Gaming and Leisure (GLPI)
NASDAQ:GLPI
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Gaming and Leisure
(NASDAQ:GLPI)
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Rating:75Outperform
Price Target:
$53.00
▲(11.04% Upside)
Action:ReiteratedDate:04/26/26
GLPI scores well primarily on strong profitability/cash generation and favorable forward commentary (raised AFFO guidance and visible rent growth drivers), tempered by leverage-related balance-sheet risk and recent free-cash-flow softness. Technicals are supportive and valuation is attractive for income (moderate P/E and high dividend yield).
Positive Factors
Triple‑net long‑term lease model
GLPI’s core triple‑net lease model produces predictable contractual rent with tenants responsible for expenses. That structural cash flow profile supports durable AFFO generation, low capex for the landlord, and stable distributable income over the 2–6 month horizon and beyond.
Negative Factors
Elevated leverage profile
GLPI’s historically elevated debt relative to equity increases sensitivity to rising interest rates and refinancing risk. Higher leverage constrains financial flexibility for opportunistic M&A or larger development funding without issuing equity or longer‑dated debt, affecting balance‑sheet optionality over months.
Read all positive and negative factors
Positive Factors
Negative Factors
Triple‑net long‑term lease model
GLPI’s core triple‑net lease model produces predictable contractual rent with tenants responsible for expenses. That structural cash flow profile supports durable AFFO generation, low capex for the landlord, and stable distributable income over the 2–6 month horizon and beyond.
Read all positive factors
Gaming and Leisure (GLPI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$13.40B
Dividend Yield6.93%
Average Volume (3M)2.10M
Price to Earnings (P/E)13.4
Beta (1Y)0.33
Revenue Growth4.43%
EPS Growth11.49%
CountryUS
Employees19
SectorReal Estate
Sector Strength53
IndustryREIT - Specialty
Share Statistics
EPS (TTM)3.18
Shares Outstanding283,221,830
10 Day Avg. Volume1,837,471
30 Day Avg. Volume2,095,000
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 Cap1.60
Enterprise Value/Revenue13.28
Enterprise Value/Gross Profit24.42
Enterprise Value/Ebitda12.86
Forecast
1Y Price Target
$53.40Price Target Upside11.88% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)3.2
Revenue Forecast (FY)$1.72B
Gaming and Leisure Business Overview & Revenue Model
Company Description
Gaming & Leisure Properties, Inc. engages in the provision of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. The company was founded on February 13, 2013 and is headquartere...
How the Company Makes Money
GLPI makes money primarily by leasing its owned casino and resort real estate to gaming operators under long-term, triple-net lease structures. Under triple-net leases, the tenant (casino operator) is generally responsible for property operating e...
Gaming and Leisure Key Performance Indicators (KPIs)
Gaming and Leisure Earnings Call Summary
Earnings Call Date:Apr 23, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
The call was predominantly positive: management reported mid- to high-single-digit AFFO growth, raised and clarified 2026 guidance, showed strong cash rent gains (~$33M) and operating expense reductions (~$49.8M), highlighted a sizable and active $1.8B development/acquisition pipeline and healthy balance sheet optionality (5x leverage, ~$275M cash, $363M forward equity expected). Challenges cited were manageable and mostly idiosyncratic—noncash accounting offsets (~$8M), one material lease with coverage pressure (Caesars at 1.59x), Pinnacle escalator pause (<$4M impact), operator credit-market turbulence, and several transaction-specific uncertainties (Rockford loan, potential Caesars corporate transaction). Overall, the positives substantially outweighed the negatives, with management emphasizing accretive underwriting, deal optionality, and continued execution on developments.Positive Updates
AFFO Growth and Guidance
AFFO and AFFO per share grew in mid- to high-single digits in Q1; full-year 2026 AFFO guidance raised to $1.212 billion–$1.223 billion (or $4.08–$4.12 per diluted share in OP units).
Negative Updates
Noncash Items Partially Offset Cash Gains
Noncash revenue growth steps, lease adjustments and straight-line rent adjustments partially offset cash increases, producing a collective year-over-year decrease of approximately $8 million for noncash items.
Read all updates
Q1-2026 Updates
Positive
Negative
AFFO Growth and Guidance
AFFO and AFFO per share grew in mid- to high-single digits in Q1; full-year 2026 AFFO guidance raised to $1.212 billion–$1.223 billion (or $4.08–$4.12 per diluted share in OP units).
