<p>Welltower (WELL) 已悄然成为市场上表现较强的长期房地产投资者，过去三个月股价上涨约 15%，过去一年上涨约 50%。</p>
<p>查看我们对 Welltower 的最新分析。</p>
<p>这种势头的激增不容忽视，90 天的股价回报约为 15%，一年总股东回报接近 50%，这表明投资者正在稳步重新定价 Welltower 的增长和风险特征。</p>
<p>如果 Welltower 的表现让你重新考虑房地产投资，值得扫描医疗保健领域的其他收入导向机会，尤其是医疗保健股票。</p>
<p>由于股价已接近历史高点，并且交易价格略低于分析师目标，关键问题是 Welltower 的溢价是否反映了可持续增长，或者市场是否还有未完全定价的上涨空间。</p>
<h2>最受欢迎的叙述：8.2% 被低估</h2>
<p>Welltower 最近收盘价为 190.40 美元，而叙述的公允价值接近 207.38 美元，这一差距的框架在很大程度上依赖于激进的增长假设。</p>
<blockquote>
<p><em>预计包括 Amica Senior Living 收购在内的重要收购活动将通过以折扣收购提供价值，并推动收入增长。他们在老年住房运营组合中的入住率改善和强大的定价能力可能会推动收入和利润率的扩张。</em></p>
</blockquote>
<p>阅读完整叙述。</p>
<p>好奇这个故事如何为 REIT 的如此高未来利润倍数辩护，同时仍然称股票被低估？支撑这一结论的增长、利润率和估值数学可能会让你感到惊讶。深入了解哪些长期收益假设推动了这一公允价值判断。</p>
<p><strong>结果：公允价值为 207.38 美元（被低估）</strong></p>
<p>完整阅读叙述，了解预测背后的原因。</p>
<p>然而，日益上升的宏观不确定性和大量收购支出可能会对入住率增长、利润率和资产负债表灵活性施加压力，这将挑战今天乐观的增长叙述。</p>
<p>了解 Welltower 叙述的关键风险。</p>
<h2>另一种观点：高倍数信号表明几乎没有错误空间</h2>
<p>虽然叙述的公允价值暗示有上涨空间，但市场已经支付了高昂的价格。Welltower 的市盈率约为 136 倍，而同行为 59 倍，公允比率为 37.5 倍。这意味着预期被拉伸，任何失误都可能迅速受到惩罚。</p>
<p>查看数字对这一价格的看法——在我们的估值分析中了解更多。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/6249ce63-c626-45d1-bdc9-1ed13198674e/chart/pe-multiple-vs-industry?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1640" height="650" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/6249ce63-c626-45d1-bdc9-1ed13198674e/chart/pe-multiple-vs-industry"/></p>
<p>截至 2025 年 12 月 NYSE:WELL 市盈率</p>
<h2>自建 Welltower 叙述</h2>
<p>如果你对这个故事有不同看法或想自己进行压力测试，你可以在几分钟内组建自己的观点：按你的方式进行。</p>
<p>你对 Welltower 研究的一个很好的起点是我们的分析，强调 3 个关键收益和 1 个重要警示信号，这可能会影响你的投资决策。</p>
<h2>寻找更多投资想法？</h2>
<p>在继续之前，考虑进行一次集中筛选，以帮助识别下一个潜在机会，否则你可能会错过重塑 Welltower 故事的那种机会。</p>
<ul>
<li>通过扫描这些基于现金流的 915 只被低估股票，提前探索潜在的上涨空间，市场预期可能滞后于基础现金流的强度。</li>
<li>通过瞄准这 25 只专注于自动化、数据智能和数字化转型的 AI 小盘股，为你的投资组合定位结构性增长。</li>
<li>通过审查这些收益率超过 3% 的 13 只股息股票来支持你的收入策略，这可能通过现金分配促进长期复利增长。</li>
</ul>
<p><em>这篇文章由 Simply Wall St 撰写，内容一般。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成买入或卖出任何股票的推荐，也未考虑你的目标或财务状况。我们的目标是为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
<p>移动基础设施用于国防和灾难</p>
<p>下一波机器人技术不是类人型的。它是完全自主的塔楼，在 30 分钟内提供 5G、ISR 和雷达，随时随地。</p>
<p>在下一轮合同之前获取投资者简报</p>
<p>由 CiTech 赞助</p>

WELL

<p>Welltower (WELL) 的股价在过去三个月上涨了 15%，在过去一年中上涨了 50%。分析师正在重新评估其估值，公允价值估计为 207.38 美元，表明其被低估。然而，高市盈率和宏观经济不确定性带来了风险。预计重大收购和改善的入住率将推动增长。建议投资者考虑其他医疗保健股票，并注意潜在风险</p>

<p>Welltower (WELL) has quietly become one of the market’s stronger long term real estate performers, with shares up about 15% over the past 3 months and roughly 50% in the past year.</p>
<div class="lb-trans"><p>Welltower (WELL) 已悄然成为市场上表现较强的长期房地产投资者，过去三个月股价上涨约 15%，过去一年上涨约 50%。</p>
</div><p>See our latest analysis for Welltower.</p>
<div class="lb-trans"><p>查看我们对 Welltower 的最新分析。</p>
</div><p>That surge in momentum is hard to miss, with a roughly 15% 90 day share price return and a near 50% one year total shareholder return, suggesting investors are steadily repricing Welltower’s growth and risk profile.</p>
<div class="lb-trans"><p>这种势头的激增不容忽视，90 天的股价回报约为 15%，一年总股东回报接近 50%，这表明投资者正在稳步重新定价 Welltower 的增长和风险特征。</p>
