Gaming and Leisure Properties, Inc.

Real Estate Investment Trusts

GLPIStrained7 of 11 basics passed

$38.28

+0.05%

Market cap $11.1B

$38.28

+0.05%

Market cap $11.1B

Gaming and Leisure Properties Inc, or GLP, is a self-administered and self-managed Pennsylvania real estate investment trust (REIT). It is engaged in acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements.

It is a $11.1B real estate company. Revenue shrank 64.1% over the last year, it keeps 231¢ of every dollar of sales as profit, and its net debt equals ~10.0 years of free cash flow. It trades at 11.5× earnings — near the lowest of its own history.

Website: glpropinc.com
Location: Wyomissing, PA
Employees: 20
Sector: Real Estate

Share price · 3 years

$46.48 → $38.28-17.6%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $420M
Profit: keeps 231¢ of every $1 sold; $969M
Free cash flow: cash left after running the business; $719M
Net debt: debt minus cash on hand; $7.20B
P/E: years of profit in the price; 11.5
EPS: earnings per share, TTM; $3.46
Dividend: pays out 93% of profit · 125% of FCF; 8.10%
Shares: down 3% since 2016 — buybacks; 279.7M
Volatility: beta vs the market — under 1 swings less; 0.67

Revenue, last 10 years

52-week range

Low $37.59$38.28High $49.82

Today's price is 6% of the way from the year's low to its high.

P/E vs its history5y

11.5×median 17.2×

Higher than 1% of past days — near the lowest of its own history.

Valuation vs own history

P/E

11.5×

99%

P/S

6.7×

99%

EV/EBITDA

16.0×

99%

P/B

2.1×

99%

FCF yield

8.1%

90%

Share of the last ~5 years that was pricier than today (unusually cheap vs its own history). Based on the daily valuation record.

Insider activity · 90 days

+$422Knet buying

Purchases$422K

Sales$0

Insiders trading, last 14d0 buy · 0 sell

Standing in Real Estate

Size$11.1Btop 69%
Revenue growth+7%top 51%
Net margin59%top 9%
Return on equity21%top 16%
P/E11.5×top 9%
Dividend yield8.10%top 7%

Ranked against 46 Real Estate companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation, profitability, quality and moat; Growth and Health lag behind.

Valuation77

P/E vs own history1th pct · 25/25
FCF yield6.5% · 20/25
P/S6.7x · 12/25
EV/EBITDA11.7x · 20/25

Growth44

Revenue CAGR7.0% · 12/25
Net income CAGR11.5% · 20/25
EPS CAGR ~5Y5.1% · 12/25
Fwd implied growth-5.6% · 0/25

Profitability75

ROIC7.0% · 5/25
ROE20.6% · 20/25
Net margin230.7% · 25/25
Operating margin82.3% · 25/25

Health19

Altman Z-0.14 · 3/25
Current ratio0.86 · 6/25
Interest coverage3.5x · 10/25
Net cash / debtD/A 56% · 0/25

Quality82

Piotroski F6/9 · 15/25
Beneish M-2.58 · 25/25
FCF conversion93% · 22/25
Margin stabilityσ 7.1% · 20/25

Moat75

ROIC >12% years2/10 yrs · 0/25
Median gross margin97.8% · 25/25
FCF-positive years10/10 yrs · 25/25
Worst-year net marginworst 32.2% · 25/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Best year on record
$825M net income
2025Acquisition
A fourth property, Sunland Park Racetrack & Casino, was purchased from Strategic Gaming in 2025 for $184 million
2024Acquisition
It acquired Tioga Downs, a racino in New York, for $175 million
2023Acquisition
Two more properties (Bally's Tiverton and Hard Rock Hotel & Casino Biloxi) were acquired from Bally's in 2023 for…
FY2018Financial
Revenue crossed $1B
$1.06B for the year
2018Acquisition
The company acquired the real estate of five casinos from Tropicana Entertainment for $964 million
2017Acquisition
GLPI purchased the real estate assets of Bally's Casino Tunica and Resorts Casino Tunica for a total of…
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Positive free cash flow every year since
10-year streak
2016Acquisition
The acquisition was completed in April 2016
2015IPO
Pinnacle did not respond to the offer, so GLPI went public with its offer in March 2015
2014Acquisition
The company acquired the real estate assets of the Casino Queen in East St
Nov 1, 2013Product
The company was created as a corporate spin-off from Penn National Gaming (now Penn Entertainment), effective…
2013Milestone
It was formed in November 2013 as a corporate spin-off from Penn National Gaming

