Research / Stock / WELL

WELL

WELLTOWER INC.

FY2025Mkt cap 168.3BFinancial

241.15

+1.14 +0.47%

close 2026-08-25

WELL reports no free cash flow we can read, so this model is discounting net income instead. That is a different model — net income carries non-cash charges and ignores capital spending — and its answer should be read as a rougher one.

Assumptions

FCF growth rate

25.4%

Market is pricing 25.4%— you agree

Actually grew +10.3%/yrFCF, 2020–2025 — the market is pricing 15.1pts FASTER than history

Projection years

10 yrs

Terminal growth

3.00%

Discount rate (WACC)

6.56%

6.6% derived for this company beta 0.50 (1254d vs the S&P 500) · cost of equity 7.0% = 4.7% risk-free + 0.50 × 4.5% premium · 10% debt at 3.2%, taxed at 1%

Fair value DCF model

$240.71

-0.2%

At the market's assumptions

Current price $241.15Enterprise value 168.0B

Bear $163.91 (20.4% growth)Bull $349.59 (30.4%)

market $241.15

Today's market price is inside the range · band = your growth ±5pts, same model · the market itself prices 25.4%

Y10

Present value of each projected year, Y1–Y10

16% the 10 forecast years84% terminal value

Over three quarters of this valuation sits beyond the forecast horizon, in a single assumption about growth forever. Lengthening the projection or lowering terminal growth moves that share.

Same industry · REITs · trailing P/E for context

PLDP/E 40134.0B EQIXP/E 78105.5B AMTP/E 3383.2B OP/E 5458.6Bthis P/E: 173

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Assumptions

Fair valuei DCF model

Same industryi · REITs · trailing P/E for context

Assumptions

Fair valuei DCF model

Same industryi · REITs · trailing P/E for context

Fair value DCF model

Same industry · REITs · trailing P/E for context

Fair value DCF model

Same industry · REITs · trailing P/E for context