The company's financial leverage remains structurally elevated, with a debt-to-equity ratio of 2.09 in 2025Q3, even as total assets declined from $19.0B in 2023Q3 to $15.0B by 2025Q4.
Medical Properties Trust, Inc. (MPT) balance sheet — 22-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Total Current Assets | 618.42M | 1.82B | 1.31B | 1.4B | 1.72B | 4.55B | 4.04B | 4.51B | 1.07B | 436.03M | 257.8M | 324.63M | 244.81M | 150.31M | 120.76M | 166.58M | 227.54M | 62.69M | 169.81M | 94.22M | 4.1T | 29.28M | 101.17M |
| Cash & Short-Term Investments | 599.28M | 540.86M | 332.33M | 250.02M | 235.67M | 459.23M | 549.88M | 1.46B | 820.87M | 171.47M | 83.24M | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | 599.28M | 540.86M | 332.33M | 250.02M | 235.67M | 459.23M | 549.88M | 1.46B | 820.87M | 171.47M | 83.24M | 195.54M | 144.54M | 45.98M | 37.31M | 102.73M | 98.41M | 15.31M | 11.75M | 94.22M | 4.1M | 59.12M | 97.54M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 19.14M | 1.09B | 846.28M | 973.66M | 1.18B | 2.84B | 2.55B | 2.43B | 246.7M | 264.56M | 174.56M | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | 179.36 | 408.16 | 310.28 | 407.65 | 279.64 | 670.63 | 744.35 | 1.02K | 114.78 | 137.02 | 117.74 | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -61.76M | -55.18M | -44.28M | -27.03M | -58.58M | -181.35M | -159.24M | 0 | 0 | 0 | 108.52M | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 9.34K | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 1.25B | 938.08M | 625.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 31.41M | 4.1T | 3.51B | 0 |
| Total Non-Current Assets | 13.78B | 13.19B | 12.98B | 16.91B | 17.94B | 15.97B | 12.79B | 9.95B | 7.78B | 8.58B | 6.16B | 5.28B | 3.5B | 2.75B | 2.06B | 1.46B | 1.12B | 1.25B | 1.14B | 957.45M | -4.1T | 471.89M | 150.21M |
| Property, Plant & Equipment | 10.67B | 0 | 0 | 0 | 0 | 11.8B | 10.06B | 6.99B | 4.45B | 4.95B | 3.73B | 2.81B | 1.88B | 1.63B | 1.09B | 1.13B | 1.12B | 1.12B | 1.14B | 820.19M | 651.07M | 371.22M | 150.21M |
| Fixed Asset Turnover | 0.19x | - | - | - | - | 0.13x | 0.12x | 0.12x | 0.18x | 0.14x | 0.15x | 0.16x | 0.17x | 0.15x | 0.18x | 0.12x | 0.10x | 0.10x | 0.09x | 0.10x | 0.08x | 0.08x | 0.07x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22.63B | 0 |
| Intangible Assets | 0 | 872.37M | 0 | 0 | 0 | 1.28B | 1.19B | 556.66M | 403.14M | 443.13M | 296.18M | 256.95M | 108.89M | 90.49M | 52.82M | 43.09M | 35M | 48.58M | 52.77M | 43.38M | 15.79T | 5.14B | 0 |
| Long-Term Investments | 17.63B | 1.72B | 1.6B | 3.25B | 2.94B | 2.44B | 1.12B | 926.99M | 520.06M | 288.4M | 177.43M | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Assets | 1.74B | 10.59B | 11.38B | 13.65B | 14.99B | 450.43M | 416.2M | 1.48B | -6.44B | -6.12B | -4.46B | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 14.39B | 15B | 14.29B | 18.3B | 19.66B | 20.52B | 16.83B | 14.47B | 8.84B | 9.02B | 6.42B | 5.61B | 3.75B | 2.9B | 2.18B | 1.62B | 1.35B | 1.31B | 1.31B | 1.05B | 744.76M | 501.17M | 306.51M |
