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Side-by-side financial comparison of MEDICAL PROPERTIES TRUST INC (MPW) and Piedmont Realty Trust, Inc. (PDM). Click either name above to swap in a different company.
MEDICAL PROPERTIES TRUST INC is the larger business by last-quarter revenue ($270.3M vs $142.9M, roughly 1.9× Piedmont Realty Trust, Inc.). MEDICAL PROPERTIES TRUST INC runs the higher net margin — 6.5% vs -30.3%, a 36.8% gap on every dollar of revenue. On growth, MEDICAL PROPERTIES TRUST INC posted the faster year-over-year revenue change (16.6% vs -0.3%). Over the past eight quarters, MEDICAL PROPERTIES TRUST INC's revenue compounded faster (-0.2% CAGR vs -0.6%).
Medical Properties Trust, Inc. (MPT) is an international real estate investment trust (REIT) based in Birmingham, Alabama that purchases and invests in healthcare facilities and for-profit healthcare holding companies, primarily in the United States and Europe. Their property acquisitions often come in the form of sale-leaseback agreements, in which the original property owner sells the property to MPT and becomes their tenant. MPT's tenants are generally subject to long-term triple net lease...
Piedmont Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality office properties primarily located in high-growth metropolitan areas across the United States. It serves corporate tenants across multiple industry sectors including technology, professional services, and healthcare, and pursues stable long-term returns for stakeholders via strategic property management and portfolio optimization.
MPW vs PDM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $270.3M | $142.9M |
| Net Profit | $17.6M | $-43.2M |
| Gross Margin | 95.8% | — |
| Operating Margin | 9.7% | — |
| Net Margin | 6.5% | -30.3% |
| Revenue YoY | 16.6% | -0.3% |
| Net Profit YoY | 104.3% | -44.3% |
| EPS (diluted) | $0.03 | $-0.34 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $270.3M | $142.9M | ||
| Q3 25 | $237.5M | $139.2M | ||
| Q2 25 | $240.4M | $140.3M | ||
| Q1 25 | $223.8M | $142.7M | ||
| Q4 24 | $231.8M | $143.2M | ||
| Q3 24 | $225.8M | $139.3M | ||
| Q2 24 | $266.6M | $143.3M | ||
| Q1 24 | $271.3M | $144.5M |
| Q4 25 | $17.6M | $-43.2M | ||
| Q3 25 | $-77.7M | $-13.5M | ||
| Q2 25 | $-98.4M | $-16.8M | ||
| Q1 25 | $-118.3M | $-10.1M | ||
| Q4 24 | $-412.3M | $-30.0M | ||
| Q3 24 | $-801.2M | $-11.5M | ||
| Q2 24 | $-320.6M | $-9.8M | ||
| Q1 24 | $-875.6M | $-27.8M |
| Q4 25 | 95.8% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 91.8% | — | ||
| Q1 25 | 63.6% | — | ||
| Q4 24 | 90.9% | — | ||
| Q3 24 | 96.5% | — | ||
| Q2 24 | 98.4% | — | ||
| Q1 24 | 84.9% | — |
| Q4 25 | 9.7% | — | ||
| Q3 25 | -28.0% | — | ||
| Q2 25 | -36.7% | — | ||
| Q1 25 | -48.5% | — | ||
| Q4 24 | -173.7% | — | ||
| Q3 24 | -350.7% | — | ||
