Welltower Inc. (WELL) is a publicly traded company in the Real Estate — REIT - Healthcare Facilities industry listed on NYSE. This overview shows the latest price, key valuation ratios, profitability metrics and financial-health indicators used by fundamental investors.
Welltower Inc. (NYSE:WELL), an S&P 500 company based in Toledo, Ohio, is a leader in reshaping healthcare infrastructure. This Real Estate Investment Trust (REIT) strategically collaborates with premier operators in seniors housing, post-acute care, and health systems. Their core mission is to finance the vital property assets required to expand innovative care delivery models, thereby enhancing overall public wellness and healthcare experiences.
Is Welltower Inc. stock overvalued or undervalued in 2026?
As of October 5, 2026, Welltower Inc. (WELL) trades at 121× earnings (P/E), according to Kaplio. Kaplio's verdict: expensive. At its 10-year average P/FFO (24.5×) $113 (-50 %); at the decade median (22.1×) $102 (-55 %).
Kaplio overview: Welltower Inc.
Market cap $164B · 52 weeks $166 – $252 (9 % below the high) · P/E 121× · 2027 expected P/E 70.1× · Dividend 1.4 % · Next earnings October 26, 2026 · expected EPS $0.64 · Price as of Oct 5 · accounts published Jul 27.
- Valuation: P/FFO 49.3× (expensive).
- Business: FFO/dividend 1.6× (solid).
- Balance sheet: Net debt/EBITDA 7.1× (fragile).
- Earnings: 3 of 8 (no verdict).
What would it be worth at its usual multiples?
At its 10-year average P/FFO (24.5×) $113 (-50 %); at the decade median (22.1×) $102 (-55 %). Implied price from applying the reference multiples to today's earnings (or book value, or FFO) per share. Not a fair value: it is where the stock would trade at its usual multiples.
What matters in REITs: 3 of 5 pass
- Net debt / EBITDA 7.1×, fails.
- P/FFO 49.3×, fails.
- Dividend coverage (FFO/div) 1.6×, passes.
- Debt / Assets 31.8 %, passes.
- FFO Payout (proxy) 65.2 %, passes.
- FFO / Share $4.62, info.
Against its peers (reference peers) — Welltower Inc.: P/B 3.5×; Div. yield 1.4 %; EV/EBITDA 60.3×; $164B. Ventas, Inc. (P/B 2.8×; Div. yield 2.4 %; EV/EBITDA 21.3×; $40.8B), National Health Investors, Inc. (P/B 2.0×; Div. yield 5.6 %; EV/EBITDA 14.1×; $3.2B), LTC Properties, Inc. (P/B 1.8×; Div. yield 5.3 %; EV/EBITDA 12.3×; $2.2B).
Expensive or cheap against its last ten fiscal years?
Precio / FFO (aprox.) at each close: today 49.3× · median 22.1× · minimum 14.7× · maximum 49.3× · cheap below 18.7× · expensive above 30.0×. It has been cheaper than today 100% of the time over its last ten fiscal years.
Dividend
tight · Yield 1.35 % ($2.82 per share in 2025) · Years raising it 2 · 5-year growth +1 % a year · Free cash flow coverage FFO payout 65 % · With $1,000 invested today you'd collect $13.50 a year ($1.12 a month).
Kaplio's reading: Welltower Inc.
Updated on September 24, 2026 · accounts published on July 27, 2026
Reading of September 24, 2026: A portfolio that keeps growing
Welltower trades at 49.8× fiscal 2025 FFO, far above the 15× to 20× range for REITs, with revenue up 36 % and margins at a twelve-year low.
- Is Welltower expensive or cheap? It trades at 49.8× fiscal 2025 FFO, more than double the 15× to 20× range REITs are judged by.
- How is the business doing? Revenue grew 36 % over the last 12 months, yet the fiscal 2025 operating margin of 3.3 % is the lowest in twelve years.
- How strong is the balance sheet? Net debt is 7.1× EBITDA in fiscal 2025, above the 6× REITs should stay under, even though debt is just 32 % of assets.
- What to expect from the next earnings? Results land on October 26, 2026, with consensus at $0.64 per share after a 1.1 % miss in July.
- Does FFO cover the dividend, and at what multiple does it trade? FFO covered the dividend 1.6× in fiscal 2025, well clear of the 1.1× minimum, but the price is 49.8× that same FFO.
