Welltower (WELL) FY2019 results: revenue $5.1 billion, up 9.0% on the year
Welltower Inc. (WELL) reported revenue of $5.1 billion for fiscal 2019, the year ended 31 December 2019, up 9.0% on the year before. Net income was $1.2 billion, up 62.5%, and diluted earnings per share $3.05. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2020.
Revenue
$5.1 billion
+9.0% on the year
FY2012FY2019
Operating margin
10.6%
9.0% a year earlier
FY2012FY2019
Net income
$1.2 billion
+62.5% on the year
FY2012FY2019
Diluted EPS
$3.05
+51.0% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
5,121
4,700
4,317
+9.0%
Cost of revenue
2,690
2,433
2,084
+10.6%
Gross profit
2,431
2,267
2,233
+7.2%
Gross margin
47.5%
48.2%
51.7%
Selling, general and administrative
127
126
122
+0.1%
Operating income
543
423
300
+28.2%
Operating margin
10.6%
9.0%
6.9%
Interest expense
556
527
485
+5.5%
Pre-tax income
543
423
300
+28.2%
Income tax
3.0
8.7
20.1
-65.9%
Effective tax rate
0.5%
2.0%
6.7%
Net income
1,232
758
464
+62.5%
Net margin
24.1%
16.1%
10.7%
Diluted EPS
$3.05
$2.02
$1.26
+51.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,536
1,584
1,434
-3.0%
Capital expenditure
329
266
250
+23.5%
Free cash flow
1,207
1,318
1,184
-8.4%
Free cash flow margin
23.6%
28.0%
27.4%
Cash from investing
-2,049
-2,386
155
Cash from financing
577
818
-1,914
-29.5%
Depreciation and amortisation
1,027
950
922
+8.1%
Share-based compensation
25.0
27.6
19.1
-9.4%
Buybacks
0.0
0.0
n/a
Dividends paid
1,405
1,300
1,277
+8.1%
Dividend per share
$3.48
$3.48
$3.48
0.0%
Diluted shares, weighted
404m
375m
369m
+7.6%
Shares outstanding at period end
410m
384m
372m
+6.9%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
15,540
14,632
14,423
+6.2%
Non-controlling interest
966
954
502
+1.2%
Redeemable equity
476
424
375
+12.2%
Debt
14,915
13,226
11,660
+12.8%
Other liabilities
1,483
1,105
984
+34.2%
Total liabilities and equity
33,381
30,342
27,944
+10.0%
Goodwill
68.3
68.3
68.3
0.0%
Intangible assets
436
384
377
+13.6%
Loans
n/a
330
n/a
Cash and equivalents
285
215
244
+32.3%
Other assets
32,592
29,344
27,255
+11.1%
Total assets
33,381
30,342
27,944
+10.0%
10-K for the year ended 31 December 2019, filed 14 February 2020: the filing.