Latest Ratios: P/E Ratio 169.7x · EV/EBITDA 72.8x · ROE 2.5%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $165.2B | $126.1B | $76.7B | $46.8B | $30.5B | $36.6B | $27.0B | $33.0B | $26.0B | $23.5B | $24.1B |
| Enterprise Value | $181.6B | $142.5B | $90.0B | $60.9B | $44.8B | $51.0B | $39.6B | $48.1B | $39.1B | $35.0B | $36.0B |
| P/E Ratio → | 169.67 | 133.53 | 80.27 | 136.62 | 218.50 | 109.96 | 27.73 | 26.81 | 34.36 | 50.61 | 23.82 |
| P/S Ratio | 15.49 | 11.82 | 9.77 | 7.22 | 5.28 | 7.77 | 5.88 | 6.47 | 5.58 | 5.47 | 5.67 |
| P/B Ratio | 3.71 | 2.92 | 2.36 | 1.77 | 1.43 | 1.93 | 1.57 | 1.94 | 1.63 | 1.54 | 1.54 |
| P/FCF | 58.02 | 44.29 | 34.90 | 30.15 | 23.49 | 29.15 | 20.02 | 21.72 | 16.53 | 16.56 | 14.96 |
| P/OCF | 57.34 | 43.77 | 34.00 | 29.20 | 22.95 | 28.71 | 19.76 | 21.50 | 16.44 | 16.41 | 14.80 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 13.36 | 11.46 | 9.40 | 7.76 | 10.83 | 8.64 | 9.44 | 8.38 | 8.15 | 8.48 |
| EV / EBITDA | 72.82 | 57.13 | 31.84 | 25.55 | 21.52 | 28.09 | 22.31 | 21.10 | 18.36 | 17.11 | 16.25 |
| EV / EBIT | 511.25 | 828.67 | 81.89 | 63.57 | 63.80 | 77.23 | 82.11 | 43.81 | 41.18 | 44.65 | 29.29 |
| EV / FCF | — | 50.03 | 40.93 | 39.26 | 34.53 | 40.62 | 29.42 | 31.65 | 24.83 | 24.65 | 22.37 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.2% | 39.2% | 38.5% | 39.1% | 38.4% | 41.1% | 43.4% | 47.3% | 47.9% | 51.5% | 55.9% |
| Operating Margin | 3.3% | 3.3% | 14.6% | 14.5% | 12.9% | 16.2% | 15.9% | 24.3% | 24.9% | 25.8% | 30.8% |
| Net Profit Margin | 8.8% | 8.8% | 12.1% | 5.2% | 2.4% | 7.1% | 21.3% | 24.2% | 17.2% | 12.2% | 25.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.5% | 2.5% | 3.2% | 1.4% | 0.7% | 1.9% | 5.7% | 7.5% | 5.1% | 3.4% | 6.9% |
| ROA | 1.6% | 1.6% | 2.0% | 0.8% | 0.4% | 1.0% | 3.0% | 3.9% | 2.8% | 1.8% | 3.7% |
| ROIC | 0.5% | 0.5% | 2.0% | 1.9% | 1.6% | 1.8% | 1.8% | 3.0% | 3.1% | 3.1% | 3.5% |
| ROCE | 0.6% | 0.6% | 2.5% | 2.4% | 2.1% | 2.3% | 2.3% | 4.2% | 4.3% | 4.1% | 4.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.49 | 0.49 | 0.51 | 0.61 | 0.70 | 0.77 | 0.83 | 0.91 | 0.83 | 0.77 | 0.79 |
| Debt / EBITDA | 8.57 | 8.57 | 5.93 | 6.76 | 7.18 | 8.08 | 8.00 | 6.75 | 6.24 | 5.73 | 5.57 |
| Net Debt / Equity | — | 0.38 | 0.41 | 0.54 | 0.67 | 0.76 | 0.74 | 0.89 | 0.82 | 0.75 | 0.76 |
| Net Debt / EBITDA | 6.56 | 6.56 | 4.69 | 5.93 | 6.88 | 7.93 | 7.13 | 6.62 | 6.14 | 5.61 | 5.38 |
| Debt / FCF | — | 5.74 | 6.03 | 9.11 | 11.04 | 11.47 | 9.41 | 9.93 | 8.30 | 8.09 | 7.41 |
| Interest Coverage | 0.26 | 0.26 | 1.91 | 1.58 | 1.33 | 1.35 | 0.94 | 1.98 | 1.80 | 1.62 | 2.36 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.34 | 5.34 | 5.28 | 4.51 | 2.63 | 1.93 | 5.52 | 0.89 | 0.78 | 1.03 | 1.63 |
| Quick Ratio | 5.34 | 5.34 | 5.28 | 4.51 | 2.63 | 1.93 | 5.52 | 0.89 | 0.78 | 1.03 | 1.63 |
| Cash Ratio | 2.71 | 2.71 | 2.56 | 1.81 | 0.54 | 0.20 | 2.48 | 0.14 | 0.10 | 0.15 | 0.28 |
| Asset Turnover | — | 0.16 | 0.15 | 0.15 | 0.15 | 0.13 | 0.14 | 0.15 | 0.15 | 0.15 | 0.15 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.2% | 1.5% | 2.0% | 2.7% | 3.7% | 2.8% | 4.1% | 4.2% | 5.2% | 5.6% | 5.4% |
| Payout Ratio | 200.5% | 200.5% | 162.4% | 370.7% | 801.3% | 308.2% | 114.3% | 113.7% | 167.6% | 253.6% | 120.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.6% | 0.7% | 1.2% | 0.7% | 0.5% | 0.9% | 3.6% | 3.7% | 2.9% | 2.0% | 4.2% |
| FCF Yield | 1.7% | 2.3% | 2.9% | 3.3% | 4.3% | 3.4% | 5.0% | 4.6% | 6.1% | 6.0% | 6.7% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.2% | 0.0% |
| Total Shareholder Yield | 1.2% | 1.5% | 2.0% | 2.7% | 3.7% | 2.8% | 4.2% | 4.2% | 5.2% | 6.9% | 5.4% |
| Shares Outstanding | — | $680M | $609M | $519M | $465M | $427M | $417M | $404M | $375M | $369M | $360M |
Operational labor cost volatility
Based on the provided quarterly data, Welltower's P/FFO multiple has expanded to 61.86x in 2026Q1, suggesting that investors are pricing in significant future growth from the SHOP segment that exceeds the valuation multiples typically assigned to more traditional, triple-net healthcare REIT peers.
