Revenue growth remains highly inconsistent, evidenced by a severe 131.6% contraction in 2023Q4 followed by a 14.9% increase in 2025Q4, while NOI margins have faced significant pressure, dropping to 67.7% in 2025Q2.
| Metric | 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 |
|---|
| Revenue | 972.02M | 995.55M | 871.8M | 1.54B | 1.54B | 1.25B | 870.25M | 784.52M | 704.75M | 541.14M | 441.88M | 312.53M | 242.52M | 198.13M | 132.32M | 108.02M | 114.04M | 107.07M | 81.79M | 50.47M | 30.45M | 10.89M |
| Revenue Growth % | -2.36% | 14.19% | -43.49% | -0.12% | 23.65% | 43.55% | 10.93% | 11.32% | 30.23% | 22.46% | 41.39% | 28.87% | 22.41% | 49.73% | 22.49% | -5.27% | 6.51% | 30.91% | 62.04% | 65.74% | 179.55% | - |
| Property Operating Expenses | 0 | 27.25M | 41.57M | 45.7M | 39.1M | 24.89M | 23.99M | 9.24M | 5.81M | 2.71M | 3.79M | 1.85M | 2.45M | 1.48M | 724K | 4.38M | 3.8M | 4.24M | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 972.02M | 968.29M | 830.23M | 1.5B | 1.51B | 1.22B | 846.26M | 775.28M | 698.93M | 538.42M | 438.09M | 310.68M | 240.07M | 196.65M | 131.6M | 103.64M | 110.24M | 102.83M | 81.79M | 50.47M | 30.45M | 10.89M |
| NOI Margin % | 100% | 97.26% | 95.23% | 97.04% | 97.47% | 98.01% | 97.24% | 98.82% | 99.18% | 99.5% | 99.14% | 99.41% | 98.99% | 99.25% | 99.45% | 95.94% | 96.67% | 96.04% | 100% | 100% | 100% | 100% |
| Operating Expenses | 972.02M | 581.45M | 748.95M | 493.47M | 466.89M | 1.22B | 96.41M | 775.28M | 213.35M | 196.79M | 174.85M | 167.73M | 86.53M | 66.8M | 61.42M | 61.43M | 42.68M | 41.9M | 26.02M | 16.9M | 12.2M | 7.21M |
| G&A Expenses | 130.43M | 133.79M | 145.59M | 160.49M | 145.64M | 131.66M | 96.41M | 81M | 58.6M | 48.91M | 43.64M | 37.27M | 30.06M | 28.56M | 27.09M | 26.51M | 21.1M | 19.52M | 15.68M | 10.19M | 8.02M | 5.15M |
| EBITDA | 28.09M | 840.6M | 697.41M | 1.35B | 1.37B | 1.1B | 906.42M | 702.69M | 617.56M | 439.24M | 335.06M | 198.11M | 192.36M | 165.44M | 105.65M | 68.52M | 93.86M | 87.46M | 68.93M | 41.89M | 22.82M | 5.2M |
| EBITDA Margin % | 2.89% | 84.44% | 80% | 87.45% | 88.85% | 88.41% | 104.16% | 89.57% | 87.63% | 81.17% | 75.83% | 63.39% | 79.31% | 83.5% | 79.85% | 63.43% | 82.31% | 81.69% | 84.28% | 83.01% | 74.94% | 47.7% |
| Depreciation & Amortization | 265.4M | 453.75M | 616.13M | 345.58M | 333.78M | 275.95M | 156.57M | 141.49M | 131.98M | 97.6M | 71.83M | 55.16M | 38.82M | 35.59M | 35.48M | 26.31M | 26.31M | 26.54M | 13.17M | 8.32M | 4.57M | 1.52M |
| D&A / Revenue % | 27.3% | 45.58% | 70.67% | 22.4% | 21.61% | 22.09% | 17.99% | 18.04% | 18.73% | 18.04% | 16.25% | 17.65% | 16.01% | 17.96% | 26.81% | 24.36% | 23.07% | 24.78% | 16.11% | 16.48% | 15% | 13.93% |
| Operating Income | 0 | 386.85M | 81.28M | 1B | 1.04B | 0 | 749.85M | 561.2M | 485.58M | 341.64M | 263.24M | 142.95M | 153.54M | 129.85M | 70.18M | 42.21M | 67.55M | 60.93M | 55.76M | 33.58M | 18.25M | 3.68M |
| Operating Margin % | 0% | 38.86% | 9.32% | 65.05% | 67.24% | 0% | 86.16% | 71.53% | 68.9% | 63.13% | 59.57% | 45.74% | 63.31% | 65.54% | 53.03% | 39.08% | 59.24% | 56.9% | 68.18% | 66.52% | 59.94% | 33.77% |
| Interest Expense | 0 | 422.12M | 410.89M | 368.49M | 395.04M | 356.91M | 237.83M | 223.27M | 176.95M | 159.6M | 120.88M | 98.16M | 66.75M | 58.24M | 43.81M | 33.98M | 37.65M | 42.42M | 28.24M | 0 | 0 | 0 |
