Medical Properties Trust Inc.
MPWFinancial 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.