MEDICAL PROPERTIES TRUST INC MPT

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

We are a self-advised REIT formed in 2003 to acquire and develop net-leased healthcare facilities. At December 31, 2025, we had investments in 384 facilities and approximately 39,000 licensed beds in 31 states in the U.S., seven countries in Europe, and Colombia in South America. We have operated as a REIT since April 6, 2004, and accordingly, elected REIT status upon the filing of our calendar year 2004 federal income tax return. Medical Properties Trust, Inc. was incorporated under Maryland law on August 27, 2003, and MPT Operating Partnership, L.P. was formed under Delaware law on September 10, 2003. We conduct substantially all of our business through MPT Operating Partnership, L.P.

Our primary business strategy is to acquire and develop healthcare facilities and lease the facilities to healthcare operating companies under long-term net leases, which require the tenant to bear most of the costs associated with the property. The majority of our leased assets are owned 100%; however, we do own some leased assets through joint ventures with other partners that share our view that healthcare facilities are part of the infrastructure of any community, which we refer to as investments in unconsolidated real estate joint ventures. We also make mortgage loans to healthcare operators collateralized by their real estate assets. In addition, we may make loans to certain of our operators through our taxable REIT subsidiaries ("TRS"), the proceeds of which are typically used for working capital and other purposes. From time-to-time, we may make noncontrolling investments in our tenants, which we refer to as investments in unconsolidated operating entities. These investments are typically made in conjunction with larger real estate transactions with the tenant that give us a right to a share in such tenant's profits and losses, and provide for certain minority rights and protections. Our business model facilitates acquisitions and recapitalizations, and allows operators of healthcare facilities to serve their communities by unlocking the value of their real estate assets to fund facility improvements, technology upgrades, and other investments in operations.

Last close 2.70 2026-10-23
Market cap $1.61B 2026-03-31 share count
52-week range 2.61 - 6.47

Valuation FY2025 figures against the last close

P/S1.7x
P/E—
P/FCF7.0x
EV/EBITDA—
Dividend yield—
Diluted EPS-0.46

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $972.0M$995.5M$871.8M$1.54B$1.54B$1.25B$854.2M$784.5M$704.7M$541.1M
Cost of revenue $90.3M$74.2M$110.1M$167.4M$101.4M$30.1M$168.2M$84.2M——
Gross profit $881.7M$921.4M$761.7M$1.38B$1.44B$1.22B$686.0M$700.4M——
SG&A $130.4M$133.8M$145.6M$160.5M$145.6M$131.7M$96.4M$81.0M$58.6M$48.9M
Total operating expenses $942.6M$1.03B$1.20B$898.2M$873.4M$749.5M$510.5M$446.6M$396.1M$351.9M
Operating income ————————$485.6M$341.6M
Interest expense $510.4M$417.8M$411.2M$359.0M$367.4M$328.7M$237.8M$223.3M$177.0M$159.6M
Pre-tax income -$237.3M-$2.36B-$686.8M$959.7M$730.9M$463.3M$373.8M$1.02B$293.9M$219.1M
Income tax $38.6M$44.1M$130.7M$55.9M$73.9M$31.1M$2.6M$927.0K$2.7M$6.8M
Net income -$277.0M-$2.41B-$556.5M$902.6M$656.0M$431.4M$374.7M$1.02B$289.8M$225.0M
EPS, basic -0.46-4.02-0.931.501.110.810.872.770.820.86
EPS, diluted -0.46-4.02-0.931.501.110.810.872.760.820.86
Shares, diluted (wtd. avg.) 600.9M600.2M598.5M598.8M590.1M530.5M428.3M366.3M350.4M261.1M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $540.9M$332.3M$250.0M$235.7M$459.2M$549.9M$1.46B$820.9M$171.5M$83.2M
Total assets $15.00B$14.29B$18.30B$19.66B$20.52B$16.83B$14.47B$8.84B$9.02B$6.42B
Long-term debt $9.70B$8.85B$10.06B$10.27B$11.28B$8.87B$7.02B$4.04B$4.90B$2.91B
Total liabilities $10.39B$9.46B$10.67B$11.06B$12.07B$9.49B$7.44B$4.28B$5.19B$3.17B
Retained earnings -$4.14B-$3.66B-$971.8M$116.3M-$87.7M-$71.4M$83.0M$162.8M-$485.9M-$434.1M
Total equity $4.61B$4.83B$7.63B$8.59B$8.45B$7.34B$7.03B$4.56B$3.84B$3.25B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $230.8M$245.5M$505.8M$739.0M$811.7M$617.6M$494.1M$449.1M$362.2M$263.8M
Depreciation and amortisation $272.8M$453.7M$616.1M$345.6M$333.8M$276.0M$156.6M$141.5M$132.0M$97.6M
Stock-based compensation $25.7M$33.0M$33.2M$49.4M$52.1M$47.2M$32.2M$16.5M$9.9M$7.9M
Investing cash flow -$264.7M$1.32B$517.6M$396.1M-$3.86B-$2.95B-$4.88B$564.2M-$2.36B-$926.5M
Financing cash flow $228.1M-$1.48B-$1.02B-$1.34B$2.95B$1.40B$5.04B-$345.9M$2.07B$552.6M
Buybacks $23.4M——$17.9M————$515.0K—

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-152971.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -3B -2B -1B 0 1B 2B Revenue, FY2016: 541.1M Net income, FY2016: 225M Revenue, FY2017: 704.7M Net income, FY2017: 289.8M Revenue, FY2018: 784.5M Gross profit, FY2018: 700.4M Net income, FY2018: 1B Revenue, FY2019: 854.2M Gross profit, FY2019: 686M Net income, FY2019: 374.7M Revenue, FY2020: 1.2B Gross profit, FY2020: 1.2B Net income, FY2020: 431.4M Revenue, FY2021: 1.5B Gross profit, FY2021: 1.4B Net income, FY2021: 656M Revenue, FY2022: 1.5B Gross profit, FY2022: 1.4B Net income, FY2022: 902.6M Revenue, FY2023: 871.8M Gross profit, FY2023: 761.7M Net income, FY2023: -556.5M Revenue, FY2024: 995.5M Gross profit, FY2024: 921.4M Net income, FY2024: -2.4B Revenue, FY2025: 972M Gross profit, FY2025: 881.7M Net income, FY2025: -277M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $541.1M $704.7M $784.5M $854.2M $1.25B $1.54B $1.54B $871.8M $995.5M $972.0M
Gross profit — — $700.4M $686.0M $1.22B $1.44B $1.38B $761.7M $921.4M $881.7M
Net income $225.0M $289.8M $1.02B $374.7M $431.4M $656.0M $902.6M -$556.5M -$2.41B -$277.0M

Recent filings and events

  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02
  • Other event Item 8.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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