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MPW

Medical Properties Trust, Inc.

MPW

Medical Properties Trust, Inc. • NYSE
$5.76 ▼ -0.17% (-0.01)
Market Cap $3.46 B
52w High $6.34
52w Low $3.51
Dividend Yield 0.32%
P/E -4.88
Volume 3.66M
Outstanding Shares 601.50M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $237.522M ▼ $37.734M ▲ $-77.73M ▲ -32.725% ▲ $-0.13 ▲ $245.925M ▲
Q2-2025 $240.359M ▲ $26.197M ▼ $-98.581M ▲ -41.014% ▲ $-0.16 ▲ $203.299M ▲
Q1-2025 $223.799M ▼ $106.483M ▲ $-118.275M ▲ -52.849% ▲ $-0.2 ▲ $72.653M ▼
Q4-2024 $235.267M ▲ $28.489M ▼ $-412.848M ▲ -175.481% ▲ $-0.69 ▲ $177.246M ▲
Q3-2024 $225.827M $241.5M $-801.163M -354.768% $-1.34 $-479.18M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $396.577M ▼ $14.924B ▼ $10.263B ▼ $4.66B ▼
Q2-2025 $509.828M ▼ $15.15B ▲ $10.317B ▲ $4.833B ▲
Q1-2025 $673.482M ▲ $14.854B ▲ $10.092B ▲ $4.761B ▼
Q4-2024 $332.335M ▲ $14.295B ▼ $9.461B ▼ $4.833B ▼
Q3-2024 $275.616M $15.236B $9.795B $5.439B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-77.73M ▲ $0 ▼ $0 ▲ $0 ▲ $0 ▲ $0 ▼
Q2-2025 $-98.068M ▲ $51.747M ▲ $-72.318M ▲ $-154.797M ▼ $-163.577M ▼ $51.747M ▲
Q1-2025 $-118.016M ▲ $384K ▼ $-89.416M ▼ $426.32M ▲ $341.312M ▲ $384K ▼
Q4-2024 $-412.322M ▲ $76.687M ▲ $91.737M ▼ $-99.805M ▲ $55.426M ▲ $76.687M ▲
Q3-2024 $-800.929M $59.195M $143.751M $-548.132M $-331.418M $59.195M

Five-Year Company Overview

Income Statement

Income Statement MPW’s revenue has held up reasonably well over the past few years, but profitability has deteriorated sharply. After being consistently profitable earlier in the decade, the trust has booked sizable losses recently, likely driven by write‑downs, tenant issues, and restructuring rather than just day‑to‑day rent shortfalls. Underlying operating profit is still positive, but much thinner than before, showing that the core business is under pressure. The big gap between modest operating income and large net losses highlights meaningful one‑off or non‑cash charges that are reshaping the portfolio and capital structure.

Balance Sheet

Balance Sheet The balance sheet shows a company that grew aggressively and is now in a period of contraction and repair. Total assets have been shrinking from earlier peaks as MPW sells properties or records impairments, while its debt pile remains large even though it is slowly being reduced. Equity has come down meaningfully as repeated losses have eaten into the cushion that protects lenders and shareholders. Overall, leverage is still high, financial flexibility is more limited than in the past, and the trust has less room for error if conditions worsen.

Cash Flow

Cash Flow Cash generated from the business remains positive but has weakened compared with earlier years, suggesting less headroom to absorb shocks. In prior years, MPW spent heavily on acquisitions and development, leading to volatile and sometimes deeply negative free cash flow. More recently, investment spending has pulled back, so free cash flow looks healthier, but mainly because the trust is in a defensive, capital‑preserving mode rather than a strong growth phase. The pattern points to a shift from expansion to stabilization and debt management.

Competitive Edge

Competitive Edge MPW operates in a narrow niche: hospital real estate financed through long‑term, triple‑net leases. This specialization, combined with a large, international footprint and deep relationships with hospital operators, gives it know‑how and scale that are not easily replicated. Long‑duration leases with built‑in rent step‑ups can provide stable and inflation‑resistant income when tenants are healthy. The flip side is meaningful concentration in a few large operators and exposure to healthcare policy and hospital profitability, so tenant health and regulatory shifts matter a great deal to its competitive position.

Innovation and R&D

Innovation and R&D While MPW is not a technology or lab‑heavy company, it has been innovative in how it structures capital for hospitals. Its sale‑leaseback and custom financing solutions let operators unlock real estate value while keeping long‑term control of their facilities, which is a key differentiator versus more generic landlords. The trust has also built capabilities in executing complex, cross‑border deals and re‑tenanting troubled assets, which is increasingly important as it works through weaker operators. Ongoing “innovation” here is mainly financial and operational—improving deal structures, tenant mix, and portfolio quality—rather than traditional research and development.

Summary

MPW stands at a crossroads: it still owns a sizable, specialized global portfolio of hospital properties with long‑term leases, but its financial profile has weakened. Earnings have swung from steady profits to large losses, the balance sheet is more stretched, and cash generation, while positive, is less robust than in the past. Management appears to be prioritizing portfolio clean‑up, tenant upgrades, and debt reduction over aggressive growth, which may take time and could keep reported results choppy. The key issues to watch are the success of re‑tenanting troubled hospitals, the stability of major operators, progress in lowering leverage, and whether underlying rental income can stabilize and slowly rebuild the trust’s earnings base.

NEWS

November 18, 2025 · 4:30 PM UTC

National Healthcare Properties Announces Andrew T. Babin as Chief Financial Officer

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November 17, 2025 · 8:30 AM UTC

Medical Properties Trust Increases Regular Quarterly Dividend

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October 30, 2025 · 8:00 AM UTC

Medical Properties Trust, Inc. Reports Third Quarter Results and Other Updates

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October 23, 2025 · 4:15 PM UTC

Medical Properties Trust Announces Third Quarter 2025 Financial Results Conference Call and Webcast

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September 29, 2025 · 8:00 AM UTC

Medical Properties Trust, Inc. Provides Portfolio Update

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