One-glance verdict
Within fair range
$34.75 our estimate vs market $28.66
Wall Street consensus: $36.43 (4.8% higher than our fair-value estimate)
18% below our estimate
Fundamentals snapshot
Getty Realty Corp.
GTY · NYQ · Real Estate · REIT - Retail
Current price
$28.66
52-week range
$25.39 - $36.83
Market cap
$1.77B
Balance sheet
Stretched
2.63x Stretched
Net debt $1.07B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
3 Risks
3 rewards · 3 risks
- Reward Revenue grew 5.1% last year.
- Reward Returns 9.5% on equity, ahead of 83% of its peers.
- Risk Forward P/E (19.7x) is higher than trailing (17.4x) - earnings are expected to drop.
- Risk Net debt grew 41.8% over 3 years.
What this company does
Getty Realty Corp.
Getty Realty is a real estate company that owns the land and buildings for properties you see every day, like gas stations, convenience stores, and car washes. The company makes money by renting these locations out on long-term deals called net leases, where the tenant (like the gas station operator) is responsible for paying most of the property's costs like taxes and maintenance. This creates a very predictable and steady stream of rental income for Getty.
How the company got here
Getty Realty started in 1955 and was originally tied to the real estate for Getty-branded gas stations. A major turning point came in 2011 when a key tenant (a company that rents property from them), Getty Petroleum Marketing, filed for bankruptcy. This event pushed the company to diversify its properties to reduce the risk of relying too heavily on a single tenant or industry. Since then, Getty Realty has transformed into a more varied landlord, focusing on properties related to convenience and cars.
What it actually does
Getty Realty is a real estate investment trust (REIT), which is a company that owns and often operates income-producing real estate. Think of them as a landlord for businesses. They don't sell gas, snacks, or car parts; instead, they own the land and buildings that these businesses operate from. Their main business is renting these properties out to operators, usually through long-term agreements called net leases, where the tenant agrees to pay for most of the property's expenses like taxes, insurance, and maintenance.
Convenience Stores
This is the company's largest and most important business area. Getty owns the real estate for stores where you might stop for gas, a coffee, or snacks. The operators of these convenience store chains, both national and regional brands, pay Getty rent to use these locations. This segment forms the core of Getty's portfolio and rental income.
Car Washes
A significant and growing part of Getty's business is owning the land and buildings for express tunnel car washes. Car wash operators lease these properties from Getty, allowing them to run their business without having to own the expensive real estate underneath. This has been a key area of diversification and growth for the company within its focus on automotive properties.
Auto Service Centers
This category includes properties used for businesses that service and repair vehicles. This can be anything from places that do oil changes and tire rotations to more specialized collision repair shops. Much like their other segments, Getty owns the property and earns rental income from the auto service companies that operate there.
Other Retail Properties
This is a smaller slice of Getty's business and includes other single-tenant retail properties that are often related to convenience and cars. This can include drive-thru quick-service restaurants and auto parts retailers. These properties are also rented out to operators under long-term leases, providing a steady stream of rental income for Getty.
What management is betting on now
The company's current strategy is focused on growing by acquiring more properties in the convenience and automotive sectors. They are also concentrating on improving the quality of their portfolio and diversifying their tenants to reduce risk. Management aims to be a go-to source of financing for operators in their niche, often through sale-leaseback transactions (where a business sells its property to Getty and immediately rents it back). This helps their tenants free up cash to grow their own businesses, while Getty adds a new income-producing property.
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.
