Want to see GLPI full AI Analyst Report?
Top Page
Gaming and Leisure
(NASDAQ:GLPI)
Select Model
Select Model
Rating:74Outperform
Price Target:
$50.00
▲(10.69% Upside)
Action:Reiterated
Date:08/04/26
GLPI’s score is driven primarily by strong financial performance (high profitability and solid cash generation) and a constructive earnings outlook (raised 2026 AFFO guidance and improving cash rent trends). Valuation is supportive given the moderate P/E and high dividend yield. The main offsets are a neutral-to-soft technical setup and fundamental watch items around leverage consistency and the recent decline in free-cash-flow conversion.
Positive Factors
Cash generation
Sustained operating cash flow growth provides durable internal funding for dividends, development and acquisitions. For a REIT with triple-net leases, rising OCF increases financial flexibility to pursue accretive deals and absorb tenant variability without urgent external financing.
Negative Factors
Leverage history & classification risk
A dramatic step‑down in reported debt raises questions about one‑off classification changes or accounting shifts. If the TTM snapshot understates structural leverage, true funding risk and refinancing exposure could be materially higher than the latest headline leverage suggests.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sustained operating cash flow growth provides durable internal funding for dividends, development and acquisitions. For a REIT with triple-net leases, rising OCF increases financial flexibility to pursue accretive deals and absorb tenant variability without urgent external financing.
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
$13.03B
Dividend Yield7.06%
Average Volume (3M)2.50M
Price to Earnings (P/E)13.0
Beta (1Y)0.26
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. Volume1,969,909
30 Day Avg. Volume2,496,853
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$49.56Price Target Upside9.71% Upside
Rating ConsensusHold
Number of Analyst Covering9
EPS Forecast (FY)3.23
Revenue Forecast (FY)$1.72B
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 that operate gaming and entertainment venues on properties GLPI owns. Its core model is to acquire gaming-related real estate (often through sale-leaseback transactions where an o...
Gaming and Leisure Earnings Call Summary
Earnings Call Date:Apr 23, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 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
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 | 1.76B | 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 | 302.15M | 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
45.17
Price Trends
45.28
Negative
45.62
Negative
44.50
Positive
Market Momentum
0.03
Negative
49.31
Neutral
29.93
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 45.17 is above the 20-day moving average (MA) of 44.50, below the 50-day MA of 45.28, and above the 200-day MA of 44.50, indicating a neutral trend. The MACD of 0.03 indicates Negative momentum. The RSI at 49.31 is Neutral, neither overbought nor oversold. The STOCH value of 29.93 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 | $13.03B | 12.98 | 20.59% | 7.00% | 5.76% | 30.67% | |
74 Outperform | $6.59B | 7.19 | 15.36% | 11.42% | -42.41% | -82.14% | |
74 Outperform | $4.76B | 19.77 | 11.34% | 5.67% | 4.53% | 52.99% | |
69 Neutral | $2.96B | 24.51 | 9.00% | ― | 19.89% | 62.08% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
60 Neutral | $5.61B | 29.51 | 27.72% | 3.75% | 3.17% | -33.22% |
* Real Estate Sector Average
GLPI
Gaming and Leisure
44.81
0.83
1.90%
CXW
CoreCivic
30.30
10.64
54.12%
RYN
Rayonier
21.54
0.27
1.29%
EPR
EPR Properties
61.21
9.79
19.04%
OUT
Outfront Media
31.88
14.79
86.55%
Gaming and Leisure Corporate Events
Executive/Board ChangesShareholder Meetings
Gaming and Leisure Shareholders Back Board, Pay, Auditor
Positive
Jun 5, 2026
At its June 4, 2026 annual meeting of shareholders, Gaming and Leisure Properties, Inc. saw all eight director nominees re-elected to one-year terms, with varying levels of shareholder support but no opposition strong enough to alter the boardR...
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.