A Business at a Glance
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Gaming & Leisure Properties, Inc.
GLPI
$12.6B
Mkt Cap
$45.17
+1.69%
Gaming & Leisure Properties, Inc. (GLPI) has a current P/E ratio of 15.3, compared to its historical median P/E of 15.4. The stock is currently considered Fair based on its historical valuation range.
Gaming & Leisure Properties, Inc. (GLPI) has a 5-year average return on invested capital (ROIC) of 8.9%. This is below average and may indicate limited pricing power.
Gaming & Leisure Properties, Inc. (GLPI) has a market capitalization of $12.8B. It is classified as a large-cap stock.
Yes, Gaming & Leisure Properties, Inc. (GLPI) pays a dividend with a trailing twelve-month yield of 1.82%.
Based on historical P/E analysis, Gaming & Leisure Properties, Inc. (GLPI) appears fair. The current P/E of 15.3 is 0% below its historical median of 15.4. The estimated fair value CAGR (P/E method) is 8.2%.
Gaming & Leisure Properties, Inc. (GLPI) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
GLPI is a self-administered, self-managed Pennsylvania REIT that acquires, finances, and owns real estate properties leased to gaming operators under long-term triple-net lease arrangements, where tenants bear responsibility for facility maintenance, insurance, and operational costs. As of December 31, 2025, the company's portfolio consisted of interests in 69 gaming and related facilities across 20 states (expanding to 22 states with recently announced transactions in California and Virginia), with properties operated by leading tenants including PENN (34 facilities), Bally's (15 facilities), Caesars (6 facilities), Boyd (4 facilities), Strategic (4 facilities), Cordish (3 facilities), Hard Rock (1 facility), and American Racing (1 facility), plus Bally's Chicago under development. The company also extends loans that produce fixed or variable returns which may convert into leased rent upon project completion or stabilization. GLPI's tenants—approximately 97% of cash rent derived from PENN, Caesars, Boyd, Cordish, and Bally's—are financially secure, diversified, multi-jurisdictional gaming operators, with all but Cordish being publicly traded and subject to SEC reporting requirements. The company owns over 5,600 acres and leases approximately 1,000 acres, with properties 100% occupied as of December 31, 2025, and maintains a geographically diversified portfolio across regional gaming markets where customer demand has historically been resilient and less dependent on air travel. GLPI operates as an umbrella partnership REIT with substantially all business conducted through GLP Capital, L.P., which it controls and in which it owned 97.1% of outstanding units as of December 31, 2025.
【Development pipeline acceleration】 Management expects to deploy approximately $590 million to $640 million in development funding during the remainder of 2026, bringing total development spend to between $750 million and $800 million for the full year 2026, with the lion's share of remaining commitments occurring in 2027. The company anticipates completing the Chicago Bally's project in the first half of 2027 and expects the Ione Band's Acorn Ridge Casino to open next week, while development activity at Caesars Republic Sonoma remains ongoing. Management believes the strength of its tenants, the quality of its leases, the depth of its development pipeline, and its balance sheet position it well to continue executing and growing the business in 2026 and beyond, with leverage expected to remain at the low end of its 5x–5.5x target range even after funding the remaining $1.8 billion in capital commitments and receiving full credit for the AFFO derived from those transactions. The company maintains optionality to fund future accretive commitments through either debt or equity depending on market conditions and transaction structure.
| Metric | Target | Period |
|---|---|---|
| AFFO per diluted share in OP units | $4.08 to $4.12 | FY2026 |
| Development funding | $590 million–$640 million | Remainder of 2026 |
| Total development spend | $750 million–$800 million | FY2026 |
AFFO per diluted share in OP units (FY2026): “Included in today's release is our full year 2026 AFFO guidance of between $1.212 billion and $1.223 billion. For $4.08 to $4.12 per diluted share in OP units.”
