WELL

Updated: Mar 12, 2026 11:30 AM

Welltower Inc

Market Cap: $145.27B P/S: 46x Ownership — Insider: 0.2% | Institutional: 99.5% | Retail: 0.4% REAL ESTATE REIT - HEALTHCARE FACILITIES

Welltower Inc. is a real estate investment trust that invests in healthcare infrastructure.

Revenue

Revenue, Profit & Income — explained by Jerry the Goat Farmer
Total RevenueEvery single dollar that wanders onto Jerry's farm. Cheese sales, milk money, goat yoga memberships, and that one weird guy who pays $50 to just watch the goats. Jerry doesn't ask questions.
Gross ProfitThe money left after feeding the goats but before reality sets in. Jerry feels rich for exactly 11 minutes.
Net IncomeWhat Jerry actually gets to keep after the Jerrynment, cousin Larry, the feed store, and his ex-wife's lawyer all take their cut. This number is often... humbling.
Using alias: revenuea -> totalRevenue [annual] [income]
Using alias: profita -> grossProfit [annual] [income]
Using alias: incomea -> netIncome [annual] [income]


Data Completeness:
------------------------------------------------------------
  ✅ totalRevenue                        20/20 dates (100%)
  ✅ grossProfit                         20/20 dates (100%)
  ✅ netIncome                           20/20 dates (100%)

Plot for WELL (in B)
  reports: annualReports
  showing last 25 entries
  Legend: totalRevenue, grossProfit, netIncome

               0.00B                     2.67B                     5.33B                     8.00B                    10.67B
               |                         |                         |                         |                         |

  2006-12-31 |  0.29B
  2007-12-31 |  0.43B
  2008-12-31 |  0.53B
  2009-12-31 |  0.52B
  2010-12-31 |  0.57B
  2011-12-31 |  1.30B
  2012-12-31 |  1.80B
  2013-12-31 |  2.88B
  2014-12-31 |  3.34B
  2015-12-31 |  3.84B
  2016-12-31 |  4.25B
  2017-12-31 |  4.30B
  2018-12-31 |  4.67B
  2019-12-31 |  5.10B
  2020-12-31 |  4.59B
  2021-12-31 |  4.71B
  2022-12-31 |  5.78B
  2023-12-31 |  6.48B
  2024-12-31 |  7.85B
  2025-12-31 |  10.67B

               |                         |                         |                         |                         |
               0.00B                     2.67B                     5.33B                     8.00B                    10.67B

Costs

Operating Costs — explained by Jerry the Goat Farmer
Cost of Goods & Services SoldThe unglamorous stuff: hay, feed, vet bills for when Sergio the goat eats another iPhone. These goats don't feed themselves, and they definitely don't apologize.
Selling, General & AdministrativeThe "CHEESE HAPPENS" billboard on the highway, the accountant (cousin Larry, who definitely cheated in Monopoly as a kid), office supplies, and the therapy Jerry needs after dealing with cousin Larry.
Research & DevelopmentJerry's experimental ghost pepper goat cheese that made three customers cry. Also the goat treadmill. The goats refuse to use the goat treadmill.
Using alias: rnda -> researchAndDevelopment [annual] [income]
Using alias: sgaa -> sellingGeneralAndAdministrative [annual] [income]
Using alias: cogsa -> costofGoodsAndServicesSold [annual] [income]


Data Completeness:
------------------------------------------------------------
  ⚠️  researchAndDevelopment              13/20 dates (65%)
  ✅ sellingGeneralAndAdministrative     20/20 dates (100%)
  ✅ costofGoodsAndServicesSold          20/20 dates (100%)

Plot for WELL (in B)
  reports: annualReports
  showing last 25 entries
  Legend: researchAndDevelopment, sellingGeneralAndAdministrative, costofGoodsAndServicesSold

               0.00B                     1.62B                     3.24B                     4.87B                     6.49B
               |                         |                         |                         |                         |

