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Welltower

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Analysis

WELL 10-K Analysis: The 220% Earnings Gap Behind Welltower's 42x Premium

Welltower generated $10.8 billion in revenue in FY2025 and lost $480 million at the operating line. The gap between EPS ($1.39) and FFO per share ($4.45) — a 220% spread — is the widest among major REITs, driven by $1.5 billion in immediately-vested stock compensation. Meanwhile, $8.9 billion in equity issuance created a 12.1 percentage-point dilution drag, and UK revenue tripled overnight to 22.3% of the senior housing segment. At 42× FFO, the market is betting demographics will overcome all of it.

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15 min

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