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Welltower

WELL
45
REIT - Healthcare Facilities · Real Estate
Also trades as: 0LUS.L
Price
$239.30
+1.90 (+0.80%)
Market Cap
$172.43B
Exchange
New York Stock Exchange
Winston Score
45
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Good
Cash Flow
Exceptional
Stability
Mixed
Valuation
Good
Dividends
Good

Share count rising — dilution

+59.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 426.8M (2021) → 679.5M (2025)

Winston Score History

The full picture

Welltower is a real estate company that owns buildings where people receive healthcare and senior living services. Its portfolio includes senior housing communities, assisted living facilities, and outpatient medical buildings. It is one of the largest healthcare real estate investment trusts (REITs) in the United States.

Welltower makes money by collecting rent and operating income from the healthcare operators and tenants that run businesses inside its properties. It operates primarily in the United States, Canada, and the United Kingdom, with a portfolio of thousands of properties worth tens of billions of dollars. Its main competitive advantage is its sheer scale and long-standing relationships with major healthcare operators, though its biggest risk is that rising interest rates increase its borrowing costs, which can squeeze returns since REITs rely heavily on debt to fund property acquisitions. The aging of the U.S. population is the central long-term growth driver, as demand for senior housing is expected to grow steadily over the coming decades.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+40.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-26.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.1%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$4.0B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Welltower grew revenue 41% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
39.3%
Modest — 39.3% gross margin
Profit after running costs
Operating Margin
16.6%
Healthy — 16.6% operating margin
Return on the money invested
ROCE
1.1%
Weak — 1.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
+38.1%
Fast-growing sales (+38.1% YoY)
Profit growth
EPS YoY
+7.8%
Modest earnings growth (+7.8% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
162%
Turns 162% of profit into real cash
Spare cash per sale
FCF Margin
14.1%
Converts sales into free cash efficiently (14.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.38
Conservative — low debt load (0.38)
Covers its interest
Interest Cover
0.92x
Dangerous — barely covers interest (0.9x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit
P/E Ratio (TTM)
124.0x
Expensive — P/E 124.0

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+66.8
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (124.0 → 57.2)

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Dividends

Dividend
Dividend Yield
1.28%
Small dividend — 1.28% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+11.6%
Dividend growing fast (11.6% YoY)

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