Welltower WELL

NYSE · Real Estate Investment Trusts · $178.7B

$245.43−1.03%Nov 5 close · Databento

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WELL Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $245.431D −1.03%3M +4.42%SMA20 $235.20SMA50 $233.68RSI(14) 61.8

245.43

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 61.8

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$178.7B

Enterprise value$192.7B

Revenue$10.8B +35.6%

EPS, diluted$1.39 −11.5%

Modern Valuation (EOD)

Market Cap$178.7B

Enterprise Value$192.7B

EV / True FCF—

EV / FCF—

EV / Gross Profit—

EV / EBIT—

EV / Sales17.78

P / E (GAAP)190.79

P / FCF—

P / Oper. CF62.03

P / Book4.16

Owner & Cash Yields

True FCF Yield—

FCF Yield—

Owner Earn. Yield—

Earnings Yield0.5%

Shareholder Yield+0.2%

Buyback Yield0.0%

Dividend Yield1.15%

Dividend / sh$2.82

Payout Ratio200%

FCF / sh—

EPS (diluted)$1.39

Compounder & Returns

Rule of 40—

ROIC—

Cash ROIC (CROIC)—

GP / Assets—

ROE2.2%

ROA1.4%

Gross Margin—

Oper. Margin—

Net Margin8.6%

FCF Margin—

True FCF Margin—

Quality & Dilution

Cash Conversion—

Accrual Ratio−2.9%

SBC % of FCF—

SBC % of Rev14.4%

Reinvest. Rate—

Sales Growth Y/Y+35.6%

Sales 3Y CAGR+22.7%

EPS Growth Y/Y−11.5%

FCF Growth Y/Y—

FCF 3Y CAGR—

Share Change Y/Y+11.6%

Balance Sheet & Scale

Revenue (FY)$10.8B

Gross Profit (FY)—

Oper. Income (FY)—

GAAP Net Income$936.8M

True FCF (ex-SBC)—

Cash & Equiv$5.2B

Total Debt$19.2B

Net Cash (Debt)$-14.0B

Net Cash % MCap−7.8%

Debt / FCF (yrs)—

Current Ratio—733.61M sh

Price & Technicals (EOD)

Perf Week+5.26%

Perf Month+10.99%

Perf Quarter+3.59%

Perf Half Y+15.25%

Perf YTD+17.18%

SMA 20 Dist+4.35%$235.20

SMA 50 Dist+5.03%$233.68

SMA 100 Dist+5.02%$233.70

Window High−2.63%$252.07

Window Low+25.64%$195.35

RSI (14) · Vol61.830%v

Income Distribution & Cash Flow ConversionHow every dollar of WELL revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$6.5B ($59.9 / $100)

SG&A & Other OpEx$1.7B ($16.1 / $100)

Tax & Non-Operating$3.4B ($31.5 / $100)

Net Profit Kept$936.8M ($0.0 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$936.8M (8.6% margin)

Operating Cash Flow (OCF)$2.9B(26.6% of rev)

