Loading...

Welltower

NYSE:WELL
Snowflake Description

6 star dividend payer with imperfect balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
WELL
NYSE
$32B
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Welltower Inc. (NYSE:WELL), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The last earnings update was 22 days ago. More info.


Add to Portfolio Compare Print
WELL Share Price and Events
7 Day Returns
1.7%
NYSE:WELL
1.2%
US REITs
1.6%
US Market
1 Year Returns
40.9%
NYSE:WELL
15.2%
US REITs
2.6%
US Market
WELL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Welltower (WELL) 1.7% 11.5% 7.5% 40.9% 16.6% 28.3%
US REITs 1.2% 2.9% 3.3% 15.2% 13.3% 25.8%
US Market 1.6% -1.7% 2.1% 2.6% 38.5% 41.4%
1 Year Return vs Industry and Market
  • WELL outperformed the REITs industry which returned 15.2% over the past year.
  • WELL outperformed the Market in United States of America which returned 2.6% over the past year.
Price Volatility
WELL
Industry
5yr Volatility vs Market

Value

 Is Welltower undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Welltower to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Welltower.

NYSE:WELL Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:WELL
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 21%) (40.56%))
0.8
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%)
7.5%

Discounted Cash Flow Calculation for NYSE:WELL using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Welltower is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Welltower is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:WELL DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.5%)
2019 1,519.79 Analyst x9 1,413.79
2020 1,627.10 Analyst x9 1,408.04
2021 1,796.77 Analyst x2 1,446.41
2022 1,917.10 Est @ 6.7% 1,435.63
2023 2,022.67 Est @ 5.51% 1,409.04
2024 2,117.21 Est @ 4.67% 1,372.02
2025 2,203.82 Est @ 4.09% 1,328.53
2026 2,284.97 Est @ 3.68% 1,281.38
2027 2,362.58 Est @ 3.4% 1,232.49
2028 2,438.11 Est @ 3.2% 1,183.18
Present value of next 10 years cash flows $13,510.51
NYSE:WELL DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $2,438.11 × (1 + 2.73%) ÷ (7.5% – 2.73%)
$52,530.83
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $52,530.83 ÷ (1 + 7.5%)10
$25,492.38
NYSE:WELL Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $13,510.51 + $25,492.38
$39,002.89
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $39,002.89 / 404.94
$96.32
NYSE:WELL Discount to Share Price
Calculation Result
Value per share (USD) From above. $96.32
Current discount Discount to share price of $80.00
= -1 x ($80.00 - $96.32) / $96.32
16.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Welltower is available for.
Intrinsic value
17%
Share price is $80 vs Future cash flow value of $96.32
Current Discount Checks
For Welltower to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Welltower's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Welltower's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Welltower's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Welltower's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:WELL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $1.59
NYSE:WELL Share Price ** NYSE (2019-05-21) in USD $80
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.75x
United States of America Market PE Ratio Median Figure of 3,087 Publicly-Listed Companies 17.74x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Welltower.

NYSE:WELL PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:WELL Share Price ÷ EPS (both in USD)

= 80 ÷ 1.59

50.4x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Welltower is overvalued based on earnings compared to the US REITs industry average.
  • Welltower is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Welltower's expected growth come at a high price?
Raw Data
NYSE:WELL PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 50.4x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
-2.8%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.58x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.53x

*Line of best fit is calculated by linear regression .

NYSE:WELL PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 50.4x ÷ -2.8%

-17.96x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Welltower earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Welltower's assets?
Raw Data
NYSE:WELL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $37.35
NYSE:WELL Share Price * NYSE (2019-05-21) in USD $80
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.89x
United States of America Market PB Ratio Median Figure of 5,202 Publicly-Listed Companies 1.84x
NYSE:WELL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:WELL Share Price ÷ Book Value per Share (both in USD)

= 80 ÷ 37.35

2.14x

* Primary Listing of Welltower.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Welltower is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess Welltower's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Welltower has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Welltower expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-2.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Welltower expected to grow at an attractive rate?
  • Welltower's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Welltower's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Welltower's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:WELL Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:WELL Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts -2.8%
NYSE:WELL Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 3.5%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.9%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.8%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:WELL Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:WELL Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 5,296 799 1
2020-12-31 5,346 1,838 748 6
2019-12-31 5,142 1,554 866 6
NYSE:WELL Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 4,809 1,559 601
2018-12-31 4,634 1,584 758
2018-09-30 4,498 1,483 545
2018-06-30 4,348 1,428 555
2018-03-31 4,284 1,417 589
2017-12-31 4,243 1,434 464
2017-09-30 4,205 1,521 908
2017-06-30 4,188 1,628 1,169
2017-03-31 4,203 1,644 1,176
2016-12-31 4,183 1,639 1,012
2016-09-30 4,134 1,617 812
2016-06-30 4,036 1,610 659

