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Side-by-side financial comparison of MEDICAL PROPERTIES TRUST INC (MPW) and SPS COMMERCE INC (SPSC). 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 $192.7M, roughly 1.4× SPS COMMERCE INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs 6.5%, a 6.9% gap on every dollar of revenue. On growth, MEDICAL PROPERTIES TRUST INC posted the faster year-over-year revenue change (16.6% vs 12.7%). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs -0.2%).
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...
SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software. The company's headquarters are located in Minneapolis, Minnesota, but it also has a US office in New Jersey, and international locations in Amsterdam, Beijing, Breukelen, Hong Kong, Kyiv, Melbourne, Montpellier, Sydney, and Toronto.
MPW vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $270.3M | $192.7M |
| Net Profit | $17.6M | $25.8M |
| Gross Margin | 95.8% | 70.4% |
| Operating Margin | 9.7% | 18.0% |
| Net Margin | 6.5% | 13.4% |
| Revenue YoY | 16.6% | 12.7% |
| Net Profit YoY | 104.3% | 47.2% |
| EPS (diluted) | $0.03 | $0.69 |
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 | $192.7M | ||
| Q3 25 | $237.5M | $189.9M | ||
| Q2 25 | $240.4M | $187.4M | ||
| Q1 25 | $223.8M | $181.5M | ||
| Q4 24 | $231.8M | $170.9M | ||
| Q3 24 | $225.8M | $163.7M | ||
| Q2 24 | $266.6M | $153.6M | ||
| Q1 24 | $271.3M | $149.6M |
| Q4 25 | $17.6M | $25.8M | ||
| Q3 25 | $-77.7M | $25.6M | ||
| Q2 25 | $-98.4M | $19.7M | ||
| Q1 25 | $-118.3M | $22.2M | ||
| Q4 24 | $-412.3M | $17.6M | ||
| Q3 24 | $-801.2M | $23.5M | ||
| Q2 24 | $-320.6M | $18.0M | ||
| Q1 24 | $-875.6M | $18.0M |
| Q4 25 | 95.8% | 70.4% | ||
| Q3 25 | — | 69.5% | ||
| Q2 25 | 91.8% | 68.1% | ||
| Q1 25 | 63.6% | 68.7% | ||
| Q4 24 | 90.9% | 67.5% | ||
| Q3 24 | 96.5% | 68.5% | ||
| Q2 24 | 98.4% | 66.1% | ||
| Q1 24 | 84.9% | 65.6% |
| Q4 25 | 9.7% | 18.0% | ||
| Q3 25 | -28.0% | 16.4% | ||
| Q2 25 | -36.7% | 14.1% | ||
| Q1 25 | -48.5% | 14.3% | ||
| Q4 24 | -173.7% | 14.5% | ||
| Q3 24 | -350.7% | 15.6% | ||
| Q2 24 | -114.5% | 15.1% | ||
| Q1 24 | -318.6% | 10.3% |
| Q4 25 | 6.5% | 13.4% | ||
| Q3 25 | -32.7% | 13.5% | ||
| Q2 25 | -40.9% | 10.5% | ||
| Q1 25 | -52.8% | 12.2% | ||
| Q4 24 | -177.8% | 10.3% | ||
| Q3 24 | -354.8% | 14.3% | ||
| Q2 24 | -120.3% | 11.7% | ||
| Q1 24 | -322.7% | 12.0% |
| Q4 25 | $0.03 | $0.69 | ||
| Q3 25 | $-0.13 | $0.67 | ||
| Q2 25 | $-0.16 | $0.52 | ||
| Q1 25 | $-0.20 | $0.58 | ||
| Q4 24 | $-0.68 | $0.46 | ||
| Q3 24 | $-1.34 | $0.62 | ||
| Q2 24 | $-0.54 | $0.48 | ||
| Q1 24 | $-1.46 | $0.48 |
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 | $151.4M |
