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Side-by-side financial comparison of MEDICAL PROPERTIES TRUST INC (MPW) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
INNOVATE Corp. is the larger business by last-quarter revenue ($382.7M vs $270.3M, roughly 1.4× MEDICAL PROPERTIES TRUST INC). MEDICAL PROPERTIES TRUST INC runs the higher net margin — 6.5% vs -1.9%, a 8.4% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 16.6%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% 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...
Innovate Corp. is an American public financial services company founded in 1994.
MPW vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $270.3M | $382.7M |
| Net Profit | $17.6M | $-7.4M |
| Gross Margin | 95.8% | 15.4% |
| Operating Margin | 9.7% | 3.7% |
| Net Margin | 6.5% | -1.9% |
| Revenue YoY | 16.6% | 61.7% |
| Net Profit YoY | 104.3% | 55.4% |
| EPS (diluted) | $0.03 | $-0.57 |
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 | $382.7M | ||
| Q3 25 | $237.5M | $347.1M | ||
| Q2 25 | $240.4M | $242.0M | ||
| Q1 25 | $223.8M | $274.2M | ||
| Q4 24 | $231.8M | $236.6M | ||
| Q3 24 | $225.8M | $242.2M | ||
| Q2 24 | $266.6M | $313.1M | ||
| Q1 24 | $271.3M | $315.2M |
| Q4 25 | $17.6M | $-7.4M | ||
| Q3 25 | $-77.7M | $-8.9M | ||
| Q2 25 | $-98.4M | $-19.8M | ||
| Q1 25 | $-118.3M | $-24.5M | ||
| Q4 24 | $-412.3M | $-16.6M | ||
| Q3 24 | $-801.2M | $-15.0M | ||
| Q2 24 | $-320.6M | $14.4M | ||
| Q1 24 | $-875.6M | $-17.4M |
| Q4 25 | 95.8% | 15.4% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | 91.8% | 18.8% | ||
| Q1 25 | 63.6% | 16.6% | ||
| Q4 24 | 90.9% | 19.6% | ||
| Q3 24 | 96.5% | 19.9% | ||
| Q2 24 | 98.4% | 21.0% | ||
| Q1 24 | 84.9% | 15.4% |
| Q4 25 | 9.7% | 3.7% | ||
| Q3 25 | -28.0% | 1.8% | ||
| Q2 25 | -36.7% | 2.0% | ||
| Q1 25 | -48.5% | 1.2% | ||
| Q4 24 | -173.7% | 1.1% | ||
| Q3 24 | -350.7% | 2.4% | ||
| Q2 24 | -114.5% | 9.2% | ||
| Q1 24 | -318.6% | 0.9% |
| Q4 25 | 6.5% | -1.9% | ||
| Q3 25 | -32.7% | -2.6% | ||
| Q2 25 | -40.9% | -8.2% | ||
| Q1 25 | -52.8% | -8.9% | ||
| Q4 24 | -177.8% | -7.0% | ||
| Q3 24 | -354.8% | -6.2% | ||
| Q2 24 | -120.3% | 4.6% | ||
| Q1 24 | -322.7% | -5.5% |
| Q4 25 | $0.03 | $-0.57 | ||
| Q3 25 | $-0.13 | $-0.71 | ||
| Q2 25 | $-0.16 | $-1.67 | ||
| Q1 25 | $-0.20 | $-1.89 | ||
| Q4 24 | $-0.68 | $-0.72 | ||
| Q3 24 | $-1.34 | $-1.18 | ||
| Q2 24 | $-0.54 | $1.03 | ||
| Q1 24 | $-1.46 | $-2.21 |
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 | $112.1M |
| Total DebtLower is stronger | $9.7B | $80.3M |
| Stockholders' EquityBook value | $4.6B | $-240.1M |
| Total Assets | $15.0B | $950.1M |
| Debt / EquityLower = less leverage | 2.11× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $540.9M | $112.1M | ||
| Q3 25 | $396.6M | $35.5M | ||
| Q2 25 | $509.8M | $33.4M | ||
| Q1 25 | $673.5M | $33.3M | ||
| Q4 24 | $332.3M | $48.8M | ||
| Q3 24 | $275.6M | $51.0M | ||
| Q2 24 | $606.5M | $80.2M | ||
| Q1 24 | $224.3M | $38.4M |
| Q4 25 | $9.7B | $80.3M | ||
| Q3 25 | $9.6B | $97.3M | ||
| Q2 25 | $9.6B | $160.1M | ||
| Q1 25 | $9.5B | $139.9M | ||
| Q4 24 | $8.8B | $500.6M | ||
| Q3 24 | $9.2B | $502.4M | ||
| Q2 24 | $9.4B | $638.3M | ||
| Q1 24 | $10.1B | $641.5M |
| Q4 25 | $4.6B | $-240.1M | ||
| Q3 25 | $4.7B | $-233.3M | ||
| Q2 25 | $4.8B | $-224.8M | ||
| Q1 25 | $4.8B | $-204.2M | ||
| Q4 24 | $4.8B | $-180.4M | ||
| Q3 24 | $5.4B | $-163.1M | ||
| Q2 24 | $6.2B | $-149.0M | ||
| Q1 24 | $6.7B | $-184.4M |
| Q4 25 | $15.0B | $950.1M | ||
| Q3 25 | $14.9B | $913.2M | ||
| Q2 25 | $15.2B | $890.9M | ||
| Q1 25 | $14.9B | $868.0M | ||
| Q4 24 | $14.3B | $891.1M | ||
| Q3 24 | $15.2B | $897.2M | ||
| Q2 24 | $16.2B | $898.9M | ||
| Q1 24 | $17.3B | $943.5M |
| 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 | $101.1M |
| 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 | $101.1M | ||
| Q3 25 | $18.6M | $19.2M | ||
| Q2 25 | $51.7M | $40.4M | ||
| Q1 25 | $384.0K | $-14.1M | ||
| Q4 24 | $245.5M | $41.4M | ||
| Q3 24 | $59.2M | $-28.4M | ||
| Q2 24 | $35.3M | $21.5M | ||
| Q1 24 | $74.3M | $-25.4M |
| Q4 25 | — | — | ||
| Q3 25 | — | $19.0M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-18.8M | ||
| Q4 24 | — | $34.2M | ||
| Q3 24 | — | $-31.5M | ||
| Q2 24 | — | $18.4M | ||
| Q1 24 | — | $-31.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | 5.5% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -6.9% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | — | -13.0% | ||
| Q2 24 | — | 5.9% | ||
| Q1 24 | — | -9.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 1.0% | ||
| Q1 24 | — | 1.8% |
| Q4 25 | 13.11× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.49× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MPW
Segment breakdown not available.
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