  2006-12-31 |  0.03B ⊗
  2007-12-31 |  0.04B ⊗
  2008-12-31 |  0.05B ⊗
  2009-12-31 |  0.05B ⊗
  2010-12-31 |  0.08B ⊗
  2011-12-31 |  0.38B
  2012-12-31 |  0.57B
  2013-12-31 |  1.21B
  2014-12-31 |  1.40B
  2015-12-31 |  1.62B
  2016-12-31 |  1.88B
  2017-12-31 |  2.08B
  2018-12-31 |  2.43B
  2019-12-31 |  2.69B
  2020-12-31 |  2.60B
  2021-12-31 |  2.77B
  2022-12-31 |  3.56B
  2023-12-31 |  3.95B
  2024-12-31 |  4.83B ⊗
  2025-12-31 |  6.49B ⊗

               |                         |                         |                         |                         |
               0.00B                     1.62B                     3.24B                     4.87B                     6.49B

Cash

Cash, Debt & Cash Flow — explained by Jerry the Goat Farmer
Cash & Short-Term InvestmentsThe coffee can buried behind the barn, $47 in a savings account, and some cryptocurrency Jerry bought drunk in 2021. He's afraid to check on it.
Short/Long-Term DebtThe barn loan that'll follow Jerry to the grave (long-term) and the $200 he owes the feed store guy who's starting to give him looks (short-term).
Operating Cash FlowReal cash moving in and out. Not "my customer promised to pay me" money. Actual dollars. Jerry has trust issues now.
Using alias: casha -> cashAndShortTermInvestments [annual] [balance]
Using alias: debta -> shortLongTermDebtTotal [annual] [balance]
Using alias: paychecka -> operatingCashflow [annual] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ cashAndShortTermInvestments         20/20 dates (100%)
  ✅ shortLongTermDebtTotal              20/20 dates (100%)
  ✅ operatingCashflow                   20/20 dates (100%)

Plot for WELL (in B)
  reports: annualReports
  showing last 25 entries
  Legend: cashAndShortTermInvestments, shortLongTermDebtTotal, operatingCashflow

               0.00B                     6.85B                    13.70B                    20.55B                    27.40B
               |                         |                         |                         |                         |

  2006-12-31 |  2.20B
  2007-12-31 |  2.70B
  2008-12-31 |  2.85B
  2009-12-31 |  2.41B
  2010-12-31 |  4.47B
  2011-12-31 |  7.24B
  2012-12-31 |  8.53B
  2013-12-31 |  10.65B
  2014-12-31 |  21.60B
  2015-12-31 |  12.97B
  2016-12-31 |  12.36B
  2017-12-31 |  11.73B
  2018-12-31 |  13.30B
  2019-12-31 |  15.39B
  2020-12-31 |  14.25B
  2021-12-31 |  14.68B
  2022-12-31 |  27.40B
  2023-12-31 |  16.12B
  2024-12-31 |  16.76B
  2025-12-31 |  21.38B

               |                         |                         |                         |                         |
               0.00B                     6.85B                    13.70B                    20.55B                    27.40B

FCF

Free Cash Flow — explained by Jerry the Goat Farmer
Operating Cash FlowReal cash moving in and out. Not "my customer promised to pay me" money. Actual dollars. Jerry has trust issues now.
Capital ExpendituresBig, expensive purchases Jerry justifies at 2am: the industrial milking machine, new fencing, and a hot tub "for the goats" that somehow only Jerry uses.
Using alias: paychecka -> operatingCashflow [annual] [cashflow]
Using alias: capexa -> capitalExpenditures [annual] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ operatingCashflow                   20/20 dates (100%)
  ✅ capitalExpenditures                 20/20 dates (100%)

Plot for WELL (in B)
  reports: annualReports
  showing last 25 entries
  Legend: operatingCashflow, capitalExpenditures

               0.00B                     1.23B                     2.46B                     3.69B                     4.92B
               |                         |                         |                         |                         |

