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Welltower — REIT card

WELL
HealthcareMarket cap $171.9B4-quarter TTM
Close · Oct 16, 2026234.85P/E n/m · EV yield 1.7%
P/Cash FFO44.8×Cash FFO/sh 5.25
Yield · spread to 10y1.3%−3.78 pt vs. the bond
+44% above 5y medianP/Cash FFO vs. its own five years
10-year Treasury · Oct 16, 20265.09%2-year 4.74%
Board median yield4.4%trailing dividends ÷ last close
Yield spread to the 10-year−0.71 ptREITs yield less than the bond: paying for growth
Board median P/Cash FFO15.6×five-year median 16.7× · −7%
Lights on0 of 3prices Oct 16, 2026 · TTM through Jun 30, 2026

Where it has traded

quarter-end P/Cash FFO · 20 quarters · Sep 30, 2021 → Jun 30, 2026
15×24×33×41×50×2021202220232024202520262021-09-30 · 27.2× (close 82.40 · Cash FFO/sh 3.03)2021-12-31 · 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)p75 38×med 31×p25 27×now 44.8×
Five-year median 31.0×, middle half 27.1–37.8×, range 20.6–43.3×. Now 44.8×: +44% 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 Jun 30, 2026 · $B
0510Revenue: 12.6 $B12.6RevenueProperty & operating: −9.4 $B−9.4Property &operatingEBITDA: 3.2 $B3.2EBITDAInterest: −0.7 $B−0.7InterestD&A: −2.5 $B−2.5D&AOther items: 1.4 $B1.4OtheritemsNet income: 1.3 $B1.3NetincomeAdd back D&A: 2.5 $B2.5Add backD&ACash FFO: 3.8 $B3.8CashFFODividends: −2.2 $B−2.2DividendsRetained: 1.6 $B1.6Retained
Cash FFO 3.84B = net income 1.35B + depreciation 2.50B − 0.00B other non-cash items · dividends 2.25B · retained 1.59B

Against its type

WELL (blue) vs. the other Healthcare REITs on the board (3), grey
P/Cash FFO44.8× vs. 17.2×
Dividend yield1.3% vs. 4.9%
Cash FFO payout59% vs. 76%
Net debt / EBITDA5.6× vs. 4.9×
Interest cover4.3× vs. 4.4×
EBITDA margin25% 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 · Sep 30, 2024 → Jun 30, 2026 · a gap is a dropped quarter
Revenue, $B3.54
Cash FFO / share, quarter1.77
EBITDA margin37%
Interest cover7.3×