| Interest Coverage | - | 0.92x | 0.20x | 2.72x | 2.63x | 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 | - | - | - |
| Non-Operating Income | 237.32M | 0 | 0 | 0 | 0 | -828.44M | 152.31M | 0 | -29.64M | -37.07M | 924K | -6.34M | -3.23M | -1.28M | 14.12M | 5.2M | -43K | -86K | 0 | 0 | 0 | -2.06M |
| Pretax Income | -237.32M | -2.36B | -686.77M | 959.72M | 730.89M | 463.33M | 373.78M | 1.02B | 293.92M | 219.11M | 141.43M | 51.14M | 90.03M | 72.89M | 12.25M | 3.03M | 29.95M | 18.59M | 0 | 0 | 0 | 0 |
| Pretax Margin % | -24.41% | -237.48% | -78.78% | 62.2% | 47.32% | 37.09% | 42.95% | 129.94% | 41.71% | 40.49% | 32.01% | 16.36% | 37.12% | 36.79% | 9.26% | 2.8% | 26.26% | 17.36% | 0% | 0% | 0% | 0% |
| Income Tax | -38.62M | 44.1M | -130.68M | 55.9M | 73.95M | 31.06M | -2.62M | 927K | 2.68M | -6.83M | 1.5M | 340K | 726K | 19K | 128K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 16.27% | -1.87% | 19.03% | 5.82% | 10.12% | 6.7% | -0.7% | 0.09% | 0.91% | -3.12% | 1.06% | 0.66% | 0.81% | 0.03% | 1.05% | 0% | 0% | 0% | - | - | - | - |
| Net Income | -198.7M | -2.41B | -556.48M | 902.6M | 656.02M | 431.45M | 374.68M | 1.02B | 289.79M | 225.05M | 139.6M | 50.52M | 96.99M | 89.9M | 26.54M | 22.91M | 36.33M | 32.7M | 41.24M | 30.16M | 19.64M | 4.58M |
| Net Margin % | -20.44% | -242.11% | -63.83% | 58.5% | 42.47% | 34.54% | 43.05% | 129.59% | 41.12% | 41.59% | 31.59% | 16.17% | 39.99% | 45.38% | 20.05% | 21.21% | 31.86% | 30.54% | 50.42% | 59.76% | 64.49% | 42.01% |
| Net Income Growth % | 91.76% | -333.13% | -161.65% | 37.59% | 52.05% | 15.15% | -63.15% | 250.83% | 28.77% | 61.21% | 176.31% | -47.91% | 7.89% | 238.78% | 15.81% | -36.93% | 11.1% | -20.71% | 36.74% | 53.56% | 329.17% | - |
| Funds From Operations (FFO) | 66.7M | -1.96B | 59.65M | 1.25B | 989.8M | 707.4M | 531.26M | 1.16B | 421.77M | 322.65M | 211.43M | 105.68M | 135.81M | 125.49M | 62.01M | 49.23M | 62.64M | 59.23M | 54.41M | 38.48M | 24.21M | 6.09M |
| FFO Margin % | 6.86% | -196.53% | 6.84% | 80.9% | 64.08% | 56.63% | 61.05% | 147.63% | 59.85% | 59.62% | 47.85% | 33.82% | 56% | 63.34% | 46.87% | 45.57% | 54.93% | 55.32% | 66.53% | 76.24% | 79.49% | 55.94% |
| FFO Growth % | 103.41% | -3379.95% | -95.22% | 26.1% | 39.92% | 33.16% | -54.13% | 174.6% | 30.72% | 52.61% | 100.05% | -22.18% | 8.22% | 102.37% | 25.98% | -21.41% | 5.75% | 8.86% | 41.41% | 58.95% | 297.25% | - |
| FFO per Share | 0.11 | -3.26 | 0.10 | 2.08 | 1.68 | 1.33 | 1.24 | 3.16 | 1.20 | 1.24 | 0.97 | 0.62 | 0.89 | 0.95 | 0.56 | 0.49 | 0.80 | 0.95 | 1.14 | 0.97 | 0.75 | 0.32 |
| FFO Payout Ratio % | 0% | -16.41% | 1031.65% | 55.96% | 65.01% | 80.29% | 77.49% | 31.42% | 77.47% | 67.69% | 86.55% | 136.6% | 88.59% | 82.83% | 144.49% | 156.6% | 98.42% | 109.9% | 97.55% | 93.83% | 69.11% | 42.8% |
| EPS (Diluted) | -0.33 | -4.02 | -0.93 | 1.50 | 1.11 | 0.81 | 0.87 | 2.76 | 0.82 | 0.86 | 0.63 | 0.29 | 0.63 | 0.67 | 0.23 | 0.22 | 0.45 | 0.41 | 0.86 | 0.76 | 0.61 | 0.24 |
| EPS Growth % | 91.79% | -332.26% | -162% | 35.14% | 37.04% | -6.9% | -68.48% | 236.59% | -4.65% | 36.51% | 117.24% | -53.97% | -5.97% | 191.3% | 4.55% | -51.11% | 9.76% | -52.33% | 13.16% | 24.59% | 154.17% | - |
