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Welltower

WELL
46
REIT - Healthcare Facilities · Real Estate
Price
$243.25
+1.76 (+0.73%)
Market Cap
$171.71B
Exchange
New York Stock Exchange
Winston Score
46
Winston is serious
Mixed quality — meaningful strengths and weaknesses.

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)

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.

Winston Score History

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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

+38.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+160.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.1%ownership

Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$4.7B 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 38% 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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin
37.8%
Modest — 37.8% gross margin
Operating Margin
16.9%
Healthy — 16.9% operating margin
ROCE
0.9%
Weak — 0.9% 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 YoY
+37.7%
Fast-growing sales (37.7% YoY)
EPS YoY
+17.1%
Earnings growing fast (17.1% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
210%
Turns 210% of profit into real cash
FCF Margin
21.9%
Converts sales into free cash efficiently (21.9%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity
0.41
Conservative — low debt load (0.41)
Interest Cover
0.76x
Dangerous — barely covers interest (0.8x)

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

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Valuation

P/E Ratio (TTM)
118.7x
Expensive — P/E 118.7

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

P/E vs Forward
+46.0
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (118.7 → 72.6)

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Dividends

Dividend Yield
1.26%
Small dividend — 1.26% yield

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

Dividend Growth
+10.4%
Dividend growing fast (10.4% YoY)

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