REIT Report Card · August 15, 2026
Welltower is the largest equity on this list at $169.8B, and about $743 million of WELL trades on an average day. Healthcare, a +44.5% year, and a 56.1x EV / EBITDA multiple. The 1.44% yield will not carry the return if the next year is ordinary.
| Category | Grade | What It Means |
|---|---|---|
| Liquidity | A+ | Hundreds of millions a day |
| Balance Sheet | B+ | A fair amount of debt, still in a range these names live with |
| Debt Service | B+ | Interest is covered, without a huge cushion |
| Operating Quality | B- | Thinner margins. The sector's economics show through |
| Cash Generation | C+ | Low cash yield at the current price |
| Dividend | C | The income case is weak on yield, coverage, or both |
| Valuation | C- | A very high EV / EBITDA multiple |
| Recent Performance | A+ | A standout year for the share price |
| Overall | B | A huge year already sitting in a huge multiple |
1. Valuation
This is the price of WELL's operating earnings, counting both the equity and the debt.
At about 56.1x EV / EBITDA, WELL is expensive on this measure.
Bottom line: A buyer is paying for a good company, or for a good year that already happened. The multiple needs the results to stay good.
2. Leverage
For every $1 of annual EBITDA WELL generates, it has about $5.31 of net debt.
For a REIT, this is usually the first leverage number worth reading.
Bottom line: WELL uses a fair amount of debt, but the load looks manageable relative to earnings.
3. Debt Exposure
About 9% of WELL's total enterprise value is net debt.
That gives equity investors more of a cushion than you'd get with a more leveraged REIT.
Bottom line: WELL's equity value makes the capital structure less debt-heavy than Net Debt / EBITDA alone might suggest.
4. Interest Protection
WELL generates about 4.51x of EBITDA for every $1 of estimated interest.
Higher coverage usually means a REIT can absorb higher rates, refinancing costs, or a soft patch in the properties more easily.
Bottom line: Coverage is okay, but there's less spare room than at the strongest credits here.
5. Operating Profitability
WELL turns about 26 cents of every revenue dollar into EBITDA.
Bottom line: Thinner margins mean operating leverage and expense control matter more than they do at high-margin net-lease peers.
6. Cash Generation
WELL generated operating cash flow equal to about 1.9% of its current equity value.
For every $100 of current equity value, the company generated about $1.88 of trailing operating cash flow.
Bottom line: Today's buyer is getting a low operating-cash yield on the equity.
7. Cash Conversion
About 96% of WELL's EBITDA turned into operating cash flow.
Bottom line: Most of the reported operating earnings are showing up as actual cash.
8. Dividend Safety
On our standardized math, operating cash flow covers WELL's annualized dividend about 1.31x.
WELL generates roughly 1.31x of operating cash flow for every $1.00 of estimated dividends.
Bottom line: The dividend looks covered by operating cash flow, though the margin isn't huge under this conservative method.
9. Dividend Yield
WELL is not a high-income REIT.
Put $10,000 into WELL at the current indicated yield and you'd get about $144 a year if the dividend stays the same.
Bottom line: If there is a case, it rests on operations and the share price, not on the current check.
10. Market Liquidity
About $743 million of WELL stock changes hands on an average trading day.
Bottom line: WELL has one of the more active names on this list.
If you put $10,000 into WELL today, based on the numbers in this report:
WELL has $19.72B of total debt against $1.97B of cash (5.31x net debt / EBITDA). Interest coverage of 4.5x only partly offsets that load.
At 56.1x EV / EBITDA, a buyer is already paying for strong future results. A miss could hit the share price harder than it would at a cheaper name.
OCF dividend coverage is 1.31x and the indicated yield is 1.44%. The dividend looks supported, but the margin isn't huge, and capex definitions still matter.
Average daily dollar volume is $742.7M, among the more active tapes here.
Welltower is 56.1x EV / EBITDA after a +44.5% year. A 1.44% yield does not compensate you for that price if the next year is ordinary.
EBITDA margin is 26.2%, and OCF yield on equity is 1.9%. Those are not the numbers of a cheap income stock. They are the numbers of a priced-in year.
56.1x EV / EBITDA, 5.31x net debt / EBITDA, 1.31x coverage, 1.4% yield. That is a growth-and-price card, not an income card.
| Metric | WELL |
|---|---|
| Market Capitalization | $169.75B |
| Enterprise Value | $187.51B |
| Share Price | $235.52 |
| Revenue (TTM) | $12.76B |
| EBITDA (TTM) | $3.34B |
| EBIT (TTM) | $0.83B |
| Operating Cash Flow (TTM) | $3.19B |
| CapEx (TTM) | $1.56B |
| Cash | $1.97B |
| Total Debt | $19.72B |
| Average Daily $ Volume | $742.7M |
| Daily Equity Turnover | 0.44% |
| EV / EBITDA | 56.14x |
| EBITDA Yield on EV | 1.78% |
| EBITDA Margin | 26.18% |
| Net Debt / EBITDA | 5.31x |
| Net Debt / Market Cap | 10.46% |
| Net Debt / Enterprise Value | 9.47% |
| Debt / Total Capital | 10.41% |
| Cash / Debt | 9.99% |
| EV Premium to Equity | 10.46% |
| Operating Cash Flow Yield | 1.88% |
| OCF / EBITDA Conversion | 95.51% |
| CapEx / Operating Cash Flow | 48.90% |
| CapEx / Revenue | 12.23% |
| Post-CapEx Cash Yield | 0.96% |
| Dividend / OCF Burden | 0.77x |
| OCF Dividend Coverage | 1.31x |
| Implied Interest / Revenue | 5.80% |
| EBITDA Interest Coverage | 4.51x |
| Reported Interest Coverage (source) | 1.12x |
| Dividend Yield | 1.44% |
| 52-Week Price Change | +44.46% |
| Approx. 1-Year Total Carry | +45.90% |
| Beta (5Y) | 0.76 |
We grade each REIT on several things at once. A cheap multiple next to heavy debt is a different story than a cheap multiple next to a light load.
Financial Strength looks at leverage, how much of the firm is debt, daily trading volume, and whether earnings cover interest.
Operating Quality looks at the EBITDA margin and how much of those earnings show up as cash.
Dividend Quality looks at the indicated yield, whether operating cash flow covers the payout, and how heavy the payout is versus cash.
Valuation is what you pay for the REIT's earnings: enterprise value over EBITDA.
Market Performance looks at last year's share-price change and how much stock trades on an ordinary day.
A hotel and a net-lease REIT will not look the same on these measures, and they should not. Read each name next to peers in the same property type.
Read the full methodology and the grading bands.
The numbers come from trailing financials and market data we pulled for this report. Some ratios we calculate ourselves. They are not always the figures the company highlights.
We use them so these 20 REITs can be lined up on the same math. That does not replace company-reported FFO, AFFO, same-store NOI, occupancy, lease schedules, or NAV.
Source: https://stockanalysis.com/stocks/well/statistics/
Report date: August 15, 2026
This is for information only. It isn't investment advice, a buy or sell recommendation, or a judgment about whether any of these REITs fit your situation.