Medical Properties Trust Inc
MPT NYSE Real Estate Investment Trusts Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$972M
2.4%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
−$277M
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.21 EPS (TTM)
What Medical Properties Trust Inc does
No business description yet.
- Legal name
- MEDICAL PROPERTIES TRUST INC
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001193125-26-073587
0001287865
Revenue and margins
Medical Properties Trust Inc had $972M of revenue in fiscal 2025, down 2.4% on the year before.
FY16
Revenue $541M
FY17
Revenue $705M
FY18
Revenue $785M
FY19
Revenue $854M
FY20
Revenue $1.2B
FY21
Revenue $1.5B
FY22
Revenue $1.5B
FY23
Revenue $872M
FY24
Revenue $996M
FY25
Revenue $972M
Q2 '23
Revenue $337M
Q3 '23
Revenue $307M
Q4 '23
Revenue −$122M
Q1 '24
Revenue $271M
Q2 '24
Revenue $267M
Q3 '24
Revenue $226M
Q4 '24
Revenue $232M
Q1 '25
Revenue $224M
Q2 '25
Revenue $240M
Q3 '25
Revenue $238M
Q4 '25
Revenue $270M
Q1 '26
Revenue $252M
FY16
Gross —
Operating 63.1%
Net 41.6%
FCF —
FY17
Gross —
Operating 68.9%
Net 41.1%
FCF —
FY18
Gross 89.3%
Operating —
Net 129.6%
FCF —
FY19
Gross 80.3%
Operating —
Net 43.9%
FCF —
FY20
Gross 97.6%
Operating —
Net 34.5%
FCF —
FY21
Gross 93.4%
Operating —
Net 42.5%
FCF —
FY22
Gross 89.1%
Operating —
Net 58.5%
FCF —
FY23
Gross 87.4%
Operating —
Net −63.8%
FCF —
FY24
Gross 92.6%
Operating —
Net −242.1%
FCF —
FY25
Gross 90.7%
Operating —
Net −28.5%
FCF —
Gross
Operating
Net
FCF
Q2 '23
Gross 108.5%
Operating —
Net −12.5%
FCF —
Q3 '23
Gross 90.6%
Operating —
Net 38.1%
FCF —
Q4 '23
Gross 41.1%
Operating —
Net 542.5%
FCF —
Q1 '24
Gross 84.9%
Operating —
Net −322.7%
FCF —
Q2 '24
Gross 98.4%
Operating —
Net −120.3%
FCF —
Q3 '24
Gross 96.5%
Operating —
Net −354.8%
FCF —
Q4 '24
Gross 90.9%
Operating —
Net −178.1%
FCF —
Q1 '25
Gross 63.6%
Operating —
Net −52.8%
FCF —
Q2 '25
Gross 91.8%
Operating —
Net −40.9%
FCF —
Q3 '25
Gross 109.4%
Operating —
Net −32.7%
FCF —
Q4 '25
Gross 95.8%
Operating —
Net 6.4%
FCF —
Q1 '26
Gross 61.4%
Operating —
Net 13.0%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income $225M
FY17
Net income $290M
FY18
Net income $1.0B
FY19
Net income $375M
FY20
Net income $431M
FY21
Net income $656M
FY22
Net income $903M
FY23
Net income −$556M
FY24
Net income −$2.4B
FY25
Net income −$277M
Q2 '23
Net income −$42.0M
Q3 '23
Net income $117M
Q4 '23
Net income −$664M
Q1 '24
Net income −$876M
Q2 '24
Net income −$321M
Q3 '24
Net income −$801M
Q4 '24
Net income −$413M
Q1 '25
Net income −$118M
Q2 '25
Net income −$98.4M
Q3 '25
Net income −$77.7M
Q4 '25
Net income $17.3M
Q1 '26
Net income $32.8M
FY16
Diluted EPS $0.86
FY17
Diluted EPS $0.82
FY18
Diluted EPS $2.76
FY19
Diluted EPS $0.87
FY20
Diluted EPS $0.81
FY21
Diluted EPS $1.11
FY22
Diluted EPS $1.50
FY23
Diluted EPS −$0.93
FY24
Diluted EPS −$4.02
FY25
Diluted EPS −$0.46
Q2 '23
Diluted EPS −$0.07
Q3 '23
Diluted EPS $0.19
Q4 '23
Diluted EPS −$1.10
Q1 '24
Diluted EPS −$1.46
Q2 '24
Diluted EPS −$0.54
Q3 '24
Diluted EPS −$1.34
Q4 '24
Diluted EPS −$0.68
Q1 '25
Diluted EPS −$0.20
Q2 '25
Diluted EPS −$0.16
Q3 '25
Diluted EPS −$0.13
Q4 '25
Diluted EPS $0.03
Q1 '26
Diluted EPS $0.05
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 5.6%
Return on equity 6.9%
Return on assets 3.5%
FY17
Return on capital 5.6%
Return on equity 8.2%
Return on assets 3.8%
FY18
Return on capital —
Return on equity 24.3%
Return on assets 11.4%
FY19
Return on capital —
Return on equity 6.5%
Return on assets 3.2%
FY20
Return on capital —
Return on equity 6.0%
Return on assets 2.8%
FY21
Return on capital —
Return on equity 8.3%
Return on assets 3.5%
FY22
Return on capital —
Return on equity 10.6%
Return on assets 4.5%
FY23
Return on capital —
Return on equity −6.9%
Return on assets −2.9%
FY24