Development funding (Remainder of 2026): “we did include additional development funding of approximately $590 million-$640 million, which will be funded relatively even by quarter throughout the remainder of 2026”
Total development spend (FY2026): “bringing our total development spend to between $750 million-$800 million for 2026 full year”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.6B | 1.6B | 1.5B | 1.4B | 1.3B | 1.2B |
| Net Income | 891M | 824M | 784M | 734M | 684M | 534M |
| EPS | $3.15 | $2.95 | $2.87 | $2.77 | $2.70 | $2.26 |
| Free Cash Flow | 744M | 825M | 1.1B | 1.0B | 920M | 790M |
| ROIC | 9.0% | 9.2% | 9.2% | 9.0% | 9.1% | 8.2% |
| Gross Margin | - | - | - | 80.8% | 80.6% | 74.9% |
| Debt/Equity | 2.12 | 1.94 | 2.22 | 2.02 | 1.91 | 2.28 |
| Dividends/Share | $0.82 | $3.10 | $3.04 | $3.15 | $2.85 | $2.86 |
| Operating Income | 1.3B | 1.2B | 1.1B | 1.1B | 1.0B | 842M |
| Operating Margin | 78.8% | 75.3% | 73.8% | 74.2% | 78.5% | 69.2% |
| ROE | 19.2% | 18.5% | 18.6% | 17.7% | 18.2% | 17.6% |
| Shares Outstanding | 283M | 279M | 273M | 265M | 253M | 236M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 591M | 575M | 828M | 971M | 1.1B | 1.2B | 1.2B | 1.2B | 1.3B | 1.4B | 1.5B | 1.6B | 1.6B |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | 71.1% | 74.0% | 74.9% | 80.6% | 80.8% | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 81M | 83M | 71M | 63M | 71M | 65M | 69M | 61M | 51M | 56M | 60M | 63M | 63M |
| EBIT | 259M | 257M | 481M | 606M | 594M | 717M | 809M | 842M | 1.0B | 1.1B | 1.1B | 1.2B | 1.3B |
| Op. Margin | 43.7% | 44.8% | 58.0% | 62.3% | 56.2% | 62.2% | 70.2% | 69.2% | 78.5% | 74.2% | 73.8% | 75.3% | 78.8% |
| Net Income | 138M | 128M | 289M | 380M | 339M | 390M | 505M | 534M | 684M | 734M | 784M | 824M | 891M |
| Net Margin | 23.4% | 22.2% | 34.8% | 39.1% | 32.1% | 33.8% | 43.8% | 43.9% | 52.2% | 50.9% | 51.2% | 51.7% | 55.0% |
| Non-Recurring | -10K | -185K | 455K | -530K | 60M | -92K | 41M | 44M | 135M | 2.2M | 7.6M | 250K | 250K |
| Returns on Capital | |||||||||||||
| ROIC | 9.0% | 7.4% | 7.7% | 6.7% | 8.0% | 8.0% | 8.9% | 8.2% | 9.1% | 9.0% | 9.2% | 9.2% | 9.0% |
| ROE | N/A | -59.4% | 26.5% | 15.5% | 14.4% | 18.0% | 21.3% | 17.6% | 18.2% | 17.7% | 18.6% | 18.5% | 19.2% |
| ROA | 5.4% | 5.1% | 5.9% | 5.2% | 4.3% | 4.6% | 5.8% | 5.4% | 6.3% | 6.5% | 6.3% | 6.3% | 6.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 273M | 320M | 514M | 599M | 654M | 750M | 428M | 804M | 920M | 1.0B | 1.1B | 1.1B | 1.1B |
| Free Cash Flow | 134M | 304M | 514M | 599M | 654M | 750M | 428M | 790M | 920M | 1.0B | 1.1B | 825M | 744M |
| Owner Earnings | 154M | 193M | 380M | 459M | 495M | 475M | 165M | 535M | 645M | 710M | 775M | 825M | 844M |
| CapEx | 139M | 16M | 330K | 78K | 20K | 0 | 474K | 14M | 159K | 67K | 134K | 304M | 403M |
| Maint. CapEx | 107M | 110M | 116M | 124M | 148M | 259M | 243M | 252M | 255M | 276M | 273M | 283M | 283M |
| Growth CapEx | 32M | 0 | 0 | 0 | 0 | N/A | 0 | 0 | 0 | 0 | 0 | 21M | 120M |
| D&A | 107M | 110M | 116M | 124M | 148M | 259M | 243M | 252M | 255M | 276M | 273M | 283M | 283M |
