Medical Properties Trust, Inc.
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Red: the debt threatens the substance. Net debt is about nine times adjusted EBITDAre, interest ate more than half of 2025 revenue, and the latest refinancing is secured by real estate and costs 9.25 percent. Operating cash flow after interest covered less than half of the dividend in the first half of 2026, and the credit facility matures at the end of 2026. In favor of yellow: there is no going-concern warning, MPT reported compliance with its covenants as of August 10, 2026, and the sales show valuable real estate. Under our rule of doubt, the more cautious rating applies. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Medical Properties Trust sold two hospitals in September 2026 far above the original investment, and rent from Steward’s successors is rising. Against that stood $9.83 billion of debt as of June 30, 2026, which cost more than half of 2025 revenue in interest; the latest refinancing is secured and costs 9.25 percent. Operating cash flow in the first half of 2026 fell short of dividends paid. At $3.14 (October 9, 2026), MPT was worth about $1.88 billion. Not investment advice.
Real estate
373 properties in nine countries with long leases (85.8 percent of base rent and interest expires after 2035); sale of two Idaho hospitals in September 2026 for $413 million ($371 million of it to MPT) on about $240 million of gross investment.
Debt and interest
$9.83 billion of debt (June 30, 2026), adjusted net debt at 8.9 times adjusted EBITDAre (company figure); interest at 52.5 percent of 2025 revenue; new secured notes of $2.4 billion at 9.25 percent.
Tenants
After Steward and Prospect, several tenants on the cash basis; a $50 million additional advance to HSA in the second quarter of 2026; no published rent coverage for HSA and NOR.
Rent recovery
Rent billed up 14 percent in the second quarter of 2026; Steward’s successors paid $29.7 million in the quarter (first quarter 2025: $3.4 million) and are scheduled to pay about full contractual rent from October 2026.
Dividend
Quarterly dividend down from $0.29 (2022) to $0.09; first-half 2026 operating cash flow of $48.2 million against $109.6 million of dividends paid; a cut is listed in the 10-Q as a possible source of cash.
Worth Noting
This analysis was prompted by the wallstreet-online forum ranking (stocks most discussed by German retail investors), as of October 11, 2026. Our in-house stock scanner lists MPT in its price-to-cash-flow ranking (price-to-cash-flow of 10 or less), as of October 11, 2026. The analysis uses the image of averaging down (buying more as the price falls, with your cost basis as the wrong yardstick).
Evidence base: annual report 10-K for 2025 (Feb. 26, 2026) and for 2024 (March 3, 2025), quarterly reports 10-Q for March 31, 2026, and June 30, 2026 (Aug. 10, 2026, latest periodic report), current reports 8-K of Aug. 10, 2026 (earnings, supplemental, new notes) and Jan. 20, 2026 (ticker change), and the proxy statement DEF 14A of April 13, 2026. After Aug. 10, 2026, MPT filed only insider reports (Form 4) through Oct. 11, 2026; press releases of Aug. 13, 2026 (dividend) and Sept. 16, 2026 (Idaho hospital sale) were also reviewed. The report for Sept. 30, 2026, was not yet available on Oct. 11, 2026.
Our calculations: market value 597.2 million shares (10-Q cover, Aug. 10, 2026) times $3.14 = $1.875 billion; enterprise value 1.875 + 9.829 (debt at face value) − 0.397 (cash) = $11.31 billion; debt net of cash 9.432 / 11.31 = about 83 percent, shareholders 1.875 / 11.31 = about 17 percent; operating cash flow over the last four quarters 230.8 + 48.2 − 52.1 = $226.9 million (price-to-cash-flow about 8.3); price-to-book 3.14 / 7.54 (equity of $4,498.8 million over 596.8 million shares at June 30, 2026) = 0.42; second-quarter normalized FFO $0.15 times 4 = $0.60, price-to-FFO about 5.2; dividend yield 4 × 0.09 = $0.36 / $3.14 = 11.5 percent; interest to revenue 2025 510.4 / 972.0 = 52.5 percent, 2021 367.4 / 1,544.7 = 23.8 percent; straight-line rent Q2 2026 33.3 / 259.3 = 12.8 percent, 2025 152.2 / 972.0 = 15.7 percent; balance 927.5 / 4,498.8 equity = 20.6 percent; interest on the new notes 2,400 × 9.25 percent = $222 million a year; net debt without the development adjustment (9,705.0 book debt − 396.6) over $981.3 million of annualized adjusted EBITDAre = about 9.5.
Prices: stock prices 2021 to 2025 ($23.63 / $11.14 / $4.91 / $3.95 / $5.00; “Stock Price” column of the pay-versus-performance table, $5.00 matches the Dec. 31, 2025, close) and total shareholder return (37.95 per $100 initial value; Dow Jones U.S. Real Estate Health Care index 163.81) from the pay-versus-performance table of the DEF 14A of April 13, 2026; closing price $3.14 on Oct. 9, 2026, on the NYSE; short interest (about 146 million shares; fundamental data put it at 32.8 percent of float, while 146.2 over 489.9 million float shares would give 29.8 percent), analyst ratings and average price target from fundamental data, as of Oct. 11, 2026.
