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Fundamentals snapshot

Gaming and Leisure Properties, Inc.

GLPI · NMS · Real Estate · REIT - Specialty

Current price

$38.79

52-week range

$38.32 - $49.95

Market cap

$11.62B

One-glance verdict

Undervalued

$63.23 our estimate vs market $38.79

Wall Street consensus: $52.39 (-17.1% lower than our fair-value estimate)

Balance sheet

Stretched

3.23x Stretched

Net debt $8.06B. Interest coverage shows how many times profit covers the interest bill.

What this company does

Gaming and Leisure Properties, Inc.

Gaming and Leisure Properties is a landlord that owns the land and buildings for casinos, which it then rents out to casino operators. The company makes its money almost entirely from these rent payments, using a special type of agreement called a triple-net lease (where the casino tenant is responsible for paying all property costs like maintenance, taxes, and insurance). This setup means Gaming and Leisure Properties can collect a steady, predictable rent check without having to worry about the day-to-day expenses of the buildings.

Price history

How the share price has moved

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Earnings history

Last 8 quarters — what happened

Click any quarter to read the call summary and what the numbers say.

Free cash flow by quarter (oldest to newest)
FY2024 Q3 $261.53M FY2024 Q4 $276.61M FY2025 Q1 $239.62M FY2025 Q2 $272.31M FY2025 Q3 $183.01M FY2026 Q1 $158.75M
Revenue $430.52M
Net income $228.42M
Diluted EPS 0.80
Operating cash flow $349.60M
Free cash flow —
Revenue $419.99M
Net income $231.83M
Diluted EPS 0.82
Operating cash flow $270.23M
Free cash flow $158.75M
Revenue $407.03M
Net income $267.30M
Diluted EPS 0.96
Operating cash flow $343.24M
Free cash flow —
Revenue $397.61M
Net income $241.19M
Diluted EPS 0.85
Operating cash flow $240.31M
Free cash flow $183.01M
Revenue $394.88M
Net income $151.44M
Diluted EPS 0.54
Operating cash flow $293.38M
Free cash flow $272.31M
Revenue $395.24M
Net income $165.18M
Diluted EPS 0.60
Operating cash flow $252.49M
Free cash flow $239.62M
Revenue $389.62M
Net income $217.21M
Diluted EPS 0.79
Operating cash flow $292.41M
Free cash flow $276.61M
Revenue $385.34M
Net income $184.69M
Diluted EPS 0.67
Operating cash flow $270.40M
Free cash flow $261.53M

Is it cheap or expensive?

Fair value $63.23 vs current price $38.79

Wall Street consensus is the average analyst price target: $52.39 (-17.1% lower than our fair-value estimate).

Our most-likely fair value is $63.23 a share — about 63.0% above today's price of $38.79, so the stock currently looks cheap (undervalued).

undervalued

We estimate the cash this business should generate over the next 10 years and beyond, then convert it to today's money for a fair value per share, in its trading currency. Cautious, middle and optimistic growth cases give a range. Not for banks/insurers.

Base

Growth 4.5% · Discount 7.2% · Terminal 2.5%

$63.23

Bear

Growth 2.5% · Discount 7.2% · Terminal 2.5%

$53.04

Bull

Growth 7.0% · Discount 7.2% · Terminal 2.5%

$77.64

Is it drowning in debt?

Stretched

Net debt $8.1B. Interest coverage 3.2x.

Net debt $8.06B
Interest coverage 3.23x

Gaming and Leisure Properties, Inc.'s profit covers its interest bill about 3.2 times over. which is stronger than most peers shown here.

Stretched
Worse cushion Baseline Better cushion
GLPI BASELINE Gaming and Leisure Properties, Inc.

Total debt $8.38B Interest coverage 3.23x This is the baseline the peer rows are being compared against.

3.23x
VICI VICI Properties Inc.

Total debt $17.84B Interest coverage 4.33x +34% vs GLPI Carries about 1.3x more debt cushion than GLPI.

4.33x +34% vs GLPI
EPR EPR Properties

Total debt $3.52B Interest coverage 3.02x -6% vs GLPI Has roughly the same debt cushion as GLPI.

3.02x -6% vs GLPI
HST Host Hotels & Resorts, Inc.

Total debt $5.65B Interest coverage 3.54x +9% vs GLPI Has roughly the same debt cushion as GLPI.

3.54x +9% vs GLPI
O Realty Income Corporation

Total debt $31.33B Interest coverage 2.34x -27% vs GLPI Carries about 1.4x less debt cushion than GLPI.

2.34x -27% vs GLPI
WPC W. P. Carey Inc.

Total debt $8.85B Interest coverage 2.99x -7% vs GLPI Has roughly the same debt cushion as GLPI.

2.99x -7% vs GLPI

What you should know

The case for and against GLPI

3 Rewards 2 Risks

Rewards

  • Revenue grew 3.8% last year.
  • Returns 19.4% on equity, ahead of 83% of its peers.
  • Free cash flow was positive in 10/10 years.

Risks

  • Forward P/E (11.7x) is higher than trailing (11.3x) - earnings are expected to drop.
  • Net debt grew 18.9% over 3 years.

The numbers

All the key metrics, grouped by purpose

Tap any ? icon to learn what it means.

Valuation

How expensive the stock looks

P/E (TTM)
11.34x
Forward P/E
11.65x
P/B
2.26x
P/S
7.02x
EV/EBITDA
11.98x
PEG ratio
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Profitability

How much profit each dollar creates

Gross margin
102.2%
Operating margin
77.5%
Net margin
58.5%
ROE
19.4%
ROA
6.4%

Health

Liquidity and balance-sheet strength

Debt / equity
1.56x
Current ratio
24.29x
Quick ratio
22.20x
Total debt
$8.38B
Total cash
$319.00M

Growth

How the business has been compounding

Revenue TTM
$1.66B
Revenue 5Y CAGR
7.0%
EPS TTM
3.42
EPS 5Y CAGR
3.0%

Cash flow

How much cash the business throws off

Operating CF TTM
$1.20B
Free CF TTM
$1.07B
FCF margin
64.8%

Dividend

Shareholder payout

Yield
8.5%
Payout ratio
92.4%
Last ex-div date
2026-09-11