Ventas, Inc. (VTR) vs Welltower Inc. (WELL)
A side-by-side comparison of Ventas, Inc. and Welltower Inc. across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of September 10, 2026. Differences are shown without an overall score or investment verdict.
Total return — VTR vs WELL
growth of $100 · dividends reinvested · last 10yVTR vs WELL: by the numbers
- •WELL is the larger company ($167.43B vs $43.00B market cap).
- •WELL converts more revenue to profit (10.67% vs 4.13% net margin).
- •WELL grew revenue faster over the past five years (23.85% vs 11.91% CAGR).
- •VTR pays the higher dividend yield (2.24% vs 1.30%).
Metrics side by side
Valuation
| Metric | VTR | WELL |
|---|---|---|
| P/E ratio | 163.79 | 122.94 |
| Forward P/E | 151.75 | 81.80 |
| P/S ratio | 6.68 | 13.27 |
| P/B ratio | 2.94 | 3.61 |
| EV / EBITDA | 24.34 | 58.21 |
| FCF yield | N/A | 1.59% |
For REITs like Ventas, Inc., GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
For REITs like Welltower Inc., GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
Profitability
| Metric | VTR | WELL |
|---|---|---|
| Gross margin | -2.58% | 38.82% |
| Operating margin | 12.94% | 5.40% |
| Net margin | 4.13% | 10.67% |
| ROE | 1.82% | 2.90% |
| ROIC | 2.81% | 0.96% |
Dividends
| Metric | VTR | WELL |
|---|---|---|
| Dividend yield | 2.24% | 1.30% |
| Payout ratio | 370.37% | 162.43% |
Ventas, Inc.'s payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Welltower Inc.'s payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Growth (annualized)
| Metric | VTR | WELL |
|---|---|---|
| Revenue CAGR (5Y) | 11.91% | 23.85% |
| EPS CAGR (5Y) | -14.16% | -9.79% |
| FCF CAGR (5Y) | 0.22% | 17.78% |
| Total return CAGR (5Y) | 13.45% | 25.30% |
Frequently asked
- Which has grown faster, VTR or WELL?
- Over the past five years, WELL grew revenue faster — VTR at a 11.91% CAGR versus WELL at 23.85%.
- Does VTR or WELL pay a bigger dividend?
- VTR yields 2.24% and WELL yields 1.30% based on trailing dividends and the latest price.
- Is VTR or WELL more profitable?
- WELL runs the higher net margin — VTR at 4.13% versus WELL at 10.67%.
- How have VTR and WELL total returns compared?
- Over the past 10 years, VTR delivered 7.06% and WELL delivered 16.35% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Ventas & Welltower appear in these rankings
Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified September 10, 2026.