Possible confusion: until Feb. 1, 2026, the stock traded as MPW. “MPT” is also shorthand for the operating subsidiary MPT Operating Partnership, L.P., which issues the notes. “MEDIAN” in MPT’s filings is the German hospital operator MEDIAN Kliniken, not a statistical value.
Stock Watch
This analysis is as of October 11, 2026. Stock Watch will tell you what's changed at MPT since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 2.40 $ to 6.00 $ · Last price: 2.30 $ (As of: October 30, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 10/30/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: REIT - Healthcare Facilities
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Medical Properties Trust, Inc. MPT | 1.4 | – | 10.5 | 95.9 | 58.2 | -2.4 | -45.8 |
| Welltower Inc WELL | 165.6 | 118.1 | 59.5 | 39.2 | 18.0 | 35.8 | 31.6 |
| Ventas Inc VTR | 41.5 | 161.0 | 24.0 | 40.0 | 13.8 | 18.5 | 16.9 |
| Omega Healthcare Investors Inc OHI | 14.2 | 23.8 | 12.5 | 97.9 | 65.5 | 14.0 | 25.7 |
| Healthpeak Properties Inc DOC | 13.2 | 62.7 | 11.7 | 57.7 | 12.3 | 4.5 | 15.1 |
| American Healthcare REIT, Inc. AHR | 10.8 | 95.0 | 28.7 | 19.3 | 6.4 | 9.2 | 21.2 |
| CareTrust REIT Inc. CTRE | 8.4 | 24.7 | 18.7 | 96.4 | 57.8 | 108.8 | 11.0 |
| Healthcare Realty Trust Incorporated HR | 6.4 | – | 15.8 | 62.0 | 11.5 | -6.9 | 7.5 |
| Sabra Healthcare REIT Inc SBRA | 5.0 | 32.6 | 18.8 | 50.3 | 31.4 | 10.2 | 20.9 |
| Median of companies shown | 10.8 | 62.7 | 18.7 | 57.7 | 18.0 | 10.2 | 16.9 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2015 | 442 | 263 | 140 | 0.64 | 207 | 2,102 | 5,609 |
| 2016 | 541 | 342 | 225 | 0.86 | 265 | 3,248 | 6,419 |
| 2017 | 705 | 486 | 290 | 0.83 | 363 | 3,821 | 9,020 |
| 2019 | 870 | 750 | 375 | 0.87 | 494 | 7,028 | 14,467 |
| 2020 | 1,249 | – | 431 | 0.81 | 618 | 7,339 | 16,829 |
| 2021 | 1,545 | 1,039 | 656 | 1.11 | 812 | 8,440 | 20,520 |
| 2022 | 1,543 | 1,004 | 903 | 1.51 | 739 | 8,593 | 19,658 |
| 2023 | 872 | 81 | -556 | -0.93 | 506 | 7,632 | 18,305 |
| 2024 | 996 | 387 | -2,410 | -4.02 | 245 | 4,833 | 14,295 |
| 2025 | 972 | 540 | -277 | -0.46 | 231 | 4,608 | 15,002 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.69 | – | 232 | – | -175.50 | 77 | 77 |
| 2025: Q1 | -0.20 | – | 224 | -17.50 | -52.80 | 0 | 0 |
| 2025: Q2 | -0.16 | – | 240 | -9.80 | -40.90 | 52 | 52 |
| 2025: Q3 | -0.13 | – | 238 | 5.20 | -32.70 | 19 | 19 |
| 2025: Q4 | 0.03 | – | 270 | 16.60 | 6.40 | 160 | 160 |
| 2026: Q1 | 0.05 | – | 252 | 12.60 | 13.00 | -14 | -14 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.11 | 0.06 – 0.15 | 1,038 | – | 2 |
| 12/31/2027 | 0.05 | 0.03 – 0.07 | 1,078 | -9.1% | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly -9.0% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $226.8M |
|---|---|
| Market cap | $1.39B |
| Free cash flow in year ten | $88.8M |
| Terminal value as a share of market value | 33.6% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Medical Properties Trust ist ein Immobilienfonds in Aktienform (REIT), der Krankenhausgebäude besitzt und langfristig an Klinikbetreiber vermietet (373 Immobilien, 51 Betreiber, neun Länder, Stand 30.06.2026); rund 95 Prozent der Erlöse sind Mieten. In den ausgewerteten SEC-Berichten — Geschäftsbericht (10-K) für 2025 und für 2024, Quartalsberichte (10-Q) zum 31.03.2026 und zum 30.06.2026 — kommen „artificial intelligence“, „machine learning“ und „AI“ kein einziges Mal vor: keine KI-Produkte oder -Dienste als Umsatzquelle, kein belegter operativer KI-Einsatz und kein KI-bezogenes Geschäftsrisiko. Technologiebezüge beschränken sich auf allgemeine IT- und Cybersicherheitsrisiken (10-K 2025, Item 1A und Item 1C) und die Formel, dass Mieter mit Sale-and-Lease-back-Erlösen unter anderem Technologie-Upgrades finanzieren. Nach der Vorrangregel (verkauft > bedroht > nutzt > neutral) ergibt das „neutral“ — ein dokumentierter Negativ-Befund, wie er für einen Vermieter von Klinikgebäuden zu erwarten ist.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-08-10 · 10-Q 2026-05-08 · 10-K 2026-02-26 · 10-K 2025-03-03
