MPTMEDICAL PROPERTIES TRUST INC

Real Estate Investment Trusts

Revenue: $972M; 2.4% YoY
Operating margin: —
EBITDA: —
Market cap: $1.3B
Employees: 121; $8M revenue each
Net debt / EBITDA: —; $9.2B net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 3 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRYes
$16M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
10% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentYes
72% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$8M · 93rd pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
15.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$297K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.5B	$1.5B	$872M	$996M	$972M	2.4%
Net income	$656M	$903M	−$557M	−$2.4B	−$277M	89%
Operating cash flow	$812M	$739M	$506M	$245M	$231M	6.0%
Stock-based comp	$52M	$49M	$33M	$33M	$26M	22%
Buybacks	—	$18M	—	—	$23M

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $10K · 1
Open-market sells, 12 mo: $306K · 2
Net: −$297K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$16M	$17M	38	164
FY2024	$16M	$17M	28	120
FY2023	$18M	$1M	32	93
FY2022	$16M	−$9M	64	82
FY2021	$17M	$34M	125	105