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Welltower's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Welltower's revenue is expected to grow by 3.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:WELL Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from Welltower Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:WELL Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 1.95 2.08 1.83 3.00
2020-12-31 1.83 2.05 1.62 9.00
2019-12-31 2.16 2.71 1.75 8.00
NYSE:WELL Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 1.59
2018-12-31 2.03
2018-09-30 1.47
2018-06-30 1.50
2018-03-31 1.59
2017-12-31 1.26
2017-09-30 2.49
2017-06-30 3.22
2017-03-31 3.27
2016-12-31 2.83
2016-09-30 2.28
2016-06-30 1.86

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Welltower is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Welltower's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Welltower has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Welltower performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Welltower's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Welltower's year on year earnings growth rate has been positive over the past 5 years.
  • Welltower's 1-year earnings growth is less than its 5-year average (2.1% vs 10.8%)
  • Welltower's earnings growth has not exceeded the US REITs industry average in the past year (2.1% vs 16%).
Earnings and Revenue History
Welltower's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Welltower Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:WELL Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 4,808.69 601.05 127.96
2018-12-31 4,633.88 758.25 126.38
2018-09-30 4,498.00 544.96 123.65
2018-06-30 4,347.54 554.63 124.81
2018-03-31 4,283.60 588.63 124.61
2017-12-31 4,242.83 463.60 122.01
2017-09-30 4,205.18 908.16 126.45
2017-06-30 4,187.94 1,169.02 133.37
2017-03-31 4,202.89 1,176.07 140.65
2016-12-31 4,183.20 1,012.40 155.24
2016-09-30 4,133.86 812.28 159.29
2016-06-30 4,036.42 659.42 159.41
2016-03-31 3,920.36 776.51 157.97
2015-12-31 3,775.69 818.34 147.42
2015-09-30 3,627.37 874.05 157.87
2015-06-30 3,508.93 828.27 151.72
2015-03-31 3,389.85 580.85 145.22
2014-12-31 3,305.88 439.61 142.94
2014-09-30 3,229.21 270.33 124.16
2014-06-30 3,167.11 149.38 122.07
2014-03-31 3,020.49 105.59 114.00
2013-12-31 2,847.95 27.00 108.32
2013-09-30 2,541.07 56.55 99.84
2013-06-30 2,217.88 63.61 94.80
2013-03-31 1,977.83 51.64 96.77
2012-12-31 1,765.98 107.83 97.34
2012-09-30 1,645.42 67.40 97.49
2012-06-30 1,563.26 75.70 93.55

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Welltower has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Welltower used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • Welltower's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Welltower's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Welltower has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Welltower's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Welltower's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Welltower is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Welltower's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Welltower's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Welltower Company Filings, last reported 1 month ago.