FY2024 Q3
$34.42M
FY2024 Q4
$35.87M
FY2025 Q1
$28.63M
FY2025 Q2
$34.56M
FY2025 Q3
$30.43M
FY2025 Q4
$33.41M
FY2026 Q1
$33.07M
FY2026 Q2
$41.63M
Revenue
$59.05M
Net income
$22.59M
Diluted EPS
0.36
Operating cash flow
$41.68M
Free cash flow
$41.63M
Fetching…
Sources
Revenue
$57.84M
Net income
$26.63M
Diluted EPS
0.43
Operating cash flow
$33.11M
Free cash flow
$33.07M
Fetching…
Sources
Revenue
$60.55M
Net income
$27.04M
Diluted EPS
0.46
Operating cash flow
$33.50M
Free cash flow
$33.41M
Fetching…
Sources
Revenue
$55.59M
Net income
$23.35M
Diluted EPS
0.40
Operating cash flow
$30.54M
Free cash flow
$30.43M
Fetching…
Sources
Revenue
$53.26M
Net income
$14.01M
Diluted EPS
0.24
Operating cash flow
$34.73M
Free cash flow
$34.56M
Fetching…
Sources
Revenue
$52.33M
Net income
$14.79M
Diluted EPS
0.25
Operating cash flow
$28.68M
Free cash flow
$28.63M
Fetching…
Sources
Revenue
$53.02M
Net income
$22.30M
Diluted EPS
0.38
Operating cash flow
$36.19M
Free cash flow
$35.87M
Fetching…
Sources
Revenue
$51.47M
Net income
$15.34M
Diluted EPS
0.27
Operating cash flow
$34.63M
Free cash flow
$34.42M
Fetching…
Sources
Is it cheap or expensive?
Fair value $34.75 vs current price $28.66
Wall Street consensus is the average analyst price target: $36.43 (4.8% higher than our fair-value estimate).
Our most-likely fair value is $34.75 a share — about 21.2% away from today's price of $28.66, so the stock currently looks fairly priced.
Is it drowning in debt?
Stretched
Net debt $1.1B. Interest coverage 2.6x.
Net debt
$1.07B
Interest coverage
2.63x
Getty Realty Corp.'s profit covers its interest bill about 2.6 times over. which is stronger than most peers shown here.
Stretched
Worse cushion
Baseline
Better cushion
GTY
BASELINE
Getty Realty Corp.
Total debt $1.08B Interest coverage 2.63x This is the baseline the peer rows are being compared against.
Total debt $5.00B Interest coverage 2.79x +6% vs GTY Has roughly the same debt cushion as GTY.
Total debt $3.85B Interest coverage 2.58x -2% vs GTY Has roughly the same debt cushion as GTY.
Total debt $2.92B Interest coverage 3.32x +26% vs GTY Carries about 1.3x more debt cushion than GTY.
Total debt $1.40B Interest coverage 1.17x -56% vs GTY Carries about 2.3x less debt cushion than GTY.
Total debt $389.62M Interest coverage 1.19x -55% vs GTY Carries about 2.2x less debt cushion than GTY.
What you should know
The case for and against GTY
3 Rewards
3 Risks
Rewards
-
Revenue grew 5.1% last year.
-
Returns 9.5% on equity, ahead of 83% of its peers.
-
Free cash flow was positive in 10/10 years.
Risks
-
Forward P/E (19.7x) is higher than trailing (17.4x) - earnings are expected to drop.
-
Net debt grew 41.8% over 3 years.
-
Operating margin compressed from 63.1% to 55.3% 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)
17.37x
Forward P/E
19.73x
P/B
1.58x
P/S
7.62x
EV/EBITDA
13.51x
PEG ratio
1.27x
Profitability
How much profit each dollar creates
Gross margin
96.4%
Operating margin
55.3%
Net margin
42.7%
ROE
9.5%
ROA
4.3%
Health
Liquidity and balance-sheet strength
Debt / equity
0.96x
Current ratio
1.72x
Quick ratio
1.32x
Total debt
$1.08B
Total cash
$4.85M
Growth
How the business has been compounding
Revenue TTM
$233.03M
Revenue 5Y CAGR
9.3%
EPS TTM
1.65
EPS 5Y CAGR
-10.5%
Cash flow
How much cash the business throws off
Operating CF TTM
$138.82M
Free CF TTM
$127.02M
FCF margin
54.5%
Dividend
Shareholder payout
Yield
6.8%
Payout ratio
116.7%
Last ex-div date
2026-09-24