  2006-12-31 |  0.43B
  2007-12-31 |  0.63B
  2008-12-31 |  1.07B
  2009-12-31 |  0.64B
  2010-12-31 |  2.09B
  2011-12-31 |  4.92B
  2012-12-31 |  0.82B
  2013-12-31 |  0.99B
  2014-12-31 |  1.14B
  2015-12-31 |  1.37B
  2016-12-31 |  1.64B
  2017-12-31 |  1.43B
  2018-12-31 |  1.58B
  2019-12-31 |  1.54B
  2020-12-31 |  1.36B
  2021-12-31 |  1.28B
  2022-12-31 |  1.33B
  2023-12-31 |  1.60B
  2024-12-31 |  2.26B
  2025-12-31 |  2.88B

               |                         |                         |                         |                         |
               0.00B                     1.23B                     2.46B                     3.69B                     4.92B

Assets

Assets, Liabilities & Equity — explained by Jerry the Goat Farmer
🐐 Assets = Liabilities + Equity

Translation: What Jerry owns = What Jerry owes + What's actually Jerry's

Or as Jerry mutters every April during tax season:
"Everything I have equals everything I owe plus whatever scraps are left for me, a humble goat man just trying to make cheese in this cruel world."
Total AssetsEverything Jerry owns: 12 acres of land, a barn that's "rustic" (rotting), 47 goats, Sergio (appraised at $800, priceless to Jerry), the cheese cave, and a 2004 Ford F-150 held together by duct tape and prayer.
Total LiabilitiesEverything Jerry owes: bank loans, the feed store tab, back taxes, and a moral debt to his neighbor for "borrowing" that tractor in 2019. They both know he's not returning it.
Total Shareholder EquityIf Jerry sold absolutely everything, paid off every debt, and finally returned that tractor... this is what he'd have left. His actual net worth. Some days it's a retirement fund. Other days it's "enough for a bus ticket and a fresh start."
Using alias: assetsa -> totalAssets [annual] [balance]
Using alias: liabila -> totalLiabilities [annual] [balance]
Using alias: equitya -> totalShareholderEquity [annual] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ totalAssets                         20/20 dates (100%)
  ✅ totalLiabilities                    20/20 dates (100%)
  ✅ totalShareholderEquity              20/20 dates (100%)

Plot for WELL (in B)
  reports: annualReports
  showing last 25 entries
  Legend: totalAssets, totalLiabilities, totalShareholderEquity

               0.00B                    16.83B                    33.65B                    50.48B                    67.30B
               |                         |                         |                         |                         |

  2006-12-31 |  4.28B
  2007-12-31 |  5.21B
  2008-12-31 |  6.19B
  2009-12-31 |  6.37B
  2010-12-31 |  9.45B
  2011-12-31 |  14.92B
  2012-12-31 |  19.55B
  2013-12-31 |  23.08B
  2014-12-31 |  25.01B
  2015-12-31 |  29.02B
  2016-12-31 |  28.87B
  2017-12-31 |  27.94B
  2018-12-31 |  30.34B
  2019-12-31 |  33.38B
  2020-12-31 |  32.48B
  2021-12-31 |  34.91B
  2022-12-31 |  37.89B
  2023-12-31 |  44.01B
  2024-12-31 |  51.04B
  2025-12-31 |  67.30B

               |                         |                         |                         |                         |
               0.00B                    16.83B                    33.65B                    50.48B                    67.30B

Buffet

Using alias: incomea -> netIncome [annual] [income]
Using alias: debta -> shortLongTermDebtTotal [annual] [balance]
Using alias: equitya -> totalShareholderEquity [annual] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ netIncome                           20/20 dates (100%)
  ✅ shortLongTermDebtTotal              20/20 dates (100%)
  ✅ totalShareholderEquity              20/20 dates (100%)

Plot for WELL (in B)
  reports: annualReports
  showing last 25 entries
  Legend: netIncome, shortLongTermDebtTotal, totalShareholderEquity

               0.00B                    10.53B                    21.06B                    31.60B                    42.13B
               |                         |                         |                         |                         |