| Asset Turnover | 0.07x | 0.06x | 0.07x | 0.05x | 0.08x | 0.08x | 0.07x | 0.06x | 0.09x | 0.08x | 0.08x | 0.08x | 0.08x | 0.08x | 0.09x | 0.08x | 0.08x | 0.09x | 0.08x | 0.08x | 0.07x | 0.06x | 0.04x |
| Asset Growth % | -1.88% | 4.95% | -21.91% | -6.88% | -4.2% | 21.93% | 16.32% | 63.59% | -1.96% | 40.53% | - | 49.69% | 29.02% | 33.31% | 34.34% | 20.24% | 2.97% | -0.1% | 24.68% | 41.21% | 48.6% | 63.51% | - |
| Total Current Liabilities | 415.63M | 1.21B | 845.38M | 1.96B | 1.58B | 607.79M | 438.75M | 291.49M | 217.79M | 229.37M | 227.64M | 166.71M | 139.83M | 118.1M | 86.57M | 74.43M | 405.94M | 44.6M | 54.47M | 58M | 52.9M | 44.4M | 0 |
| Accounts Payable | 398.7M | 0 | 0 | 0 | 0 | 603.59M | 387.45M | 285.89M | 246.7M | 211.19M | 174.56M | 134.46M | 106.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Payables Outstanding | 201.04 | - | - | - | - | 5.63K | 5.68K | 4.35K | 9.75K | 13.27K | 23.49K | 12.94K | 21.03K | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 638.06M | 361.73M | 1.51B | 929.58M | 4.2M | 51.3M | 5.6M | 0 | 0 | 320K | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Revenue (Current) | 71.85M | 19.29M | 29.45M | 37.96M | 27.73M | 0 | 0 | 0 | 13.47M | 18.18M | 19.93M | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 549.11M | 454.21M | 412.18M | 621.32M | 0 | 0 | 0 | 28.06M | 840.81M | -208.03M | -259.75M | -614.7M | 8.43M | -125.01M | -39.83M | -716.8M | 29.25M | 38.36M | 37.16M | 0 | -5.08B | 0 |
| Current Ratio | 1.49x | 1.51x | 1.55x | 0.71x | 1.09x | 7.49x | 9.20x | 15.48x | 4.90x | 1.90x | 1.13x | 1.95x | 1.75x | 1.27x | 1.39x | 2.24x | 0.56x | 1.41x | 3.12x | 1.62x | 77559.04x | 0.66x | - |
| Quick Ratio | 1.49x | 1.51x | 1.55x | 0.71x | 1.09x | 7.49x | 9.20x | 15.48x | 5.19x | 2.14x | 1.33x | 2.11x | 2.17x | 2.81x | 3.23x | 2.24x | 0.56x | 1.41x | 1.13x | 1.62x | 77559.04x | 0.66x | - |
| Cash Conversion Cycle | -21.68 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 9.36B | 9.19B | 8.62B | 8.71B | 9.48B | 11.47B | 9.05B | 7.15B | 4.06B | 4.96B | 2.94B | 3.34B | 2.23B | 1.44B | 1.04B | 718.63M | 43.29M | 593.73M | 638.37M | 480.5M | 348.1M | 100.5M | 59.58M |
| Long-Term Debt | 9.26B | 9.06B | 8.49B | 8.55B | 9.34B | 11.28B | 8.87B | 7.02B | 4.04B | 4.06B | 2.62B | 2.22B | 1.58B | 1.32B | 0 | 0 | 344.36M | 576.68M | 630.56M | 480.52M | 304.96M | 65.01M | 56M |
| Capital Lease Obligations | 128.3M | 128.3M | 129.04M | 156.6M | 146.13M | 87.15M | 91.94M | 78.28M | 27.52M | 57.05M | 28.32M | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -40.99M | -75.23M | -48.26M | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | 95.38M | 0 | 0 | 0 | 0 | 96.41M | 89.01M | 45.72M | 0 | 840.81M | 290M | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 9.77B | 10.39B | 9.46B | 10.67B | 11.06B | 12.07B | 9.49B | 7.44B | 4.28B | 5.19B | 3.17B | 3.5B | 2.37B | 1.56B | 1.13B | 793.06M | 449.24M | 638.32M | 692.6M | 538.39M | 399.98M | 142.72M | 73.78M |
| Total Debt | 9.26B | 9.83B | 8.98B | 10.22B | 10.41B | 11.37B | 9.01B | 7.11B | 4.06B | 4.96B | 2.94B | 3.34B | 2.23B | 1.44B | 1.04B | 689.85M | 390.13M | 593.73M | 652.01M | 480.53M | 304.96M | 100.48M | 56M |