Less: Capital Expenditures—

Standard Free Cash Flow (FCF)—

Less: Stock-Based Comp (SBC)−$1.6B

True FCF (Owner Cash ex-SBC)—

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$4.7B	$5.9B	$6.6B	$8.0B	$10.8B	+35.6%	+23.0%
Cost of Revenue (COGS)	$2.8B	$3.6B	$3.9B	$4.8B	$6.5B	+34.3%	+23.7%
Selling, General & Admin (SG&A)	$126.7M	$150.4M	$179.1M	$235.5M	$1.7B	+642.5%	+92.7%
Income Tax Expense	$8.7M	$7.2M	$6.4M	$2.7M	$-7.1M	−363.6%	—
GAAP Net Income	$336.1M	$141.2M	$340.1M	$951.7M	$936.8M	−1.6%	+29.2%
Diluted EPS	$0.78	$0.30	$0.66	$1.57	$1.39	−11.5%	+15.5%
Diluted Shares	426.8M	465.2M	518.7M	608.8M	679.5M	+11.6%	+12.3%
Balance Sheet
Cash & Equivalents	$346.8M	$722.3M	$2.1B	$3.7B	$5.2B	+40.4%	+96.9%
Total Assets	$34.9B	$37.9B	$44.0B	$51.0B	$67.3B	+31.9%	+17.8%
Total Debt (Short + Long Term)	$13.9B	$14.7B	$15.7B	$15.5B	$19.2B	+23.9%	+8.4%
Total Liabilities	$15.9B	$16.5B	$17.6B	$18.5B	$24.1B	+30.5%	+10.9%
Stockholders' Equity	$18.6B	$21.0B	$26.1B	$32.3B	$42.9B	+32.9%	+23.3%
Net Cash / (Net Debt)	$-13.6B	$-14.0B	$-13.7B	$-11.8B	$-14.0B	−18.7%	—
Invested Capital	$32.2B	$35.0B	$39.7B	$44.1B	$56.9B	+29.1%	+15.3%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$1.3B	$1.3B	$1.6B	$2.3B	$2.9B	+27.7%	+22.6%
Depreciation & Amortization (D&A)	$1.0B	$1.3B	$1.4B	$1.6B	$2.1B	+27.7%	+19.1%
Stock-Based Compensation (SBC)	$17.8M	$26.1M	$37.2M	$75.8M	$1.6B	+1953.2%	+205.8%
Share Repurchases (Buybacks)	$0	$0	—	—	$0	—	—
Dividends Paid	$1.0B	$1.1B	$1.3B	$1.5B	$1.9B	+21.4%	+16.0%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what WELL did at the next close after each story

No Wire story has named WELL yet.

What happened · big days

17 big days in a year, and what we hold on each

A big day is a close more than 2.65% from the one before, three times WELL’s median day (0.88%). On 4 of the 17, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±2.65%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayWELLWhat we hold that dayGroup (median of 4) · each