Read all positive updates
Company Guidance
Management guided 2026 AFFO of $1.212 billion to $1.223 billion, or $4.08 to $4.12 per diluted OP unit, noting the guidance excludes the impact of future transactions but does include planned development funding of roughly $590 million to $640 million for the remainder of 2026 (bringing full‑year development spend to $750 million–$800 million) and the $225 million Aurora acquisition expected late in Q2; they also reiterated the anticipated $363 million forward equity settlement on June 1. First‑quarter highlights feeding the outlook included total income from real estate up >$24 million year‑over‑year (driven by ~ $33 million of cash rent increases, including Chicago +$5.5M, Baton Rouge +$2.6M, PENN +$5.4M and Dry Creek/Ione/Cordish VA +$3.5M, plus escalators/percentage rent of ~$4.6M), a $49.8 million decline in operating expenses largely from noncash credit‑loss adjustments, and an $8 million year‑over‑year decrease in noncash revenue items. On liquidity and capital allocation, future capital commitments are roughly $1.8 billion (nearly all expected to be deployed by year‑end 2027), balance‑sheet leverage sits at about 5x (low end of target), cash on hand is ~$275 million, and expected annual free cash flow is roughly $230 million, while the vast majority of leases have rent coverage at 1.8x or higher.Gaming and Leisure Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
62
Positive
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.62B | 1.59B | 1.53B | 1.44B | 1.31B | 1.22B |
| Gross Profit | 880.70M | 990.54M | 1.48B | 1.39B | 1.26B | 1.13B |
| EBITDA | 1.67B | 1.51B | 1.45B | 1.36B | 1.28B | 1.10B |
| Net Income | 891.76M | 825.11M | 784.62M | 734.28M | 684.65M | 534.05M |
Balance Sheet | ||||||
| Total Assets | 13.77B | 12.91B | 13.33B | 11.81B | 10.93B | 10.69B |
| Cash, Cash Equivalents and Short-Term Investments | 274.51M | 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 | 8.73B | 7.90B | 8.69B | 7.30B | 6.81B | 7.30B |
| Stockholders Equity | 4.63B | 4.63B | 4.27B | 4.16B | 3.78B | 3.19B |
Cash Flow | ||||||
| Free Cash Flow | 744.14M | 824.97M | 1.03B | 961.93M | 896.10M | 787.58M |
| Operating Cash Flow | 1.15B | 1.13B | 1.07B | 1.01B | 920.13M | 803.78M |
| Investing Cash Flow | -1.70B | -308.76M | -1.61B | -650.83M | -354.49M | -1.03B |
| Financing Cash Flow | 654.78M | -1.06B | 311.82M | 86.35M | -1.05B | 443.07M |
Gaming and Leisure Technical Analysis
Positive
47.73
Price Trends
46.52
Positive
45.00
Positive
44.66
Positive
Market Momentum
0.22
Negative
65.48
Neutral
95.60
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GLPI, the sentiment is Positive. The current price of 47.73 is above the 20-day moving average (MA) of 45.78, above the 50-day MA of 46.52, and above the 200-day MA of 44.66, indicating a bullish trend. The MACD of 0.22 indicates Negative momentum. The RSI at 65.48 is Neutral, neither overbought nor oversold. The STOCH value of 95.60 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GLPI.
Gaming and Leisure Risk Analysis
Gaming and Leisure disclosed 21 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | $4.23B | 14.20 | 11.81% | 7.05% | 2.97% | 104.39% | |
75 Outperform | $13.40B | 13.38 | 19.39% | 6.93% | 4.43% | 11.49% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | $1.99B | 18.58 | 8.00% | ― | 12.72% | 74.84% | |
60 Neutral | $6.26B | 32.50 | 21.80% | 12.79% | -61.64% | -81.29% | |
58 Neutral | $5.46B | 10.44 | 21.63% | 5.02% | 0.04% | -47.02% |
* Real Estate Sector Average
GLPI
Gaming and Leisure
47.32
4.02
9.27%
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20.15
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31.01
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Gaming and Leisure Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Gaming and Leisure Refinances Debt with New Term Loan
Positive
Mar 11, 2026
On March 4, 2026, GLP Capital, L.P., the operating partnership of Gaming and Leisure Properties, Inc., entered into an amendment to its existing credit agreement to secure a new $679 million term loan maturing on December 2, 2028, with optional SO...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Gaming and Leisure Issues $800 Million Senior Notes Offering
Positive
Mar 2, 2026
On February 25, 2026, GLP Capital, L.P., the operating partnership of Gaming and Leisure Properties, Inc., and subsidiary GLP Financing II, Inc. entered into an underwriting agreement to issue $800 million of 5.625% senior notes due March 1, 2036,...
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.