</div><p>If Welltower’s run has you rethinking your real estate exposure, it could be worth scanning other income oriented opportunities across healthcare via healthcare stocks.</p>
<div class="lb-trans"><p>如果 Welltower 的表现让你重新考虑房地产投资，值得扫描医疗保健领域的其他收入导向机会，尤其是医疗保健股票。</p>
</div><p>With shares already near record highs and trading just below analyst targets, the key question now is whether Welltower’s premium reflects durable growth, or if there is still room for upside that markets have not fully priced in.</p>
<div class="lb-trans"><p>由于股价已接近历史高点，并且交易价格略低于分析师目标，关键问题是 Welltower 的溢价是否反映了可持续增长，或者市场是否还有未完全定价的上涨空间。</p>
</div><h2>Most Popular Narrative Narrative: 8.2% Undervalued</h2>
<div class="lb-trans"><h2>最受欢迎的叙述：8.2% 被低估</h2>
</div><p>With Welltower last closing at $190.40 against a narrative fair value near $207.38, the framework behind that gap leans heavily on aggressive growth assumptions.</p>
<div class="lb-trans"><p>Welltower 最近收盘价为 190.40 美元，而叙述的公允价值接近 207.38 美元，这一差距的框架在很大程度上依赖于激进的增长假设。</p>
</div><blockquote>
<p><em>Significant acquisition activity, including the Amica Senior Living acquisition, is anticipated to provide value through acquisition at a discount and drive revenue growth. Their improved occupancy rates and strong pricing power in the Seniors Housing Operating portfolio are likely to drive revenue and margin expansion.</em></p>
</blockquote>
<div class="lb-trans"><blockquote>
<p><em>预计包括 Amica Senior Living 收购在内的重要收购活动将通过以折扣收购提供价值，并推动收入增长。他们在老年住房运营组合中的入住率改善和强大的定价能力可能会推动收入和利润率的扩张。</em></p>
</blockquote>
</div><p>Read the complete narrative.</p>
<div class="lb-trans"><p>阅读完整叙述。</p>
</div><p>Curious how this story justifies such a rich future profit multiple for a REIT, and still calls the stock undervalued? The growth, margin, and valuation math behind that conclusion might surprise you. Dive in to see which long term earnings assumptions power this fair value call.</p>
<div class="lb-trans"><p>好奇这个故事如何为 REIT 的如此高未来利润倍数辩护，同时仍然称股票被低估？支撑这一结论的增长、利润率和估值数学可能会让你感到惊讶。深入了解哪些长期收益假设推动了这一公允价值判断。</p>
</div><p><strong>Result: Fair Value of $207.38 (UNDERVALUED)</strong></p>
<div class="lb-trans"><p><strong>结果：公允价值为 207.38 美元（被低估）</strong></p>
</div><p>Have a read of the narrative in full and understand what's behind the forecasts.</p>
<div class="lb-trans"><p>完整阅读叙述，了解预测背后的原因。</p>
</div><p>However, rising macro uncertainty and heavy acquisition spending could pressure occupancy gains, margins, and balance sheet flexibility, which would challenge today’s optimistic growth narrative.</p>
<div class="lb-trans"><p>然而，日益上升的宏观不确定性和大量收购支出可能会对入住率增长、利润率和资产负债表灵活性施加压力，这将挑战今天乐观的增长叙述。</p>
</div><p>Find out about the key risks to this Welltower narrative.</p>
<div class="lb-trans"><p>了解 Welltower 叙述的关键风险。</p>
</div><h2>Another View: Rich Multiples Signal Little Room for Error</h2>
<div class="lb-trans"><h2>另一种观点：高倍数信号表明几乎没有错误空间</h2>
</div><p>While the narrative fair value suggests upside, the market is already paying a steep price. Welltower trades on a P/E of about 136 times earnings versus 59 times for peers and a fair ratio of 37.5 times. This means expectations are stretched and any stumble could be punished quickly.</p>