| Q2 24 | -114.5% | — | ||
| Q1 24 | -318.6% | — |
| Q4 25 | 6.5% | -30.3% | ||
| Q3 25 | -32.7% | -9.7% | ||
| Q2 25 | -40.9% | -12.0% | ||
| Q1 25 | -52.8% | -7.1% | ||
| Q4 24 | -177.8% | -20.9% | ||
| Q3 24 | -354.8% | -8.3% | ||
| Q2 24 | -120.3% | -6.8% | ||
| Q1 24 | -322.7% | -19.2% |
| Q4 25 | $0.03 | $-0.34 | ||
| Q3 25 | $-0.13 | $-0.11 | ||
| Q2 25 | $-0.16 | $-0.14 | ||
| Q1 25 | $-0.20 | $-0.08 | ||
| Q4 24 | $-0.68 | $-0.25 | ||
| Q3 24 | $-1.34 | $-0.09 | ||
| Q2 24 | $-0.54 | $-0.08 | ||
| Q1 24 | $-1.46 | $-0.22 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $540.9M | $731.0K |
| Total DebtLower is stronger | $9.7B | $2.2B |
| Stockholders' EquityBook value | $4.6B | $1.5B |
| Total Assets | $15.0B | $4.0B |
| Debt / EquityLower = less leverage | 2.11× | 1.49× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $540.9M | $731.0K | ||
| Q3 25 | $396.6M | $3.0M | ||
| Q2 25 | $509.8M | $3.3M | ||
| Q1 25 | $673.5M | $2.9M | ||
| Q4 24 | $332.3M | $109.6M | ||
| Q3 24 | $275.6M | $133.6M | ||
| Q2 24 | $606.5M | $138.5M | ||
| Q1 24 | $224.3M | $3.5M |
| Q4 25 | $9.7B | $2.2B | ||
| Q3 25 | $9.6B | $2.2B | ||
| Q2 25 | $9.6B | $2.2B | ||
| Q1 25 | $9.5B | $2.2B | ||
| Q4 24 | $8.8B | $2.2B | ||
| Q3 24 | $9.2B | $2.2B | ||
| Q2 24 | $9.4B | $2.2B | ||
| Q1 24 | $10.1B | $2.1B |
| Q4 25 | $4.6B | $1.5B | ||
| Q3 25 | $4.7B | $1.5B | ||
| Q2 25 | $4.8B | $1.5B | ||
| Q1 25 | $4.8B | $1.6B | ||
| Q4 24 | $4.8B | $1.6B | ||
| Q3 24 | $5.4B | $1.6B | ||
| Q2 24 | $6.2B | $1.7B | ||
| Q1 24 | $6.7B | $1.7B |
| Q4 25 | $15.0B | $4.0B | ||
| Q3 25 | $14.9B | $4.0B | ||
| Q2 25 | $15.2B | $4.0B | ||
| Q1 25 | $14.9B | $4.0B | ||
| Q4 24 | $14.3B | $4.1B | ||
| Q3 24 | $15.2B | $4.1B | ||
| Q2 24 | $16.2B | $4.2B | ||
| Q1 24 | $17.3B | $4.0B |
| Q4 25 | 2.11× | 1.49× | ||
| Q3 25 | 2.06× | 1.43× | ||
| Q2 25 | 2.00× | 1.41× | ||
| Q1 25 | 1.99× | 1.40× | ||
| Q4 24 | 1.83× | 1.40× | ||
| Q3 24 | 1.69× | 1.36× | ||
| Q2 24 | 1.51× | 1.34× | ||
| Q1 24 | 1.51× | 1.23× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $230.8M | $140.6M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 13.11× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $230.8M | $140.6M | ||
| Q3 25 | $18.6M | $35.8M | ||
| Q2 25 | $51.7M | $50.1M | ||
| Q1 25 | $384.0K | $3.7M | ||
| Q4 24 | $245.5M | $198.1M | ||
| Q3 24 | $59.2M | $42.9M | ||
| Q2 24 | $35.3M | $66.8M | ||
| Q1 24 | $74.3M | $23.4M |
| Q4 25 | 13.11× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MPW
Segment breakdown not available.
PDM
| Atlanta GA | $45.7M | 32% |
| Dallas TX | $24.1M | 17% |
| Orlando FL | $19.3M | 13% |
| New York NY | $14.7M | 10% |
| Northern Virginia Washington D.C. | $12.9M | 9% |
| Minneapolis MN | $11.4M | 8% |
| Boston MA | $9.8M | 7% |
| Real Estate Other | $7.8M | 5% |
