GLPI
Gaming & Leisure Properties, Inc.
Next earnings Jul 22, 2026 (after close) · consensus $0.82 EPS, $437M rev
Last earnings +1.4% on 2026-04-24
$43.95
▼ -4.27%$43.95▲ +1.45%
over 1Y
L $39.97H $48.18
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-4.3%
1W-2.5%
1M-3.6%
3M+0.7%
YTD+2.3%
1Y+1.4%
Buy
Conviction
Horizon
Long (>12mo)
12-mo target
$•••
Street · 30 analysts
Buy
Triple-net gaming REIT with 75% operating margins, steady FFO growth and a ~7% yield — a high-quality income compounder.
Net income $825M · FY2025
The read
Solid fundamentals at a roughly fair price — reasonable risk/reward at today's level.
Gaming & Leisure Properties is a triple-net-lease REIT that owns casino real estate and leases it back to operators on long-term contracts, producing exceptionally high-quality, predictable cash flow. The economics are pristine for a landlord: FY2025 operating margin of 75.3% and net margin of 51.7%, with revenue up 4.1% to $1.59B, net income up 5.2% to $825M, and operating income up 6.3% to $1.20B. The five-year record is a model of consistency — revenue has risen every year from $1.22B (FY2021) and net income from $534M — exactly the steady escalation a triple-net REIT is built to deliver via contractual rent bumps and accretive acquisitions.
The balance sheet is solid for a REIT: liabilities/equity of 1.71x, long-term debt actually reduced 6.9% to $7.20B, and equity grew 8.4% to $4.63B. ROE of 17.8% is excellent. The cash flow comfortably supports the dividend — operating cash flow of $1.13B against $872M of dividends paid (a sustainable payout for a REIT that must distribute most taxable income). The negative retained earnings (-$1.99B) is a normal artifact of REIT distribution accounting, not financial distress.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 4:46 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $1.22B | $1.31B | $1.44B | $1.53B | $1.59B |
| Gross profit | — | — | — | — | — |
| Operating income | $842M | $1.03B | $1.07B | $1.13B | $1.20B |
| Net income | $534M | $685M | $734M | $785M | $825M |
| Diluted EPS | $2.26 | $2.70 | $2.77 | $2.87 | $2.95 |
| Net margin | 43.9% | 52.2% | 51.0% | 51.2% | 51.7% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value—
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF11.2
PEG (trailing)2.89
Earnings yield6.6%
FCF yield9.0%
Quality & risk
ROIC (est.)8.0%
Free cash flow$1.12B
Total debt$7.20B
Net cash-$6.98B
Piotroski F-Score6/7
Capital returns
Buyback yield—
Dividend yield (est.)7.0%
Shareholder yield7.0%
Shares Δ YoY+3.1%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRed flag in recent filings — agreement terminated (2026-03-10). Worth a closer look.
Recent filings
all on EDGAR ↗4Period ending 2026-06-102026-06-11open ↗8-KPeriod ending 2026-06-042026-06-05open ↗SCHEDULE 13GFiling2026-04-29open ↗SCHEDULE 13GFiling2026-04-29open ↗ARSPeriod ending 2025-12-312026-04-24open ↗DEFA14AFiling2026-04-24open ↗DEF 14APeriod ending 2026-06-042026-04-24open ↗8-KPeriod ending 2026-04-232026-04-24open ↗10-QPeriod ending 2026-03-312026-04-23open ↗SCHEDULE 13G/AFiling2026-03-26open ↗8-KPeriod ending 2026-03-042026-03-10open ↗8-KPeriod ending 2026-03-042026-03-05open ↗
Frequently asked
- Is Gaming & Leisure Properties, Inc. (GLPI) a buy?
- GLPI currently carries a Buy rating with 4/5 conviction, derived from its latest SEC filings. Triple-net gaming REIT with 75% operating margins, steady FFO growth and a ~7% yield — a high-quality income compounder.
- What is GLPI's fair value?
- A Modified-Graham model based on GLPI's SEC fundamentals estimates a fair value of about $47.90. It is an estimate from reported earnings, not a price target.
- Is GLPI overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, GLPI currently appears fairly valued relative to its SEC-grounded earnings power.
- What is Gaming & Leisure Properties, Inc.'s quality score?
- GLPI scores 71.82025407527819/100 (grade B) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001575965, latest 10-Q filed 2026-04-23) · EODHD · Proprietary analysis · as of 6/21/2026, 8:46:59 PM.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.