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Side-by-side financial comparison of MEDICAL PROPERTIES TRUST INC (MPW) and P3 Health Partners Inc. (PIII). Click either name above to swap in a different company.
P3 Health Partners Inc. is the larger business by last-quarter revenue ($384.8M vs $270.3M, roughly 1.4× MEDICAL PROPERTIES TRUST INC). MEDICAL PROPERTIES TRUST INC runs the higher net margin — 6.5% vs -19.6%, a 26.1% gap on every dollar of revenue. On growth, MEDICAL PROPERTIES TRUST INC posted the faster year-over-year revenue change (16.6% vs 3.8%). Over the past eight quarters, MEDICAL PROPERTIES TRUST INC's revenue compounded faster (-0.2% CAGR vs -0.5%).
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...
P3 Health Partners Inc. is a population health management and value-based care services firm operating primarily in the United States. It partners with primary care providers and health systems to deliver coordinated, high-quality care for patient populations, especially Medicare Advantage beneficiaries, focusing on improving health outcomes and lowering unnecessary healthcare costs.
MPW vs PIII — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $270.3M | $384.8M |
| Net Profit | $17.6M | $-75.5M |
| Gross Margin | 95.8% | — |
| Operating Margin | 9.7% | -40.0% |
| Net Margin | 6.5% | -19.6% |
| Revenue YoY | 16.6% | 3.8% |
| Net Profit YoY | 104.3% | -28.8% |
| EPS (diluted) | $0.03 | $-23.08 |
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 | $384.8M | ||
| Q3 25 | $237.5M | $345.3M | ||
| Q2 25 | $240.4M | $355.8M | ||
| Q1 25 | $223.8M | $373.2M | ||
| Q4 24 | $231.8M | $370.7M | ||
| Q3 24 | $225.8M | $362.1M | ||
| Q2 24 | $266.6M | $379.2M | ||
| Q1 24 | $271.3M | $388.5M |
| Q4 25 | $17.6M | $-75.5M | ||
| Q3 25 | $-77.7M | $-31.6M | ||
| Q2 25 | $-98.4M | $-20.4M | ||
| Q1 25 | $-118.3M | $-20.5M | ||
| Q4 24 | $-412.3M | $-58.6M | ||
| Q3 24 | $-801.2M | $-46.5M | ||
| Q2 24 | $-320.6M | $-12.0M | ||
| Q1 24 | $-875.6M | $-18.7M |
| 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% | -40.0% | ||
| Q3 25 | -28.0% | -12.8% | ||
| Q2 25 | -36.7% | -9.6% | ||
| Q1 25 | -48.5% | -10.2% | ||
| Q4 24 | -173.7% | -37.4% | ||
| Q3 24 | -350.7% | -29.5% | ||
| Q2 24 | -114.5% | -8.3% | ||
| Q1 24 | -318.6% | -11.3% |
| Q4 25 | 6.5% | -19.6% | ||
| Q3 25 | -32.7% | -9.1% | ||
| Q2 25 | -40.9% | -5.7% | ||
| Q1 25 | -52.8% | -5.5% | ||
| Q4 24 | -177.8% | -15.8% | ||
| Q3 24 | -354.8% | -12.8% | ||
| Q2 24 | -120.3% | -3.2% | ||
| Q1 24 | -322.7% | -4.8% |
| Q4 25 | $0.03 | $-23.08 | ||
| Q3 25 | $-0.13 | $-9.67 | ||
| Q2 25 | $-0.16 | $-6.23 | ||
| Q1 25 | $-0.20 | $-6.28 | ||
| Q4 24 | $-0.68 | $-23.13 | ||
| Q3 24 | $-1.34 | $-15.70 | ||
| Q2 24 | $-0.54 | $-7.37 | ||
| Q1 24 | $-1.46 | $-7.86 |
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 | $25.0M |
| Total DebtLower is stronger | $9.7B | $228.4M |
| Stockholders' EquityBook value | $4.6B | $-155.2M |
| Total Assets | $15.0B | $656.6M |
| Debt / EquityLower = less leverage | 2.11× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $540.9M | $25.0M | ||
| Q3 25 | $396.6M | $37.7M | ||
| Q2 25 | $509.8M | $38.6M | ||
| Q1 25 | $673.5M | $40.1M | ||
| Q4 24 | $332.3M | $38.8M | ||
| Q3 24 | $275.6M | $63.0M | ||
| Q2 24 | $606.5M | $73.1M | ||
| Q1 24 | $224.3M | $27.3M |
| Q4 25 | $9.7B | $228.4M | ||
| Q3 25 | $9.6B | $252.8M | ||
| Q2 25 | $9.6B | $182.0M | ||
| Q1 25 | $9.5B | $171.1M | ||
| Q4 24 | $8.8B | $108.9M | ||
| Q3 24 | $9.2B | $133.2M | ||
| Q2 24 | $9.4B | $133.1M | ||
| Q1 24 | $10.1B | $118.1M |
| Q4 25 | $4.6B | $-155.2M | ||
| Q3 25 | $4.7B | $-18.7M | ||
| Q2 25 | $4.8B | $44.5M | ||
| Q1 25 | $4.8B | $63.3M | ||
| Q4 24 | $4.8B | $75.9M | ||
| Q3 24 | $5.4B | $120.5M | ||
| Q2 24 | $6.2B | $166.8M | ||
| Q1 24 | $6.7B | $146.6M |
| Q4 25 | $15.0B | $656.6M | ||
| Q3 25 | $14.9B | $683.6M | ||
| Q2 25 | $15.2B | $731.6M | ||
| Q1 25 | $14.9B | $783.9M | ||
| Q4 24 | $14.3B | $783.4M | ||
| Q3 24 | $15.2B | $833.3M | ||
| Q2 24 | $16.2B | $892.8M | ||
| Q1 24 | $17.3B | $855.9M |
| Q4 25 | 2.11× | — | ||
| Q3 25 | 2.06× | — | ||
| Q2 25 | 2.00× | 4.09× | ||
| Q1 25 | 1.99× | 2.71× | ||
| Q4 24 | 1.83× | 1.43× | ||
| Q3 24 | 1.69× | 1.11× | ||
| Q2 24 | 1.51× | 0.80× | ||
| Q1 24 | 1.51× | 0.81× |
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 | $-25.7M |
| 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 | $-25.7M | ||
| Q3 25 | $18.6M | $-15.4M | ||
| Q2 25 | $51.7M | $-16.6M | ||
| Q1 25 | $384.0K | $-33.5M | ||
| Q4 24 | $245.5M | $-57.2M | ||
| Q3 24 | $59.2M | $-22.6M | ||
| Q2 24 | $35.3M | $-10.2M | ||
| Q1 24 | $74.3M | $-20.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | 0.0% |
| 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.
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
