Realty Income vs Welltower (O vs WELL)
Side by side from their SEC filings: revenue, margins, growth, returns and valuation, plus short interest, insider activity and institutional ownership.
Welltower is the larger company by revenue ($8.5B vs $5.7B) and market value ($165.6B vs $59.8B). Realty Income has grown revenue faster over the last 4 fiscal years (+176.4% cumulative vs +164.4%). Realty Income trades at the lower trailing P/E (52.6x vs 113.9x).
About Realty Income
Realty Income Corporation is a real estate investment trust that acquires, owns, and manages freestanding commercial properties leased under long-term net lease agreements. The company serves a diversified base of clients, including investment grade and creditworthy operators, primarily in the United States, the United Kingdom, and Europe. Its portfolio includes retail properties and other commercial real estate types, and it focuses on generating stable rental income through properties important to its clients' operations.
About Welltower
Welltower Inc. is a real estate investment trust that focuses on rental housing for aging seniors in the United States, United Kingdom, and Canada. The company owns and invests in seniors housing, wellness housing, and post-acute care communities, including independent living, assisted living, Alzheimer's/dementia care, and skilled nursing facilities. Welltower serves older adults and mature renters by providing housing and healthcare-related services through various property types and partnerships.
Head to head (O FY2025 vs WELL FY2025)
| Metric | OFY2025 | WELLFY2025 |
|---|---|---|
| Revenue | $5.75B | $8.45B |
| Revenue growth (YoY) | 9.1% | 40.2% |
| Gross margin | — | 23.2% |
| Operating margin | — | — |
| Net margin | 18.4% | 11.1% |
| Net income | $1.06B | $936.8M |
| Diluted EPS | $1.17 | $1.39 |
| FCF margin | — | — |
| ROE | 2.6% | 2.2% |
| Debt / equity | — | 0.4× |
| Market cap | $59.84B | $165.57B |
| P/E (TTM) | 52.6× | 113.9× |
Fundamentals are from each company’s SEC filings (O FY2025, WELL FY2025). P/E and market cap are derived from recent market prices and update daily.
Five-year trend (as reported)
| Revenue | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| O | $2.08B | $3.34B | $4.08B | $5.27B | $5.75B |
| WELL | $3.20B | $4.17B | $4.75B | $6.03B | $8.45B |
Peer standing
Where each company ranks among the 165 REITs, on the same scale. Each figure is ranked only against peers that report it. Percentiles describe position in the distribution, not a rating.
| Metric | O | WELL |
|---|---|---|
| Net margin | 18.4%63rd percentile of 156 | 11.1%52nd percentile of 156 |
| Revenue growth (YoY) | +9.1%75th percentile of 161 | +40.2%98th percentile of 161 |
| ROE | 2.6%45th percentile of 141 | 2.2%43rd percentile of 141 |
| P/E (TTM) | 52.6×80th percentile of 108 | 113.9×91st percentile of 108 |
| Short interest (days to cover) | 6.19d87th percentile of 154 | 4.54d71st percentile of 154 |
Short interest
| FINRA settlement data | O | WELL |
|---|---|---|
| Shares sold short | 43.5M | 19.4M |
| Change vs prior settlement | +16.5% | +4.4% |
| Days to cover | 6.19 | 4.54 |
| As of settlement | 2026-06-30 | 2026-06-30 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data; republishing or redistributing it is not permitted. Not presented as a percentage of float. No FINRA endorsement of this product is implied.
Held by the same investors
6 tracked 13F managers hold both Realty Income and Welltower as of their latest quarterly filings: AQR Capital Management, Citadel Advisors, D. E. Shaw, Gotham Asset Management, Millennium Management, Two Sigma Investments. See which superinvestors hold your own portfolio with the smart money checker.
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Data sourced from SEC EDGAR (public domain). Figures are as-reported and may be unaudited or restated; verify against the source filings before relying on them. Comparisons are descriptive (higher or lower on a reported figure), not a rating or a recommendation. Informational only. Not investment advice.