CluenexMedical Properties Trust MPT
Medical Properties Trust scores weak on business quality (3.5 of 10). Here is why, in plain words, and what our sealed record shows.
Why it matters
- What Medical Properties Trust does
Medical Properties Trust buys hospitals and leases them back to healthcare operators on long-term net leases. Tenants pay rent, property taxes, and maintenance, funding the trust's cash flow.
- What it does best
Securing long-term lease commitments from hospital operators that tie rent directly to essential healthcare infrastructure. Its gross margin sits at 96.2%, crushing peers like ARE at 68.0% due to specialized real estate lease structures where tenants shoulder direct operating expenses.
- The main risk
A razor-thin interest coverage ratio of 1.1x leaves almost no cushion against rising borrowing costs or further tenant rent defaults. Headlines warn of a potential dividend cut and rating downgrades as refinancing pressures mount on $9.7 billion of total debt.
Quality, check by check
Scored against its own industry, from company filings.
Operating margin stands at a high 56.6%, while net margin is negative at 3.1% due to massive debt servicing costs. High asset-level profitability is severely diluted by interest expenses, eroding net income.
Hospital real estate specialization creates high switching costs for operators who cannot easily relocate licensed facilities. It ranks in the top decile for gross margin at 94th percentile, though distressed tenants limit pricing power.
Revenue contracted 2.4% to $1.0 billion, continuing a downward trend from prior years as asset sales shrink the portfolio. History shows revenue down significantly from $1.5 billion in 2022.
Total debt of $9.7 billion dwarfs cash holdings of $541.0 million, creating severe debt service strains. Free cash flow sits at $98.0 million, but with an interest coverage ratio of 1.1x, the balance sheet remains under heavy pressure.
Insiders
Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.
1 insider bought $10K on the open market.
Our sealed record on MPT
Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.
The first sealed verdicts appear here on Oct 11, 2026.
Questions
Medical Properties Trust scores weak on the Cluenex quality check (3.5 of 10), measured against its own industry. Profitability is fair, moat fair, growth slow and financial health weak.
In the last 90 days of SEC Form 4 filings: 1 insider bought $10K on the open market.
Oct 22, 2026.
See MPT today
- Today's verdict on MPT, and why
- Fair value with cautious, base and optimistic cases
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- Which stocks each signal names, the night it fires
Cite this page: Cluenex, “Medical Properties Trust (MPT)”, https://cluenex.com/stocks/mpt/, data as of Oct 10, 2026.