# Gaming and Leisure Properties, Inc. (GLPI) — Stock CV

Gaming and Leisure Properties, Inc. 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.

> 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.

## Identity

- **Ticker**: GLPI
- **Sector**: Real Estate
- **Industry**: Real Estate Investment Trusts
- **Headquarters**: WYOMISSING, PA
- **Employees**: 20
- **Website**: https://www.glpropinc.com
- **Market cap**: $11.1B
- **Last price**: $38.28
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $420M
- **Net income**: $969M
- **Free cash flow**: $719M
- **Net debt**: $7.20B
- **P/E**: 11.5
- **Revenue growth (YoY)**: -64.1%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 77 |
| Growth | 44 |
| Profitability | 75 |
| Health | 19 |
| Quality | 82 |
| Moat | 75 |

## Qualifications (beginner checklist) — 7 of 11 passed

- [ ] Revenue growing — -64.1% YoY
- [x] Profitable — $969M TTM
- [x] Profit growing — +3.0% YoY
- [x] Generates cash — $719M TTM
- [ ] Debt under control — ~10.0y of cash flow to repay
- [x] Established company — $11.1B market cap
- [ ] Not printing shares — +27.2% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — Altman Z -0.1 — distress
- [x] Pays a dividend — yield 8.10%
- [x] Valuation not extreme — P/E 11.5

## Experience (career milestones)

- **FY2025** — Best year on record: $825M net income
- **2025** — A fourth property, Sunland Park Racetrack & Casino, was purchased from Strategic Gaming in 2025 for $184 million
- **2024** — It acquired Tioga Downs, a racino in New York, for $175 million
- **2023** — Two more properties (Bally's Tiverton and Hard Rock Hotel & Casino Biloxi) were acquired from Bally's in 2023 for…
- **FY2018** — Revenue crossed $1B: $1.06B for the year
- **2018** — The company acquired the real estate of five casinos from Tropicana Entertainment for $964 million
- **2017** — GLPI purchased the real estate assets of Bally's Casino Tunica and Resorts Casino Tunica for a total of…
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2016** — The acquisition was completed in April 2016
- **2015** — Pinnacle did not respond to the offer, so GLPI went public with its offer in March 2015
- **2014** — The company acquired the real estate assets of the Casino Queen in East St
- **Nov 1, 2013** — The company was created as a corporate spin-off from Penn National Gaming (now Penn Entertainment), effective…
- **2013** — It was formed in November 2013 as a corporate spin-off from Penn National Gaming

## 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

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.22B | $534M | $790M |
| FY2022 | $1.31B | $685M | $896M |
| FY2023 | $1.44B | $734M | $962M |
| FY2024 | $1.53B | $785M | $1.03B |
| FY2025 | $1.59B | $825M | $825M |

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Source: https://stockcv.com/GLPI — derived from company filings; may be delayed or incomplete. Information, not investment advice.