| CapEx/OCF | 51.0% | 5.1% | 0.1% | 0.0% | 0.0% | N/A | 0.1% | 0.3% | 0.0% | 0.0% | 3.7% | 27.0% | 35.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 494M | 252M | 428M | 529M | 550M | 589M | 231M | 634M | 771M | 834M | 831M | 872M | 233M |
| Dividend Yield | 26.5% | 12.8% | 13.8% | 12.0% | 11.8% | 10.4% | 3.9% | 7.8% | 8.0% | 7.6% | 7.1% | 6.9% | 1.8% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 12M | 17M | 18M | 16M | 11M | 16M | 20M | 17M | 20M | 23M | 24M | 21M | 20M |
| Debt Repayment | 32M | 68M | 377M | 335M | 1.2B | 1.5B | 2.1B | 363M | 1.3B | 585M | 464M | 1.8B | 1.8B |
| Balance Sheet | |||||||||||||
| Net Debt | 3.5B | 3.5B | 6.5B | 6.2B | 6.6B | 6.8B | 6.4B | 7.0B | 7.6B | 7.7B | 8.5B | 8.7B | 9.6B |
| Cash & Equiv. | 36M | 42M | 37M | 29M | 26M | 27M | 486M | 725M | 239M | 684M | 463M | 224M | 275M |
| Long-Term Debt | 2.6B | 2.5B | 4.7B | 4.4B | 5.9B | 5.7B | 5.8B | 6.6B | 6.1B | 6.6B | 7.7B | 7.2B | 8.1B |
| Debt/Equity | -20.25 | -13.85 | 2.67 | 2.55 | 2.92 | 3.31 | 2.59 | 2.28 | 1.91 | 2.02 | 2.22 | 1.94 | 2.12 |
| Interest Coverage | 2.2 | 2.1 | 2.6 | 2.8 | 2.4 | 2.4 | 2.9 | 3.0 | 3.3 | 3.3 | 3.1 | 3.2 | 3.4 |
| Equity | -176M | -254M | 2.4B | 2.5B | 2.3B | 2.1B | 2.7B | 3.4B | 4.1B | 4.2B | 4.3B | 4.6B | 4.6B |
| Total Assets | 2.5B | 2.4B | 7.4B | 7.2B | 8.6B | 8.4B | 9.0B | 10.7B | 10.9B | 11.8B | 13.1B | 12.9B | 13.8B |
| Total Liabilities | 2.7B | 2.7B | 4.9B | 4.8B | 6.3B | 6.4B | 6.4B | 7.3B | 6.8B | 7.3B | 8.4B | 7.9B | 8.7B |
| Intangibles | 9.6M | 9.6M | 9.6M | 9.6M | 9.6M | 9.6M | 0 | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | -1.1B | -1.2B | -1.3B | -1.5B | -1.7B | -1.9B | -1.6B | -1.8B | -1.8B | -1.9B | -1.9B | -2.0B | -2.0B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3.0M |
| Per Share Data | |||||||||||||
| EPS | 1.18 | 1.08 | 1.60 | 1.79 | 1.58 | 1.81 | 2.30 | 2.26 | 2.70 | 2.77 | 2.87 | 2.95 | 3.15 |
| Owner EPS | 1.32 | 1.63 | 2.11 | 2.16 | 2.31 | 2.20 | 0.75 | 2.27 | 2.55 | 2.68 | 2.84 | 2.95 | 2.98 |
| Book Value | -1.50 | -2.15 | 13.49 | 11.58 | 10.56 | 9.62 | 12.18 | 14.36 | 16.25 | 15.69 | 15.62 | 16.56 | 16.36 |
| Cash Flow/Share | 2.33 | 2.71 | 2.85 | 2.82 | 3.05 | 3.48 | 1.95 | 3.40 | 3.63 | 3.81 | 3.93 | 4.04 | 4.15 |
| Dividends/Share | 4.22 | 2.18 | 2.32 | 2.50 | 2.57 | 2.74 | 1.05 | 2.86 | 2.85 | 3.15 | 3.04 | 3.10 | 0.82 |
| Shares Out. | 117.1M | 118.2M | 180.4M | 212.3M | 214.6M | 215.6M | 219.6M | 236.2M | 253.4M | 264.9M | 273.2M | 279.4M | 283.2M |
| Valuation | |||||||||||||
| P/E Ratio | 12.3 | 13.6 | 10.6 | 12.6 | 13.4 | 16.7 | 13.6 | 16.2 | 15.8 | 15.7 | 15.6 | 15.1 | 14.4 |
| P/FCF | 12.7 | 5.7 | 6.0 | 8.0 | 6.9 | 8.7 | 16.0 | 11.0 | 11.7 | 11.4 | 11.4 | 15.1 | 17.2 |
| EV/EBIT | 20.3 | 20.2 | 19.8 | 15.1 | 27.3 | 25.0 | 15.0 | 17.2 | 16.2 | 16.4 | 16.8 | 16.2 | 17.5 |
| Price/Book | N/A | N/A | 1.3 | 1.9 | 2.0 | 3.1 | 2.6 | 2.7 | 2.9 | 2.8 | 2.9 | 2.7 | 2.8 |
| Price/Sales | 3.2 | 3.4 | 3.7 | 4.5 | 4.4 | 4.9 | 5.1 | 6.7 | 7.3 | 8.6 | 8.8 | 9.2 | 7.9 |
| FCF Yield | 7.9% | 17.5% | 16.7% | 12.5% | 14.4% | 11.5% | 6.2% | 9.1% | 8.5% | 8.7% | 8.8% | 6.6% | 5.8% |
| Market Cap | 1.7B | 1.7B | 3.1B | 4.8B | 4.5B | 6.5B | 6.9B | 8.7B | 10.8B | 11.6B | 12.2B | 12.5B | 12.8B |
| Avg. Price | 15.94 | 16.59 | 17.21 | 20.71 | 21.79 | 26.29 | 26.74 | 34.40 | 37.91 | 41.51 | 42.92 | 45.13 | 45.17 |
