MPT

MKT CAP:$15B

Medical Properties Trust, Inc.

Market Cap

$15B

Financial Services·REIT - Industrial·🇺🇸 United States·NYSE

Financials·REIT - Industrial·🇺🇸·NYSE

Stock Price

$5.17+$0.09 (+1.77%)

Apr 22, 2026

Company Details

Medical Properties Trust, Inc. is a self-advised real estate investment trust. It engages in the investment, acquisition, and development of net-leased healthcare facilities. Its property portfolio includes rehabilitation hospitals, long-te...

CEO

Edward K. Aldag Jr.

IPO Date

Dec 28, 2007

Website

www.medicalpropertiestrust.com

Key Metrics TTM

Revenue

$922M

+27.7% YoY

Net Income

-$1.4B

EPS (Diluted)

-$2.36

Free Cash Flow

$155M

Revenue / Share

$1.54

Gross Margin

89.4%

Operating Margin

44.5%

Net Margin

-152.9%

FCF Margin

16.8%

P/S

16.5x

P/E

—

Earnings Reports

Q4 2025

May 7, 2026

PENDING

FY 2025

Feb 26, 2026

$972M-2.4%EPS -$0.46

Q3 2025

Nov 7, 2025

$238M+5.2%EPS -$0.13

Q1 2025

May 9, 2025

$224M-17.5%EPS -$0.20

FY 2024

Mar 3, 2025

$996M+14.2%EPS -$4.02

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 21	$370M	$364M	$328M
Q2 21	$389M	$370M	$336M
Q3 21	$398M	$391M	$354M
Q4 21	$416M	$408M	$370M
Q1 22	$417M	$409M	$367M
Q2 22	$415M	$394M	$355M
Q3 22	$364M	$356M	$318M
Q4 22	$388M	$380M	$337M
Q3 23	$307M	$300M	$0
Q4 23	-$122M	-$126M	-$233M
Q1 24	$271M	$266M	$158M
Q2 24	$267M	$259M	$121M
Q3 24	$226M	$221M	-$21M
Q4 24	$235M	$225M	$197M
Q1 25	$224M	$217M	$110M
Q3 25	$238M	$162M	$124M

Valuation

Quarter	P/S	P/E
Q1 21	11.3x	29.6x
Q2 21	10.6x	29.3x
Q3 21	10.2x	27.2x
Q4 21	9.7x	23.2x
Q1 22	9.4x	13.5x
Q2 22	9.2x	12.7x
Q3 22	9.4x	12.2x
Q4 22	9.6x	16.9x
Q3 23	10.3x	39.3x
Q4 23	16.3x	—
Q1 24	18.0x	—
Q2 24	21.1x	—
Q3 24	23.7x	—
Q4 24	15.2x	—
Q1 25	16.0x	—
Q3 25	16.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 21	$189M	$189M
Q2 21	$177M	$177M
Q3 21	$212M	$212M
Q4 21	$234M	$234M
Q1 22	$179M	$179M
Q2 22	$165M	$165M
Q3 22	$214M	$214M
Q4 22	$181M	$181M
Q3 23	$158M	$158M
Q4 23	$135M	$135M
Q1 24	$74M	$74M
Q2 24	$35M	$35M
Q3 24	$59M	$59M
Q4 24	$77M	$77M
Q1 25	$384.0K	$384.0K
Q3 25	$19M	$19M

Capital Expenditures

Quarter	CapEx
Q1 21	$0
Q2 21	$0
Q3 21	$0
Q4 21	$0
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q4 22	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 21	+24.0%	+7.0%
Q2 21	+31.0%	+33.4%
Q3 21	+18.7%	+16.5%
Q4 21	+22.8%	+14.7%
Q1 22	+12.8%	+20.5%
Q2 22	+6.7%	+12.7%
Q3 22	-8.6%	+4.0%
Q4 22	-6.8%	+9.6%
Q3 23	-26.5%	+512.9%
Q4 23	-129.5%	+84.6%
Q1 24	-25.4%	+149.5%
Q2 24	-31.2%	+187.1%
Q3 24	-26.3%	-19.6%
Q4 24	+292.2%	-65.4%
Q1 25	-17.5%	-0.2%
Q3 25	-10.9%	-21.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 21	$12M	3.3%
Q2 21	$13M	3.3%
Q3 21	$14M	3.4%
Q4 21	$14M	3.2%
Q1 22	$12M	2.8%
Q2 22	$10M	2.4%
Q3 22	$11M	3.0%
Q4 22	$16M	4.2%
Q3 23	$11M	3.7%
Q4 23	$4M	—
Q1 24	$8M	2.8%
Q2 24	$9M	3.2%
Q3 24	$14M	6.4%
Q4 24	$2M	1.0%
Q1 25	$18M	7.9%
Q3 25	$12M	5.2%

OpEx Breakdown

Quarter	G&A	S&M
Q1 21	$36M	—
Q2 21	$35M	—
Q3 21	$37M	—
Q4 21	$34M	$4M
Q1 22	$41M	—
Q2 22	$39M	—
Q3 22	$37M	—
Q4 22	$36M	$6M
Q3 23	$38M	—
Q4 23	$30M	—
Q1 24	$33M	—
Q2 24	$35M	—
Q3 24	$37M	—
Q4 24	$23M	$6M
Q1 25	$42M	—
Q3 25	$38M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$249M	$0	$249M
Q2 22	$257M	$0	$257M
Q3 22	$299M	$0	$299M
Q4 22	$236M	$0	$236M
Q1 23	$302M	$0	$302M
Q2 23	$324M	$0	$324M
Q3 23	$340M	$0	$340M
Q4 23	$250M	$0	$250M
Q1 24	$224M	$0	$224M
Q2 24	$607M	$0	$607M
Q3 24	$276M	$0	$276M
Q4 24	$332M	$0	$332M
Q1 25	$673M	$0	$673M
Q2 25	$510M	$0	$510M
Q3 25	$397M	$0	$397M
Q4 25	$541M	$0	$541M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 21	578M	+7.3%	+10.6%
Q2 21	589M	+2.0%	+11.4%
Q3 21	597M	+1.4%	+12.2%
Q4 21	597M	-0.1%	+10.8%
Q1 22	599M	+0.4%	+3.7%
Q2 22	599M	+0.0%	+1.7%
Q3 22	599M	+0.1%	+0.3%
Q4 22	598M	-0.2%	+0.2%
Q3 23	599M	+0.1%	-0.1%
Q4 23	599M	+0.1%	-0.0%
Q1 24	600M	+0.2%	+0.2%
Q2 24	600M	-0.0%	+0.3%
Q3 24	600M	+0.0%	+0.3%
Q4 24	600M	+0.0%	+0.2%
Q1 25	601M	+0.0%	+0.0%
Q3 25	601M	+0.0%	+0.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 21	$4M	86
Q2 21	$5M	86
Q3 21	$5M	86
Q4 21	$5M	86
Q1 22	$5M	86
Q2 22	$5M	86
Q3 22	$4M	86
Q4 22	$3M	119
Q3 23	$3M	119
Q4 23	-$1M	119
Q1 24	$2M	119
Q2 24	$2M	119
Q3 24	$2M	119
Q4 24	$2M	118
Q1 25	$2M	118
Q3 25	$2M	118

Revenue / Employee