| EPS (Basic) | -0.33 | -4.02 | -0.93 | 1.50 | 1.11 | 0.81 | 0.87 | 2.77 | 0.82 | 0.86 | 0.64 | 0.29 | 0.64 | 0.67 | 0.23 | 0.22 | 0.45 | 0.41 | 0.86 | 0.76 | 0.61 | 0.24 |
| Diluted Shares Outstanding | 600.89M | 600.32M | 598.52M | 598.84M | 590.14M | 530.46M | 428.3M | 366.27M | 350.44M | 261.07M | 218.3M | 170.54M | 152.6M | 132.33M | 110.63M | 100.71M | 78.12M | 62.14M | 47.9M | 39.7M | 32.37M | 19.31M |
Tenant credit and concentration
As reported in recent financial statements, MPW's FFO per share experienced extreme volatility, swinging from a loss of $1.33 in 2024Q1 to a positive $0.27 by 2025Q4, highlighting the significant impact of non-recurring charges and tenant-related credit adjustments on the company's core earnings capacity.
The erratic FFO trajectory suggests that the company's earnings power is currently obscured by substantial impairment charges and restructuring costs. Investors should monitor whether the recent return to positive FFO per share represents a sustainable operational recovery or merely a temporary reprieve from asset-level write-downs.
According to quarterly data, the company's NOI margin fluctuated significantly, dropping from 97.9% in 2023Q3 to a low of 67.7% in 2025Q2, which suggests that property-level profitability is being pressured by rising operating costs or potential rent concessions granted to distressed hospital operators.
While the triple-net lease structure typically insulates REITs from property-level expenses, the observed margin compression implies that the company may be absorbing costs that were previously the responsibility of tenants. This shift warrants further investigation into the underlying lease terms and the financial health of the operator base.
Based on reported figures, revenue growth has been highly inconsistent, ranging from a 14.9% increase in 2025Q4 to a severe 131.6% contraction in 2023Q4, indicating that the top-line performance is heavily influenced by asset divestitures and the ongoing restructuring of the portfolio.
The extreme variance in revenue growth appears to reflect a strategic pivot toward liquidity generation rather than organic expansion. Analysts should interpret these top-line swings as evidence of a portfolio in transition, where the divestment of non-core assets is currently overriding the impact of contractual rent escalators.
As disclosed in recent filings, the persistent gap between GAAP net income and FFO, including a net loss of $801.2M in 2024Q3, suggests that the company's earnings quality is severely compromised by recurring asset impairments and potential write-downs of tenant-related loans and receivables.
The reliance on non-GAAP metrics like FFO may be insufficient to capture the full extent of the capital erosion occurring at the facility level. The recurring nature of these losses implies that the underlying asset values may be fundamentally misaligned with the current market environment for hospital real estate.
Quick answers to the most common questions about buying MPW stock.
For fiscal year 2025, Medical Properties Trust, Inc. (MPW) reported total revenue of $972.0M. This represents a 8823.0% increase compared to $10.9M in 2004.
Medical Properties Trust, Inc. (MPW) reported a net loss of $198.7M for the fiscal year ending 2025.