| Total DebtLower is stronger | $9.7B | — |
| Stockholders' EquityBook value | $4.6B | $973.9M |
| Total Assets | $15.0B | $1.2B |
| Debt / EquityLower = less leverage | 2.11× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $540.9M | $151.4M | ||
| Q3 25 | $396.6M | $133.7M | ||
| Q2 25 | $509.8M | $107.6M | ||
| Q1 25 | $673.5M | $94.9M | ||
| Q4 24 | $332.3M | $241.0M | ||
| Q3 24 | $275.6M | $205.8M | ||
| Q2 24 | $606.5M | $271.8M | ||
| Q1 24 | $224.3M | $290.8M |
| Q4 25 | $9.7B | — | ||
| Q3 25 | $9.6B | — | ||
| Q2 25 | $9.6B | — | ||
| Q1 25 | $9.5B | — | ||
| Q4 24 | $8.8B | — | ||
| Q3 24 | $9.2B | — | ||
| Q2 24 | $9.4B | — | ||
| Q1 24 | $10.1B | — |
| Q4 25 | $4.6B | $973.9M | ||
| Q3 25 | $4.7B | $958.9M | ||
| Q2 25 | $4.8B | $949.8M | ||
| Q1 25 | $4.8B | $920.9M | ||
| Q4 24 | $4.8B | $854.7M | ||
| Q3 24 | $5.4B | $829.4M | ||
| Q2 24 | $6.2B | $703.4M | ||
| Q1 24 | $6.7B | $683.0M |
| Q4 25 | $15.0B | $1.2B | ||
| Q3 25 | $14.9B | $1.2B | ||
| Q2 25 | $15.2B | $1.1B | ||
| Q1 25 | $14.9B | $1.1B | ||
| Q4 24 | $14.3B | $1.0B | ||
| Q3 24 | $15.2B | $1.0B | ||
| Q2 24 | $16.2B | $854.5M | ||
| Q1 24 | $17.3B | $839.8M |
| Q4 25 | 2.11× | — | ||
| Q3 25 | 2.06× | — | ||
| Q2 25 | 2.00× | — | ||
| Q1 25 | 1.99× | — | ||
| Q4 24 | 1.83× | — | ||
| Q3 24 | 1.69× | — | ||
| Q2 24 | 1.51× | — | ||
| Q1 24 | 1.51× | — |
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 | $45.9M |
| Free Cash FlowOCF − Capex | — | $38.2M |
| FCF MarginFCF / Revenue | — | 19.8% |
| Capex IntensityCapex / Revenue | — | 4.0% |
| Cash ConversionOCF / Net Profit | 13.11× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | — | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $230.8M | $45.9M | ||
| Q3 25 | $18.6M | $60.6M | ||
| Q2 25 | $51.7M | $32.3M | ||
| Q1 25 | $384.0K | $40.0M | ||
| Q4 24 | $245.5M | $40.6M | ||
| Q3 24 | $59.2M | $53.3M | ||
| Q2 24 | $35.3M | $29.4M | ||
| Q1 24 | $74.3M | $34.1M |
| Q4 25 | — | $38.2M | ||
| Q3 25 | — | $54.6M | ||
| Q2 25 | — | $25.7M | ||
| Q1 25 | — | $33.8M | ||
| Q4 24 | — | $34.3M | ||
| Q3 24 | — | $48.1M | ||
| Q2 24 | — | $24.4M | ||
| Q1 24 | — | $30.5M |
| Q4 25 | — | 19.8% | ||
| Q3 25 | — | 28.7% | ||
| Q2 25 | — | 13.7% | ||
| Q1 25 | — | 18.6% | ||
| Q4 24 | — | 20.1% | ||
| Q3 24 | — | 29.4% | ||
| Q2 24 | — | 15.9% | ||
| Q1 24 | — | 20.4% |
| Q4 25 | — | 4.0% | ||
| Q3 25 | — | 3.2% | ||
| Q2 25 | — | 3.6% | ||
| Q1 25 | — | 3.4% | ||
| Q4 24 | — | 3.6% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | — | 3.3% | ||
| Q1 24 | — | 2.4% |
| Q4 25 | 13.11× | 1.78× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | — | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MPW
Segment breakdown not available.
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