| Net Debt | 8.66B | 9.29B | 8.64B | 9.97B | 10.18B | 10.91B | 8.46B | 5.65B | 3.24B | 4.78B | 2.85B | 3.14B | 2.08B | 1.4B | 1.01B | 587.12M | 291.72M | 578.42M | 640.26M | 386.31M | 300.86M | 41.37M | -41.54M |
| Debt / Equity | 2.00x | 2.13x | 1.86x | 1.34x | 1.21x | 1.35x | 1.23x | 1.01x | 0.89x | 1.29x | 0.90x | 1.58x | 1.61x | 1.07x | 0.99x | 0.83x | 0.43x | 0.88x | 1.05x | 0.94x | 0.88x | 0.28x | 0.24x |
| Debt / EBITDA | 10.88x | 12.09x | 10.68x | 14.66x | 7.72x | 8.29x | 8.16x | 7.84x | 5.78x | 8.02x | 6.69x | 9.95x | 11.23x | 7.50x | 6.30x | 6.53x | 5.69x | 6.33x | 7.45x | 6.97x | 7.28x | 4.40x | 10.78x |
| Net Debt / EBITDA | 10.17x | 11.43x | 10.28x | 14.30x | 7.54x | 7.95x | 7.66x | 6.23x | 4.62x | 7.75x | 6.50x | 9.37x | 10.50x | 7.26x | 6.08x | 5.56x | 4.26x | 6.16x | 7.32x | 5.60x | 7.18x | 1.81x | -7.99x |
| Interest Coverage | 1.93x | 0.53x | -4.60x | -0.67x | 3.60x | 2.85x | 2.32x | 2.51x | 2.51x | 2.91x | 2.37x | 2.17x | 1.52x | 2.35x | 2.25x | 1.28x | 1.09x | 1.80x | 1.44x | 1.97x | - | - | - |
| Total Equity | 4.62B | 4.61B | 4.83B | 7.63B | 8.59B | 8.45B | 7.34B | 7.03B | 4.56B | 3.84B | 3.25B | 2.11B | 1.38B | 1.34B | 1.05B | 828.82M | 899.58M | 671.57M | 618.6M | 513.2M | 344.77M | 358.45M | 232.73M |
| Equity Growth % | -16.94% | -4.66% | -36.68% | -11.18% | 1.76% | 15% | 4.49% | 54.09% | 18.92% | 17.89% | - | 52.47% | 2.81% | 28.04% | 26.66% | -7.87% | 33.95% | 8.56% | 20.54% | 48.85% | -3.82% | 54.02% | - |
| Book Value per Share | 7.74 | 7.67 | 8.05 | 12.75 | 14.35 | 14.31 | 13.84 | 16.41 | 12.45 | 10.94 | 12.46 | 9.65 | 8.10 | 8.81 | 7.93 | 7.49 | 8.93 | 8.60 | 9.95 | 10.71 | 8.68 | 11.07 | 12.05 |
| Total Shareholders' Equity | 4.62B | 4.61B | 4.83B | 7.63B | 8.59B | 8.44B | 7.34B | 7.03B | 4.55B | 3.82B | 3.25B | 2.1B | 1.38B | 1.34B | 1.05B | 828.82M | 899.46M | 671.44M | 618.36M | 513.12M | 343.72M | 356.28M | 231.73M |
| Common Stock | 597K | 597K | 600K | 599K | 597K | 597K | 541K | 518K | 371K | 364K | 321K | 237K | 172.74K | 161.31K | 136.34K | 111K | 110.22K | 78.72K | 65.06K | 52.13K | 39.59K | 39.34K | 26.08K |
| Retained Earnings | -4.07B | -4.14B | -3.66B | -971.81M | 116.28M | -87.69M | 0 | 83.01M | 162.77M | -485.93M | -434.11M | -418.65M | -361.33M | -264.8M | -233.49M | -214.06M | -148.53M | -88.09M | -56.7M | -27.17M | -13M | -3.35M | -1.92M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | -777K | -777K | -777K | -777K | -262K | -262K | -262K | -262K | -262K | -262K | -262K | -262K | -262K | -262.34K | 0 | 0 | 0 |
| Accumulated OCI | 104.41M | 168.21M | -94.27M | 42.5M | -59.18M | -36.73M | -122.73M | -62.91M | -58.2M | -26.05M | -92.9M | -72.88M | -21.91M | -8.94M | -12.48M | -12.23M | -3.64M | -60.3M | -40.33M | -22.71M | -10.76M | -5.26M | -1.31M |
| Minority Interest | 1.05M | 1.05M | 1.05M | 2.27M | 1.57M | 5.48M | 5.33M | 107K | 13.83M | 14.57M | 4.85M | 5M | 0 | 0 | 0 | 0 | 114.16K | 130.93K | 243.25K | 77.55K | 1.05M | 2.17M | 1M |
Quick answers to the most common questions about buying MPT stock.
