Medical Properties Trust, Inc. (MPW) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q3 25	$0.02	-$0.13	-750.0%	—	$237.5M	—
Q2 25	$0.02	-$0.16	-900.0%	—	$240.4M	—
Q1 25	-$0.01	-$0.2	-1900.0%	—	$223.8M	—
Q4 24	-$0.06	-$0.69	-1050.0%	—	$231.8M	—
Q3 24	$0.1	-$0.09	-190.0%	—	$225.8M	—
Q2 24	$0.1	$0.04	-60.0%	—	$266.6M	—
Q1 24	$0.11	-$0.07	-163.6%	—	$271.3M	—
Q4 23	$0.16	-$0.63	-493.8%	—	-$122.4M	—
Q3 23	$0.19	$0.2	+5.3%	—	$306.6M	—
Q2 23	$0.2	-$0.07	-135.0%	—	$337.4M	—
Q1 23	$0.22	$0.2	-9.1%	—	$350.2M	—
Q4 22	$0.27	$0.47	+74.1%	—	$380.5M	—
Q3 22	$0.3	$0.26	-13.3%	—	$352.3M	—
Q2 22	$0.31	$0.29	-6.5%	—	$400.2M	—
Q1 22	$0.32	$0.3	-6.3%	—	$409.8M	—
Q4 21	$0.32	$0.27	-15.6%	—	$409.3M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	—	—	—	$972M	—
FY24	—	-$4.02	—	—	$995.5M	—
FY23	—	-$0.93	—	—	$871.8M	—
FY22	—	$1.5	—	—	$1.5B	—

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$541.1M	$704.7M	$784.5M	$854.2M	$1.2B	$1.5B	$1.5B	$871.8M	$995.5M	$972M
YoY change	+22.5%	+30.2%	+11.3%	+8.88%	+46.2%	+23.6%	-0.12%	-43.5%	+14.2%	-2.36%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	541.1M	704.7M	784.5M	854.2M	1.2B	1.5B	1.5B	871.8M	995.5M	972M
Cost of revenue	2.7M	5.8M	9.2M	24M	24.9M	39.1M	45.7M	41.6M	27.3M	36.4M
Gross profit	538.4M	698.9M	775.3M	830.2M	1.2B	1.5B	1.5B	830.2M	968.3M	935.6M
Gross margin	99.5%	99.2%	98.8%	97.2%	98%	97.5%	97%	95.2%	97.3%	96.3%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	48.9M	58.6M	81M	96.4M	131.7M	145.6M	160.5M	145.6M	133.8M	130.4M
Operating expenses	48.9M	58.6M	81M	96.4M	131.7M	145.6M	160.5M	145.6M	133.8M	130.4M
Operating income	395.1M	515.2M	561.2M	581.5M	828.4M	1B	1B	81.3M	386.8M	539.8M
Operating margin	73%	73.1%	71.5%	68.1%	66.3%	67.2%	65.1%	9.32%	38.9%	55.5%
Non-operating income, net	6.1M	-11.8M	681.5M	36.2M	-8.2M	87.2M	324.5M	-357.2M	-2.3B	-263.1M
Pretax income	219.1M	293.9M	1B	373.8M	463.3M	730.9M	959.7M	-686.8M	-2.4B	-237.3M
Income tax	-6.8M	2.7M	927K	-2.6M	31.1M	73.9M	55.9M	-130.7M	44.1M	38.6M
Net income	225.9M	291.2M	1B	376.4M	432.3M	656.9M	903.8M	-556.1M	-2.4B	-275.9M
Net margin	41.8%	41.3%	129.8%	44.1%	34.6%	42.5%	58.6%	-63.8%	-241.9%	-28.4%
EBITDA	468.6M	669.4M	31.3M	717.5M	1.1B	1.4B	1.1B	1.1B	2.2B	1B
EPS	0.86	0.82	2.77	0.87	0.81	1.11	1.5	-0.93	-4.02	—
Diluted EPS	0.86	0.82	2.76	0.87	0.81	1.11	1.5	-0.93	-4.02	—

