SweetValueLab
Write for us

Welltower — REIT card

WELL
HealthcareMarket cap $181.6B4-quarter TTM
Close · Oct 26, 2026240.61P/E n/m · EV yield 1.7%
P/Cash FFO60.1×Cash FFO/sh 4.01
Yield · spread to 10y1.3%−3.72 pt vs. the bond
+86% above 5y medianP/Cash FFO vs. its own five years
10-year Treasury · Oct 26, 20265.00%2-year 4.68%
Board median yield4.2%trailing dividends ÷ last close
Yield spread to the 10-year−0.79 ptREITs yield less than the bond: paying for growth
Board median P/Cash FFO16.4×five-year median 16.7× · −2%
Lights on0 of 3prices Oct 26, 2026 · TTM through Sep 30, 2026

Where it has traded

quarter-end P/Cash FFO · 20 quarters · Dec 31, 2021 → Sep 30, 2026
15×28×40×53×65×2021202220232024202520262021-12-31 · 28.5× (close 85.77 · Cash FFO/sh 3.01)2022-03-31 · 31.8× (close 96.14 · Cash FFO/sh 3.02)2022-06-30 · 26.2× (close 82.35 · Cash FFO/sh 3.14)2022-09-30 · 20.6× (close 64.32 · Cash FFO/sh 3.12)2022-12-31 · 21.6× (close 65.55 · Cash FFO/sh 3.04)2023-03-31 · 23.7× (close 71.69 · Cash FFO/sh 3.02)2023-06-30 · 26.8× (close 80.89 · Cash FFO/sh 3.01)2023-09-30 · 27.3× (close 81.92 · Cash FFO/sh 3.00)2023-12-31 · 29.7× (close 90.17 · Cash FFO/sh 3.04)2024-03-31 · 30.3× (close 93.44 · Cash FFO/sh 3.09)2024-06-30 · 32.9× (close 104.25 · Cash FFO/sh 3.17)2024-09-30 · 37.3× (close 128.03 · Cash FFO/sh 3.43)2024-12-31 · 34.8× (close 126.03 · Cash FFO/sh 3.62)2025-03-31 · 39.2× (close 153.21 · Cash FFO/sh 3.91)2025-06-30 · 36.7× (close 153.73 · Cash FFO/sh 4.19)2025-09-30 · 40.8× (close 178.14 · Cash FFO/sh 4.37)2025-12-31 · 41.7× (close 185.61 · Cash FFO/sh 4.45)2026-03-31 · 42.9× (close 197.71 · Cash FFO/sh 4.61)2026-06-30 · 43.3× (close 226.97 · Cash FFO/sh 5.25)2026-09-30 · 57.5× (close 230.24 · Cash FFO/sh 4.01)p75 40×med 32×p25 27×now 60.1×
Five-year median 32.4×, middle half 27.2–39.6×, range 20.6–57.5×. Now 60.1×: +86% above its own median, higher than 100% of those quarters.Each quarter priced at its own trailing Cash FFO per share · the band is the 25th–75th percentile

Where the cash goes

TTM through Sep 30, 2026 · $B
0510Revenue: 13.7 $B13.7RevenueProperty & operating: −10.4 $B−10.4Property &operatingEBITDA: 3.3 $B3.3EBITDAInterest: −0.8 $B−0.8InterestD&A: −2.7 $B−2.7D&AOther items: 1.6 $B1.6OtheritemsNet income: 1.5 $B1.5NetincomeAdd back D&A: 2.7 $B2.7Add backD&ANon- cash: −1.1 $B−1.1Non-cashCash FFO: 3.0 $B3.0CashFFODividends: −2.3 $B−2.3DividendsRetained: 0.7 $B0.7Retained
Cash FFO 3.02B = net income 1.46B + depreciation 2.68B − 1.12B other non-cash items · dividends 2.32B · retained 0.71B

Against its type

WELL (blue) vs. the other Healthcare REITs on the board (3), grey
P/Cash FFO60.1× vs. 17.6×
Dividend yield1.3% vs. 4.8%
Cash FFO payout77% vs. 76%
Net debt / EBITDA5.4× vs. 4.9×
Interest cover4.3× vs. 4.4×
EBITDA margin24% vs. 60%

Type averages are the plain mean of the other REITs of the same property type with a usable window.

Quarter by quarter

8 quarters · Dec 31, 2024 → Sep 30, 2026 · a gap is a dropped quarter
Revenue, $B3.72
Cash FFO / share, quarter0.00
EBITDA margin30%
Interest cover5.8×