Medical Properties Trust, Inc. (MPT)
NYSE:MPT
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Medical Properties Trust
(NYSE:MPT)
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Rating:55Neutral
Price Target:
$5.50
â–²(5.16% Upside)
Action:Reiterated
Date:05/09/26
The score is held back primarily by weak financial performance (net losses and high leverage), partially offset by positive cash flow. Earnings-call commentary was moderately constructive on rent stabilization and improving tenant/operator metrics but highlighted material refinancing and tenant-collection risks. Technicals are mildly supportive with price above major moving averages, while valuation is mixed (high yield but a mid-range P/E).
Positive Factors
Predictable Lease Income
MPT's business model centers on long-term, often triple-net leases with contractual escalators, producing predictable recurring rent and stable cash flows. This structural lease profile supports durable rent collection and cash generation over the next 2–6 months as tenants stabilize and rents ramp.
Negative Factors
High Leverage
Leverage at roughly 2.1x debt-to-equity constrains financial flexibility and increases sensitivity to interest-rate moves or tenant stress. Declining equity magnifies solvency metrics, making the capital structure more fragile and limiting the company's ability to absorb shocks or pursue large opportunistic investments over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Predictable Lease Income
MPT's business model centers on long-term, often triple-net leases with contractual escalators, producing predictable recurring rent and stable cash flows. This structural lease profile supports durable rent collection and cash generation over the next 2–6 months as tenants stabilize and rents ramp.
Read all positive factors
Medical Properties Trust (MPT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.06B
Dividend Yield6.57%
Average Volume (3M)5.39M
Price to Earnings (P/E)21.1
Beta (1Y)1.02
Revenue Growth5.51%
EPS Growth92.33%
CountryUS
Employees118
SectorReal Estate
Sector Strength53
IndustryREIT - Healthcare Facilities
Share Statistics
EPS (TTM)-0.21
Shares Outstanding598,100,000
10 Day Avg. Volume5,732,206
30 Day Avg. Volume5,389,963
Financial Highlights & Ratios
PEG Ratio0.12
Price to Book (P/B)0.65
Price to Sales (P/S)3.09
P/FCF Ratio13.02
Enterprise Value/Market Cap8.00
Enterprise Value/Revenue24.44
Enterprise Value/Gross Profit29.76
Enterprise Value/Ebitda21.30
Forecast
1Y Price Target
$6.13Price Target Upside17.11% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)0.11
Revenue Forecast (FY)$1.03B
Medical Properties Trust Business Overview & Revenue Model
Company Description
Medical Properties Trust, Inc. is a self-advised real estate investment trust. It engages in the investment, acquisition, and development of net-leased healthcare facilities. Its property portfolio includes rehabilitation hospitals, long-term acut...
How the Company Makes Money
MPT primarily makes money by collecting contractual rent from hospital operators under long-term leases on the healthcare properties it owns. Its core revenue stream is lease income (often structured as triple-net arrangements where tenants are ge...
Medical Properties Trust Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call conveyed multiple operational and financial positives — meaningful year-over-year EBITDARM gains across core segments (general acute and rehab), strategic lease restructurings (Vibra), selective accretive acquisitions, progress on Prospect recoveries, and clear targets for cash rent and rent ramp-through 2026. Offsetting these positives are isolated but material challenges: behavioral health softness (U.K. funding and U.S. labor pressures), lingering Prospect-related impairments and remaining collections, HSA cash-collection shortfalls (with remediation tied to a Q2 EMR implementation), and several near-term debt maturities that require refinancing actions. Overall, management presented confidence in portfolio resilience and multiple tactical options to address capital needs.Positive Updates
Improved Portfolio Coverage and Strong Operator Performance
Total portfolio EBITDARM coverage increased year-over-year to 2.6x. General acute operators delivered more than $130 million of incremental EBITDARM versus the same quarter last year.
Negative Updates
Behavioral Health Softness
Behavioral health portfolio was down slightly year-over-year attributable to volume headwinds in the U.K. (NHS budget constraints impacting referrals) and labor cost pressures in the U.S.; Priory is adjusting service lines in response to referral and funding shifts.
Read all updates
Q4-2025 Updates
Positive
Negative
Improved Portfolio Coverage and Strong Operator Performance
Total portfolio EBITDARM coverage increased year-over-year to 2.6x. General acute operators delivered more than $130 million of incremental EBITDARM versus the same quarter last year.