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25
Revenue	350.2M	337.4M	306.6M	-122.4M	271.3M	266.6M	225.8M	231.8M	223.8M	240.4M	237.5M	270.3M
Cost of revenue	7.1M	24.7M	6.5M	3.3M	4.8M	7.7M	5M	9.8M	7M	10.9M	9M	9.5M
Gross profit	343.1M	312.7M	300.1M	-125.7M	266.5M	258.9M	220.8M	222.1M	216.8M	229.5M	228.5M	260.8M
Gross margin	98%	92.7%	97.9%	102.7%	98.2%	97.1%	97.8%	95.8%	96.9%	95.5%	96.2%	96.5%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	41.7M	35.6M	38.1M	30.1M	33.3M	35.3M	36.6M	28.5M	41.9M	26.2M	37.7M	24.6M
Operating expenses	41.7M	35.6M	38.1M	30.1M	33.3M	35.3M	36.6M	28.5M	41.9M	26.2M	37.7M	24.6M
Operating income	217.5M	-87.3M	184.2M	-233.1M	157.6M	121.3M	-20.7M	128.6M	110.3M	136.6M	123.8M	169.1M
Operating margin	62.1%	-25.9%	60.1%	190.5%	58.1%	45.5%	-9.15%	55.5%	49.3%	56.8%	52.1%	62.6%
Non-operating income, net	-83.3M	1.9M	48.6M	-324.4M	-913.3M	-322M	-664.3M	-429.3M	-103.1M	-95.3M	-58M	-10.6M
Pretax income	36.6M	-190.7M	127M	-659.6M	-864.4M	-305.1M	-791.9M	-402.8M	-108.6M	-88.3M	-66.6M	26.1M
Income tax	3.5M	-148.3M	10.1M	4M	10.9M	14.6M	9M	9.6M	9.4M	9.8M	10.9M	8.5M
Net income	33M	-42.4M	116.9M	-663.6M	-875.4M	-319.7M	-800.9M	-412.3M	-118M	-98.1M	-77.5M	17.6M
Net margin	9.43%	-12.6%	38.1%	542.2%	-322.6%	-119.9%	-354.7%	-177.8%	-52.7%	-40.8%	-32.6%	6.51%
EBITDA	311.3M	281.6M	318.1M	165.2M	16M	-347.2M	36.9M	2.5B	144.5M	105.9M	226.2M	528.2M
EPS	0.05	-0.07	0.19	-1.11	-1.46	-0.54	-1.34	-0.69	-0.2	-0.16	-0.13	—
Diluted EPS	0.05	-0.07	0.19	-1.11	-1.46	-0.54	-1.34	-0.69	-0.2	-0.16	-0.13	—

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	5.9B	—	—	—	6.7B	2.9B	2.4B	—	2.1B
Enterprise value	—	—	9.1B	—	—	—	16.8B	12.9B	11B	—	12.3B
Shares outstanding	260.4M	349.9M	365.4M	427.1M	529.2M	588.8M	598.6M	598.5M	600.2M	—	—

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	5.77	—	—	—	7.38	—	—	—	41.8
P/S	—	—	7.49	—	—	—	4.32	3.37	2.38	—	2.99
P/B	—	—	1.29	—	—	—	0.78	0.38	0.49	—	0.65
EV/EBITDA	—	—	291.3	—	—	—	15.6	12	5.04	—	15
EV/Sales	—	—	11.6	—	—	—	10.9	14.8	11.1	—	12.2
Earnings yield	—	—	17.3%	—	—	—	13.6%	—	—	—	2.39%
FCF yield	—	—	7.64%	—	—	—	11.1%	17.2%	10.4%	—	24.2%
PEG	—	—	—	—	—	—	—	—	—	—	41.8

