该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
AI核心结论
Welltower (WELL) delivered strong Q1 2026 results with revenue surging 38.3% YoY to $3.35B and EPS more than doubling to $1.04, driven by robust portfolio growth and expanding asset base.
营收
33.52亿美元
同比 +38.33%
每股收益（稀释）
1.02美元
同比 +155.00%
SEC XBRL 原值
Welltower (WELL) Q1 FY2026 营收 33.52亿美元，同比增长 38.3%。 经营活动现金流 6.7亿美元，同比增长 11.9%。 WELL 的财年 Q1 FY2026 对应日历 Q1 2026。
近 4 个季度：1 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | 0.61 | 0.64 | 不及预期 -4.5% |
| 2026年3月本次财报 | 1.02 | 0.77 | 超预期 +31.8% |
| 2025年12月 | 0.14 | 0.59 | 不及预期 -76.3% |
| 2025年9月 | 0.41 | 0.53 | 不及预期 -23.1% |
2026年3月 实际 EPS 1.02美元，分析师一致预期 0.77美元，超预期 +31.8%。
由 AI 基于本次 SEC 报告整理
Revenue grew 38.3% YoY to $3.35B in Q1 2026 (vs. $2.42B in Q1 2025), reflecting significant portfolio expansion and strong demand across Welltower's senior housing and healthcare real estate segments.
来源: 10-Q Financial Data, Income Statement
Cost of revenue increased 40.6% YoY to $2.06B, slightly outpacing revenue growth of 38.3%, which signals some margin compression at the gross profit level and warrants monitoring for sustained cost pressures.
来源: 10-Q Financial Data, Income Statement
Basic EPS jumped 160% YoY to $1.04 (from $0.40), and diluted EPS rose 155% to $1.02, indicating significant improvement in per-share profitability likely driven by both operational gains and portfolio performance.
来源: 10-Q Financial Data, Income Statement
Total assets grew 26.1% YoY to $67.2B while stockholders' equity expanded 29.0% to $43.8B, and the debt-to-equity ratio remained conservative at approximately 0.51, suggesting growth is being funded in a balanced manner.
来源: 10-Q Financial Data, Balance Sheet
Investing cash outflows narrowed dramatically to -$807M from -$2.03B in Q1 2025 (a 60.2% improvement), suggesting a moderation in acquisition pace or capital deployment compared to the prior year's aggressive expansion.
来源: 10-Q Financial Data, Cash Flow Statement
由 AI 基于本次 SEC 报告整理 · 高 2 中 3 低 0
Cost of revenue grew 40.6% YoY versus revenue growth of 38.3%, indicating that operating costs are rising faster than top-line growth. If this trend persists, it could compress margins and reduce profitability over time. Management will need to demonstrate cost discipline to sustain earnings momentum.
来源: 10-Q Financial Data, Income Statement
Long-term debt stands at $17.93B, up 14.1% YoY, representing a substantial leverage position for a REIT. While the debt-to-equity ratio of 0.51 remains manageable, rising interest rates could increase refinancing costs and pressure funds from operations (FFO). Sustained debt growth without proportional income growth could strain financial flexibility.
来源: 10-Q Financial Data, Balance Sheet
Dividends paid totaled $520.5M in Q1 2026, up 20.4% YoY, while operating cash flow was only $670.0M, leaving limited free cash flow after dividends. This narrow coverage ratio means any deterioration in operating performance could put dividend sustainability at risk. Investors should monitor the payout ratio relative to FFO closely.
来源: 10-Q Financial Data, Cash Flow Statement
Financing cash flow swung sharply from +$1.31B in Q1 2025 to -$199.5M in Q1 2026, a reversal of over $1.5B. This suggests the company is no longer raising significant new capital through equity or debt issuances, which could limit its ability to fund future acquisitions at the same pace as prior periods.
来源: 10-Q Financial Data, Cash Flow Statement
As a healthcare REIT, Welltower's portfolio is concentrated in senior housing and healthcare facilities, making it sensitive to demographic shifts, regulatory changes in healthcare reimbursement, and labor market conditions in the care sector. Any adverse policy changes or occupancy declines in senior housing could materially impact revenues. This sector-specific concentration amplifies downside risk relative to diversified REITs.
来源: 10-Q Financial Data, General Business Context
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 33.52 亿美元 | 24.23 亿美元 | +38.33% |
营业成本 亿美元 | 20.55 亿美元 | 14.62 亿美元 | +40.55% |
每股收益（基本） 美元 | 1.04 美元 | 0.40 美元 | +160.00% |
每股收益（稀释） 美元 | 1.02 美元 | 0.40 美元 | +155.00% |
销售及管理费用 万美元 | 6747.40 万美元 | 6375.80 万美元 | +5.83% |
答案基于本次 SEC 报告与本页数据