# Gaming & Leisure Properties (GLPI.US)

Canonical: https://gigainvestors.com/s/GLPI

Analysis as of: 2026-10-16T07:28:48.442Z. Financial observations: FY2011–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $39.08 per share; close as of 2026-10-15.

Estimated value: low $44.16 per share, central $52.41 per share, high $60.85 per share. Buy at or below the central value $52.41 per share. Valuation as of 2026-10-16T07:28:48.442Z; scenarios are not confidence intervals.

Expected annual return: 12.5% at the stated quote. About 12.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.11×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.62×

- FY2018: 0.56×

- FY2019: 0.62×

- FY2020: 0.70×

- FY2021: 0.69×

- FY2022: 0.79×

- FY2023: 0.74×

- FY2024: 0.74×

- FY2025: 0.75×

- LTM to Jun 2026: 0.83×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 29.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: 9.3%

- ROIC, second-lowest year: 6.9%

- Typical minus recent gross margin: 29.1 pp

- Typical gross margin (annual median): 91.2%

- Recent gross margin (lower of latest and 3-year median): 62.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.9%

- ROIC including acquisitions, ten-year median: 8.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.7%

- FY2017: 8.6%

- FY2018: 6.9%

- FY2019: 8.9%

- FY2020: 9.9%

- FY2021: 8.5%

- FY2022: 9.8%

- FY2023: 10.3%

- FY2024: 10.0%

- FY2025: 9.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.26×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $4.5B

- Net income, five-year total: $3.6B

- Return on incremental invested capital: 130.1%

- Working capital / revenue, annual change: -5.8 pp

- Working capital / revenue, change between three-year averages: -35.5 pp

- Working capital / revenue, final three-year average: 175.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.44×

- FY2022: 1.34×

- FY2023: 1.31×

- FY2024: 1.30×

- FY2025: 0.99×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 6.9% vs 10.0%

- Per-share earnings: 1.58 to 2.87 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 8.9%

- Ordinary dilution, 5-year annual growth: 5.0%

- Market cap gain: $6.9B

- Cumulative retained earnings: -$662M

- Diluted shares, 10-year annual growth: 8.9%

- Diluted shares, 5-year annual growth: 5.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 7.7%

- Per-share value change: $1.28

- Per-share value, starting three-year median: $1.58

- Per-share value, ending three-year median: $2.87

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.1%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: $877M

- Cumulative net income, 10 years: $5.5B

- ROIC, first three-year median: 6.9%

- ROIC, last three-year median: 10.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.58

- FY2017: $1.77

- FY2018: $1.58

- FY2019: $1.81

- FY2020: $2.30

- FY2021: $2.26

- FY2022: $2.70

- FY2023: $2.77

- FY2024: $2.87

- FY2025: $2.95

### accounting: pass

- Sloan accruals: -2.4%

- Receivables to sales index (DSRI): 0.89×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 1.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.37×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.18×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.1%

- FY2017: -3.0%

- FY2018: -3.7%

- FY2019: -4.3%

- FY2020: 0.9%

- FY2021: -2.5%

- FY2022: -2.2%

- FY2023: -2.3%

- FY2024: -2.2%

- FY2025: -2.4%

## Holders

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 27% since Feb 2023 · "However, revenue came in at $394.9 million, slightly below the anticipated $396.97 million." (investing.com, Jul 2025) · sales +3.8%

Story as of 2026-10-16T09:58:49.638Z; price observation 2026-10-15.

Price needs cash profits to shrink 1.8% a year for ten years

- 2025-07-24: Gaming and Leisure Properties posts record AFFO despite revenue miss, shares dip 1% ([investing.com](https://www.investing.com/news/earnings/gaming-and-leisure-properties-posts-record-affo-despite-revenue-miss-shares-dip-1-93CH-4151994))

- 2025-12-12: JPM upgrades Gaming and Leisure Properties as funded pipeline lifts growth outlook ([finance.yahoo.com](https://finance.yahoo.com/news/jpm-upgrades-gaming-leisure-properties-155351013.html))

- 2026-02-16: GLPI Expands Bally’s Lease With US$700m Lincoln Deal For CPI Rent ([finance.yahoo.com](https://finance.yahoo.com/news/glpi-expands-bally-lease-us-080716162.html))

### Sales · FY2025–2026

sales +3.8%; source https://www.sec.gov/Archives/edgar/data/1575965/000157596526000032/glpi-20251231.htm; observed 2026-02-19.

- FY2017: $971M 

- FY2018: $1.1B 

- FY2019: $1.2B 

- FY2020: $1.2B 

- FY2021: $1.2B 

- FY2022: $1.3B 

- FY2023: $1.4B 

- FY2024: $1.5B 

- FY2025: $1.6B 

- FY2026: $1.7B 

### Gross margin · FY2025

gross margin 62.1%; source https://www.sec.gov/Archives/edgar/data/1575965/000157596526000032/glpi-20251231.htm; observed 2026-02-19.

