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Side-by-side financial comparison of MEDICAL PROPERTIES TRUST INC (MPW) and Varex Imaging Corp (VREX). 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 $209.6M, roughly 1.3× Varex Imaging Corp). MEDICAL PROPERTIES TRUST INC runs the higher net margin — 6.5% vs 1.1%, a 5.4% gap on every dollar of revenue. On growth, MEDICAL PROPERTIES TRUST INC posted the faster year-over-year revenue change (16.6% vs 4.9%). Over the past eight quarters, Varex Imaging Corp's revenue compounded faster (0.8% 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...
Varex Imaging Corp is a global supplier of advanced imaging components and solutions, including X-ray tubes, digital flat panel detectors, and image processing software. Its products serve medical imaging, radiation oncology, and industrial non-destructive testing segments, with customers across key global markets.
MPW vs VREX — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $270.3M | $209.6M |
| Net Profit | $17.6M | $2.3M |
| Gross Margin | 95.8% | 33.3% |
| Operating Margin | 9.7% | 7.3% |
| Net Margin | 6.5% | 1.1% |
| Revenue YoY | 16.6% | 4.9% |
| Net Profit YoY | 104.3% | 866.7% |
| EPS (diluted) | $0.03 | $0.05 |
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.
| Q1 26 | — | $209.6M | ||
| Q4 25 | $270.3M | $228.9M | ||
| Q3 25 | $237.5M | $203.0M | ||
| Q2 25 | $240.4M | $212.9M | ||
| Q1 25 | $223.8M | $199.8M | ||
| Q4 24 | $231.8M | — | ||
| Q3 24 | $225.8M | $205.7M | ||
| Q2 24 | $266.6M | $209.1M |
| Q1 26 | — | $2.3M | ||
| Q4 25 | $17.6M | $12.2M | ||
| Q3 25 | $-77.7M | $-89.1M | ||
| Q2 25 | $-98.4M | $6.9M | ||
| Q1 25 | $-118.3M | $-300.0K | ||
| Q4 24 | $-412.3M | — | ||
| Q3 24 | $-801.2M | $-51.1M | ||
| Q2 24 | $-320.6M | $1.4M |
| Q1 26 | — | 33.3% | ||
| Q4 25 | 95.8% | 34.0% | ||
| Q3 25 | — | 33.3% | ||
| Q2 25 | 91.8% | 36.0% | ||
| Q1 25 | 63.6% | 34.3% | ||
| Q4 24 | 90.9% | — | ||
| Q3 24 | 96.5% | 32.6% | ||
| Q2 24 | 98.4% | 32.0% |
| Q1 26 | — | 7.3% | ||
| Q4 25 | 9.7% | 8.6% | ||
| Q3 25 | -28.0% | -39.8% | ||
| Q2 25 | -36.7% | 10.4% | ||
| Q1 25 | -48.5% | 5.6% | ||
| Q4 24 | -173.7% | — | ||
| Q3 24 | -350.7% | 5.3% | ||
| Q2 24 | -114.5% | 4.4% |
| Q1 26 | — | 1.1% | ||
| Q4 25 | 6.5% | 5.3% | ||
| Q3 25 | -32.7% | -43.9% | ||
| Q2 25 | -40.9% | 3.2% | ||
| Q1 25 | -52.8% | -0.2% | ||
| Q4 24 | -177.8% | — | ||
| Q3 24 | -354.8% | -24.8% | ||
| Q2 24 | -120.3% | 0.7% |
| Q1 26 | — | $0.05 | ||
| Q4 25 | $0.03 | $0.29 | ||
| Q3 25 | $-0.13 | $-2.15 | ||
| Q2 25 | $-0.16 | $0.17 | ||
| Q1 25 | $-0.20 | $-0.01 | ||
| Q4 24 | $-0.68 | — | ||
| Q3 24 | $-1.34 | $-1.25 | ||
| Q2 24 | $-0.54 | $0.03 |
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 | $125.6M |
| Total DebtLower is stronger | $9.7B | $367.6M |