1 Dec 11, 2025−3.19%
Before our storiesgroup +0.7%, did not move with it
1Dec 11, 2025−3.19%
Before our stories
+0.7% did not move with itSPG +0.1 · PLD +0.7 · AMT +0.8 · EQIX +2.7
2 Feb 5, 2026+3.01%
Before our storiesgroup +0.8%, did not move with it
2Feb 5, 2026+3.01%
Before our stories
+0.8% did not move with itPLD +1.0 · SPG +0.8 · EQIX +0.7 · AMT −2.9
3 Feb 11, 2026+3.51%
Resultsgroup +0.3%, did not move with it
3Feb 11, 2026+3.51%
ResultsFirst close after the Feb 10 results filing
+0.3% did not move with itEQIX +1.3 · AMT +1.1 · PLD −0.4 · SPG −0.8
4 Feb 18, 2026−3.20%
Before our storiesgroup −2.2%, moved with WELL
4Feb 18, 2026−3.20%
Before our stories
−2.2% moved with WELLAMT −3.4 · EQIX −2.9 · PLD −1.5 · SPG −1.2
5 Mar 20, 2026−4.93%
Before our storiesgroup −2.8%, moved with WELL
5Mar 20, 2026−4.93%
Before our stories
−2.8% moved with WELLSPG −3.5 · AMT −3.3 · PLD −2.4 · EQIX −1.6
6 Apr 22, 2026−3.24%
Before our storiesgroup +0.2%, did not move with it
6Apr 22, 2026−3.24%
Before our stories
+0.2% did not move with itSPG −1.5 · PLD −0.3 · EQIX +0.7 · AMT +0.9
7 Apr 23, 2026+4.28%
Before our storiesgroup +1.1%, did not move with it
7Apr 23, 2026+4.28%
Before our stories
+1.1% did not move with itAMT +1.5 · EQIX +1.2 · SPG +1.0 · PLD +0.7
8 Jun 1, 2026−3.88%
Before our storiesgroup −1.4%, did not move with it
8Jun 1, 2026−3.88%
Before our stories
−1.4% did not move with itPLD −3.1 · EQIX −1.6 · SPG −1.1 · AMT +0.3
9 Jun 5, 2026+3.03%
Before our storiesgroup +0.3%, did not move with it
9Jun 5, 2026+3.03%
Before our stories
+0.3% did not move with itSPG +2.0 · PLD +0.5 · AMT +0.1 · EQIX −0.8
10 Jun 8, 2026−3.35%
Before our storiesgroup −1.5%, did not move with it
10Jun 8, 2026−3.35%
Before our stories
−1.5% did not move with itAMT −2.6 · EQIX −1.7 · SPG −1.4 · PLD −1.2
11 Jun 9, 2026+3.39%
Before our storiesgroup +1.6%, did not move with it
11Jun 9, 2026+3.39%
Before our stories
+1.6% did not move with itPLD +3.3 · SPG +2.2 · AMT +0.9 · EQIX −0.3
12 Jun 17, 2026−3.26%
Nothing on WELLgroup −2.2%, moved with WELL
12Jun 17, 2026−3.26%
Nothing on WELLNo WELL story, brief or results filing in our record that day
−2.2% moved with WELLPLD −3.5 · SPG −2.5 · AMT −1.8 · EQIX −0.6
13 Jun 23, 2026+2.94%
Nothing on WELLgroup +1.0%, did not move with it
13Jun 23, 2026+2.94%
Nothing on WELLNo WELL story, brief or results filing in our record that day
+1.0% did not move with itAMT +1.7 · SPG +1.0 · PLD +1.0 · EQIX 0.0
14 Jul 16, 2026+3.51%
Nothing on WELLgroup +1.5%, did not move with it
14Jul 16, 2026+3.51%
Nothing on WELLNo WELL story, brief or results filing in our record that day
+1.5% did not move with itPLD +4.6 · SPG +2.9 · AMT +0.2 · EQIX −1.3
15 Aug 11, 2026−3.84%
Nothing on WELLgroup −0.1%, did not move with it
15Aug 11, 2026−3.84%
Nothing on WELLNo WELL story, brief or results filing in our record that day
−0.1% did not move with itEQIX −1.1 · SPG −0.5 · AMT +0.3 · PLD +0.5
16 Oct 27, 2026−5.77%
Resultsgroup −0.0%, did not move with it
16Oct 27, 2026−5.77%
ResultsFirst close after the Oct 26 results filing
−0.0% did not move with itAMT −2.4 · SPG −0.2 · PLD +0.1 · EQIX +3.3
17 Nov 4, 2026+2.83%
Nothing on WELLgroup +3.4%, moved with WELL
17Nov 4, 2026+2.83%
Nothing on WELLNo WELL story, brief or results filing in our record that day
+3.4% moved with WELLAMT +4.0 · EQIX +3.9 · SPG +2.9 · PLD +1.8

A story on the same day is not a cause, and a group move is not proof either. Group: the median of PLD, EQIX, AMT and SPG that day, the largest companies in WELL’s SEC industry; “moved with WELL” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). WELL reports after the close, so day 1 is the next close. 2 of 4 times, day 6 ended on the same side as day 1.

Reported Feb 10, 2026

day 1+3.51%day 6+3.57%

Reported Apr 28, 2026

day 1−1.00%day 6+1.05%

Reported Jul 27, 2026

day 1−1.92%day 6−6.75%

Reported Oct 26, 2026

day 1−5.77%day 6+0.23%

Next report: expected late January to early FebruaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 26 report: +3.07%. Four reports is a small sample.

Every report since 2023 →

Each line is WELL’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

WELL against four REIT peers, a year at 100

WELL is up 30.3% in a year. All four did less: Equinix (+27.8%), Simon Property (+24.5%), American Tower (+9.5%) and Prologis (+4.6%). Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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WELL +30.3%. Equinix +27.8%, Simon Property +24.5%, American Tower +9.5%, Prologis +4.6%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in WELL’s SEC industry (Real Estate Investment Trusts) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

PLD	Prologis	$122.5B	−2.14%
EQIX	Equinix	$104.0B	−5.38%
AMT	American Tower	$90.8B	−0.45%
SPG	Simon Property	$74.6B	−0.85%
DLR	Digital Realty Trust	$65.0B	−5.52%
PSA	Public Storage	$60.2B	−0.66%
O	Realty Income	$56.0B	+0.47%
VTR	Ventas	$45.8B	−0.18%