Welltower Inc. (WELL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-13.5%

$205.10

vs $237.08 price

Levered DCF

$219.63

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

4.34

Safe zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	131.64×	79.77×	136.62×	211.45×	108.57×	27.38×	26.64×	34.19×
P/B	2.93×	2.38×	1.83×	1.49×	2.07×	1.68×	2.11×	1.77×
P/S	11.58×	9.68×	7.18×	5.25×	7.74×	5.85×	6.44×	5.55×
EV / EBITDA	60.55×	32.12×	25.25×	21.88×	29.68×	25.78×	22.4×	20.32×
Gross margin	39.2%	38.5%	39.1%	38.4%	41.1%	43.4%	47.3%	47.9%
Operating margin	3.3%	14.6%	14.5%	12.9%	16.2%	15.9%	24.3%	24.9%
Net margin	8.8%	12.1%	5.2%	2.4%	7.1%	21.3%	24.2%	17.2%
Current ratio	5.34×	5.28×	4.51×	2.63×	1.93×	5.52×	0.89×	0.78×
Debt / equity	0.51×	0.52×	0.63×	0.74×	0.83×	0.89×	0.99×	0.91×
Interest coverage	0.54×	2×	1.55×	1.41×	1.56×	1.41×	2.23×	2.21×
Dividend yield	1.5%	2.0%	2.7%	3.7%	2.8%	4.2%	4.3%	5.2%
Payout ratio	200.5%	162.4%	370.7%	801.3%	308.2%	114.3%	113.7%	167.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.2%	3.0%	1.3%	0.7%	1.9%	6.1%	7.9%	5.5%
Return on invested capital	0.5%	2.3%	2.2%	1.9%	2.2%	2.3%	3.8%	3.9%
Return on assets	1.4%	1.9%	0.8%	0.4%	1.0%	3.0%	3.7%	2.7%
Free cash flow yield	2.3%	2.9%	3.3%	4.3%	3.4%	5.0%	4.6%	6.1%
Earnings yield	0.8%	1.3%	0.7%	0.5%	0.9%	3.6%	3.8%	3.1%
Enterprise value	$139.9B	$89.2B	$60.6B	$44.6B	$50.9B	$39.5B	$48B	$39B
Net debt / EBITDA	7.08×	4.77×	5.88×	7.03×	8.41×	8.27×	7.05×	6.81×
Cash conversion cycle (days)	144	146	147	127	150	98	99	108