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	99.5%	99.2%	98.8%	97.2%	98%	97.5%	97%	95.2%	97.3%	96.3%	96.5%
Operating margin	73%	73.1%	71.5%	68.1%	66.3%	67.2%	65.1%	9.32%	38.9%	55.5%	58.2%
Net margin	41.8%	41.3%	129.8%	44.1%	34.6%	42.5%	58.6%	-63.8%	-241.9%	-28.4%	-70.1%
ROE	6.95%	7.59%	22.3%	5.36%	5.89%	7.78%	10.5%	-7.28%	-49.8%	-5.99%	-14%
ROA	3.52%	3.23%	11.5%	2.6%	2.57%	3.2%	4.6%	-3.04%	-16.8%	-1.84%	2.38%
ROIC	6.47%	5.92%	7.18%	4.58%	4.89%	4.81%	5.03%	0.46%	2.87%	3.89%	3.89%
Return on tangible assets	3.52%	3.23%	11.5%	2.6%	2.57%	3.2%	4.6%	-3.04%	-16.8%	-1.84%	-1.84%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.88	0.6	6.11	8.01	3.17	0.63	1.09	0.71	1.55	1.51	5.17
Quick ratio	0.88	0.6	6.11	8.01	3.17	0.63	1.09	0.71	1.55	1.51	1.51
Debt / equity	0.9	1.29	0.89	1.01	1.23	1.35	1.21	1.34	1.86	2.13	2.06
Debt / assets	0.46	0.55	0.46	0.49	0.54	0.56	0.53	0.56	0.63	0.65	0.65
Net debt / EBITDA	6.09	7.15	103.6	7.9	7.51	8.08	9.42	9.27	3.95	9.28	9.24
Interest coverage	2.37	2.91	2.51	2.44	—	—	—	—	—	—	—
Effective tax rate	0%	0.91%	0.09%	0%	6.7%	10.1%	5.82%	0%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	2.08	2.01	2.15	2	2.36	2.62	2.58	1.46	1.66	—	1.68
EPS (basic)	0.86	0.82	2.77	0.87	0.81	1.11	1.5	-0.93	-4.02	—	—
EPS (diluted)	0.86	0.82	2.76	0.87	0.81	1.11	1.5	-0.93	-4.02	—	-1.18
Book value per share	12.5	11	12.5	16.5	13.9	14.3	14.4	12.8	8.05	—	7.75
FCF per share	1.01	1.04	1.23	1.16	1.17	1.38	1.23	0.85	0.41	—	0.85
Cash per share	0.32	0.49	2.25	3.42	1.04	0.78	0.39	0.42	0.55	—	0.66

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Payout ratio	96.7%	112.2%	35.7%	109.4%	131.4%	98%	77.3%	-110.7%	-13.3%	-70%	1.1K%
Dividend yield	—	—	6.19%	—	—	—	10.5%	20.9%	13.5%	—	10.3%

Yield

10.3%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.09

ex-dividend Mar 12, 2026

Payout ratio

1055%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Mar 12, 2026	$0.09
Dec 11, 2025	$0.09
Sep 11, 2025	$0.08

