Discounted Cash Flow

Welltower Inc. REIT

WELL · Based on 10 years of SEC filings · Converted from CAD to USD

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Cash flow predictability 77/100 (stable) — FCF YoY std dev 18%, net income 64% (full history)

▲ Accelerating sales growth

Sales growth has accelerated: 13.3% (2023) → 20.4% (2024) → 35.6% (2025). Revenue growth has been accelerating in recent years and is now 35.6% — rapidly accelerating growth may be difficult to sustain at this pace, or the DCF (based on historical averages) may understate future momentum.

Average annual growth rates

Metric	10-Year	5-Year	3-Year
Sales	—	—	—
Free Cash Flow	—	—	—
Average (FCF & NI)	—	—	—
Net Income	—	—	—
Dividends	—	—	—

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric	10-Year	5-Year	3-Year
Sales	—	—	—
Free Cash Flow	—	—	—
Average (FCF & NI)	—	—	—
Net Income	—	—	—

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

—

Free cash flow growth —

10-year: — 5-year: — 3-year: —

Averaged growth (FCF & NI) —

10-year: — 5-year: — 3-year: —

Net income growth —

10-year: — 5-year: — 3-year: —

Sales growth (not added to calculations) —

10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

Or enter your own rate

Inflation rate (used with B/E only)

Historical inputs (10 fiscal years)

YEAR	Sales	Net Income	Free Cash Flow	Net Margin	EPS (diluted)
2016	$3.1b	$730.6m	$1.2b	23.6%	$2.83
2017	$3.1b (0.8%)	$334.5m (-54.2%)	$1.0b (-11.9%)	10.7% (-54.6%)	$1.26 (-55.5%)
2018	$3.4b (8.9%)	$547.2m (63.6%)	$1.1b (10.4%)	16.1% (50.2%)	$2.03 (61.1%)
2019	$3.7b (9.0%)	$889.3m (62.5%)	$1.1b (-3.0%)	24.1% (49.2%)	$3.07 (51.2%)
2020	$3.3b (-10.1%)	$706.3m (-20.6%)	$984.8m (-11.1%)	21.3% (-11.7%)	$2.36 (-23.1%)
2021	$3.4b (3.0%)	$242.6m (-65.7%)	$920.3m (-6.6%)	7.1% (-66.6%)	$0.79 (-66.5%)
2022	$4.2b (23.6%)	$101.9m (-58.0%)	$936.8m (1.8%)	2.4% (-66.0%)	$0.31 (-60.8%)
2023	$4.8b (13.3%)	$245.4m (140.8%)	$1.1b (19.5%)	5.1% (112.6%)	$0.66 (112.9%)
2024	$5.8b (20.4%)	$686.7m (179.8%)	$1.6b (41.7%)	11.9% (132.4%)	$1.58 (139.4%)
2025	$7.8b (35.6%)	$676.0m (-1.6%)	$2.1b (29.5%)	8.6% (-27.4%)	$1.41 (-10.8%)

Base FCF: — (latest fiscal year)

Discount rate: %

Terminal growth: —

Projection period: — years

Alt A decline yrs:

Alt B total yrs:

SEC filings report in CAD. Values above are converted to USD for comparison with the US-listed share price.

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year	Projected cash flow	Discount Factor	Present Value

PV of projected FCF: —

Terminal FCF: —

Terminal value: —

PV of terminal value: —

Enterprise value (DCF): —

Current price: —

Alternative DCF Models

Model	Fair Value	Upside	PV(FCFs)	PV(Terminal)	Total Years
Standard (10yr→TV) ⓘ	—	—	—	—	10 + TV
Alt A (Gradual Decline) ⓘ	—	—	—	—	—
Alt B (30yr Hard Stop) ⓘ	—	—	—	N/A	—

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model