Return on capital —
Return on equity −38.7%
Return on assets −14.8%
FY25
Return on capital —
Return on equity −5.9%
Return on assets −1.9%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY16
Free cash flow —
FY17
Free cash flow —
FY18
Free cash flow —
FY19
Free cash flow —
FY20
Free cash flow —
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY16
Cash from operations $264M
Capital spending —
FY17
Cash from operations $362M
Capital spending —
FY18
Cash from operations $449M
Capital spending —
FY19
Cash from operations $494M
Capital spending —
FY20
Cash from operations $618M
Capital spending —
FY21
Cash from operations $812M
Capital spending —
FY22
Cash from operations $739M
Capital spending —
FY23
Cash from operations $506M
Capital spending —
FY24
Cash from operations $245M
Capital spending —
FY25
Cash from operations $231M
Capital spending —
Cash from operations
Capital spending
Q2 '23
Cash from operations $76.5M
Capital spending —
Q3 '23
Cash from operations $158M
Capital spending —
Q4 '23
Cash from operations $135M
Capital spending —
Q1 '24
Cash from operations $74.3M
Capital spending —
Q2 '24
Cash from operations $35.3M
Capital spending —
Q3 '24
Cash from operations $59.2M
Capital spending —
Q4 '24
Cash from operations $76.7M
Capital spending —
Q1 '25
Cash from operations $0.4M
Capital spending —
Q2 '25
Cash from operations $51.7M
Capital spending —
Q3 '25
Cash from operations $18.6M
Capital spending —
Q4 '25
Cash from operations $160M
Capital spending —
Q1 '26
Cash from operations −$14.3M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Medical Properties Trust Inc returned $23.4M to shareholders in fiscal 2025. The diluted share count rose 0.1%.
FY16
Dividends —
Buybacks —
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks $17.9M
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks $23.4M
Dividends
Buybacks
FY16
Diluted shares 0.26B
FY17
Diluted shares 0.35B
FY18
Diluted shares 0.37B
FY19
Diluted shares 0.43B
FY20
Diluted shares 0.53B
FY21
Diluted shares 0.59B
FY22
Diluted shares 0.60B
FY23
Diluted shares 0.60B
FY24
Diluted shares 0.60B
FY25
Diluted shares 0.60B
Balance sheet
Cash, debt and the ratios that show how comfortably Medical Properties Trust Inc can carry it.
FY16
Cash $83.2M
Debt $2.9B
FY17
Cash $171M
Debt $4.9B
FY18
Cash $821M
Debt $4.0B
FY19
Cash $1.5B
Debt $7.0B
FY20
Cash $550M
Debt $8.9B
FY21
Cash $459M
Debt $11.3B
FY22
Cash $236M
Debt $10.3B
FY23
Cash $250M
Debt $10.1B
FY24
Cash $332M
Debt $8.9B
FY25
Cash $541M
Debt $9.7B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $459M | $236M | $250M | $332M | $541M |
| Debt incl. finance leases | $11.3B | $10.3B | $10.1B | $8.9B | $9.7B |
| Debt / equity | 1.3x | 1.2x | 1.3x | 1.8x | 2.1x |
| Total assets | $20.5B | $19.7B | $18.3B | $14.3B | $15.0B |
| Total liabilities | $12.1B | $11.1B | $10.7B | $9.5B | $10.4B |
| Shareholders' equity | $8.4B | $8.6B | $7.6B | $4.8B | $4.6B |
| Net debt (− = net cash) | $10.8B | $10.0B | $9.8B | $8.5B | $9.2B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✕ | ✓ | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ |
| Current ratio rose | — | — | — | — | — | — | — | — | — | — |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ |
| Gross margin rose | — | — | — | ✕ | ✓ | ✕ | ✕ | ✕ | ✓ | ✕ |
| Revenue rose relative to assets | — | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ | ✕ |
| F-score | — / 3 | 3 / 7 | 5 / 7 | 3 / 8 | 5 / 8 | 5 / 8 | 5 / 8 | 3 / 8 | 4 / 8 | 3 / 8 |
| Accruals ratio | −0.6% | −0.9% | 6.4% | −1.0% | −1.2% | −0.8% | 0.8% | −5.6% | −16.3% | −3.5% |
| Altman Z'' | — | — | — | — | — | — | — | — | — | — |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $541M | $705M | $785M | $854M | $1.2B | $1.5B | $1.5B | $872M | $996M | $972M |