NYSE:WELL Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 16,498.38 13,138.14 249.13
2018-12-31 16,010.65 13,297.14 215.38
2018-09-30 15,670.07 13,504.06 191.20
2018-06-30 15,198.64 11,435.56 215.12
2018-03-31 15,448.20 11,349.84 202.82
2017-12-31 15,300.65 11,731.94 243.78
2017-09-30 15,631.41 11,521.59 236.25
2017-06-30 15,702.40 11,379.95 442.28
2017-03-31 15,495.68 11,454.19 380.36
2016-12-31 15,679.91 12,358.25 419.38
2016-09-30 15,657.77 13,430.89 428.62
2016-06-30 15,262.69 12,973.73 466.59
2016-03-31 15,359.45 13,063.20 355.95
2015-12-31 15,358.97 12,967.69 360.91
2015-09-30 15,301.94 11,467.78 292.04
2015-06-30 15,204.68 11,552.37 217.94
2015-03-31 15,010.46 11,014.79 202.27
2014-12-31 13,559.46 10,776.64 473.73
2014-09-30 13,581.84 10,282.84 998.68
2014-06-30 12,550.29 10,345.20 207.36
2014-03-31 11,656.90 10,941.47 185.95
2013-12-31 11,791.37 10,652.01 158.78
2013-09-30 11,946.13 10,443.31 164.84
2013-06-30 12,096.97 9,560.20 512.47
2013-03-31 10,416.87 9,854.13 269.84
2012-12-31 10,555.11 8,532.16 1,033.76
2012-09-30 10,557.45 7,319.77 1,382.25
2012-06-30 8,261.86 7,686.48 204.90
  • Welltower's level of debt (79.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (93.7% vs 79.6% today).
  • Debt is not well covered by operating cash flow (11.9%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.4x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Welltower's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Welltower has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Welltower's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.35%
Current annual income from Welltower dividends. Estimated to be 4.47% next year.
If you bought $2,000 of Welltower shares you are expected to receive $87 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Welltower's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
  • Welltower's dividend is above the markets top 25% of dividend payers in United States of America (3.72%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:WELL Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2003 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:WELL Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 4.13 1.00
2022-12-31 3.94 1.00
2021-12-31 3.63 5.00
2020-12-31 3.58 13.00
2019-12-31 3.48 13.00
NYSE:WELL Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-30 3.480 4.512
2019-02-25 3.480 4.602
2019-02-12 3.480 4.566
2018-10-30 3.480 4.864
2018-08-02 3.480 5.368
2018-07-27 3.480 5.573
2018-04-30 3.480 5.931
2018-01-31 3.480 6.467
2017-10-26 3.480 5.384
2017-07-27 3.480 4.900
2017-04-27 3.480 4.747
2017-01-26 3.480 5.051
2016-11-02 3.480 5.354
2016-10-27 3.440 5.059
2016-07-28 3.440 4.619
2016-04-28 3.440 4.703
2016-01-28 3.440 5.292
2015-10-29 3.300 5.128
2015-07-30 3.300 4.922
2015-04-30 3.300 4.785
2015-01-29 3.300 4.284
2014-10-30 3.180 4.189
2014-07-31 3.180 4.856
2014-05-01 3.180 5.007
2013-11-06 3.180 5.519
2013-10-31 3.060 4.766
2013-07-25 3.060 4.868
2013-04-25 3.060 4.397
2013-01-25 3.060 4.626
2012-11-07 3.060 5.075
2012-11-06 3.060 5.190
2012-10-25 2.960 5.030
2012-07-26 2.960 5.005
2012-04-26 2.960 5.189
2011-10-31 2.960 5.541
2011-10-27 2.860 5.396
2011-07-28 2.860 5.938
2011-04-28 2.860 5.465
2011-02-25 2.860 5.492
2011-02-16 2.860 5.715
2011-01-27 2.760 5.612
2010-10-28 2.760 5.849
2010-07-29 2.760 5.848
2010-02-24 2.720 6.227
2010-01-28 2.720 6.517
2009-10-29 2.720 6.116
2009-07-30 2.720 6.415

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Welltower's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (492.6x coverage).
X
Income/ dividend checks
We assess Welltower's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Welltower afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Welltower has a total score of 6/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Welltower's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Tom Derosa
COMPENSATION $12,884,453
AGE 60
TENURE AS CEO 5.1 years
CEO Bio

Mr. Thomas J. DeRosa, also known as Tom, serves as a Chairman of the Board at Welltower Inc. since 2019. He serves as Director of Empire State Realty Trust Inc. since October 2013, is currently Chief Executive Officer and a member of the Board of Directors of Welltower, Inc. (formerly, Health Care REIT, Inc.) (NYSE: WELL), a real estate investment trust that invests in senior living and health care real estate. Previously, he served as the Vice Chairman and Chief Financial Officer of the Rouse Company, a leading owner, operator and developer of commercial real estate and master planned residential communities, from September 2002 until November 2004 when it was merged with General Growth Properties, Inc. (NYSE: GGP). Prior to joining the Rouse Company, Mr. DeRosa spent over 20 years in investment banking. From 1992 to September 2002, Mr. DeRosa held various positions at Deutsche Bank AG (NYSE: DB), including Global Co-Head of the Health Care Investment Banking Group, and at Alex Brown & Sons, including Managing Director of the Real Estate Investment Banking Group. Mr. DeRosa also served as a member of the board of directors of Dover Corporation, a manufacturer and service provider for a broad range of specialized products and components, from 2007 to 2010, and as a member of the board of directors of CBL & Associates Properties, Inc., a real estate investment trust that invests in mall properties, from 2010 to 2015. Mr. DeRosa is a member of the board of directors of Value Retail PLC, a U.K.-based owner, operator and developer of luxury outlet shopping villages in Europe. Mr. DeRosa served on the board of directors of Georgetown University from 2007 to 2013. Mr. DeRosa currently is Governor of the World Economic Forum, a member of the Advisory Board of the Health Care and Pharmaceutical Management Program at Columbia Business School, a member of the Business Advisory Council of Lincoln Center for the Performing Arts and a Director of CECP. He is a frequent speaker on the growth of aging populations and the devastating impact of dementia on people, their families and health care delivery systems. Mr. DeRosa was the 2016 National Honoree of The Alzheimers Association. Mr. DeRosa received a bachelor’s degree from Georgetown University and an M.B.A. from Columbia University.

