Company Valuation: Welltower Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 37,333 30,974 49,906 78,478 127,389 170,218 - -
Change - -17.03% 61.12% 57.25% 62.33% 33.62% - -
Enterprise Value (EV) 1 51,195 44,890 63,648 90,471 141,917 188,033 188,443 188,869
Change - -12.32% 41.79% 42.14% 56.86% 32.5% 0.22% 0.23%
P/E 110x 219x 137x 80.3x 134x 81.1x 73.6x 60.1x
PBR 2.18x 1.58x 2.02x 2.51x 3.07x 3.61x 3.42x 3.32x
PEG - -3.6x 1x 1x -11.7x 1x 7.1x 2.7x
Capitalization / Revenue 7.87x 5.29x 7.52x 9.82x 11.8x 11.8x 10.2x 9.07x
EV / Revenue 10.8x 7.66x 9.59x 11.3x 13.1x 13x 11.2x 10.1x
EV / EBITDA 27.8x 20.9x 25.3x 30.9x 54.6x 35.1x 29.2x 26.2x
EV / EBIT 63.7x 53.4x 57.3x 70x 275x 72x 55.2x 45.5x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 2.44 2.44 2.44 2.56 2.82 3.143 3.568 3.927
Rate of return 2.84% 3.72% 2.71% 2.03% 1.52% 1.33% 1.51% 1.66%
EPS 2 0.78 0.3 0.66 1.57 1.39 2.911 3.211 3.931
Distribution rate 313% 813% 370% 163% 203% 108% 111% 99.9%
Net sales 1 4,742 5,861 6,638 7,991 10,838 14,449 16,765 18,774
EBITDA 1 1,841 2,151 2,511 2,925 2,602 5,360 6,460 7,217
EBIT 1 803.3 841.1 1,110 1,293 516.6 2,613 3,413 4,150
Net income 1 336.1 141.2 340.1 951.7 936.8 2,129 2,396 2,868
Net Debt 1 13,862 13,916 13,742 11,994 14,528 17,815 18,224 18,651
Reference price 2 85.77 65.55 90.17 126.03 185.61 236.17 236.17 236.17
Nbr of stocks (in thousands) 435,275 472,521 553,469 622,690 686,328 720,745 - -
Announcement Date 15/02/22 15/02/23 13/02/24 11/02/25 10/02/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
81.14x13.01x35.08x1.33% 170B
165.91x8.43x23.17x2.3% 46.3B
49.17x7.79x13.85x5.95% 14.24B
18.54x16.58x15.06x5.81% 14.05B
90.55x4.53x24.5x1.85% 12.65B
25.6x16.65x18.47x4% 9.22B
-185.38x9.45x15.71x5.02% 6.55B
8.17x15.53x18.58x6.2% 6.54B
42.89x8.48x15.28x5.78% 5.31B
Average 32.95x 11.16x 19.97x 4.25% 31.68B
Weighted average by Cap. 80.33x 11.82x 28.90x 2.33%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield