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Gaming and Leisure
(NASDAQ:GLPI)
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Rating:73Outperform
Price Target:
$42.00
â–¼(-2.39% Downside)
Action:Reiterated
Date:10/08/26
GLPI’s score is driven primarily by strong underlying financial performance (growth and profitability) and supportive valuation (low P/E and high dividend yield). The latest earnings call reinforces the outlook with AFFO growth, increased dividend, and reiterated guidance/pipeline visibility. These positives are partly offset by weak technicals (clear downtrend) and fundamental watch-items around weaker TTM free cash flow conversion and the sharp change in reported leverage versus prior years.
Positive Factors
Stable triple-net lease model
Long-term triple-net leases make GLPI primarily a contractual real estate landlord, with tenants generally responsible for maintenance, insurance, and taxes. This supports predictable rental income, limits direct operating exposure, and provides a durable base for recurring cash generation.
Negative Factors
Historically high leverage
GLPI’s historical capital structure carried substantial debt relative to equity, increasing sensitivity to refinancing conditions and interest expense. Although the latest reported leverage is much lower, the sharp change versus prior years makes underlying balance-sheet risk an important ongoing consideration.
Read all positive and negative factors
Positive Factors
Negative Factors
Stable triple-net lease model
Long-term triple-net leases make GLPI primarily a contractual real estate landlord, with tenants generally responsible for maintenance, insurance, and taxes. This supports predictable rental income, limits direct operating exposure, and provides a durable base for recurring cash generation.
Read all positive factors
Gaming and Leisure Key Performance Indicators (KPIs)
Any
Income From Real Estate Breakdown
Breaks down rent and property-related revenue by source—base rent, percentage rent, reimbursed expenses, management fees, and other property-level income—to show how predictable and diversified GLPI’s cash flow is. Highlights lease structure (fixed triple-net versus variable rents), tenant concentration and escalation mechanics, and how these factors drive dividend coverage, growth potential from acquisitions or rent resets, and downside risk if major operators underperform or default.
Breaks down rent and property-related revenue by source—base rent, percentage rent, reimbursed expenses, management fees, and other property-level income—to show how predictable and diversified GLPI’s cash flow is. Highlights lease structure (fixed triple-net versus variable rents), tenant concentration and escalation mechanics, and how these factors drive dividend coverage, growth potential from acquisitions or rent resets, and downside risk if major operators underperform or default.
Data provided by:
The Fly
The FlyGaming and Leisure (GLPI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$11.14B
Dividend Yield8.36%
Average Volume (3M)3.93M
Price to Earnings (P/E)11.1
Beta (1Y)0.28
Revenue Growth5.76%
EPS Growth30.67%
CountryUS
Employees20
SectorReal Estate
Sector Strength53
IndustryREIT - Specialty
Share Statistics
EPS (TTM)3.45
Shares Outstanding290,920,040
10 Day Avg. Volume3,059,230
30 Day Avg. Volume3,928,178
Financial Highlights & Ratios
PEG Ratio5.43
Price to Book (P/B)2.70
Price to Sales (P/S)7.84
P/FCF Ratio15.15
Enterprise Value/Market Cap1.90
Enterprise Value/Revenue12.80
Enterprise Value/Gross Profit27.20
Enterprise Value/Ebitda12.73
Forecast
1Y Price Target
$48.36Price Target Upside12.38% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
EPS Forecast (FY)3.23
Revenue Forecast (FY)$1.73B
Gaming and Leisure Business Overview & Revenue Model
Company Description
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...
How the Company Makes Money
GLPI makes money primarily by collecting rental income from tenants (casino operators) that lease GLPI-owned gaming and entertainment properties. Its core revenue model is based on long-term, triple-net leases, under which tenants are generally re...
Gaming and Leisure Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call was strongly optimistic. Management reported 10% year-over-year AFFO growth, higher real estate income, a dividend increase, strong regional gaming performance, healthy rent coverage, substantial development activity, and significant balance-sheet flexibility. The main challenges discussed were higher borrowing costs, an expensive cost of equity, uncertainty around the timing of certain projects and tribal transactions, and regulatory uncertainty around iGaming. Overall, the positive operating performance and pipeline visibility significantly outweighed the stated risks.Positive Updates
AFFO Growth and Positive Near- to Medium-Term Outlook
Second-quarter AFFO expanded 10% year over year. Management said it anticipates healthy growth in the near and medium term, with the pipeline providing substantial visibility into the pace of growth.
Negative Updates
Higher Borrowing Costs Affect Potential Transactions
Management said rising borrowing costs affect GLPI’s cost of debt and the pricing of potential future transactions. The same higher costs may also encourage operators to seek alternative financing routes.
Read all updates
Q2-2026 Updates
Positive
Negative
AFFO Growth and Positive Near- to Medium-Term Outlook
Second-quarter AFFO expanded 10% year over year. Management said it anticipates healthy growth in the near and medium term, with the pipeline providing substantial visibility into the pace of growth.
Read all positive updates
Company Guidance
Management provided guidance of between $1.219 billion and $1.225 billion or $4.10 to $4.12 per diluted share and OP unit, which does not include the impact of future transactions but includes additional development funding of approximately 400 million to 450 million, funded relatively evenly over the next 2 quarters, bringing total development spend to 750 million to 800 million; the $400 million to $450 million includes Chicago, Ione Dry Creek, and Virginia projects, with all 4 included in guidance and expected to put money out during 2026, while funding will continue into 2027, and the company’s leverage ratio is 4.8 times versus a target level of 5x to 5.5x.Gaming and Leisure Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
64
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.66B | 1.59B | 1.53B | 1.44B | 1.31B | 1.22B |
| Gross Profit | 778.70M | 990.54M | 1.48B | 1.39B | 1.26B | 1.13B |
| EBITDA | 1.66B | 1.51B | 1.45B | 1.36B | 1.28B | 1.10B |
| Net Income | 968.73M | 825.11M | 784.62M | 734.28M | 684.65M | 534.05M |
Balance Sheet | ||||||
| Total Assets | 14.16B | 12.91B | 13.33B | 11.81B | 10.93B | 10.69B |
| Cash, Cash Equivalents and Short-Term Investments | 319.00M | 224.31M | 1.02B | 683.98M | 239.08M | 724.60M |
| Total Debt | 8.38B | 7.79B | 8.04B | 6.88B | 6.36B | 6.79B |
| Total Liabilities | 8.77B | 7.90B | 8.69B | 7.30B | 6.81B | 7.30B |
| Stockholders Equity | 4.98B | 4.63B | 4.27B | 4.16B | 3.78B | 3.19B |
Cash Flow | ||||||
| Free Cash Flow | 627.73M | 824.97M | 1.03B | 961.93M | 896.10M | 787.58M |
| Operating Cash Flow | 1.20B | 1.13B | 1.07B | 1.01B | 920.13M | 803.78M |
| Investing Cash Flow | -2.07B | -308.76M | -1.61B | -650.83M | -354.49M | -1.03B |
| Financing Cash Flow | 583.34M | -1.06B | 311.82M | 86.35M | -1.05B | 443.07M |
Gaming and Leisure Technical Analysis
Negative
43.03
Price Trends
40.77
Negative
42.61
Negative
43.49
Negative
Market Momentum
-0.86
Negative
37.95
Neutral
53.30
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GLPI, the sentiment is Negative. The current price of 43.03 is above the 20-day moving average (MA) of 38.92, above the 50-day MA of 40.77, and below the 200-day MA of 43.49, indicating a bearish trend. The MACD of -0.86 indicates Negative momentum. The RSI at 37.95 is Neutral, neither overbought nor oversold. The STOCH value of 53.30 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GLPI.
Gaming and Leisure Risk Analysis
Gaming and Leisure disclosed 22 risk factors in its most recent earnings report. Gaming and Leisure reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Gaming and Leisure Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $4.19B | 17.43 | 11.34% | 6.66% | 4.53% | 52.99% | |
73 Outperform | $11.14B | 11.10 | 20.59% | 8.36% | 5.76% | 30.67% | |
70 Outperform | $14.87B | 26.68 | 55.48% | 4.54% | 4.39% | 27.37% | |
69 Neutral | $3.26B | 26.77 | 8.96% | 15.76% | 24.35% | 32.67% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
60 Neutral | $5.28B | 21.11 | 35.88% | 4.10% | 7.62% | 122.49% | |
54 Neutral | $1.67B | 1.37 | 270.16% | 21.81% | 199.70% | 2008.88% |
* Real Estate Sector Average
GLPI
Gaming and Leisure
38.28
-2.96
-7.18%
CXW
CoreCivic
32.93
15.00
83.66%
LAMR
Lamar Advertising
146.47
33.05
29.14%
EPR
EPR Properties
54.74
3.66
7.16%
OUT
Outfront Media
29.98
13.30
79.78%
UNIT
Uniti Group
6.87
1.42
26.06%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.