WELL WELL

Name: WELL Crucible Score
Creator: Kaladin Capital Intelligence

UnknownUnknownN/A📅 Scored March 18, 2026

Price at analysis: $196.77

Crucible Score

48.8

C-

Quality × Value Composite

KQI — Quality

61.9

C+

Fundamental Quality Index

KVI — Value

32.7

D-

Valuation Attractiveness Index

Crucible Verdict — WELL

WELL trades at a modest premium to fair value despite delivering strong operational execution with an 84% earnings beat rate and solid financial fundamentals. The stock suffers from a severe quality-value disconnect, where decent underlying metrics (61.9 KQI) clash with poor perceived value (32.7 KVI). Management effectiveness remains the key bottleneck limiting the company's ability to unlock shareholder returns.

— Kal, Kaladin Capital Intelligence

◆ KQI Quality Dimensions

Financial Quality

75.3

Growth Profile

71.0

Moat Durability⚠

57.4

Management Effectiveness

47.2

Diversification & Resilience⚠

51.0

Market Position

72.0

Weakest dimension: Management Effectiveness (47.2)

◆ KVI Value Dimensions

DCF Margin of Safety

48.4

FCF Yield & Cash Returns

19.2

Relative Valuation

14.4

Growth-Adjusted Value

35.0

Historical Valuation

50.0

Macro Context

10.2

◆ DCF Valuation Scenarios

Bear Case

$128.45

Base Case

$192.30

Bull Case

$278.50

Price at Analysis

$196.77

Scenario	Fair Value	Rev CAGR (5yr)	Terminal Margin	WACC
🔴 Bear	$128.45	6.0%	15.0%	8.8%
🟢 Base	$192.30	9.0%	18.0%	8.3%
🟢 Bull	$278.50	12.0%	22.0%	7.8%

Key Assumptions: WELL is a healthcare REIT with near-zero effective tax rates and minimal capex relative to revenue, as most capital deployment occurs through acquisitions. Revenue has grown from ~$4.7B to ~$10.7B over 5 years driven by acquisitions and senior housing recovery; base case assumes moderation to ~9% CAGR as post-COVID tailwinds normalize. Operating margins have been volatile (3-16%) due to senior housing operator transitions; we project stabilization at 15-22% across scenarios, with EBITDA margins anchoring around 22-28% reflecting the asset-heavy REIT model. WACC uses CAPM with 0.81 beta and 5.5% ERP, yielding ~8.3% base cost of equity, with modest debt cost adjustments across scenarios.

◆ Financial Snapshot

Profitability

Gross Margin39.2%

Operating Margin3.3%

Net Margin8.8%

ROIC86.0%

ROE4.0%

Balance Sheet

Balance SheetCR: 5.34

Cash ConversionFCF/EPS: 3.04x

Capital IntensityCapex/Rev: 0.3%

Altman Z-Score3.82 (Safe)

Piotroski F-Score7/9 (Good)

Growth

Revenue CAGR15.7% CAGR

Earnings CAGR30.1% CAGR

Growth ConsistencyCV: 1.64

Segment Breadth2/3 growing (67%)

Quarterly TrendRev∆, Margin↓↓, Exp↓

Earnings CredibilityConsistent Beater

◆ Analyst Consensus & Leadership

Leadership & Governance

CEO Ownership12.0%

Compensation93% performance-based

Insider ActivityNeutral

Capital AllocationROIC 0.9% vs WACC 2.4%

Earnings Beat Rate84% (16/22)

◆ Related Companies in Our Universe

Other Unknown companies scored by the Crucible:

ADBE81.8A-NICE80.7A-DECK79.9A-INTU79.9A-EXEL78.3A-MTCH78.2A-TTD78.0B+

Methodology All Scores Crucible Briefs Performance @KaladinCI

Analysis conducted March 18, 2026 based on most recent SEC filings. Updated quarterly, after new SEC filings.

Point-in-time fundamental analysis. Not investment advice. Scores reflect company quality and valuation at time of analysis and may not reflect current market conditions.