As of 2025, Medical Properties Trust, Inc. (MPT) had total assets of $15.00B including $1.82B in current assets.
Medical Properties Trust, Inc. (MPT) carries total debt of $9.83B, offset by $540.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Medical Properties Trust, Inc. (MPT) has total shareholders' equity (book value) of $4.61B ($7.67 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Medical Properties Trust, Inc. (MPT) reported a current ratio of 1.51x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Tenant credit and concentration
Metrics are mathematically derived from official filings.
Asset Divestitures Drive Portfolio Contraction
As reported in recent financial statements, total assets declined from $19.0B in 2023Q3 to $15.0B by 2025Q4, reflecting a strategic pivot toward aggressive asset sales to address liquidity constraints and reduce the company's reliance on a distressed operator base.
The consistent reduction in total assets suggests that management is prioritizing balance sheet stabilization over growth. This contraction appears to be a necessary response to the impairment of the underlying asset base, though it leaves the company with a smaller, potentially less diversified footprint.
Debt Burden Remains Structurally Elevated
Based on quarterly filings, the company's debt-to-equity ratio reached 2.09 in 2025Q3, illustrating that despite recent divestiture efforts, the firm remains highly leveraged relative to its shrinking equity base and volatile earnings profile.
The high leverage ratio indicates that the company's capital structure is sensitive to further asset write-downs or interest rate volatility. Investors should monitor whether the current debt levels can be sustained if tenant credit issues continue to necessitate further rent concessions or lease restructurings.
Cash Reserves Mask Operational Fragility
According to recent SEC filings, cash balances fluctuated significantly, reaching $540.9M in 2025Q4, which provides a temporary buffer but remains insufficient to offset the systemic risks posed by the company's ongoing tenant-related credit adjustments and capital requirements.
While the cash position appears improved compared to previous quarters, it is likely a byproduct of asset sales rather than organic cash flow generation. This liquidity may be quickly exhausted if the company is forced to provide further financial support to its struggling hospital operators.
Hidden Risks in Asset Valuation
As disclosed in financial statements, the near-total disappearance of net property, plant, and equipment from the balance sheet by 2025Q4 suggests that the company's asset base is being aggressively written down or reclassified, warranting deep skepticism regarding the remaining book value.
The rapid shift in asset composition implies that the carrying value of the portfolio may not reflect current market realities. This suggests that the balance sheet may be masking further potential impairments, which could lead to additional equity erosion if the underlying hospital facilities fail to perform.