<div class="lb-trans"><p>虽然叙述的公允价值暗示有上涨空间，但市场已经支付了高昂的价格。Welltower 的市盈率约为 136 倍，而同行为 59 倍，公允比率为 37.5 倍。这意味着预期被拉伸，任何失误都可能迅速受到惩罚。</p>
</div><p>See what the numbers say about this price — find out in our valuation breakdown.</p>
<div class="lb-trans"><p>查看数字对这一价格的看法——在我们的估值分析中了解更多。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/6249ce63-c626-45d1-bdc9-1ed13198674e/chart/pe-multiple-vs-industry" alt="" original-src="https://images.simplywall.st/company/6249ce63-c626-45d1-bdc9-1ed13198674e/chart/pe-multiple-vs-industry"/></p>
<p>NYSE:WELL PE Ratio as at Dec 2025</p>
<div class="lb-trans"><p>截至 2025 年 12 月 NYSE:WELL 市盈率</p>
</div><h2>Build Your Own Welltower Narrative</h2>
<div class="lb-trans"><h2>自建 Welltower 叙述</h2>
</div><p>If you see the story differently or want to stress test the numbers yourself, you can assemble your own view in minutes: Do it your way.</p>
<div class="lb-trans"><p>如果你对这个故事有不同看法或想自己进行压力测试，你可以在几分钟内组建自己的观点：按你的方式进行。</p>
</div><p>A great starting point for your Welltower research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision.</p>
<div class="lb-trans"><p>你对 Welltower 研究的一个很好的起点是我们的分析，强调 3 个关键收益和 1 个重要警示信号，这可能会影响你的投资决策。</p>
</div><h2>Looking for more investment ideas?</h2>
<div class="lb-trans"><h2>寻找更多投资想法？</h2>
</div><p>Before you move on, consider running a focused screen to help identify your next potential opportunity, or you may risk missing the kind of moves that reshaped Welltower’s story.</p>
<div class="lb-trans"><p>在继续之前，考虑进行一次集中筛选，以帮助识别下一个潜在机会，否则你可能会错过重塑 Welltower 故事的那种机会。</p>
</div><ul>
<li>Explore potential upside early by scanning these 915 undervalued stocks based on cash flows, where market expectations may lag the underlying cash flow strength.</li>
<li>Position your portfolio for structural growth by targeting these 25 AI penny stocks, which focus on automation, data intelligence, and digital transformation.</li>
<li>Support your income strategy by reviewing these 13 dividend stocks with yields &gt; 3%, which may contribute to long term compounding through cash distributions.</li>
</ul>
<div class="lb-trans"><ul>
<li>通过扫描这些基于现金流的 915 只被低估股票，提前探索潜在的上涨空间，市场预期可能滞后于基础现金流的强度。</li>
<li>通过瞄准这 25 只专注于自动化、数据智能和数字化转型的 AI 小盘股，为你的投资组合定位结构性增长。</li>
<li>通过审查这些收益率超过 3% 的 13 只股息股票来支持你的收入策略，这可能通过现金分配促进长期复利增长。</li>
</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>这篇文章由 Simply Wall St 撰写，内容一般。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成买入或卖出任何股票的推荐，也未考虑你的目标或财务状况。我们的目标是为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
</div><p>Mobile Infrastructure for Defense and Disaster</p>
<div class="lb-trans"><p>移动基础设施用于国防和灾难</p>
</div><p>The next wave in robotics isn't humanoid. Its fully autonomous towers delivering 5G, ISR, and radar in under 30 minutes, anywhere.</p>
<div class="lb-trans"><p>下一波机器人技术不是类人型的。它是完全自主的塔楼，在 30 分钟内提供 5G、ISR 和雷达，随时随地。</p>
</div><p>Get the investor briefing before the next round of contracts</p>
<div class="lb-trans"><p>在下一轮合同之前获取投资者简报</p>
</div><p>Sponsored On Behalf of CiTech</p>
<div class="lb-trans"><p>由 CiTech 赞助</p>
</div>

Welltower (WELL)：在过去 3 个月和 1 年股价强劲上涨后重新评估其估值