Welltower Inc.

Real Estate
Real Estate Investment Trusts
www.welltower.com

Earnings Score
Moat Score
Safety Score

Market Cap $76.41B
PE 83
Debt $16.03B
Cash $3.78B
EV $88.65B
FCF $1.15B

Earnings

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Sales & Net Margins

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Earnings	$915.62M
EBIT	$1.08B
ROE	3%
ROA	2%
FCF	$1.15B
Equity	$30.79B
Growth Stability	17%
PE	83.45
PEG	-3.22
PB	2.48
P/FCF	66.38
P/S	10.2
Price/Cash	0.05
Debt/Equity	0.52
Debt/FCF	13.92
Net Margins	14%
Gross Margins	40%
Op. Margins	14%
Earnings CAGR	-13%
Sales Growth YoY	24%
Sales Growth QoQ	13%
Sales CAGR	6%
FCF CAGR	-8%
Equity CAGR	6%
Earnings Stability	0.31
Earnings Growth YoY	253%
Earnings Growth QoQ	77%

Earnings CAGR 5Y	-26%
Sales CAGR 5Y	10%
FCF CAGR 5Y	-13%
Equity CAGR 5Y	14%
Earnings CAGR 3Y	16%
Sales CAGR 3Y	16%
FCF CAGR 3Y	-0%
Equity CAGR 3Y	21%
Market Cap	$76.41B
Revenue	$7.49B
Dividend Yield	2%
Payout Ratio	160%
Assets	$48.95B
Total Debt	$16.03B
Cash	$3.78B
Shares Outstanding	581.61M
EV	88.65B
Earnings Score	4%
Moat Score	48%
Safety Score	46%
Final Score	32%
Gross Profit	$3.03B
Shares Growth 3y	13%
Equity Growth QoQ	5%
Equity Growth YoY	31%

Assets & ROA

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Stockholders Equity & ROE

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Welltower OP LLC owns a diversified healthcare portfolio of over 1,800 in-place properties spread across the senior housing, medical office, and skilled nursing/post-acute care sectors. The portfolio includes over 100 properties in both Canada and the United Kingdom as the company looks for additional investment opportunities in countries with mature healthcare systems that operate similarly to that of the United States.

SEC Filings

Direct access to Welltower Inc. (WELL) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Welltower Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Welltower Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR -13%

Stability 31%

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Welltower Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Welltower Inc..

Years

Calculation mode

= $7B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$1.2B	$1.1B	$983M	$909M	$840M	$777M	$718M	$663M	$613M	$567M	$524M	$5.2B
DCF		$967M	$813M	$683M	$574M	$482M	$405M	$340M	$286M	$240M	$202M	$2B
Value	$7B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	13%	21%	24%	11%	16%	24%	21%	7%	2%	5%	14%
ROA	-	4%	4%	3%	3%	3%	1%	2%	2%	2%	2%
ROE	-	5%	7%	3%	5%	7%	6%	2%	1%	1%	3%

Good Net Margins (14.49%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	10.74	9.57	9.19	8.56	11.07	11.94	16.22	21.11	27.13	13.92
Debt over Equity	0.8	0.8	0.77	0.74	0.78	0.81	0.82	0.75	0.7	0.61	0.52
Growth Stability	-	-	-	61%	99%	100%	100%	34%	17%	70%	17%

Bad Debt/FCF ratio (13.92)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Good Debt/Equity ratio (0.52)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (17%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	15%	11%	1%	9%	9%	-10%	3%	24%	13%	10%
Earnings YoY growth	-	83%	24%	-54%	64%	63%	-21%	-66%	-58%	141%	-26%
Equity YoY growth	-	13%	1%	-2%	4%	6%	2%	10%	13%	24%	14%
FCF YoY growth	-	20%	9%	-2%	18%	-15%	-4%	-26%	-19%	-16%	-13%