  2006-12-31 |  2.20B
  2007-12-31 |  2.70B
  2008-12-31 |  3.21B
  2009-12-31 |  3.80B
  2010-12-31 |  4.60B
  2011-12-31 |  7.24B
  2012-12-31 |  10.29B
  2013-12-31 |  11.41B
  2014-12-31 |  21.60B
  2015-12-31 |  14.59B
  2016-12-31 |  14.81B
  2017-12-31 |  14.42B
  2018-12-31 |  14.63B
  2019-12-31 |  15.54B
  2020-12-31 |  15.97B
  2021-12-31 |  17.64B
  2022-12-31 |  27.40B
  2023-12-31 |  25.40B
  2024-12-31 |  31.96B
  2025-12-31 |  42.13B

               |                         |                         |                         |                         |
               0.00B                    10.53B                    21.06B                    31.60B                    42.13B

Revenue-q

Using alias: revenue -> totalRevenue [quarterly] [income]
Using alias: profit -> grossProfit [quarterly] [income]
Using alias: income -> netIncome [quarterly] [income]


Data Completeness:
------------------------------------------------------------
  ✅ totalRevenue                        25/25 dates (100%)
  ✅ grossProfit                         25/25 dates (100%)
  ✅ netIncome                           25/25 dates (100%)

Plot for WELL (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: totalRevenue, grossProfit, netIncome

               -3.13B                    -1.57B                     0.00B                     1.57B                     3.13B
               |                         |                         |                         |                         |

  2019-12-31 |                                                     |  1.26B
  2020-03-31 |                                                     |  1.26B
  2020-06-30 |                                                     |  1.18B
  2020-09-30 |                                                     |  1.03B
  2020-12-31 |                                                     |  1.12B
  2021-03-31 |                                                     |  1.05B
  2021-06-30 |                                                     |  1.13B
  2021-09-30 |                                                     |  1.23B
  2021-12-31 |                                                     |  1.30B
  2022-03-31 |                                                     |  1.39B
  2022-06-30 |                                                     |  1.41B
  2022-09-30 |                                                    |  1.47B
  2022-12-31 |                                                    |  1.51B
  2023-03-31 |                                                     |  1.55B
  2023-06-30 |                                                     |  1.58B
  2023-09-30 |                                                     |  1.63B
  2023-12-31 |                                                     |  1.72B
  2024-03-31 |                                                     |  1.83B
  2024-06-30 |                                                     |  1.79B
  2024-09-30 |                                                     |  2.01B
  2024-12-31 |                                                     |  2.22B
  2025-03-31 |                                                     |  2.39B
  2025-06-30 |                                                     |  2.52B
  2025-09-30 |                                                     |  2.63B
  2025-12-31 |                                                     | 3.13B

               |                         |                         |                         |                         |
               -3.13B                    -1.57B                     0.00B                     1.57B                     3.13B

Costs-q

Using alias: rnd -> researchAndDevelopment [quarterly] [income]
Using alias: sga -> sellingGeneralAndAdministrative [quarterly] [income]
Using alias: cogs -> costofGoodsAndServicesSold [quarterly] [income]


Data Completeness:
------------------------------------------------------------
  ⚠️  SPARSE researchAndDevelopment              0/25 dates (0%)
  ✅ sellingGeneralAndAdministrative     25/25 dates (100%)
  ✅ costofGoodsAndServicesSold          25/25 dates (100%)

Plot for WELL (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: researchAndDevelopment, sellingGeneralAndAdministrative, costofGoodsAndServicesSold

               0.00B                     0.48B                     0.97B                     1.45B                     1.93B
               |                         |                         |                         |                         |

