On 12 Nov 2026 our base value for Welltower is $119.66 a share, 51.1% below its $244.93 close; 0 of 1 valuation methods put it above the price.
| Method | Value | vs price | Basis |
|---|---|---|---|
| Discounted cash flow | — | — | not used for REITs: depreciation of property makes earnings and free cash flow understate what a REIT earns; see price to FFO |
| Exit multiple (P/E) | — | — | not used for REITs: depreciation of property makes earnings and free cash flow understate what a REIT earns; see price to FFO |
| Sum of the parts | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Price to sales | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Tangible book | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Price to FFO (REITs) | $119.66 | -51.1% | funds from operations $4.56 a share (FY2025) at its own 5-year median of 26.2× (today 53.7×) |
Each working is rebuilt by code from the valuation's own figures and checked against the published value.
| Fiscal year | Net income | Depreciation | FFO | Shares | FFO per share | Year-end close | P/FFO |
|---|---|---|---|---|---|---|---|
| 2021 | $374.48m | $1.05bn | $1.43bn | 426.84m | $3.34 | $85.77 | 25.6× |
| 2022 | $160.57m | $1.34bn | $1.50bn | 465.16m | $3.22 | $65.55 | 20.4× |
| 2023 | $340.09m | $1.44bn | $1.78bn | 518.70m | $3.44 | $90.17 | 26.2× |
| 2024 | $972.86m | $1.68bn | $2.65bn | 608.75m | $4.36 | $126.03 | 28.9× |
| 2025 | $961.84m | $2.14bn | $3.10bn | 679.52m | $4.56 | $185.61 | 40.7× |
| Median P/FFO | 26.2× |
| Latest FFO per share (FY2025) | $4.56 |
| Value per share = median × latest FFO per share | $119.66 |
For a REIT the base value is the price-to-FFO value: $119.66 a share.
Bear $117.00 · Base $119.66 · Bull $131.97 (the REIT's own lower and upper quartile price-to-FFO)
One-year price simulation: a 63% chance the price is higher than today's $244.93 in a year, from 21.19% volatility. The simulation assumes the price drifts up at our discount rate of 9.18% a year.
| Week | Price | Base value |
|---|---|---|
| 2 Oct 2026 | $227.71 | $122.56 |
| 9 Oct 2026 | $225.47 | $119.66 |
| 16 Oct 2026 | $234.85 | $119.66 |
| 23 Oct 2026 | $237.32 | $119.66 |
| 30 Oct 2026 | $234.60 | $119.66 |
| 6 Nov 2026 | $245.01 | $119.66 |
| 12 Nov 2026 | $244.93 | $119.66 |
Data as of 12 Nov 2026; financials to 30 Sep 2026. Sources: company filings via EODHD, SEC EDGAR, US Treasury. How these values are computed. Not investment advice.
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