MeritValue

MEDICAL PROPERTIES TRUST INC

MPTdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

MEDICAL PROPERTIES TRUST INC earns about 0% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.54B1$1.54B2$871.8M3$995.5M3$972M3
Net income$656M4$902.6M5−$556.5M6−$2.41B6−$277M6
Operating cash flow$811.7M7$739M8$505.8M9$245.5M9$230.8M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$11.3B10$10.3B11$10.1B12$8.85B13$9.7B13
Cash & equivalents$459.2M14$235.7M15$250M15$332.3M15$540.9M15
Diluted shares590.1M598.8M598.5M600.2M600.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$76.66
your share of equity
Profit it earned you last year
−$4.61
Free cash flow it threw off
—
Debt you’d be carrying
$161.39

10 shares is a claim on $76.66 of net worth that earned you −$4.61 last year, against $161.39 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
0% avg · 5y
FY21 5%FY22 7%FY23 -1%FY24 -12%FY25 2%

It earned an average 0% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+2% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has fallen 14% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-023248 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-030989 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-073587 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-023248 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-030989 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-073587 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-023248 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-030989 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-073587 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-23-005575 (LongTermDebt)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-24-023248 (LongTermDebt)
  12. 10-K · period ending 2023-12-31 · accession 0000950170-25-030989 (LongTermDebt)
  13. 10-K · period ending 2024-12-31 · accession 0001193125-26-073587 (LongTermDebt)
  14. 10-K · period ending 2021-12-31 · accession 0000950170-25-030989 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001193125-26-073587 (CashAndCashEquivalentsAtCarryingValue)