Gaming and Leisure Properties, Inc.GLPI
NasdaqGS•Real Estate•REIT - Specialty
Gaming and Leisure Properties, Inc. is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties. Gaming and Leisure Properties, Inc. was established on February 13th, 2013, incorporated in 2013 in Pennsylvania in and is based in Wyomissing, United States.
Gaming and Leisure Properties, (GLPI) reported trailing twelve months revenue of $1.62B as of March 2026, a 4.4% increase year-over-year. Quarterly revenue reached $419.99M, reflecting continued top-line momentum.
Gaming and Leisure Properties, generated $891.76M in TTM net income, with quarterly EBITDA of $402.66M. The operating margin expanded from 65.5% to 79.4%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (79.4%) and net margin (55.2%) indicates significant non-operating expenses or interest burden. Net margin has improved from 41.8% a year ago, signaling stronger bottom-line efficiency.
GLPI trades at a P/E of 14.0x (below the broader market average) and a P/S of 7.7x. The price-to-book ratio of 2.7x reflects a moderate premium to book value.
The company generated $158.75M in free cash flow over the trailing twelve months, a 37.1% decrease year-over-year, indicating cash generation ability. The balance sheet shows $13.77B in total assets with $8.08B in long-term debt against $4.63B in stockholders equity for a debt-to-equity ratio of 1.7. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~75.9%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 18.0% suggests a durable competitive advantage and efficient capital allocation.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~9.0% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~78.7% — no sign of cost or pricing stress.
FCF covers net income by 1.2x on average — earnings are well-supported by cash generation.
D/E ratio is 1.7 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding rose 4.3% — mild dilution. Compare to earnings growth to assess net per-share impact.