CEO Compensation
  • Tom's compensation has increased by more than 20% in the past year whilst earnings fell less than 20%.
  • Tom's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Welltower management team in years:

2
Average Tenure
45
Average Age
  • The average tenure for the Welltower management team is less than 2 years, this suggests a new team.
Management Team

Tom Derosa

TITLE
Chairman & CEO
COMPENSATION
$13M
AGE
60
TENURE
5.1 yrs

John Goodey

TITLE
Executive VP & CFO
COMPENSATION
$4M
AGE
45
TENURE
1.6 yrs

Shankh Mitra

TITLE
Executive VP & Chief Investment Officer
COMPENSATION
$5M
AGE
37
TENURE
1.3 yrs

Matt McQueen

TITLE
Senior VP
COMPENSATION
$2M
AGE
45
TENURE
2.8 yrs

Mercedes Kerr

TITLE
Executive Vice President of Business & Relationship Management
COMPENSATION
$3M
AGE
49
TENURE
2.3 yrs

Ryan Rothacker

TITLE
Vice President of Operations for Outpatient Medical
TENURE
0.2 yrs

Mary Pisanelli

TITLE
Senior Vice President of Legal & Administration
TENURE
2.3 yrs

Nicholas Rumanes

TITLE
Head of Development
TENURE
0.2 yrs

Christy Stone

TITLE
Senior Vice President of Human Capital
TENURE
2.3 yrs

Joseph Weisenburger

TITLE
Senior Vice President of Business Development
TENURE
1.3 yrs
Board of Directors Tenure

Average tenure and age of the Welltower board of directors in years:

1.2
Average Tenure
61.5
Average Age
  • The average tenure for the Welltower board of directors is less than 3 years, this suggests a new board.
Board of Directors

Tom Derosa

TITLE
Chairman & CEO
COMPENSATION
$13M
AGE
60
TENURE
0.3 yrs

Jeff Donahue

TITLE
Independent Lead Director
COMPENSATION
$417K
AGE
71
TENURE
0.3 yrs

Sharon Oster

TITLE
Independent Director
COMPENSATION
$296K
AGE
69
TENURE
25.3 yrs

R. Trumbull

TITLE
Independent Director
COMPENSATION
$296K
AGE
69
TENURE
20.3 yrs

Serge Rivera

TITLE
Independent Director
COMPENSATION
$267K
AGE
55
TENURE
4.8 yrs

Ken Bacon

TITLE
Independent Director
COMPENSATION
$260K
AGE
63
TENURE
3.3 yrs

Gary Whitelaw

TITLE
Independent Director
COMPENSATION
$271K
AGE
62
TENURE
1.8 yrs

Johnese Spisso

TITLE
Independent Director
COMPENSATION
$22K
AGE
57
TENURE
0.5 yrs

Karen Desalvo

TITLE
Independent Director
COMPENSATION
$22K
AGE
53
TENURE
0.5 yrs

Kathryn Sullivan

TITLE
Independent Director
AGE
61
TENURE
0.3 yrs
Who owns this company?
Recent Insider Trading
  • Welltower insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
15. May 19 Sell Thomas Derosa Individual 14. May 19 14. May 19 -19,307 $77.90 $-1,503,977
15. Mar 19 Sell John Goodey Individual 13. Mar 19 13. Mar 19 -1 $77.13 $-44
01. Mar 19 Sell Mercedes Kerr Individual 28. Feb 19 28. Feb 19 -5,000 $74.50 $-372,500
13. Aug 18 Buy Shankh Mitra Individual 10. Aug 18 10. Aug 18 62 $63.55 $3,940
07. Jun 18 Sell R. Trumbull Individual 06. Jun 18 06. Jun 18 -1 $57.33 $-30
X
Management checks
We assess Welltower's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Welltower has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Should You Invest In Welltower Inc. (NYSE:WELL)?

