Welltower

Real Estate Health Care REITs Toledo, Ohio Last filing Feb 12, 2026 · FY2025

                    Revenue
                    FY2025
                
$10.8B
                    3y CAGR +22.7%
                    
                    P97
                    
                    +35.6%
                    
                    Net income
                    FY2025
                
$961.8M
                    Net margin +8.9%
                    
                    P30
                    
                    -1.1%
                    
                    Total assets
                    FY2025
                
$67.3B
                    ROA +1.4%
                    
                    P26
                    
                    +31.9%
                    
                    Operating cash flow
                    FY2025
                
$2.9B
                    FCF margin +16.9%
                    
                    P27
                    
                    +27.7%

20 yrs · FY2004–FY2025 2 gaps (2006–2005) 8 filed · 0 derived · 1 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

22 accounts · 3 years

Total assets $67.3B

Total liabilities $24.1B

Shareholders equity $42.1B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	46.4%	43.9%	30.0%
Accounts Receivable	2.3%	2.8%	5.0%
Other Current Assets	86.7%	90.0%	78.9%
Goodwill	3.2%	1.9%	1.0%
Intangible Assets	8.4%	8.3%	7.8%
Other Noncurrent Assets	86.7%	90.0%	78.9%
Total Assets	621.0%	638.8%	663.0%
Liabilities
Operating Lease Liabilities	15.2%	14.4%	4.6%
Total Current Liabilities	222.4%	231.2%	265.7%
Long Term Debt	0.0%	0.0%	0.0%
Operating Lease Liabilities Noncurrent	15.2%	14.4%	4.6%
Deferred Tax Liabilities	0.0%	0.5%	0.6%
Total Liabilities	222.4%	231.2%	265.7%
Equity
Preferred Stock	0.5%	0.6%	0.8%
Common Stock	6.4%	8.0%	8.5%
Additional Paid In Capital	469.6%	500.8%	493.3%
Retained Earnings	101.8%	126.3%	137.8%
Treasury Stock	0.1%	1.4%	1.7%
Accumulated Other Comprehensive Income	-2.7%	-4.5%	-2.5%
Noncontrolling Interest	7.5%	4.5%	10.2%
Total Stockholders Equity	388.7%	399.9%	382.7%
Total Liabilitiesand Equity	621.0%	638.8%	663.0%

Income Statement

Revenue, expense, and profitability

14 accounts · 3 years

Revenue $10.8B

Operating income Not reported

Net income $961.8M

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%
Expenses Cost of Revenue	59.9%	60.4%	59.5%
Expenses Selling,General and Administrative	16.1%	2.9%	2.7%
Expenses Depreciation and Amortization	19.2%	20.4%	21.1%
Expenses Share Based Compensation	14.4%	0.9%	0.6%
Expenses Operating Expenses	104.4%	93.4%	94.7%
Other Income Expense Interest Expense	0.1%	0.1%	9.2%
Income Tax Income Tax Expense	-0.1%	0.0%	0.1%
net Income net Income	8.9%	12.2%	5.4%
net Income Comprehensive Income	9.3%	10.0%	4.7%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	6.1%	7.5%	7.8%
Earnings Per Share Weighted Average Shares Diluted	6.3%	7.6%	7.8%

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 3 years

Operating cash flow $2.9B

Investing cash flow $-10.5B

Financing cash flow $9.0B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	8.9%	12.2%	5.4%
Operating Activities Depreciation and Amortization	19.2%	20.4%	21.1%
Operating Activities Stock Based Compensation	14.4%	0.9%	0.6%
Operating Activities Deferred Income Taxes	-0.5%	-0.1%	-0.0%
Operating Activities Changes In Operating Assets and Liabilities	-0.8%	0.3%	-1.2%
Operating Activities Other Non Cash Items	-0.8%	0.3%	-1.2%
Operating Activities net Cash From Operating Activities	26.6%	28.2%	24.1%
Investing Activities Capital Expenditures	9.7%	10.7%	7.8%
Investing Activities Other Investing Activities	0.7%	0.8%	1.5%
Investing Activities net Cash From Investing Activities	-97.0%	-69.0%	-86.0%
Financing Activities Proceeds From Debt	0.0%	0.0%	0.0%
Financing Activities Repayment of Debt	3.8%	6.2%	11.2%
Financing Activities Dividends Paid	17.3%	19.3%	19.0%
Financing Activities Proceeds From Stock Issuance	0.0%	0.0%	0.0%
Financing Activities Other Financing Activities	-0.1%	-0.8%	-0.2%
Financing Activities net Cash From Financing Activities	83.0%	61.4%	82.1%
Cash Reconciliation Effect of Exchange Rate On Cash	1.2%	-0.1%	0.2%
Cash Reconciliation net Change In Cash	13.8%	20.5%	20.4%
Cash Reconciliation Cash At Beginning of Period	48.1%	46.4%	31.3%
Cash Reconciliation Cash At End of Period	48.1%	46.4%	31.3%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+40.1%	+39.6%	+40.5%
Operating margin	—	—	—
Net margin	+8.9%	+12.2%	+5.4%
FCF margin	+16.9%	+17.5%	+16.3%
Growth
Revenue CAGR (3y)	+22.7%	+19.0%	+13.0%
Returns
ROE	+2.3%	+3.0%	+1.4%
ROA	+1.4%	+1.9%	+0.8%
ROIC	—	—	—
Liquidity
Current ratio	—	—	—
Quick ratio	0.22x	0.20x	0.13x
Leverage
D/E	0.57x	0.58x	0.69x
Interest coverage	—	—	—
Efficiency
Asset turnover	0.16x	0.16x	0.15x
Cash conversion cycle	—	—	—

Valuation

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FY2025 fundamentals · no price

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Welltower

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