Rated on October 11, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -14.3%
- More than 10% revenue growth is expected for the coming year 5.6%
- Share count grows by less than 3% a year 0.1%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -1.5%
- Gross margin at 40% or higher and without meaningful erosion 96.3%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 17.0 x EBITDA
- Operating cash flow covers the profits of the last three years 4,226 m
- Return on capital at 15% or higher, or up versus two years ago 3.9%
- Insiders hold at least 10% or are net buyers 17.6%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
5/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 8.2%
- Exp. sales growth 3Y > 5% 5.3%
- EBIT growth 10Y > 5% 7.4%
- Exp. EBIT growth 3Y > 5% 5.3%
- Net debt < 4x EBIT 17.2x
- EBIT positive, 10Y straight –
- Max. EBIT decline < 50% –
- Return on equity > 15% -7.4%
- ROCE > 15% 3.9%
- Expected return > 10% 22.7%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Oct 7, 2026 | Aldag Edward K JR | Chairman, President & CEO | Other | 109,433 | 3.51 | 384,110 |
| Oct 7, 2026 | Hamner R Steven | Executive Vice President & CFO | Other | 48,548 | 3.51 | 170,403 |
| Oct 7, 2026 | Portal Larry H | SVP, Senior Advisor to the CEO | Other | 4,048 | 3.51 | 14,208 |
| Oct 7, 2026 | Hanna James Kevin | Senior VP, Controller & CAO | Other | 3,295 | 3.51 | 11,565 |
| Oct 7, 2026 | Williams Rosa Handley | SVP of Operations | Other | 1,938 | 3.51 | 6,802 |
| Oct 7, 2026 | Lambert Charles R | SVP of Finance and Treasurer | Other | 2,347 | 3.51 | 8,238 |
| Aug 20, 2026 | Hanna James Kevin | Senior VP, Controller & CAO | Buy | 2,300 | 4.15 | 9,545 |
| Jul 8, 2026 | Lambert Charles R | SVP of Finance and Treasurer | Other | 2,347 | 4.61 | 10,820 |
| Jul 8, 2026 | Aldag Edward K JR | Chairman, President & CEO | Other | 109,433 | 4.61 | 504,486 |
| Jul 8, 2026 | Hanna James Kevin | Senior VP, Controller & CAO | Other | 3,295 | 4.61 | 15,190 |
The company
About the Company
Medical Properties Trust, Inc. ist ein selbstberatender Immobilien-Investmenttrust zum Erwerb und zur Entwicklung von net-leased Krankenhauseinrichtungen.
- Employees
- 121
- Headquarters
- Birmingham, AL
- Address
- 10500 Liberty Parkway, 35242 Birmingham, United States
- Phone
- 205 969 3755
- Website
- medicalpropertiestrust.com
- IPO Date
- 07/08/2005
- ISIN
- US58463J3041
Management
| Name | Title | Birth Year |
|---|---|---|
| Edward K. Aldag Jr. | Founder, Chairman, President & CEO | 1964 |
| R. Steven Hamner CPA | Founder, Executive VP, CFO & Director | 1957 |
| James Kevin Hanna | Senior VP, Chief Accounting Officer, Controller & Assistant Treasurer | 1973 |
| Larry H. Portal | Senior VP & Senior Advisor to the CEO | 1970 |
| Charles R. Lambert | Senior VP of Finance & Treasurer | 1971 |
| Emmett E. McLean | Co-Founder | 1955 |
| Rosa H. Williams | Senior VP of Operations & Secretary | 1962 |
| R. Lucas Savage | VP & Head of Global Acquisitions | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 10/29/2026 MEDICAL PROPERTIES TRUST INC (MPT): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 08/10/2026 MEDICAL PROPERTIES TRUST INC (MPT): Entry into a Material Definitive Agreement; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant; Financial Statements and Exhibits SEC ↗
- 08/10/2026 MEDICAL PROPERTIES TRUST INC (MPT): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: October 30, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.