The elevated P/FFO multiple relative to historical averages indicates a market expectation for sustained occupancy gains and pricing power within the seniors housing portfolio. While this premium valuation may be justified by the company's aggressive acquisition strategy and high-barrier-to-entry asset base, it leaves little room for error should operational performance in the SHOP segment falter.
As reported in the quarterly financial statements, Welltower maintained an NOI margin of 38.7% in 2026Q1, which suggests that the company is successfully scaling its operational footprint while effectively managing the labor-intensive cost structure inherent in its seniors housing operating model.
The stability of NOI margins despite rapid revenue expansion implies that management is effectively leveraging its data-driven platform to optimize facility-level performance. Investors should monitor whether these margins can continue to hold as the company integrates new acquisitions, as labor inflation remains a persistent threat to property-level profitability.
According to the latest financial data, the FFO payout ratio stood at 37.9% in 2026Q1, indicating a robust safety margin that allows the company to retain significant cash flow for reinvestment into its high-growth seniors housing portfolio while maintaining a reliable dividend distribution.
The low payout ratio relative to FFO suggests that the dividend is well-covered and provides the company with substantial financial flexibility. This conservative approach to capital distribution appears prudent given the operational volatility associated with the SHOP segment and the ongoing need for capital expenditures to maintain asset quality.
Based on the reported figures, Welltower maintains a debt-to-equity ratio of 0.44 as of 2026Q1, which appears exceptionally conservative for a large-scale REIT and provides a significant buffer against potential interest rate volatility or future market-wide liquidity constraints.
This low leverage profile, combined with a substantial cash position, positions the company to act opportunistically in a high-rate environment where smaller competitors may face capital constraints. The current balance sheet structure appears to prioritize financial stability, which is essential for navigating the operational complexities of the company's current business model.
The most commonly misapplied metric for Welltower is the standard P/E ratio, which, at 163.46x, severely distorts the company's valuation by failing to account for the massive non-cash depreciation charges inherent in its large-scale real estate portfolio.
Using P/E to evaluate a REIT like Welltower obscures the actual cash-generating capacity of the underlying assets, as depreciation is a non-cash accounting expense that does not reflect the economic reality of property value. Analysts should instead utilize P/FFO or P/AFFO, which provide a more accurate representation of the company's ability to generate recurring cash flow for shareholders.
Includes 30+ ratios · 30 years · Updated daily
Wall Street verdict, signals, and target summaries.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying WELL stock.
Welltower Inc.'s current P/E ratio is 169.7x. The historical average is 43.8x. This places it at the 100th percentile of its historical range.
Welltower Inc.'s current EV/EBITDA is 72.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.1x.
Welltower Inc.'s return on equity (ROE) is 2.5%. The historical average is 6.0%.
Based on historical data, Welltower Inc. is trading at a P/E of 169.7x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Welltower Inc.'s current dividend yield is 1.17% with a payout ratio of 200.5%.
Welltower Inc. has 39.2% gross margin and 3.3% operating margin.
Welltower Inc.'s Debt/EBITDA ratio is 8.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.