Read all positive updates
Company Guidance
Management reiterated that 2026 is expected to be a year of stabilization and rising cash rents, with a target of exceeding $1.0 billion in annualized cash rent by year-end 2026 and recently-transitioned tenants expected to reach 100% contractual rent by that time; portfolio EBITDARM coverage rose to 2.6x, driven by a >$130 million YoY increase at general acute operators and a $50 million YoY increase at post‑acute operators (Ernest +15%, Vibra +28%, Median +8%), while Median in Germany posted its strongest quarter with >20% QoQ EBITDARM growth and 90% occupancy. Key transaction and cash metrics cited include a new 20‑year master lease with Vibra and an $18 million one‑time cash payment from Vibra, acquisitions of a California post‑acute facility for ~$32 million and a European post‑acute facility for EUR 23 million, sale of 6 smaller properties, a new 15‑year NOR lease expected to stabilize at $45 million annual cash rent in December 2026, ~$70 million of Prospect bankruptcy proceeds received in Q4 with ~$60 million remaining expected in 2026, and a Q4 normalized FFO of $0.18/sh ($0.58/sh full year) (benefiting ~$0.03–$0.04/sh from one‑time cash receipts) offset by ~ $34 million of impairments. On the balance sheet, management highlighted near‑term maturities (EUR 500 million unsecured notes due Oct at 0.99%, bank revolver and $200 million term loan maturing June 2027 after presumed extension, and $1.4 billion unsecured notes due Oct 2027), recent $2.5 billion secured note issuances and 10‑year German financing trading around mid‑5% levels, a $150 million repurchase authorization (used to buy back just under 1% of market cap to date, ~ $25 million repurchased this quarter), and selective $60 million of accretive property investments.Medical Properties Trust Financial Statement Overview
Summary
Income Statement
36
Negative
Balance Sheet
43
Neutral
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.00B | 972.02M | 995.55M | 871.80M | 1.54B | 1.54B |
| Gross Profit | 821.53M | 935.61M | 968.29M | 830.23M | 1.50B | 1.51B |
| EBITDA | 1.15B | 812.59M | 840.60M | 697.41M | 1.35B | 1.37B |
| Net Income | -126.17M | -277.05M | -2.41B | -556.48M | 902.60M | 656.02M |
Balance Sheet | ||||||
| Total Assets | 14.76B | 15.00B | 14.29B | 18.30B | 19.66B | 20.52B |
| Cash, Cash Equivalents and Short-Term Investments | 425.00M | 540.86M | 332.33M | 250.02M | 235.67M | 459.23M |
| Total Debt | 9.77B | 9.83B | 8.98B | 10.22B | 10.41B | 11.37B |
| Total Liabilities | 10.22B | 10.39B | 9.46B | 10.67B | 11.06B | 12.07B |
| Stockholders Equity | 4.54B | 4.61B | 4.83B | 7.63B | 8.59B | 8.44B |
Cash Flow | ||||||
| Free Cash Flow | 216.12M | 230.77M | 245.48M | 505.79M | -801.35M | 746.11M |
| Operating Cash Flow | 216.12M | 230.77M | 245.48M | 505.79M | 739.01M | 811.66M |
| Investing Cash Flow | -252.10M | -264.74M | 1.32B | 517.56M | 396.06M | -3.86B |
| Financing Cash Flow | -221.46M | 228.08M | -1.48B | -1.02B | -1.34B | 2.95B |
Medical Properties Trust Technical Analysis
Positive
5.23
Price Trends
4.93
Positive
5.10
Positive
4.93
Positive
Market Momentum
0.02
Positive
51.69
Neutral
23.45
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MPT, the sentiment is Positive. The current price of 5.23 is above the 20-day moving average (MA) of 5.11, above the 50-day MA of 4.93, and above the 200-day MA of 4.93, indicating a bullish trend. The MACD of 0.02 indicates Positive momentum. The RSI at 51.69 is Neutral, neither overbought nor oversold. The STOCH value of 23.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MPT.
Medical Properties Trust Risk Analysis
Medical Properties Trust disclosed 53 risk factors in its most recent earnings report. Medical Properties Trust reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Medical Properties Trust Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $9.80B | 25.48 | 8.67% | 3.56% | 58.48% | 70.32% | |
74 Outperform | $2.00B | 19.11 | 11.79% | 6.70% | 48.96% | 28.05% | |
70 Outperform | $5.31B | 29.65 | 5.61% | 6.47% | 13.50% | 7.25% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | $3.76B | 24.36 | 9.88% | 4.73% | 16.91% | -1.91% | |
61 Neutral | $2.21B | -9.23 | -18.75% | 0.80% | 0.39% | -8.95% | |
55 Neutral | $3.06B | 21.08 | -2.71% | 6.57% | 5.51% | 92.33% |
* Real Estate Sector Average
MPT
Medical Properties Trust
5.11
0.81
18.70%
LTC
LTC Properties
39.00
5.82
17.54%
NHI
National Health Investors
77.48
7.91
11.37%
SBRA
Sabra Healthcare REIT
21.06
4.82
29.65%
DHC
Diversified Healthcare Trust
9.13
6.02
193.29%
CTRE
CareTrust REIT
41.49
13.83
49.99%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.