  2019-12-31 |  0.66B ⊗
  2020-03-31 |  0.68B ⊗
  2020-06-30 |  0.66B ⊗
  2020-09-30 |  0.63B ⊗
  2020-12-31 |  0.62B ⊗
  2021-03-31 |  0.62B ⊗
  2021-06-30 |  0.64B ⊗
  2021-09-30 |  0.73B ⊗
  2021-12-31 |  0.79B ⊗
  2022-03-31 |  0.85B ⊗
  2022-06-30 |  0.85B ⊗
  2022-09-30 |  0.91B ⊗
  2022-12-31 |  0.94B ⊗
  2023-03-31 |  0.96B ⊗
  2023-06-30 |  0.96B ⊗
  2023-09-30 |  1.00B ⊗
  2023-12-31 |  1.04B ⊗
  2024-03-31 |  1.10B ⊗
  2024-06-30 |  1.11B ⊗
  2024-09-30 |  1.21B ⊗
  2024-12-31 |  1.41B ⊗
  2025-03-31 |  1.46B ⊗
  2025-06-30 |  1.51B ⊗
  2025-09-30 |  1.58B ⊗
  2025-12-31 |  1.93B ⊗

               |                         |                         |                         |                         |
               0.00B                     0.48B                     0.97B                     1.45B                     1.93B

Cash-q

Using alias: cash -> cashAndShortTermInvestments [quarterly] [balance]
Using alias: debt -> shortLongTermDebtTotal [quarterly] [balance]
Using alias: paycheck -> operatingCashflow [quarterly] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ cashAndShortTermInvestments         25/25 dates (100%)
  ✅ shortLongTermDebtTotal              25/25 dates (100%)
  ✅ operatingCashflow                   25/25 dates (100%)

Plot for WELL (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: cashAndShortTermInvestments, shortLongTermDebtTotal, operatingCashflow

               0.00B                    13.29B                    26.58B                    39.87B                    53.16B
               |                         |                         |                         |                         |

  2019-12-31 |  15.39B
  2020-03-31 |  14.43B
  2020-06-30 |  14.88B
  2020-09-30 |  16.24B
  2020-12-31 |  14.47B
  2021-03-31 |  53.16B
  2021-06-30 |  15.77B
  2021-09-30 |  14.21B
  2021-12-31 |  14.68B
  2022-03-31 |  15.09B
  2022-06-30 |  15.45B
  2022-09-30 |  15.51B
  2022-12-31 |  27.40B
  2023-03-31 |  15.51B
  2023-06-30 |  16.39B
  2023-09-30 |  16.20B
  2023-12-31 |  16.12B
  2024-03-31 |  14.59B
  2024-06-30 |  14.33B
  2024-09-30 |  16.16B
  2024-12-31 |  16.76B
  2025-03-31 |  17.01B
  2025-06-30 |  17.31B
  2025-09-30 |  18.16B
  2025-12-31 |  21.38B

               |                         |                         |                         |                         |
               0.00B                    13.29B                    26.58B                    39.87B                    53.16B

FCF-q

Using alias: paycheck -> operatingCashflow [quarterly] [cashflow]
Using alias: capex -> capitalExpenditures [quarterly] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ operatingCashflow                   25/25 dates (100%)
  ✅ capitalExpenditures                 25/25 dates (100%)

Plot for WELL (in M)
  reports: quarterlyReports
  showing last 25 entries
  Legend: operatingCashflow, capitalExpenditures

               0.00M                    214.59M                   429.18M                   643.77M                   858.36M
               |                         |                         |                         |                         |

  2019-12-31 |  326.07M
  2020-03-31 |  411.86M
  2020-06-30 |  399.76M
  2020-09-30 |  297.97M
  2020-12-31 |  255.17M
  2021-03-31 |  303.66M
  2021-06-30 |  335.25M
  2021-09-30 |  353.08M
  2021-12-31 |  283.33M
  2022-03-31 |  324.52M
  2022-06-30 |  394.81M
  2022-09-30 |  355.99M
  2022-12-31 |  253.39M
  2023-03-31 |  376.06M
  2023-06-30 |  416.25M
  2023-09-30 |  439.06M
  2023-12-31 |  370.50M
  2024-03-31 |  406.81M
  2024-06-30 |  605.42M
  2024-09-30 |  684.98M
  2024-12-31 |  559.21M
  2025-03-31 |  598.96M
  2025-06-30 |  770.03M
  2025-09-30 |  858.36M
  2025-12-31 |  654.33M

               |                         |                         |                         |                         |
               0.00M                    214.59M                   429.18M                   643.77M                   858.36M

