# Medical Properties Trust Inc. (MPW) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/MPW/thesis · /stocks/MPW/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/MPW/fundamental

## Navigation

- Overview: /stocks/MPW
- Financials (this page): /stocks/MPW/financials
- Thesis: /stocks/MPW/thesis
- Investment Memo: /stocks/MPW/memo
- Coverage universe: /stocks