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$8 093 today — price return only

$1.6B revenue in FY2025

Profitable 10 years in a row

Positive free cash flow 10 years in a row

20 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (96.6%)
Strongly profitable — 230.7% net margin
Strong cash conversion — FCF is 171.2% of revenue

Watch-outs

Revenue shrinking 64.1% year over year
Altman Z-Score -0.14 — elevated financial-distress risk
Net debt would take ~9.0 years of free cash flow to repay
Net debt equals ~10.0 years of free cash flow

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

7 of 11 checks passed

Revenue growing — the company sells more than a year ago-64.1% YoY
Profitable — makes more than it spends$969M TTM
Profit growing — earnings are higher than last year+3.0% YoY
Generates cash — cash left after running and investing$719M TTM
Debt under control — could handle its obligations~10.0y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$11.1B market cap
Not printing shares — share count not ballooning — you keep your slice+27.2% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distressAltman Z -0.1 — distress
Pays a dividend — returns cash to shareholdersyield 8.10%
Valuation not extreme — price not wildly above earningsP/E 11.5

Peer comparisonGaming and Leisure Properties, Inc. vs 6 largest real estate peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
GLPI this company	$11.1B	11.5	-64.1%	230.7%	Strained
WELL Welltower Inc.	$162.5B	108.1	+37.6%	12.1%	Strained
PLD Prologis, Inc.	$123.1B	29.8	+7.3%	45.8%	Strained
EQIX Equinix, Inc.	$101.2B	66.0	+9.6%	15.6%	Strained
AMT American Tower Corporation	$84.5B	25.0	+14.2%	31.1%	Strained
DLR Digital Realty Trust, Inc.	$66.6B	83.0	+17.4%	11.8%	Strained
SPG Simon Property Group, Inc.	$64.7B	14.0	+15.0%	66.5%	Strained

Head-to-head: GLPI vs WELL · GLPI vs PLD · GLPI vs EQIX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 5Buy 16Hold 8Sell 1

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $420M · net income $969M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

RevenueNet income

Revenue (TTM)

$420M

YoY -64.1%

Net income (TTM)

$969M

Margin 230.7%

Gross margin

96.6%

Operating margin

82.3%

P/E ratio

11.5

Dividend yield

8.10%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	1.2	1.2	1.3	1.4	1.5	1.6
Gross profit	—	1.2	1.3	1.4	—	—
Operating income (EBIT)	0.8	0.8	1.0	1.1	1.1	1.2
Net income	0.5	0.5	0.7	0.7	0.8	0.8
EPS (diluted)	2.30	2.26	2.70	2.77	2.87	2.95

Cash flowFree cash flow $719M · operating cash flow $1.20B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$719M

Margin 171.2%

Operating cash flow (TTM)

$1.20B

FCF margin

54.3%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.4	0.8	0.9	1.0	1.1	1.1
Capital expenditure	-0.0	-0.0	-0.0	-0.0	-0.0	-0.3
Free cash flow	0.4	0.8	0.9	1.0	1.0	0.8
FCF margin	37.1%	64.9%	68.3%	66.8%	67.5%	51.7%

Balance sheetAssets $12.9B · net debt $7.20B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $12.9B of assets is financed

63%

37%

Liabilities $7.90B — borrowed moneyEquity $4.63B — owners' stake

Cash vs debt

Total debt $7.20B − cash $0 = net debt $7.20B

Cash on hand covers 0% of debt.

Altman Z-Score

-0.14

Distress zone

Debt repayment

9.0 yrs

Years of free cash flow to clear net debt

Interest coverage

3.5x

EBIT ÷ interest expense

ROE

20.6%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.5	0.7	0.2	0.7	0.6	0.0
Total assets	9.0	10.7	10.9	11.8	13.1	12.9
Total liabilities	6.4	7.3	6.8	7.3	8.4	7.9
Total debt	—	6.6	6.1	6.6	7.7	7.2
Equity	2.7	3.2	3.8	4.2	4.3	4.6
Net debt	—	5.8	5.9	5.9	7.2	7.2

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of GLPI on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $38.28 · market cap $11.1B.