Equity (ROE)	2.45%	1.16%	2.81%	1.89%	1.90%	6.40%	1.04%	2.50%	0.59%	0.12%	0.08%
Cash Return on Invested Capital (CROIC)	-14.96%	-12.07%	-15.43%	-12.36%	-14.51%	-14.92%	-10.19%	-8.42%	-7.63%	-7.67%	-10.37%
Operating Return on Assets (OROA)	1.43%	0.74%	1.08%	0.74%	1.20%	0.62%	0.88%	1.52%	0.37%	-0.01%	0.14%
Return on Assets (ROA)	1.86%	0.78%	2.69%	2.29%	1.14%	3.59%	0.82%	1.06%	0.28%	0.02%	-0.03%
Return on Common Equity (ROCE)	2.39%	1.13%	2.73%	1.83%	1.82%	6.12%	0.99%	2.37%	0.55%	0.11%	0.07%
Return on Equity Simple (ROE_SIMPLE)	3.24%	0.00%	3.09%	2.12%	1.67%	0.00%	1.18%	0.63%	0.60%	0.00%	1.17%
Net Operating Profit after Tax (NOPAT)	204	109	189	84	132	92	68	149	35	11	6.28
NOPAT Margin	8.43%	4.09%	9.84%	4.94%	7.70%	23.09%	2.14%	9.84%	2.24%	0.57%	0.47%
Net Nonoperating Expense Percent (NNEP)	-0.35%	-0.09%	-1.70%	-1.18%	0.00%	0.03%	-0.43%	0.27%	0.04%	0.06%	0.06%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	61.37%	0.00%	0.00%
Operating Expenses to Revenue	91.88%	95.59%	90.19%	94.69%	91.89%	95.56%	95.31%	89.77%	97.52%	99.52%	98.98%
Earnings before Interest and Taxes (EBIT)	199	118	184	85	138	15	144	152	38	-1.29	13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	698	603	603	482	517	408	495	504	387	348	376
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.89	2.46	2.57	2.14	1.80	1.86	1.80	1.83	1.65	1.45	1.47
Price to Tangible Book Value (P/TBV)	3.14	2.67	2.79	2.32	1.95	2.03	1.98	2.03	1.84	1.61	1.64
Price to Revenue (P/Rev)	11.49	9.82	15.26	9.74	8.01	7.11	5.44	6.72	6.01	5.01	5.61
Price to Earnings (P/E)	90.77	82.46	85.18	104.47	112.08	138.83	164.09	329.13	321.81	207.89	138.17
Dividend Yield	1.71%	2.03%	1.95%	2.35%	2.64%	2.77%	3.82%	3.90%	3.54%	3.93%	4.02%
Earnings Yield	1.10%	1.21%	1.17%	0.96%	0.89%	0.72%	0.61%	0.30%	0.31%	0.48%	0.72%
Enterprise Value to Invested Capital (EV/IC)	2.21	1.89	1.94	1.69	1.46	1.47	1.40	1.40	1.35	1.23	1.24
Enterprise Value to Revenue (EV/Rev)	12.97	11.37	17.74	11.60	10.06	9.32	7.28	9.26	8.77	7.56	8.79
Enterprise Value to EBITDA (EV/EBITDA)	46.59	41.23	45.15	38.81	32.35	34.49	31.97	33.18	32.10	29.33	29.07
Enterprise Value to EBIT (EV/EBIT)	190.63	173.29	215.15	193.02	138.29	176.66	166.21	265.03	312.15	255.87	182.72
Enterprise Value to NOPAT (EV/NOPAT)	187.72	174.19	179.66	192.13	140.30	179.94	211.33	271.13	317.58	267.06	198.96
Enterprise Value to Operating Cash Flow (EV/OCF)	45.33	40.28	43.86	40.49	38.11	38.61	37.34	38.23	35.68	33.33	32.46
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	0.45	0.48	0.51	0.47	0.50	0.60	0.66	0.72	0.69	0.68	0.74
Long-Term Debt to Equity	0.45	0.48	0.51	0.47	0.50	0.60	0.66	0.72	0.69	0.68	0.71
Financial Leverage	0.47	0.53	0.58	0.58	0.58	0.63	0.70	0.74	0.72	0.71	0.74
Leverage Ratio	1.55	1.61	1.65	1.65	1.66	1.71	1.79	1.82	1.81	1.80	1.84
Compound Leverage Factor	1.55	1.49	1.65	1.76	1.69	9.85	0.89	1.82	1.81	-9.46	0.87
