Question 1

What is Welltower's P/FCF ratio?

Accepted Answer

Welltower (WELL) P/FCF ratio is 70.0× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Welltower?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Welltower specifically, the relevant sector benchmark is the current sector median of 15.9×.

Question 5

Is Welltower's P/FCF ratio high or low?

Accepted Answer

Welltower's P/FCF ratio of 70.0× is above its own 5-year average of 34.1× and above the sector median of 15.9×. That places the current reading at the 100th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Welltower's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Welltower (WELL) P/FCF ratio has ranged from a low of 5.9× in 2013 to a high of 70.4× in 2026. The 5-year average is 34.1× and the 5-year median is 32.7×.

Question 7

What was Welltower's P/FCF ratio in 2025?

Accepted Answer

Welltower (WELL) P/FCF ratio at the end of 2025 was 44.9×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Welltower's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$128B	$2.85B	44.9×	+9.1×	Dec 31, 2025
2024	$78.9B	$2.2B	35.9×	+4.0×	Dec 31, 2024
2023	$49.5B	$1.55B	31.9×	+7.5×	Dec 31, 2023
2022	$31.7B	$1.3B	24.4×	-5.4×	Dec 31, 2022
2021	$37.5B	$1.26B	29.8×	+9.8×	Dec 31, 2021
2020	$27B	$1.35B	20.0×	-1.8×	Dec 31, 2020
2019	$33.2B	$1.52B	21.8×	+5.2×	Dec 31, 2019
2018	$26.3B	$1.58B	16.7×	+0.0×	Dec 31, 2018
2017	$23.6B	$1.42B	16.6×	+1.6×	Dec 31, 2017
2016	$24.2B	$1.61B	15.0×	-2.7×	Dec 31, 2016
2015	$24.2B	$1.36B	17.7×	-4.8×	Dec 31, 2015
2014	$25.5B	$1.13B	22.5×	+6.8×	Dec 31, 2014
2013	$15.4B	$982M	15.7×	-3.7×	Dec 31, 2013
2012	$15.9B	$818M	19.4×	—	Dec 31, 2012
2011	$10.9B	-$4.33B	—	—	Dec 31, 2011
2010	$7.38B	-$1.73B	—	—	Dec 31, 2010
2009	$5.44B	-$259M	—	—	Dec 31, 2009
2008	$4.57B	-$737M	—	—	Dec 31, 2008
2007	$3.85B	-$367M	—	—	Dec 31, 2007
2006	$3.15B	-$213M	—	—	Dec 31, 2006
2005	$1.97B	-$426M	—	—	Dec 31, 2005
2004	$2.02B	-$1.41B	—	—	Dec 31, 2004
2003	$1.82B	-$281M	—	—	Dec 31, 2003
2002	$1.08B	-$304M	—	—	Dec 31, 2002


CBRE Group (CBRE)	44.5×
Regency Centers (REG)	24.4×
Mid-America Apartment Communities (MAA)	23.3×
American Tower (AMT)	21.3×
Simon Property Group (SPG)	18.5×
Kimco Realty (KIM)	17.9×
SBA Communications (SBAC)	17.9×
BXP (BXP)	17.7×
Tanger (SKT)	17.2×
STAG Industrial (STAG)	16.0×
Extra Space Storage (EXR)	15.8×
Public Storage (PSA)	15.5×
AvalonBay Communities (AVB)	15.2×
Host Hotels & Resorts (HST)	14.4×
Camden Property Trust (CPT)	14.3×
Realty Income (O)	13.6×
Invitation Homes (INVH)	13.3×
Medical Properties Trust (MPT)	12.8×
UDR (UDR)	12.4×
NNN REIT (NNN)	12.2×
VICI Properties (VICI)	11.4×
Healthpeak Properties (DOC)	9.7×
Arbor Realty Trust (ABR)	7.6×
Alexandria Real Estate Equities (ARE)	6.2×
Opendoor Technologies (OPEN)	4.2×

P/FCF Ratio for Welltower (WELL) 2012-2026

P/FCF Ratio daily chart for Welltower (WELL)

Historical P/FCF Ratio for Welltower (WELL) from 2002 to 2025

About P/FCF Ratio at Welltower (WELL)

Welltower P/FCF Ratio by Year

Welltower P/FCF Ratio 2025: 44.9×

Welltower P/FCF Ratio 2024: 35.9×

Welltower P/FCF Ratio 2023: 31.9×

Welltower P/FCF Ratio 2022: 24.4×

Welltower P/FCF Ratio 2021: 29.8×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Welltower (WELL) Key Financials