Medical Properties Trust Inc (0JZZ.L) reported Q1 2025 revenue of $223.8 million, a 17.5% YoY decline and a 3.5% QoQ decline. The company posted EBITDA of $72.65 million and operating income of $110.28 million, but recorded a net loss of $118.28 million (EPS -0.20) due to a large non-operating charge: total other income/expenses net of -$218.86 million. On the operating line, margins remained strong (gross margin ~96.9% and operating margin ~49.3%), reflecting the hospital real estate rental model, but the bottom line was materially pressured by high interest expense ($115.80 million) and sizable non-operating items. The quarter also showed a substantial improvement in year-over-year net income versus Q1 2024, but negative earnings persisted as of the period.
Key Performance Indicators
Revenue
Decreasing
223.80M
QoQ: -3.47% | YoY: -17.51%
Gross Profit
Decreasing
216.76M
96.86% margin
QoQ: -2.39% | YoY: -18.66%
Operating Income
Decreasing
110.28M
QoQ: -14.26% | YoY: -30.01%
Net Income
Increasing
-118.28M
QoQ: 71.35% | YoY: 86.49%
EPS
Increasing
-0.20
QoQ: 71.01% | YoY: 86.30%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: $223.8m (-YoY -17.5%, QoQ -3.5%)
Gross Profit: $216.764m (YoY -18.7%, QoQ -2.4%)
Operating Income: $110.281m (YoY -30.0%, QoQ -14.3%)
EBITDA: $72.653m (margin 32.5%)
Net Income: -$118.275m (margin -52.8%)
EPS: -$0.20 (Diluted -$0.20)
Cash flow from operations: $0.384m; Free cash flow: $0.384m
Cash and cash equivalents: $673.482m; Net debt: $8.792b; Total debt: $9.466b
Total assets: $14.853b; Total liabilities: $10.092b; Total stockholders’ equity: $4.761b
Current ratio: 3.23; Quick ratio: 3.23
Debt to capitalization: 0.665; Dividend yield: 1.33%
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
223.80M
-17.51%
-3.47%
Gross Profit
216.76M
-18.66%
-2.39%
Operating Income
110.28M
-30.01%
-14.26%
Net Income
-118.28M
86.49%
71.35%
EPS
-0.20
86.30%
71.01%
Key Financial Ratios
Gross Profit Margin
Excellent
96.90%
Gross profit margin is exceptional, indicating strong pricing power and operational efficiency
Operating Profit Margin
Excellent
49.30%
Operating margin is exceptional, indicating strong pricing power and operational efficiency
Net Profit Margin
Weak
-0.53%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.01%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.02%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
3.23
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
High Risk
1.99
Debt-to-equity indicates high leverage and elevated financial risk
P/E Ratio
Negative
-7.66x
Negative earnings make P/E ratio not meaningful
Price to Book
Undervalued
0.76x
Trading below book value, potential value opportunity or distressed
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