Is Welltower expensive or cheap?
Price to book of 3.5× over the last 12 months looks steep for a landlord whose operating margin has fallen to 5.4 %, and price to FFO of 49.8× on fiscal 2025 numbers sits well above the 15× to 20× range REITs are usually judged by. EV/EBITDA of 60.9× and a free cash flow yield of 2.2 % over the last 12 months point the same way. The stock is up 35 % over the last 12 months and trades 9 % below its 52-week high of $252.07, so the market is paying ahead of the accounts.
How is the business doing?
Revenue rose 35.8 % over the last 12 months, and that growth has not reached the bottom line. The operating margin of 5.4 % over the last 12 months is around a quarter of the 20 % the company averaged across fiscal 2014 to 2025, and fiscal 2025 closed at 3.3 %, the weakest of those twelve years. Reported margin is the wrong lens for a REIT in any case, which is why FFO per share of $4.62 in fiscal 2025 matters more, but a twelve-year low in margin alongside a price near its 52-week high is a gap the market is betting will close.
How strong is the balance sheet?
Against assets the leverage is modest: debt is 32 % of assets in fiscal 2025, half the 60 % ceiling usually applied to REITs, and debt to equity is 0.42 over the last 12 months. Against earnings it is heavier: net debt of 7.1× EBITDA in fiscal 2025 sits above the 6× that counts as healthy and well beyond the 5× that counts as excellent, which follows from the depressed margin. The dividend is not the strain, taking 65 % of operating cash flow against an 80 % limit, and it yields 1.3 % over the last 12 months.
What to expect from the next earnings?
The next report is due October 26, 2026, and analysts expect $0.64 per share. The recent record argues for caution: the company has beaten EPS estimates in only 3 of the last 8 quarters, and the July 27, 2026 report came in at $0.61 against $0.62 expected, a 1.1 % miss. Estimates have not moved in response, with the 2026 EPS consensus held at $2.84 over the last nine days and revenue forecasts equally static. Coverage is wide and friendly: 24 buys and 10 holds out of 35 analysts, and no sell ratings.
Does FFO cover the dividend, and at what multiple does it trade?
In a REIT, EPS and the P/E mislead, because property depreciation is a non-cash charge that buries reported profit. The useful pair is FFO and what it covers. Fiscal 2025 FFO of $4.62 per share covers the dividend 1.6×, above the 1.1× considered healthy, and the payout absorbs 65 % of operating cash flow, under the 80 % line. Debt at 32 % of assets passes the same test. The weak point is the price on that FFO, 49.8× against a healthy range of 15× to 20×. The distribution looks safe; what buyers pay for it does not look cheap.
How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.
Investor methods verdict
Would Peter Lynch approve Welltower today?
The Lynch Method would not approve Welltower today: it fails its quality rules. Business quality: 71 out of 100 (price not included). Lynch classifies it as a stalwart. Kaplio assessment with data from the week of 2026-10-05; not investment advice.
Profitability
| Return on Equity | 3.15% |
| Return on Invested Capital | 0.96% |
| Return on Assets | 1.93% |
| Gross Margin | 38.82% |
| Operating Margin | 5.40% |
| Net Margin | 10.67% |
Financial Health
| Debt / Equity | 0.42 |
| Current Ratio | 0.84 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 3.20 |
Price Performance
| 1 month | -5.09% |
| 3 months | -4.16% |
| Year-to-date | +20.77% |
| 1 year | +28.72% |
| 3 years | +175.11% |
| 5 years | +170.30% |
Dividend History
Paid in the last 12 months: $3.0700 per share in 4 payments.
| Date | Amount |
|---|---|
| 2026-08-12 | $0.8500 |
| 2026-05-13 | $0.7400 |
| 2026-02-25 | $0.7400 |
| 2025-11-10 | $0.7400 |
| 2025-08-12 | $0.7400 |
| 2025-05-14 | $0.6700 |
| 2025-02-25 | $0.6700 |
| 2024-11-13 | $0.6700 |
| 2024-08-12 | $0.6700 |
| 2024-05-10 | $0.6100 |
Amounts adjusted for stock splits.
Related companies: AMT · DLR · EQIX · GMRE · LTC · NHI · PLD
Explore sector: Real Estate · REIT - Healthcare Facilities
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