Gaming and Leisure (GLPI)
NASDAQ:GLPI
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Gaming and Leisure
(NASDAQ:GLPI)
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Rating:76Outperform
Price Target:
$55.00
▲(17.40% Upside)
Action:ReiteratedDate:03/11/26
Overall score reflects strong underlying 2020–2024 profitability and cash generation (despite leverage) plus supportive technical momentum and an attractive income/valuation profile. The biggest constraint is uncertainty created by the 2025 financial data inconsistencies, with secondary risks around funding/timing and variable-rate exposure highlighted in the earnings commentary.
Positive Factors
Cash Generation & Dividend Support
Consistent operating and free cash flow across 2020–2024 (free cash flow ~95–99% of net income) shows durable cash conversion. That persistent cash generation underpins dividend coverage, services debt, and funds development without relying solely on equity issuance, supporting long-term payout sustainability.
Negative Factors
High Leverage and Rate Sensitivity
Elevated leverage historically and pro forma leverage cited (~4.6x, rising toward ~4.9x with recent funding) magnifies interest-rate and refinancing risk. High debt levels increase sensitivity to variable rates and limit flexibility if capital markets tighten, especially while funding large multi-year developments.
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Positive Factors
Negative Factors
Cash Generation & Dividend Support
Consistent operating and free cash flow across 2020–2024 (free cash flow ~95–99% of net income) shows durable cash conversion. That persistent cash generation underpins dividend coverage, services debt, and funds development without relying solely on equity issuance, supporting long-term payout sustainability.
Read all positive factors
Gaming and Leisure (GLPI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$13.23B
Dividend Yield6.93%
Average Volume (3M)2.20M
Price to Earnings (P/E)15.1
Beta (1Y)0.33
Revenue Growth4.39%
EPS Growth-2.87%
CountryUS
Employees19
SectorReal Estate
Sector Strength53
IndustryREIT - Specialty
Share Statistics
EPS (TTM)0.94
Shares Outstanding283,221,830
10 Day Avg. Volume2,057,491
30 Day Avg. Volume2,197,387
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 Cap1.58
Enterprise Value/Revenue13.07
Enterprise Value/Gross Profit21.03
Enterprise Value/Ebitda13.07
Forecast
1Y Price Target
$53.50Price Target Upside14.19% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)3.14
Revenue Forecast (FY)$1.71B
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 Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
Earnings Call Sentiment Positive
The call conveyed a constructive growth narrative: clear near-term AFFO guidance, multiple completed and active transactions (Bally’s Lincoln, Cordish Virginia), a deep development pipeline, and solid rent coverage metrics. Management emphasized a healthy balance sheet and funding optionality (forward equity, ATM availability, internal free cash flow) to support $575–$650 million of anticipated 2026 development spend. Headwinds and risks include equity valuation pressure (stock trading at a discount), short-term use of revolver capacity and resulting variable-rate exposure, timing uncertainty of partner-funded projects, rising exposure to large tenants and some non-cash accounting items that partially offset cash gains. Overall, the positive operational and financial milestones and explicit guidance outweighed the risks discussed.Positive Updates
AFFO Guidance for 2026
Company provided 2026 AFFO guidance between $1.207 billion and $1.222 billion, or $4.06 to $4.11 per diluted share and OP unit; guidance includes anticipated development fundings of ~$575 million to $650 million and does not assume future transactions.
Negative Updates
Equity Valuation Discount and Share Performance
Management acknowledged the stock is trading at a discount despite visible growth (described as roughly a 'two-turn' discount and a dividend yield near ~7%); management expressed dissatisfaction with current equity pricing and limited near-term upside reflected in current market valuation.
Read all updates
Q4-2025 Updates
Positive
Negative
AFFO Guidance for 2026
Company provided 2026 AFFO guidance between $1.207 billion and $1.222 billion, or $4.06 to $4.11 per diluted share and OP unit; guidance includes anticipated development fundings of ~$575 million to $650 million and does not assume future transactions.
Read all positive updates
Company Guidance
Management guided 2026 AFFO of $1.207–$1.222 billion (or $4.06–$4.11 per diluted share and OP unit), which assumes development fundings of ~$575–$650 million in 2026 (Chicago, Ione, Marquette, Dry Creek, Virginia), includes the closed $700 million Bally’s Lincoln acquisition (8% cap) and the expected late‑2026 $225 million acquisition of Penn’s Aurora, and assumes settlement of $363 million of forward equity on 06/01/2026; balance sheet metrics cited include leverage of ~4.6x (pro forma Lincoln just under ~4.9x), pipeline commitments of ~$2.6 billion over 24 months (supplement notes ~$2.0 billion with $700 million completed, leaving ~$1.9 billion), roughly $740 million remaining to spend on Bally’s Chicago (project >20% complete), master lease rent coverage ranging ~1.69x–2.6x, and 2025 results showing total income from real estate up >$17 million year‑over‑year driven by >$23 million of cash rent increases while operating expenses declined ~$37.8 million.Gaming and Leisure Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
64
Positive
Cash Flow
82
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.59B | 1.53B | 1.44B | 1.31B | 1.22B |
| Gross Profit | 990.54M | 1.48B | 1.39B | 1.26B | 1.13B |
| EBITDA | 1.51B | 1.45B | 1.36B | 1.28B | 1.10B |
| Net Income | 825.11M | 784.62M | 734.28M | 684.65M | 534.05M |
Balance Sheet | |||||
| Total Assets | 12.91B | 13.33B | 11.81B | 10.93B | 10.69B |
| Cash, Cash Equivalents and Short-Term Investments | 224.31M | 1.02B | 683.98M | 239.08M | 724.60M |
| Total Debt | 7.79B | 8.04B | 6.88B | 6.36B | 6.79B |
| Total Liabilities | 7.90B | 8.69B | 7.30B | 6.81B | 7.30B |
| Stockholders Equity | 4.63B | 4.27B | 4.16B | 3.78B | 3.19B |
Cash Flow | |||||
| Free Cash Flow | 824.97M | 1.03B | 961.93M | 896.10M | 787.58M |
| Operating Cash Flow | 1.13B | 1.07B | 1.01B | 920.13M | 803.78M |
| Investing Cash Flow | -308.76M | -1.61B | -650.83M | -354.49M | -1.03B |
| Financing Cash Flow | -1.06B | 311.82M | 86.35M | -1.05B | 443.07M |
Gaming and Leisure Technical Analysis
Positive
46.85
Price Trends
46.23
Positive
44.75
Positive
44.59
Positive
Market Momentum
-0.19
Negative
57.21
Neutral
89.91
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 46.85 is above the 20-day moving average (MA) of 45.85, above the 50-day MA of 46.23, and above the 200-day MA of 44.59, indicating a bullish trend. The MACD of -0.19 indicates Negative momentum. The RSI at 57.21 is Neutral, neither overbought nor oversold. The STOCH value of 89.91 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 | $4.09B | 13.80 | 11.81% | 7.05% | 2.93% | -0.87% | |
76 Outperform | $13.23B | 15.14 | 18.36% | 6.93% | 4.39% | -2.87% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | $1.95B | 18.58 | 8.00% | ― | 5.72% | 47.75% | |
60 Neutral | $6.44B | 32.50 | 21.80% | 12.79% | 8.88% | 131.78% | |
58 Neutral | $5.13B | 27.51 | 21.63% | 5.02% | -1.48% | -50.05% |
* Real Estate Sector Average
GLPI
Gaming and Leisure
46.85
1.58
3.49%
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EPR
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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.