Debt to Total Capital	31.26%	32.24%	33.66%	31.94%	33.23%	37.37%	39.93%	41.88%	40.93%	40.48%	42.47%
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%	1.84%
Long-Term Debt to Total Capital	31.26%	32.24%	33.66%	31.94%	33.23%	37.37%	39.93%	41.88%	40.93%	40.48%	40.63%
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	1.24%	1.28%	1.56%	1.63%	2.34%	2.30%	2.18%	2.59%	3.14%	3.06%	3.62%
Common Equity to Total Capital	67.50%	66.47%	64.78%	66.42%	64.44%	60.33%	57.89%	55.53%	55.93%	56.47%	53.91%
Debt to EBITDA	6.60	7.03	7.85	7.33	7.39	8.77	9.13	9.90	9.75	9.63	9.95
Net Debt to EBITDA	5.08	5.35	5.96	5.83	6.10	7.62	7.58	8.48	9.34	9.16	9.67
Long-Term Debt to EBITDA	6.60	7.03	7.85	7.33	7.39	8.77	9.13	9.90	9.75	9.63	9.52
Debt to NOPAT	26.59	29.71	31.22	36.30	32.03	45.79	60.36	80.91	96.48	87.74	68.13
Net Debt to NOPAT	20.49	22.60	23.73	28.84	26.45	39.74	50.12	69.27	92.36	83.38	66.21
Long-Term Debt to NOPAT	26.59	29.71	31.22	36.30	32.03	45.79	60.36	80.91	96.48	87.74	65.18
Noncontrolling Interest Sharing Ratio	2.57%	2.69%	2.90%	3.28%	4.28%	4.33%	4.86%	5.48%	5.96%	6.09%	6.72%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-7,349	-5,856	-6,986	-5,357	-6,064	-6,073	-4,027	-3,127	-2,803	-2,802	-3,711
Operating Cash Flow to CapEx	1,225.51%	172.90%	171.87%	196.88%	127.35%	81.42%	144.58%	109.18%	127.09%	100.00%	130.75%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-50.24	-40.15	-41.16	0.00	-25.72	-20.53	0.00	0.00	-26.57
Operating Cash Flow to Interest Expense	0.00	0.00	4.93	4.54	2.76	0.00	2.80	2.73	0.00	0.00	2.55
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	2.06	2.23	0.59	0.00	0.86	0.23	0.00	0.00	0.60
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.17	0.17	0.11	0.15	0.15	0.16	0.19	0.15	0.15	0.16	0.14
Fixed Asset Turnover	0.23	0.22	0.15	0.19	0.19	0.20	0.24	0.19	0.19	0.20	0.17
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	50,306	48,073	46,828	43,624	42,753	42,107	39,653	38,184	36,557	35,942	35,559
Invested Capital Turnover	0.18	0.18	0.12	0.16	0.16	0.17	0.20	0.16	0.16	0.17	0.15
Increase / (Decrease) in Invested Capital	7,553	5,966	7,175	5,440	6,196	6,165	4,094	3,276	2,838	2,813	3,717
Enterprise Value (EV)	110,994	90,883	90,698	73,761	62,216	61,841	55,436	53,589	49,249	44,282	44,098
Market Capitalization	98,255	78,478	77,989	61,977	49,489	47,214	41,424	38,909	33,778	29,357	28,134
Book Value per Share	$52.95	$51.32	$49.80	$48.46	$47.99	$47.40	$44.25	$42.66	$41.68	$42.95	$41.37
Tangible Book Value per Share	$48.76	$47.23	$45.96	$44.68	$44.11	$43.36	$40.34	$38.60	$37.48	$38.69	$37.08
Total Capital	50,306	48,073	46,828	43,624	42,753	42,107	39,653	38,184	36,557	35,942	35,559
Total Debt	15,724	15,500	15,764	13,936	14,205	15,736	15,834	15,991	14,961	14,548	15,101
Total Long-Term Debt	15,724	15,500	15,764	13,936	14,205	15,736	15,834	15,991	14,961	14,548	14,446
Net Debt	12,114	11,789	11,979	11,072	11,727	13,659	13,148	13,692	14,322	13,826	14,676
Capital Expenditures (CapEx)	49	323	399	308	319	455	304	381	296	253	272
Net Nonoperating Expense (NNE)	-53	-15	-268	-177	0.16	3.79	-67	43	6.32	9.07	8.93
Net Nonoperating Obligations (NNO)	15,724	15,500	15,764	13,936	14,205	15,736	15,834	15,991	14,961	14,548	15,101
Total Depreciation and Amortization (D&A)	500	485	419	397	379	392	350	352	349	349	363
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.40	$0.20	$0.74	$0.42	$0.22	($0.10)	$0.24	$0.21	$0.05	($0.02)	($0.01)
Adjusted Weighted Average Basic Shares Outstanding	643.39M	602.98M	611.29M	600.55M	574.05M	515.63M	521.85M	499.02M	492.06M	462.19M	463.37M
Adjusted Diluted Earnings per Share	$0.40	$0.20	$0.73	$0.42	$0.22	($0.09)	$0.24	$0.20	$0.05	($0.03)	($0.01)
Adjusted Weighted Average Diluted Shares Outstanding	653.80M	608.75M	618.31M	604.56M	577.53M	518.70M	525.14M	501.97M	494.49M	465.16M	463.37M
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	653.95M	641.31M	622.69M	609.15M	597.92M	568.88M	535.97M	518.73M	497.03M	490.64M	472.52M
Normalized Net Operating Profit after Tax (NOPAT)	178	115	138	88	173	72	75	151	180	20	12
Normalized NOPAT Margin	7.34%	4.30%	7.22%	5.18%	10.12%	17.95%	2.36%	9.99%	11.55%	1.04%	0.92%
Pre Tax Income Margin	8.20%	4.09%	9.59%	5.35%	8.23%	21.89%	2.28%	10.07%	2.44%	0.36%	0.47%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	1.32	0.63	0.94	0.00	0.92	1.00	0.00	0.00	0.09
NOPAT to Interest Expense	0.00	0.00	1.36	0.63	0.89	0.00	0.43	0.98	0.00	0.00	0.05
EBIT Less CapEx to Interest Expense	0.00	0.00	-1.54	-1.67	-1.23	0.00	-1.02	-1.50	0.00	0.00	-1.86
NOPAT Less CapEx to Interest Expense	0.00	0.00	-1.51	-1.68	-1.27	0.00	-1.51	-1.53	0.00	0.00	-1.90
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	147.97%	158.84%	156.30%	223.45%	284.64%	351.98%	449.55%	883.73%	938.56%	704.70%	488.41%
Augmented Payout Ratio	147.97%	158.84%	156.30%	223.45%	284.64%	351.98%	449.55%	883.73%	938.56%	704.70%	488.41%

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 9 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 $888.55 million in 2015. 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 revenue changed over the last 9 years?

Over the last 9 years, Welltower's total revenue changed from $3.37 billion in 2015 to $7.99 billion in 2024, a change of 137.3%.

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 35.2% increase since 2015.

How much cash does Welltower have?

In the past 9 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 9 years?

Over the last 9 years, Welltower's book value per share changed from 38.39 in 2015 to 51.32 in 2024, a change of 33.7%.

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This page (NYSE:WELL) was last updated on 5/28/2025 by MarketBeat.com Staff

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Welltower (WELL) Financials

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