I also look at WELL's interest coverage ratio, which demonstrates how many times its earnings can cover its yearly interest expense. … Instead of the P/E ratio, P/FFO is used instead, which is very common for REIT stocks. … Welltower can bring about diversification for your portfolio, but before you decide to invest, take a look at the other aspects you must consider before investing: Future Outlook: What are well-informed industry analysts predicting for WELL’s future growth?

Simply Wall St -

What Should We Expect From Welltower Inc.'s (NYSE:WELL) Earnings In The Next Couple Of Years?

Want to participate in a short research study? … Help shape the future of investing tools and you could win a $250 gift card! … The most recent earnings announcement Welltower Inc.'s (NYSE:WELL) released in December 2018a

Simply Wall St -

Does Welltower Inc.'s (NYSE:WELL) CEO Pay Compare Well With Peers?

This analysis aims first to contrast CEO compensation with other large companies. … How Does Tom DeRosa's Compensation Compare With Similar Sized Companies. … While we always look at total compensation first, we note that the salary component is less, at US$1.1m.

Simply Wall St -

Welltower Inc. (NYSE:WELL): Earnings To Drop Next Year

Looking at Welltower Inc.'s (NYSE:WELL) earnings update in December 2018, … the consensus outlook from analysts appear … with earnings expected to decline by -15% in the upcoming year

Simply Wall St -

Did Welltower Inc. (NYSE:WELL) Insiders Sell Shares?

So we'll take a look at whether insiders have been buying or selling shares in Welltower Inc. … That means that an insider was selling shares at below the current price (US$75.27). … All up, insiders sold more shares in Welltower than they bought, over the last year.

Simply Wall St -

If You Had Bought Welltower Stock A Year Ago, You Could Pocket A 40% Gain Today

(NYSE:WELL) share price is 40% higher than it was a year ago, much better than the market return of around 3.3% (not including dividends) in the same period. … While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.

Simply Wall St -

Should You Worry About Welltower Inc's (NYSE:WELL) CEO Pay Cheque?

This report will, first, examine the CEO compensation levels in comparison to CEO compensation at other big companies. … At the time of writing our data says that Welltower Inc has a market cap of US$27b, and is paying total annual CEO compensation of US$11m. … When we examined a group of companies with market caps over US$8.0b, we found that their median CEO compensation was US$11m.

Simply Wall St -

How Many Welltower Inc (NYSE:WELL) Shares Do Institutions Own?

Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … Companies that have been privatized tend to have low insider ownership. … We'd expect to see both institutions and retail investors owning a portion of the company.

Simply Wall St -

Why Welltower Inc (NYSE:WELL) May Not Be As Efficient As Its Industry

I am writing today to help inform people who are new to the stock market. … and want to begin learning the link between company’s fundamentals and stock market performance. … Peeling the layers of ROE – trisecting a company’s profitability

Simply Wall St -

Should Welltower Inc (NYSE:WELL) Be Part Of Your Portfolio?

Dividends can be underrated but they form a large part of investment returns, playing an important role in compounding returns in the long run. … In the past 10 years Welltower Inc (NYSE:WELL) has returned an average of 5.00% per year to investors in the form of dividend payouts. … Let's take a look at Welltower in more detail.

Simply Wall St -

Company Info

Description

Welltower Inc. (NYSE:WELL), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The Company invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate infrastructure needed to scale innovative care delivery models and improve people's wellness and overall health care experience. Welltower™, a real estate investment trust ("REIT"), owns interests in properties concentrated in major, high-growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing and post-acute communities and outpatient medical properties.

Details
Name: Welltower Inc.
WELL
Exchange: NYSE
Founded: 1970
$32,395,252,000
404,940,650
Website: http://www.welltower.com
Address: Welltower Inc.
4500 Dorr Street,
Toledo,
Ohio, 43615,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE WELL Common Stock New York Stock Exchange US USD 02. Jan 1980
DB HCW Common Stock Deutsche Boerse AG DE EUR 02. Jan 1980
LSE 0LUS Common Stock London Stock Exchange GB USD 02. Jan 1980
NYSE HCN PRDCL PFD SER D New York Stock Exchange US USD 13. Jun 2003
Number of employees
Current staff
Staff numbers
384
Welltower employees.
Industry
Health Care REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/22 03:26
End of day share price update: 2019/05/21 00:00
Last estimates confirmation: 2019/05/17
Last earnings filing: 2019/04/30
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.