Welltower Inc. Revenue in 2024

Welltower Inc. reported $6.8B in revenue for fiscal year 2024. This represents a growth of 7.7% compared to the 2023 figure of $6.3B.

Revenue grew from $5.65 billion in 2022 to $6.83 billion in 2024, with net income of $1.25 billion in the most recent year — a net margin of roughly 18 percent that reflects the RIDEA structure's operating leverage as occupancy has recovered from pandemic lows. The $65 billion market capitalization against $6.83 billion in revenue implies a price-to-sales multiple approaching ten — premium valuation that reflects REIT characteristics (investors price on funds from operations and dividend yield rather than earnings multiples) and the demographic growth story embedded in senior housing demand. Same-store cash NOI growth exceeding 11 percent in fiscal 2024 is the operational metric that matters most. That figure represents how much the existing portfolio's cash generation improved after accounting for operating costs — it's the purest measure of whether the RIDEA structure is producing the operating use the thesis promises. The capital recycling strategy has a direct balance sheet effect: selling stabilized assets at premium cap rates and redeploying into development projects generating double-digit internal rates of return improves the portfolio's average return profile over time, even though individual asset sales reduce the near-term asset count. The $4 billion in 2024 asset sales funded acquisitions and developments in markets where the long-term occupancy fundamentals are strongest.