Period	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25
Revenue	$350.2M	$337.4M	$306.6M	-$122.4M	$271.3M	$266.6M	$225.8M	$231.8M	$223.8M	$240.4M	$237.5M	$270.3M
YoY change	-14.5%	-15.7%	-13%	-132.2%	-22.5%	-21%	-26.3%	+289.4%	-17.5%	-9.83%	+5.18%	+16.6%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	83.2M	171.5M	820.9M	1.5B	549.9M	459.2M	235.7M	250M	332.3M	540.9M
Receivables	174.6M	264.6M	246.7M	365.6M	536.7M	784.8M	954.2M	681M	737.1M	900.7M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	457.8M	641.4M	1.5B	2.5B	2B	1.4B	1.7B	1.4B	1.3B	1.8B
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	6.4B	9B	8.8B	14.5B	16.8B	20.5B	19.7B	18.3B	14.3B	15B
Accounts payable	—	—	—	—	—	—	—	—	—	—
Short-term debt	290M	840.8M	28.1M	—	165.4M	1.6B	929.6M	1.5B	361.7M	638.1M
Total current liabilities	517.6M	1.1B	245.9M	307.6M	640.3M	2.2B	1.6B	2B	845.4M	1.2B
Long-term debt	2.6B	4.1B	4B	7.1B	8.8B	9.8B	9.5B	8.7B	8.6B	9.2B
Total liabilities	3.2B	5.2B	4.3B	7.4B	9.5B	12.1B	11.1B	10.7B	9.5B	10.4B
Shareholders' equity	3.3B	3.8B	4.6B	7B	7.3B	8.4B	8.6B	7.6B	4.8B	4.6B
Total debt	2.9B	5B	4.1B	7.1B	9B	11.4B	10.4B	10.2B	9B	9.8B
Net debt	2.9B	4.8B	3.2B	5.7B	8.5B	11B	10.2B	10B	8.6B	9.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25
Cash & short-term investments	302.3M	324.1M	340.1M	250M	224.3M	606.5M	275.6M	332.3M	673.5M	509.8M	396.6M	540.9M
Receivables	980.4M	957.2M	984.3M	681M	712.1M	703.7M	720.9M	737.1M	782.3M	854.5M	876.9M	900.7M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	1.6B	1.5B	1.6B	1.4B	1.4B	1.8B	1.2B	1.3B	1.6B	1.5B	1.5B	1.8B
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	19.7B	19.2B	19B	18.3B	17.3B	16.2B	15.2B	14.3B	14.9B	15.2B	14.9B	15B
Accounts payable	—	—	—	—	—	—	—	—	—	—	—	—
Short-term debt	1B	1.2B	1.4B	1.5B	1.6B	691.6M	397.4M	361.7M	643.2M	553.4M	567.6M	638.1M
Total current liabilities	1.7B	1.7B	1.8B	2B	1.9B	1.2B	840.1M	845.4M	1.1B	1.1B	1.1B	1.2B
Long-term debt	9.6B	9.2B	9B	8.7B	8.6B	8.8B	9B	8.6B	9B	9.2B	9.2B	9.2B
Total liabilities	11.2B	10.9B	10.7B	10.7B	10.6B	10B	9.8B	9.5B	10.1B	10.3B	10.3B	10.4B
Shareholders' equity	8.4B	8.3B	8.3B	7.6B	6.7B	6.2B	5.4B	4.8B	4.8B	4.8B	4.7B	4.6B
Total debt	10.6B	10.4B	10.3B	10.2B	10.3B	9.5B	9.4B	9B	9.6B	9.8B	9.8B	9.8B
Net debt	10.3B	10.1B	10B	10B	10B	8.9B	9.1B	8.6B	8.9B	9.3B	9.4B	9.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	225.9M	291.2M	1B	376.4M	432.3M	656.9M	903.8M	-556.1M	-2.4B	-275.9M
Depreciation & amortization	97.6M	132M	141.5M	156.6M	276M	333.8M	345.6M	616.1M	453.7M	272.8M
Stock-based compensation	7.9M	9.9M	16.5M	32.2M	47.2M	52.1M	49.4M	33.3M	33M	25.7M
Change in working capital	-41.3M	-28.5M	28.6M	13.5M	35.6M	-40.9M	-120.4M	-120.4M	-39.1M	12.5M
Operating cash flow	276.3M	367.2M	1.1B	475M	614.2M	811.6M	973.8M	131.7M	-1.5B	20.7M
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-954.1M	-2.4B	-895.5M	-4.9B	-3B	-4B	-1.7B	-265.5M	-455.9M	-305.3M
Dividends paid	-218.4M	-326.7M	-363.9M	-411.7M	-568M	-643.5M	-698.5M	-615.4M	-321.1M	-193.3M
Share repurchases	—	—	—	—	0	0	-17.9M	0	0	-23.4M
Financing cash flow	552.6M	2.1B	-345.9M	5B	1.4B	2.9B	-1.3B	-1B	-1.5B	230.6M
Net change in cash	-125.3M	84.8M	-115.3M	605M	-957.3M	-277.9M	-2B	-1.1B	-3.5B	-54M
Free cash flow	263.8M	362.2M	449.1M	494.1M	617.6M	811.7M	739M	505.8M	245.5M	230.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25
Net income	33M	-42.4M	116.9M	-663.6M	-875.4M	-319.7M	-800.9M	-412.3M	-118M	-98.1M	-77.5M	17.6M
Depreciation & amortization	87.6M	368M	80.6M	79.9M	77.2M	103.9M	206.5M	66.2M	65.4M	68.2M	69.5M	69.7M
Stock-based compensation	11.8M	6.4M	11.5M	3.5M	7.6M	8.5M	14.4M	2.4M	17.7M	857K	12.3M	-5.1M
Change in working capital	-2.4M	-62.4M	-39.6M	-16M	6.9M	-45.7M	12.3M	-12.6M	1M	-5.9M	12.9M	4.5M
Operating cash flow	61.9M	86.6M	135.1M	-151.9M	-601.3M	110.4M	-467.3M	-351.1M	-35.7M	31.5M	-42.4M	67.2M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	30.4M	-82.2M	-109.6M	-104.1M	-96M	-289.4M	-86.1M	15.6M	-83.2M	-85.8M	-124.1M	-12.2M
Dividends paid	-176.6M	-173.7M	-173.9M	-91.2M	-92.8M	-89.8M	-90.3M	-48.2M	-48.2M	-48.4M	-48.3M	-48.4M
Share repurchases	-5.6M	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-89.1M	-636.7M	-66.1M	-400.7M	-88.8M	-851M	-547.7M	-99.3M	426.6M	-154.3M	-33.7M	15.5M
Net change in cash	3.1M	-632.3M	-40.6M	-656.8M	-786.1M	-1B	-1.1B	-434.8M	307.7M	-208.6M	-200.1M	70.5M
Free cash flow	135.6M	76.5M	158.2M	135.4M	74.3M	35.3M	59.2M	76.7M	384K	51.7M	18.6M	160.1M

Medical Properties Trust, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement