Welltower (WELL): analysis in plain words
Is Welltower cheap or expensive? How it makes money, whether it grows and its risks, explained in plain words and with its official accounts.
Welltower (WELL) is listed on the NYSE and we classify it in real estate. Below are its key dated figures, how it makes money, how it compares with its sector, what works for and against Welltower according to those figures, and the questions people ask most about the stock. No buy or sell tips.
Welltower (WELL) key figures as of November 4, 2026
| Figure | Value | What it measures |
|---|---|---|
| Share price | $247.99 | Last price on November 4, 2026 |
| P/E ratio (TTM) | 105.1x | Price over earnings per share |
| Revenue growth | +38.4% | Latest quarter vs the same quarter a year earlier |
| Net margin (TTM) | 12.1% | Profit for every 100 of sales |
| Net debt / EBITDA | 5.1x | Years of operating profit to repay debt |
| Dividend yield | 1.41% | Annual dividend over price |
| Market cap | $181.9 billion | What the stock market values it at |
The Welltower figures come from Yahoo Finance, the same source the Fintols analysis uses, retrieved on November 4, 2026. Any WELL figure that is not available shows as N/A: we do not estimate it.
How Welltower makes money
Welltower is a health care REIT with properties in the United States, the United Kingdom and Canada. Its biggest segment is Seniors Housing Operating, senior living communities where it shares in operating results with the manager, and it also leases senior housing and medical properties to operators for fixed rent.
Over the last 12 months, Welltower brought in revenue of $13.8 billion. For every 100 it sells, Welltower keeps 39.2 after the direct cost of what it sells (gross margin) and 18.7 after all operating costs (operating margin).
Welltower against its sector
To know whether a Welltower figure is high or low you have to put it next to similar companies. This table compares Welltower with the median of the 9 real estate companies Fintols covers, with data as of November 4, 2026.
| Figure | Welltower | real estate median |
|---|---|---|
| P/E | 105.1x | 28.9x (9) |
| Revenue growth | +38.4% | +10.4% (9) |
| Net margin | 12.1% | 37.7% (9) |
| Dividend yield | 1.41% | 3.60% (9) |
| Net debt / EBITDA | 5.1x | 5.5x (9) |
In short, against the typical real estate company, Welltower trades on a higher P/E, grows faster and earns a thinner margin. By size, Welltower ranks number 1 of 7 real estate companies quoted in USD on Fintols.
The bull case for Welltower
What works in favour of Welltower, according to its figures as of November 4, 2026:
- Welltower grew sales +38.4% in its latest quarter against the same quarter a year earlier, while the median real estate company Fintols tracks grew +10.4%.
- Analysts expect Welltower earnings to rise: its P/E on the next 12 months of estimated earnings is 77.5x, below the current 105.1x.
- Welltower generates real cash: $8.7 billion of free cash flow over 12 months, 4.8% of its stock market value.
The main risk for Welltower
The price already assumes a lot: Welltower trades at 105.1x its last 12 months of earnings, against 28.9x for the real estate median. If growth disappoints, the multiple can shrink and the share price with it.
On top of that: debt is heavy: Welltower carries net debt equal to 5.1x its annual EBITDA. With high interest rates or a weak year, interest payments eat into what it can invest or pay out.
And, like the rest of real estate, Welltower is exposed to interest rates, which raise its borrowing costs and lower property values, and vacant space.
Frequently asked questions about Welltower
Is it a good time to buy Welltower stock?
Fintols does not tell you whether to buy or sell Welltower, and nobody knows what the price will do tomorrow. What we can show you is where it stands today. As of November 4, 2026, Welltower stock trades at $247.99, 3% below its 52-week high ($255.20) and 37% above its low ($181.47). Its P/E is 105.1x against a real estate median of 28.9x, and 77.5x on the earnings analysts expect over the next 12 months. With Welltower, as with any stock, timing matters less than understanding the business, investing for the long run and not betting everything on a single company.
Does Welltower pay a dividend?
Yes. As of November 4, 2026, Welltower pays $3.40 per share a year, which at today's price is a yield of 1.41%. It uses 130% of its profit to pay it, more than it earns, which cannot last forever.
Is Welltower stock expensive?
It depends on what you compare it with. On P/E, Welltower trades at 105.1x its last 12 months of earnings: more expensive than the real estate median (28.9x). Including its debt, Welltower is valued at 53.4x its EBITDA (EV/EBITDA). A high P/E alone does not make Welltower expensive: it can be justified if earnings grow fast, and a low one can reflect a business in trouble.
Who are Welltower's competitors?
On Fintols we compare Welltower with Prologis, American Tower and Simon Property, which are also in real estate. As of November 4, 2026, Prologis is worth $127.7 billion and trades on a P/E of 28.9; American Tower is worth $90.4 billion and trades on a P/E of 27.4; Simon Property is worth $86.7 billion and trades on a P/E of 16.1. Each has a side-by-side comparison with Welltower below.
Welltower competitors
- Prologis (PLD) analysis · Welltower vs Prologis comparison
- American Tower (AMT) analysis · Welltower vs American Tower comparison
- Simon Property (SPG) analysis · Welltower vs Simon Property comparison
To understand Welltower better
- Dividend Growth Investing: FCF Payout Ratio and Compounding
- How to Read a Balance Sheet: A Beginner's Guide
More companies like Welltower: real estate stocks and S&P 500 companies. Open the full WELL analysis with its valuation and scenarios. Educational content about Welltower, not investment advice.