| Gross profit | — | — | $700M | $686M | $1.2B | $1.4B | $1.4B | $762M | $921M | $882M |
| Operating income | $342M | $486M | — | — | — | — | — | — | — | — |
| Interest expense | $160M | $177M | $223M | $238M | $329M | $367M | $359M | $411M | $418M | $510M |
| Pretax income | $219M | $294M | $1.0B | $374M | $463M | $731M | $960M | −$687M | −$2.4B | −$237M |
| Income tax | −$6.8M | $2.7M | $0.9M | −$2.6M | $31.1M | $73.9M | $55.9M | −$131M | $44.1M | $38.6M |
| Net income | $225M | $290M | $1.0B | $375M | $431M | $656M | $903M | −$556M | −$2.4B | −$277M |
| Diluted EPS | $0.86 | $0.82 | $2.76 | $0.87 | $0.81 | $1.11 | $1.50 | −$0.93 | −$4.02 | −$0.46 |
| Diluted shares | 0.26B | 0.35B | 0.37B | 0.43B | 0.53B | 0.59B | 0.60B | 0.60B | 0.60B | 0.60B |
| Cash flow | ||||||||||
| Cash from operations | $264M | $362M | $449M | $494M | $618M | $812M | $739M | $506M | $245M | $231M |
| Depreciation and amortization | $97.6M | $132M | $141M | $157M | $276M | $334M | $346M | $616M | $454M | $273M |
| Stock-based compensation | $7.9M | $9.9M | $16.5M | $32.2M | $47.2M | $52.1M | $49.4M | $33.3M | $33.0M | $25.7M |
| Share buybacks | — | — | — | — | — | — | $17.9M | — | — | $23.4M |
| Dividends and buybacks | — | — | — | — | — | — | $17.9M | — | — | $23.4M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $83.2M | $171M | $821M | $1.5B | $550M | $459M | $236M | $250M | $332M | $541M |
| Total debt | $2.9B | $4.9B | $4.0B | $7.0B | $8.9B | $11.3B | $10.3B | $10.1B | $8.8B | $9.7B |
| Finance lease liabilities | — | — | — | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M |
| Total assets | $6.4B | $9.0B | $8.8B | $14.5B | $16.8B | $20.5B | $19.7B | $18.3B | $14.3B | $15.0B |
| Total liabilities | $3.2B | $5.2B | $4.3B | $7.4B | $9.5B | $12.1B | $11.1B | $10.7B | $9.5B | $10.4B |
| Preferred stock | — | — | — | — | — | — | — | $0.0M | — | — |
| Shareholders' equity | $3.2B | $3.8B | $4.5B | $7.0B | $7.3B | $8.4B | $8.6B | $7.6B | $4.8B | $4.6B |
| Margins | ||||||||||
| Gross margin | — | — | 89.3% | 80.3% | 97.6% | 93.4% | 89.1% | 87.4% | 92.6% | 90.7% |
| Operating margin | 63.1% | 68.9% | — | — | — | — | — | — | — | — |
| EBITDA margin | 81.2% | 87.6% | — | — | — | — | — | — | — | — |
| Net margin | 41.6% | 41.1% | 129.6% | 43.9% | 34.5% | 42.5% | 58.5% | −63.8% | −242.1% | −28.5% |
| Returns | ||||||||||
| Return on capital | 5.6% | 5.6% | — | — | — | — | — | — | — | — |
| Return on equity | 6.9% | 8.2% | 24.3% | 6.5% | 6.0% | 8.3% | 10.6% | −6.9% | −38.7% | −5.9% |
| Return on assets | 3.5% | 3.8% | 11.4% | 3.2% | 2.8% | 3.5% | 4.5% | −2.9% | −14.8% | −1.9% |
| Return on tangible equity | 6.9% | 7.6% | 22.4% | 5.3% | 5.9% | 7.8% | 10.5% | −7.3% | −49.9% | −6.0% |
| Growth | ||||||||||
| Revenue growth | — | 30.2% | 11.3% | 8.9% | 46.2% | 23.6% | −0.1% | −43.5% | 14.2% | −2.4% |
| Net income growth | — | 28.8% | 250.8% | −63.1% | 15.2% | 52.1% | 37.6% | −161.7% | — | — |
| EPS growth | — | −4.7% | 236.6% | −68.5% | −6.9% | 37.0% | 35.1% | −162.0% | — | — |
| Share count change | — | 34.2% | 4.5% | 16.9% | 23.9% | 11.3% | 1.5% | −0.1% | 0.3% | 0.1% |
| Financial health | ||||||||||
| Net debt / EBITDA | 6.4x | 7.7x | — | — | — | — | — | — | — | — |
| Debt / equity | 0.9x | 1.3x | 0.9x | 1.0x | 1.2x | 1.3x | 1.2x | 1.3x | 1.8x | 2.1x |
| Interest coverage | 2.1x | 2.7x | — | — | — | — | — | — | — | — |
| Capital allocation | ||||||||||
| Stock comp / revenue | 1.5% | 1.4% | 2.1% | 3.8% | 3.8% | 3.4% | 3.2% | 3.8% | 3.3% | 2.6% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 3.0 | 5.0 | 3.0 | 5.0 | 5.0 | 5.0 | 3.0 | 4.0 | 3.0 |
| Accruals ratio | −0.6% | −0.9% | 6.4% | −1.0% | −1.2% | −0.8% | 0.8% | −5.6% | −16.3% | −3.5% |
Source: SEC EDGAR XBRL filings (CIK 0001287865). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.