Medical Properties Trust, Inc. MPT

Real EstateResidential & Commercial REITsUnited States of America

Last close 2.18 USD on Nov 2, 2026, −53.6% year to date

Quant rating

Quant rating D Rank 153 of 175 in Real Estate

Growth D 139 of 175
Valuation C 84 of 175
Quality D 159 of 175
Revisions C 86 of 175
Momentum D 173 of 175

Wall Street consensus Hold (2.88)Average target 4.12 USD +89.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.3B
Enterprise value: 10.6B
52-week range: 2.04 – 6.47
3-year range: 2.04 – 6.47
Dividend yield: 16.00%
Beta (5 years): 1.55
Shares outstanding: 597M
Next earnings: Feb 17, 2027

About the company

Medical Properties Trust, Inc. is a self-advised real estate investment trust (REIT). The Company conducts all of its operations through its subsidiary, MPT Operating Partnership, L.P. It acquires and develops healthcare facilities and leases the facilities to healthcare operating companies under long-term net leases. It also makes mortgage loans to healthcare operators collateralized by their real estate assets. It selectively makes loans to certain of its operators through its taxable REIT subsidiaries (TRS). It has healthcare investments in the United States, Europe and South America. The Company owns hospital real estate with approximately 373 facilities and 38,000 licensed beds in nine countries and across three continents. Its financing model facilitates acquisitions and recapitalizations and allows operators of hospitals to unlock the value of their real estate assets to fund facility improvements, technology upgrades and other investments in operations.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	972	996	872	1,543	1,545	–
Revenue growth	−2.4%	14.2%	−43.5%	−0.1%	23.6%	−4.9%
EPS (basic, normalized)	−0.46	−4.02	0.36	1.50	1.11	–
EPS growth	–	–	−76.0%	35.1%	–	–
Gross margin	96.7%	97.8%	95.9%	97.4%	97.9%	97.1%
Net margin	−28.6%	−242.2%	−64.0%	58.4%	42.3%	−46.8%
ROE	−5.9%	−38.7%	−6.9%	10.6%	8.3%	−6.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	397
Current ratio	–
Long-term debt (mil)	9,705
Net debt (mil)	9,309
Total equity (mil)	4,499
Net debt / equity	2.07x
Net debt / EBITDA	10.79x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	972	−2.4%	10.9x	862	+4.9%	12.3x	−0.46	+88.6%	−4.7x
2026	1,008	+3.7%	10.5x	843	−2.3%	12.6x	0.09	+119.1%	24.8x
2027	1,021	+1.3%	10.4x	844	+0.1%	12.6x	−0.08	−195.5%	−26.0x
2028	996	−2.4%	10.7x	856	+1.5%	12.4x	−0.16	−90.5%	−13.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,008	−1.4%	−1.6%	−0.9%	0.09	+175.0%	−29.0%	−21.4%
2027	1,021	−3.8%	−4.5%	−4.0%	−0.08	−55.6%	−166.7%	−157.5%
2028	996	−7.5%	–	–	−0.16	0.0%	–	–

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	271	267	226	232	224	240	238	270	252	259
Sales mean (mil)	276	249	247	218	230	233	234	241	245	251
Surprise	−1.9%	+7.0%	−8.7%	+6.6%	−2.6%	+3.2%	+1.7%	+12.2%	+3.1%	+3.4%
EPS reported	−0.07	−0.54	−1.34	−0.69	−0.20	0.02	−0.13	0.03	0.05	−0.01
EPS mean	0.08	0.10	0.06	−0.06	0.00	0.01	0.01	0.01	0.03	0.01
Surprise	−187.5%	−658.6%	−2,536.4%	−1,082.9%	−11,876.0%	+71.4%	−1,833.3%	+150.0%	+66.7%	−233.3%

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
MPT Medical Properties Trust, Inc.	1.3B	10.79x	−28.6%	0.29x	24.8x	−26.0x	12.6x	12.6x
NHP National Healthcare Properties, Inc.	1.1B	–	−20.8%	1.04x	31.7x	301.8x	15.5x	15.4x
Mean		10.79x	−24.7%	0.67x	28.2x	137.9x	14.0x	14.0x
Median		10.79x	−24.7%	0.67x	28.2x	137.9x	14.0x	14.0x

