Welltower (WELL) FY2022 results: revenue $5.9 billion, up 23.6% on the year

Welltower Inc. (WELL) reported revenue of $5.9 billion for fiscal 2022, the year ended 31 December 2022, up 23.6% on the year before. Net income was $141 million, down 58.0%, and diluted earnings per share $0.30. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2023.

Revenue

$5.9 billion

+23.6% on the year

FY2015FY2022

Operating margin

3.0%

3.6% a year earlier

FY2015FY2022

Net income

$141 million

-58.0% on the year

FY2015FY2022

Diluted EPS

$0.30

-61.5% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	5,861	4,742	4,606	+23.6%
Cost of revenue	3,559	2,775	2,598	+28.3%
Gross profit	2,302	1,968	2,008	+17.0%
Gross margin	39.3%	41.5%	43.6%
Selling, general and administrative	150	127	128	+18.7%
Operating income	173	171	-31.6	+1.4%
Operating margin	3.0%	3.6%	-0.7%
Interest expense	530	490	514	+8.1%
Pre-tax income	173	171	-31.6	+1.4%
Income tax	7.2	8.7	10.0	-16.8%
Effective tax rate	4.2%	5.1%	n/a
Net income	141	336	979	-58.0%
Net margin	2.4%	7.1%	21.3%
Diluted EPS	$0.30	$0.78	$2.33	-61.5%

$ million except per share.

Free 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	1,329	1,275	1,365	+4.2%
Capital expenditure	476	283	245	+68.4%
Free cash flow	853	993	1,120	-14.1%
Free cash flow margin	14.5%	20.9%	24.3%
Cash from investing	-3,704	-4,516	2,348
Cash from financing	2,761	1,568	-2,081	+76.1%
Depreciation and amortisation	1,310	1,038	1,038	+26.3%
Share-based compensation	26.1	17.8	28.3	+46.8%
Buybacks	0.0	0.0	7.7
Dividends paid	1,133	1,037	1,120	+9.3%
Dividend per share	$2.44	$2.44	$2.70	0.0%
Diluted shares, weighted	465m	427m	417m	+9.0%
Shares outstanding at period end	491m	447m	417m	+9.7%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	20,295	17,636	15,973	+15.1%
Non-controlling interest	715	961	909	-25.6%
Redeemable equity	384	401	343	-4.2%
Debt	14,714	14,131	13,799	+4.1%
Other liabilities	1,785	1,781	1,460	+0.2%
Total liabilities and equity	37,893	34,910	32,484	+8.5%
Goodwill	68.3	68.3	68.3	0.0%
Intangible assets	461	503	323	-8.3%
Cash and equivalents	632	269	1,545	+134.6%
Other assets	36,732	34,069	30,548	+7.8%
Total assets	37,893	34,910	32,484	+8.5%

10-K for the year ended 31 December 2022, filed 21 February 2023: the filing.