- FY2016: 81.7% 

- FY2017: 80.5% 

- FY2018: 81.6% 

- FY2019: 89.8% 

- FY2020: 92.6% 

- FY2021: 92.6% 

- FY2022: 96.0% 

- FY2023: 96.8% 

- FY2024: 96.9% 

- FY2025: 62.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are USD 1.6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1575965/000157596526000032/glpi-20251231.htm (filed 2026-02-19); FY2025: revenue 1594752000; grossProfit 990537000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 62.1% to 96.9% during 2023–25; it earns 9.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: grossProfit / revenue = 96.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: grossProfit / revenue = 96.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1575965/000157596526000032/glpi-20251231.htm (filed 2026-02-19); FY2025: grossProfit / revenue = 62.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); 10-year return on capital observations [[2016,0.06704105432982295],[2017,0.08640834648999254],[2018,0.06902177048032998],[2019,0.0886059408968931],[2020,0.09920585810677214],[2021,0.08454098133552952],[2022,0.09816528751805836],[2023,0.10296838349224731],[2024,0.09991482876166993],[2025,0.09826630909014382]]; median 0.09338561420747574. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 1.1% of cash earnings on expansion; earns over 100% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2016: growth capex 0; upkeep 3441000; owner earnings 401581000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2017: growth capex 0; upkeep 3256000; owner earnings 501177000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2018: growth capex 0; upkeep 4304000; owner earnings 483577000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2019: growth capex 0; upkeep 3017000; owner earnings 646835000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2020: growth capex 0; upkeep 3604000; owner earnings 745102000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2021: growth capex 0; upkeep 16196000; owner earnings 769900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2022: growth capex 0; upkeep 24024000; owner earnings 915176000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: growth capex 0; upkeep 47437000; owner earnings 963270000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: growth capex 0; upkeep 39688000; owner earnings 1018354000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1575965/000157596526000032/glpi-20251231.htm (filed 2026-02-19); FY2025: growth capex 9309900.846217752; upkeep 295133099.15378225; owner earnings 812921900.8462178. Growth capex / owner earnings = 0.011452392704055006.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Incremental return on capital 1.300689024575129, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Dividend observations: [[2016,428352000],[2017,529370000],[2018,550435000],[2019,589128000],[2020,230522000],[2021,633901000],[2022,770858000],[2023,833980000],[2024,830716000],[2025,871872000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GLPI.US SharesStats.PercentInsiders = 4.01 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 1.8% yearly over ten years; actual growth was 4.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Ten-year compound average after fade. Initial solved rate -0.03744892474332445. Price 39.08; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.8271703287332175 → FY2025 2.9028467087062264. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $33.62 per share