| Stockholders' EquityBook value | $4.6B | $476.9M |
| Total Assets | $15.0B | $1.1B |
| Debt / EquityLower = less leverage | 2.11× | 0.77× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $125.6M | ||
| Q4 25 | $540.9M | $155.1M | ||
| Q3 25 | $396.6M | $152.6M | ||
| Q2 25 | $509.8M | $223.0M | ||
| Q1 25 | $673.5M | $212.6M | ||
| Q4 24 | $332.3M | — | ||
| Q3 24 | $275.6M | $200.5M | ||
| Q2 24 | $606.5M | $190.0M |
| Q1 26 | — | $367.6M | ||
| Q4 25 | $9.7B | $367.5M | ||
| Q3 25 | $9.6B | $367.5M | ||
| Q2 25 | $9.6B | $567.2M | ||
| Q1 25 | $9.5B | $567.0M | ||
| Q4 24 | $8.8B | — | ||
| Q3 24 | $9.2B | $443.4M | ||
| Q2 24 | $9.4B | $443.1M |
| Q1 26 | — | $476.9M | ||
| Q4 25 | $4.6B | $472.6M | ||
| Q3 25 | $4.7B | $455.3M | ||
| Q2 25 | $4.8B | $549.7M | ||
| Q1 25 | $4.8B | $540.2M | ||
| Q4 24 | $4.8B | — | ||
| Q3 24 | $5.4B | $529.1M | ||
| Q2 24 | $6.2B | $581.2M |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $15.0B | $1.1B | ||
| Q3 25 | $14.9B | $1.1B | ||
| Q2 25 | $15.2B | $1.4B | ||
| Q1 25 | $14.9B | $1.3B | ||
| Q4 24 | $14.3B | — | ||
| Q3 24 | $15.2B | $1.2B | ||
| Q2 24 | $16.2B | $1.3B |
| Q1 26 | — | 0.77× | ||
| Q4 25 | 2.11× | 0.78× | ||
| Q3 25 | 2.06× | 0.81× | ||
| Q2 25 | 2.00× | 1.03× | ||
| Q1 25 | 1.99× | 1.05× | ||
| Q4 24 | 1.83× | — | ||
| Q3 24 | 1.69× | 0.84× | ||
| Q2 24 | 1.51× | 0.76× |
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 | $-16.1M |
| Free Cash FlowOCF − Capex | — | $-26.8M |
| FCF MarginFCF / Revenue | — | -12.8% |
| Capex IntensityCapex / Revenue | — | 5.1% |
| Cash ConversionOCF / Net Profit | 13.11× | -7.00× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-13.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-16.1M | ||
| Q4 25 | $230.8M | $7.9M | ||
| Q3 25 | $18.6M | $7.7M | ||
| Q2 25 | $51.7M | $16.6M | ||
| Q1 25 | $384.0K | $9.5M | ||
| Q4 24 | $245.5M | — | ||
| Q3 24 | $59.2M | $25.9M | ||
| Q2 24 | $35.3M | $8.0M |
| Q1 26 | — | $-26.8M | ||
| Q4 25 | — | $2.3M | ||
| Q3 25 | — | $1.4M | ||
| Q2 25 | — | $9.8M | ||
| Q1 25 | — | $5.3M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $19.9M | ||
| Q2 24 | — | $3.3M |
| Q1 26 | — | -12.8% | ||
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 4.6% | ||
| Q1 25 | — | 2.7% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 9.7% | ||
| Q2 24 | — | 1.6% |
| Q1 26 | — | 5.1% | ||
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | 3.1% | ||
| Q2 25 | — | 3.2% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.9% | ||
| Q2 24 | — | 2.2% |
| Q1 26 | — | -7.00× | ||
| Q4 25 | 13.11× | 0.65× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 2.41× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 5.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MPW
Segment breakdown not available.
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