Assets-q

Using alias: assets -> totalAssets [quarterly] [balance]
Using alias: liabil -> totalLiabilities [quarterly] [balance]
Using alias: equity -> totalShareholderEquity [quarterly] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ totalAssets                         25/25 dates (100%)
  ✅ totalLiabilities                    25/25 dates (100%)
  ✅ totalShareholderEquity              25/25 dates (100%)

Plot for WELL (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: totalAssets, totalLiabilities, totalShareholderEquity

               0.00B                    16.83B                    33.65B                    50.48B                    67.30B
               |                         |                         |                         |                         |

  2019-12-31 |  33.38B
  2020-03-31 |  32.92B
  2020-06-30 |  33.16B
  2020-09-30 |  32.54B
  2020-12-31 |  32.48B
  2021-03-31 |  32.99B
  2021-06-30 |  32.18B
  2021-09-30 |  33.48B
  2021-12-31 |  34.91B
  2022-03-31 |  35.47B
  2022-06-30 |  36.57B
  2022-09-30 |  37.41B
  2022-12-31 |  37.89B
  2023-03-31 |  38.49B
  2023-06-30 |  40.06B
  2023-09-30 |  41.65B
  2023-12-31 |  44.01B
  2024-03-31 |  44.55B
  2024-06-30 |  45.53B
  2024-09-30 |  48.95B
  2024-12-31 |  51.04B
  2025-03-31 |  53.29B
  2025-06-30 |  55.83B
  2025-09-30 |  59.50B
  2025-12-31 |  67.30B

               |                         |                         |                         |                         |
               0.00B                    16.83B                    33.65B                    50.48B                    67.30B

Buffet-q

Using alias: income -> netIncome [quarterly] [income]
Using alias: debt -> shortLongTermDebtTotal [quarterly] [balance]
Using alias: equity -> totalShareholderEquity [quarterly] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ netIncome                           25/25 dates (100%)
  ✅ shortLongTermDebtTotal              25/25 dates (100%)
  ✅ totalShareholderEquity              25/25 dates (100%)

Plot for WELL (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: netIncome, shortLongTermDebtTotal, totalShareholderEquity

               -53.16B                   -26.58B                    0.00B                    26.58B                    53.16B
               |                         |                         |                         |                         |

  2019-12-31 |                                                     |  15.54B
  2020-03-31 |                                                     |  16.13B
  2020-06-30 |                                                     |  16.05B
  2020-09-30 |                                                     |  16.24B
  2020-12-31 |                                                     |  15.97B
  2021-03-31 |                                                     | 53.16B
  2021-06-30 |                                                     |  15.92B
  2021-09-30 |                                                     |  16.86B
  2021-12-31 |                                                     |  17.64B
  2022-03-31 |                                                     |  17.90B
  2022-06-30 |                                                     |  18.56B
  2022-09-30 |                                                    |  19.17B
  2022-12-31 |                                                    |  27.40B
  2023-03-31 |                                                     |  20.45B
  2023-06-30 |                                                     |  21.20B
  2023-09-30 |                                                     |  22.95B
  2023-12-31 |                                                     |  25.40B
  2024-03-31 |                                                     |  27.55B
  2024-06-30 |                                                     |  28.98B
  2024-09-30 |                                                     |  30.33B
  2024-12-31 |                                                     |  31.96B
  2025-03-31 |                                                     |  33.96B
  2025-06-30 |                                                     |  35.90B
  2025-09-30 |                                                     |  38.76B
  2025-12-31 |                                                     |  42.13B

               |                         |                         |                         |                         |
               -53.16B                   -26.58B                    0.00B                    26.58B                    53.16B

Price History

Volume

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