| Year-End Price | 14.52 | 14.68 | 17.04 | 22.52 | 21.15 | 30.15 | 31.19 | 36.67 | 42.65 | 43.62 | 44.76 | 44.63 | 45.17 |
Gaming & Leisure Properties, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
Gaming & Leisure Properties, Inc. trades at 15.3x trailing earnings, compared to its 15-year median P/E of 15.4x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 15.5x vs a median of 11.2x. The company's 5-year average ROIC is 8.9% with a gross margin of 78.8%. Total shareholder yield (dividends) is 1.8%. At current prices, the estimated annualized return to fair value is +5.2%.
Gaming & Leisure Properties, Inc. (GLPI) reported annual revenue of $1.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
Gaming & Leisure Properties, Inc. (GLPI) has a net profit margin of 51.7%. This is a strong margin indicating high profitability.
Gaming & Leisure Properties, Inc. (GLPI) generated $825 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Gaming & Leisure Properties, Inc. (GLPI) has a debt-to-equity ratio of 1.94. This indicates higher leverage, which may increase financial risk.
Gaming & Leisure Properties, Inc. (GLPI) reported earnings per share (EPS) of $2.95 in its most recent fiscal year.
Gaming & Leisure Properties, Inc. (GLPI) has a return on equity (ROE) of 18.5%. This indicates the company generates strong returns for shareholders.
Gaming & Leisure Properties, Inc. (GLPI) has a 5-year average gross margin of 78.8%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 15 years of financial data for Gaming & Leisure Properties, Inc. (GLPI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Gaming & Leisure Properties, Inc. (GLPI) has a book value per share of $16.56, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects to deploy approximately $590 million to $640 million in development funding during the remainder of 2026, bringing total development spend to between $750 million and $800 million for the full year 2026, with the lion's share of remaining commitments occurring in 2027. The company anticipates completing the Chicago Bally's project in the first half of 2027 and expects the Ione Band's Acorn Ridge Casino to open next week, while development activity at Caesars Republic Sonoma remains ongoing. Management believes the strength of its tenants, the quality of its leases, the depth of its development pipeline, and its balance sheet position it well to continue executing and growing the business in 2026 and beyond, with leverage expected to remain at the low end of its 5x–5.5x target range even after funding the remaining $1.8 billion in capital commitments and receiving full credit for the AFFO derived from those transactions. The company maintains optionality to fund future accretive commitments through either debt or equity depending on market conditions and transaction structure.
Based on recent SEC filings and earnings calls, Gaming & Leisure Properties, Inc. (GLPI) has provided the following forward guidance: AFFO per diluted share in OP units: $4.08 to $4.12 (FY2026); Development funding: $590 million–$640 million (Remainder of 2026); Total development spend: $750 million–$800 million (FY2026).