Welltower Inc. (WELL) intrinsic value & 10-year financials
Welltower Inc. (WELL) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 7.8% a year to $8.5B, with an average return on invested capital of 2.6%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $234.85
- Market cap
- $159.6B
- Revenue (FY2025)
- $8.5B
- Revenue growth (10-yr CAGR)
- 7.8%
- ROIC (10-yr avg)
- 2.6%
- Free cash flow (FY2025)
- —
WELL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $8.5B | $961.8M | $1.39 | — | — | 1.9% |
| FY2024 | $6.0B | $972.9M | $1.57 | — | — | 2.3% |
| FY2023 | $4.8B | $358.1M | $0.66 | — | — | 1.0% |
| FY2022 | $4.2B | $160.6M | $0.30 | — | — | 0.5% |
| FY2021 | $3.2B | $374.5M | $0.78 | — | — | 1.6% |
| FY2020 | $4.6B | $1.0B | $2.33 | — | — | 4.6% |
| FY2019 | $5.1B | $1.3B | $3.05 | — | — | 4.8% |
| FY2018 | $4.7B | $829.8M | $2.02 | — | — | 3.2% |
| FY2017 | $4.3B | $540.6M | $1.26 | — | — | 2.1% |
| FY2016 | $4.3B | $1.1B | $2.81 | — | — | 4.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Welltower has demonstrated mature, steady growth, with revenue compounding at 7.9% annually over the past decade.
Welltower has historically struggled to out-earn its cost of capital, averaging just 2.6% ROIC.
Welltower has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Welltower is modeled at -7.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-7.84 per share.