Gaming and Leisure Properties, Inc. (GLPI) Stock Analysis
Real Estate · REIT - Specialty · NasdaqGS
Gaming and Leisure Properties, Inc. (GLPI) posted $1.59B in revenue for fiscal 2025 (up 4.1% year over year), at a 51.7% net margin, and has compounded revenue about 6.7%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Gaming and Leisure Properties, Inc.
Gaming and Leisure Properties, Inc. has grown revenue from $828.25M to $1.59B over the last 10 fiscal years, compounding about 6.7% a year. The most recent year was up 4.1%, so growth has cooled from its longer-run pace.
Net margin sits at 51.7%, up 0.5 points year over year. It carries about $7.20B of total debt.
At today's valuation the market is pricing in roughly 1.6% annual free-cash-flow growth — versus the 7.4% it actually delivered over the last five years, so the price is arguably undemanding against what it has already proven. The one thing worth a second look in the filings is share count rising (dilution).
Synthesised from Gaming and Leisure Properties, Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Gaming and Leisure Properties, Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $828.25M | $971.31M | $1.06B | $1.15B | $1.15B | $1.22B | $1.31B | $1.44B | $1.53B | $1.59B |
| Gross profit | — | — | — | $1.08B | $1.10B | $1.16B | — | — | — | — |
| Net income | $289.31M | $380.60M | $339.52M | $390.88M | $505.71M | $534.05M | $684.65M | $734.28M | $784.62M | $825.11M |
| Net margin | 34.9% | 39.2% | 32.2% | 33.9% | 43.9% | 43.9% | 52.2% | 51.0% | 51.2% | 51.7% |
Source: Gaming and Leisure Properties, Inc. SEC filings (10-K). 15 years of history available in the interactive view.
Gaming and Leisure Properties, Inc.: 2 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Share count rising (dilution)Shares outstanding grew 14.5% over 4 years (247.2M → 283M) — existing holders' stakes are being diluted.
- Heavy debt loadTotal debt of $7203.7M is 6.4× last year's operating cash flow — it would take years of cash flow to clear.
What growth is priced into GLPI stock?
At today's market cap of $13.69B, Gaming and Leisure Properties, Inc. is priced for free-cash-flow growth of about 1.6% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $1.07B from the FY ending 2024-12-31). For comparison, free cash flow actually grew 7.4%/yr over the last five fiscal years and revenue 6.7%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 15 years of Gaming and Leisure Properties, Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Gaming and Leisure Properties, Inc. financial history by metric
Compare Gaming and Leisure Properties, Inc. with peers
About Gaming and Leisure Properties, Inc.
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, Inc. — frequently asked questions
What is Gaming and Leisure Properties, Inc.'s revenue?
Gaming and Leisure Properties, Inc. (GLPI) reported revenue of $1.59B for fiscal year 2025, up 4.1% from the prior year, according to its SEC filings.
Is Gaming and Leisure Properties, Inc. profitable?
Yes. GLPI earned net income of $825.11M in fiscal 2025, a net margin of 51.7%.
What is GLPI's P/E ratio?
Gaming and Leisure Properties, Inc. trades at a price-to-earnings ratio of about 15.2 based on the latest data in our nightly-refreshed cache.
How fast is Gaming and Leisure Properties, Inc. growing?
GLPI's revenue grew at roughly 6.7% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Gaming and Leisure Properties, Inc. have?
As of fiscal year 2025, GLPI carried roughly $7.20B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Gaming and Leisure Properties, Inc.'s market cap?
Gaming and Leisure Properties, Inc. (GLPI) has a market capitalization of about $13.69B, based on the latest data in our nightly-refreshed cache.
When does Gaming and Leisure Properties, Inc.'s fiscal year end?
GLPI's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into GLPI stock?
At today's market cap of $13.69B, Gaming and Leisure Properties, Inc. is priced for free-cash-flow growth of about 1.6% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $1.07B from the FY ending 2024-12-31). For comparison, free cash flow actually grew 7.4%/yr over the last five fiscal years and revenue 6.7%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Gaming and Leisure Properties, Inc.'s official SEC filings (10-K and 10-Q), covering 15 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.