- 2016-11: $31.24 per share

- 2016-12: $31.35 per share

- 2017-01: $32.39 per share

- 2017-02: $32.77 per share

- 2017-03: $34.22 per share

- 2017-04: $35.63 per share

- 2017-05: $37.59 per share

- 2017-06: $38.57 per share

- 2017-07: $38.85 per share

- 2017-08: $40.13 per share

- 2017-09: $37.77 per share

- 2017-10: $37.41 per share

- 2017-11: $37.19 per share

- 2017-12: $37.88 per share

- 2018-01: $37.31 per share

- 2018-02: $34.06 per share

- 2018-03: $34.27 per share

- 2018-04: $35.09 per share

- 2018-05: $35.94 per share

- 2018-06: $36.66 per share

- 2018-07: $37.19 per share

- 2018-08: $36.65 per share

- 2018-09: $36.09 per share

- 2018-10: $34.50 per share

- 2018-11: $35.25 per share

- 2018-12: $33.08 per share

- 2019-01: $38.40 per share

- 2019-02: $37.25 per share

- 2019-03: $39.49 per share

- 2019-04: $41.35 per share

- 2019-05: $40.43 per share

- 2019-06: $39.91 per share

- 2019-07: $38.61 per share

- 2019-08: $40.06 per share

- 2019-09: $39.15 per share

- 2019-10: $41.33 per share

- 2019-11: $43.21 per share

- 2019-12: $44.08 per share

- 2020-01: $48.39 per share

- 2020-02: $45.74 per share

- 2020-03: $28.37 per share

- 2020-04: $28.92 per share

- 2020-05: $35.37 per share

- 2020-06: $35.43 per share

- 2020-07: $37.08 per share

- 2020-08: $36.75 per share

- 2020-09: $37.34 per share

- 2020-10: $36.75 per share

- 2020-11: $41.54 per share

- 2020-12: $42.40 per share

- 2021-01: $41.13 per share

- 2021-02: $44.40 per share

- 2021-03: $42.43 per share

- 2021-04: $46.49 per share

- 2021-05: $46.36 per share

- 2021-06: $46.33 per share

- 2021-07: $47.34 per share

- 2021-08: $49.30 per share

- 2021-09: $46.32 per share

- 2021-10: $48.49 per share

- 2021-11: $45.12 per share

- 2021-12: $48.66 per share

- 2022-01: $45.18 per share

- 2022-02: $45.41 per share

- 2022-03: $46.93 per share

- 2022-04: $44.38 per share

- 2022-05: $46.82 per share

- 2022-06: $45.86 per share

- 2022-07: $51.99 per share

- 2022-08: $48.27 per share

- 2022-09: $44.24 per share

- 2022-10: $50.12 per share

- 2022-11: $52.61 per share

- 2022-12: $52.09 per share

- 2023-01: $53.56 per share

- 2023-02: $53.88 per share

- 2023-03: $52.06 per share

- 2023-04: $52.00 per share

- 2023-05: $48.14 per share

- 2023-06: $48.46 per share

- 2023-07: $47.46 per share

- 2023-08: $47.40 per share

- 2023-09: $45.55 per share

- 2023-10: $45.39 per share

- 2023-11: $46.73 per share

- 2023-12: $49.35 per share

- 2024-01: $45.65 per share

- 2024-02: $45.48 per share

- 2024-03: $46.07 per share

- 2024-04: $42.73 per share

- 2024-05: $44.90 per share

- 2024-06: $45.21 per share

- 2024-07: $50.20 per share

- 2024-08: $52.02 per share

- 2024-09: $51.45 per share

- 2024-10: $50.19 per share

- 2024-11: $51.61 per share

- 2024-12: $48.16 per share

- 2025-01: $48.39 per share

- 2025-02: $50.15 per share

- 2025-03: $50.90 per share

- 2025-04: $47.86 per share

- 2025-05: $46.70 per share

- 2025-06: $46.68 per share

- 2025-07: $45.58 per share

- 2025-08: $48.01 per share

- 2025-09: $46.61 per share

- 2025-10: $44.66 per share

- 2025-11: $43.53 per share

- 2025-12: $44.69 per share

- 2026-01: $44.75 per share

- 2026-02: $48.91 per share

- 2026-03: $44.37 per share

- 2026-04: $48.46 per share

- 2026-05: $46.97 per share

- 2026-06: $44.53 per share

- 2026-07: $44.79 per share

- 2026-08: $42.07 per share

- 2026-09: $37.97 per share

- 2026-10: $39.08 per share

## Annual estimated value (USD per share)

- FY2016: low $14.56 per share, central $16.55 per share, high $19.21 per share

- FY2017: low $18.82 per share, central $21.41 per share, high $24.86 per share

- FY2018: low $24.63 per share, central $28.02 per share, high $32.54 per share

- FY2019: low $28.35 per share, central $32.25 per share, high $37.45 per share

- FY2020: low $31.70 per share, central $35.78 per share, high $41.21 per share

- FY2021: low $42.22 per share, central $59.04 per share, high $68.84 per share

- FY2022: low $45.30 per share, central $64.36 per share, high $75.45 per share

- FY2023: low $50.22 per share, central $70.68 per share, high $82.60 per share

- FY2024: low $44.79 per share, central $51.04 per share, high $58.73 per share

- FY2025: low $43.91 per share, central $52.16 per share, high $60.61 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1575965/000157596526000032/glpi-20251231.htm); period 2025-12-31, filed 2026-02-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [David Hoeft](https://gigainvestors.com/DAC): 13,773,135 GLPI shares; USD 613,318,000 reported position value; 0.32% of portfolio; add; quarter 2026 Q2.

# GLPI — Gaming and Leisure Properties Inc.

Held by 1 investor · USD 613,318,000 total · 2026 Q2 · reported price USD 44.53 (split-adjusted).
Page: https://gigainvestors.com/s/GLPI

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| David Hoeft (https://gigainvestors.com/DAC) | USD 613,318,000 | 0.3% | add +2.34% |

## Total held by quarter

- 2024 Q1: USD 296,340,069 · 1 holder · USD 46.07
- 2024 Q2: USD 294,989,056 · 1 holder · USD 45.21
- 2024 Q3: USD 396,233,686 · 1 holder · USD 51.45
- 2024 Q4: USD 650,094,213 · 1 holder · USD 48.16
- 2025 Q1: USD 687,639,098 · 1 holder · USD 50.90
- 2025 Q2: USD 635,704,905 · 1 holder · USD 46.68
- 2025 Q3: USD 633,096,965 · 1 holder · USD 46.61
- 2025 Q4: USD 607,335,402 · 1 holder · USD 44.69
- 2026 Q1: USD 597,138,426 · 1 holder · USD 44.37
- 2026 Q2: USD 613,318,000 · 1 holder · USD 44.53