Medical Properties Trust Inc.

MPW
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
TTM ROIC
2.7%
FY2025 · NOPAT (NFFO after tax adj.) / Invested Capital (est.) · WACC ~8.5% · Moat spread +-5.8pp

Financial Snapshot


ticker: MPW step: 04 generated: 2026-05-13 source: quick-research

Medical Properties Trust Inc. (MPW) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue ~$1.50B ~$0.87B ~$0.99B +13.8%
Gross Margin ~70% ~60% ~65%
Operating Margin ~35% ~(50%) ~20%
Net Income (loss) ~$500M ~($3.0B) ~($1.0B)
NFFO/Share ~$1.65 $1.59 ~$0.80

FY2022 was the peak year before tenant distress. FY2023 revenue collapse reflects moving Steward Health Care to cash basis accounting — effectively writing off all accrued Steward rent. FY2023 included ~$772M in non-recurring write-offs/impairments related to Steward in Q4 alone. Steward filed Chapter 11 in May 2024; 17 hospitals were transitioned to 5 new operators by November 2024. NFFO/share has declined sharply from peak; the company stopped providing full-year 2024 NFFO guidance due to Steward uncertainty.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Cash Rent Received Lower than contracted (Steward/Prospect in restructuring)
Total Assets ~$14.3B
Total Debt ~$10B+
Cash & Equivalents ~$200M
Liquidity Raised in 2024 ~$3B (exceeded $2B target via sales and refinancing)

Highly leveraged balance sheet; debt/equity elevated due to write-downs shrinking equity. $3B+ in liquidity was raised in 2024 through asset sales, loan refinancings, and capital raises.

Key Ratios (approximate)

  • Dividend: $0.09/share quarterly ($0.36 annualized — reduced from $1.16 in 2022)
  • Dividend Yield: ~5.5% (at ~$6/share)
  • Analyst consensus target: ~$5.30–$5.40 (flat/modest upside)
  • Stock price: ~$5–6 range (down from $20+ in 2022)

Growth Profile

MPW's financial trajectory has been severely impaired by the Steward Health Care and Prospect Medical bankruptcies. From a peak NFFO/share of ~$1.65 in 2022 and a dividend of $1.16 annually, the company cut its dividend multiple times to $0.36 annualized. The recovery path is defined by: (1) Steward hospitals transitioning to new operators with rents starting at 25% and ramping to 100% by October 2026 ($160M in new annual rents); (2) Prospect Medical resolution; (3) gradual deleveraging via asset sales. Management projects >$1B in annualized cash rent by year-end 2026 if transitions proceed as planned.

Forward Estimates

  • Target annualized cash rent (year-end 2026): >$1B
  • Projected FCF/share growth by late 2026: ~120% increase from current depressed levels
  • New rents from Steward transition: $160M annualized (6.5 cents/share quarterly)
  • Q4 2025 dividend: $0.09/share; $150M buyback authorized
  • Analysts: Hold consensus; 12-month target ~$5.30–$5.40

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $MPW.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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Markdown: /stocks/mpw/financials/md · → thesis · → memo