Technical analysis

1M−33.3%
3M−51.8%
1Y−54.4%
3Y−45.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Medical Properties Trust, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	972	996	872	1,543	1,545	1,249
Cost of revenue	32.3	22.2	35.6	40.0	32.8	18.9
Gross profit	940	973	836	1,503	1,512	1,230
Selling, general & administrative expenses	135	139	152	166	152	138
Research & development	–	–	–	–	–	–
Depreciation/amortization	265	448	603	333	321	264
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	194	1,825	377	268	0	19.0
Other operating expenses	0	0	0	0	0	0
Operating income	346	−1,439	−296	735	1,039	809
Net interest income (expense)	−560	−1,334	−397	−318	−367	−336
Gain (loss) on sale of assets	5.5	479	−1.8	537	52.5	−2.8
Other non-operating income (expense)	−29.2	−69.9	7.9	5.9	6.3	−6.8
Net income before taxes	−237	−2,364	−687	960	731	463
Provision for taxes	38.6	44.1	−131	55.9	73.9	31.1
Minority interest	−1.1	−2.0	−0.4	−1.2	−0.9	−0.8
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−277	−2,410	−556	903	656	431
Extraordinary items	–	–	–	–	–	–
Net income	−277	−2,410	−556	903	656	431
EBIT, normalized	553	441	81.3	1,004	1,039	828
EBITDA, normalized	849	924	731	1,393	1,416	1,135
Basic EPS, normalized	−0.46	−4.02	0.36	1.50	1.11	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Medical Properties Trust, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	541	332	250	236	459	550
Receivables	881	701	636	787	729	490
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	11,151	11,069	13,394	14,751	16,440	13,513
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	1,722	1,596	3,253	2,943	1,181	1,124
Note receivable	206	146	338	395	1,385	905
Other long-term assets	1,923	1,484	1,320	1,570	1,514	1,288
Total assets	15,002	14,295	18,305	19,658	20,520	16,829
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	549	454	412	621	608	439
Accrued expenses	72.0	78.6	102	102	85.2	90.0
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	9,700	8,850	10,066	10,270	11,285	8,867
Minority interest	1.1	1.1	2.3	1.6	5.5	5.3
Other liabilities	695	611	605	793	789	618
Total liabilities	10,396	9,462	10,673	11,065	12,080	9,490
Shareholders' equity
Preferred stock	0	0	–	0	0	–
Common stock	0.6	0.6	0.6	0.6	0.6	0.5
Additional paid-in capital	8,573	8,585	8,560	8,535	8,565	7,462
Retained earnings (accumulated deficit)	−4,136	−3,659	−972	116	−87.7	−71.4
Treasury stock	–	–	–	–	−0.8	−0.8
Other equity	168	−94.3	42.5	−59.2	−36.7	−51.3
Total equity	4,606	4,833	7,632	8,593	8,440	7,339
Total liabilities & shareholders' equity	15,002	14,295	18,305	19,658	20,520	16,829

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Medical Properties Trust, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−276	−2,408	−556	904	657	432
Depreciation, depletion & amortization	273	454	616	346	334	276
Deferred taxes	–	–	–	–	–	–
Non-cash items	200	2,216	571	−424	−192	−108
Changes in working capital	34.2	−15.6	−125	−86.8	13.1	17.2
Cash from operations	231	245	506	739	812	618
Investing activities
Capital expenditures	−222	−185	−350	−1,442	−5,418	−4,318
Other investing cash flows	−42.6	1,504	867	1,838	1,560	1,371
Cash from investing	−265	1,318	518	396	−3,858	−2,947
Financing activities
Financing cash flow items	−57.0	−129	15.3	−88.6	−36.7	−20.6
Cash dividends paid	−193	−321	−615	−699	−643	−568
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	478	−1,029	−420	−555	3,628	1,990
Cash from financing	228	−1,479	−1,020	−1,343	2,948	1,401
Foreign exchange effects	14.7	−5.2	11.4	−12.9	4.7	16.4
Net change in cash	209	79.2	14.4	−220	−94.5	−912
Free cash flow	8.7	60.1	156	−703	−4,606	−3,700

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.