Latest Ratios: P/E Ratio 12.1x · EV/EBITDA 11.5x · ROE 17.1%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $11.0B | $12.5B | $13.2B | $13.1B | $13.2B | $11.5B | $9.3B | $9.3B | $6.9B | $7.9B | $5.5B |
| Enterprise Value | $18.6B | $20.1B | $20.8B | $19.3B | $19.3B | $17.6B | $14.7B | $15.2B | $13.2B | $12.3B | $10.3B |
| P/E Ratio → | 12.10 | 15.20 | 16.78 | 17.82 | 19.29 | 21.53 | 18.43 | 23.78 | 20.45 | 20.67 | 19.14 |
| P/S Ratio | 6.51 | 7.84 | 8.60 | 9.08 | 10.08 | 9.45 | 8.08 | 8.05 | 6.57 | 8.10 | 6.68 |
| P/B Ratio | 2.17 | 2.50 | 2.84 | 2.90 | 3.21 | 3.39 | 3.48 | 4.48 | 3.06 | 3.20 | 2.27 |
| P/FCF | 21.42 | 15.16 | 12.75 | 13.59 | 14.76 | 14.60 | 21.95 | 12.43 | 10.67 | 13.22 | 10.84 |
| P/OCF | 9.75 | 11.08 | 12.28 | 12.96 | 14.37 | 14.30 | 21.77 | 12.38 | 10.60 | 13.15 | 10.76 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 12.59 | 13.55 | 13.38 | 14.75 | 14.44 | 12.78 | 13.20 | 12.47 | 12.65 | 12.47 |
| EV / EBITDA | 11.48 | 13.53 | 14.78 | 14.33 | 15.06 | 16.05 | 14.01 | 15.60 | 17.74 | 16.84 | 17.32 |
| EV / EBIT | 15.47 | 16.37 | 17.64 | 17.83 | 18.79 | 20.77 | 18.62 | 21.85 | 22.24 | 20.22 | 21.40 |
| EV / FCF | — | 24.34 | 20.09 | 20.03 | 21.59 | 22.30 | 34.72 | 20.38 | 20.26 | 20.63 | 20.22 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 62.1% | 62.1% | 96.9% | 96.8% | 96.0% | 92.6% | 92.6% | 89.8% | 81.6% | 80.5% | 81.7% |
| Operating Margin | 75.3% | 75.3% | 73.8% | 74.2% | 78.5% | 69.2% | 70.2% | 62.2% | 56.2% | 62.3% | 58.0% |
| Net Profit Margin | 51.7% | 51.7% | 51.2% | 51.0% | 52.2% | 43.9% | 43.9% | 33.9% | 32.2% | 39.2% | 34.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.1% | 17.1% | 17.1% | 17.0% | 18.2% | 17.6% | 21.3% | 18.0% | 14.4% | 15.6% | 26.5% |
| ROA | 6.3% | 6.3% | 6.2% | 6.5% | 6.3% | 5.4% | 5.8% | 4.6% | 4.3% | 5.2% | 5.9% |
| ROIC | 7.3% | 7.3% | 7.4% | 7.7% | 7.8% | 7.2% | 7.5% | 6.5% | 5.8% | 6.4% | 7.6% |
| ROCE | 9.3% | 9.3% | 9.3% | 9.7% | 9.9% | 8.9% | 9.7% | 8.9% | 7.9% | 8.6% | 10.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.56 | 1.56 | 1.73 | 1.53 | 1.55 | 2.00 | 2.21 | 2.88 | 2.76 | 1.81 | 1.98 |
| Debt / EBITDA | 5.25 | 5.25 | 5.73 | 5.11 | 4.95 | 6.21 | 5.61 | 6.11 | 8.43 | 6.09 | 8.10 |
| Net Debt / Equity | — | 1.51 | 1.63 | 1.37 | 1.49 | 1.79 | 2.03 | 2.86 | 2.75 | 1.80 | 1.97 |
| Net Debt / EBITDA | 5.10 | 5.10 | 5.40 | 4.61 | 4.77 | 5.54 | 5.15 | 6.08 | 8.39 | 6.05 | 8.04 |
| Debt / FCF | — | 9.17 | 7.34 | 6.44 | 6.84 | 7.70 | 12.77 | 7.95 | 9.58 | 7.41 | 9.38 |
| Interest Coverage | 3.28 | 3.28 | 3.21 | 3.34 | 3.33 | 2.99 | 2.81 | 2.31 | 2.39 | 2.80 | 2.60 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 9.56 | 9.56 | 10.86 | 7.18 | 5.10 | 4.25 | 1.33 | 0.81 | 0.86 | 8.40 | 11.09 |
| Quick Ratio | 9.56 | 9.56 | 10.86 | 7.18 | 5.10 | 4.25 | 1.33 | 0.81 | 0.86 | 8.40 | 11.09 |
| Cash Ratio | 9.56 | 9.56 | 2.95 | 1.79 | 0.57 | 1.54 | 1.18 | 0.07 | 0.06 | 0.09 | 0.15 |
| Asset Turnover | — | 0.12 | 0.11 | 0.12 | 0.12 | 0.11 | 0.13 | 0.14 | 0.12 | 0.13 | 0.11 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 8.0% | 7.0% | 6.3% | 6.4% | 5.8% | 5.5% | 2.5% | 6.3% | 7.9% | 6.7% | 7.7% |
| Payout Ratio | 105.7% | 105.7% | 105.9% | 113.6% | 112.6% | 118.7% | 45.6% | 150.7% | 162.1% | 139.1% | 148.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.3% | 6.6% | 6.0% | 5.6% | 5.2% | 4.6% | 5.4% | 4.2% | 4.9% | 4.8% | 5.2% |
| FCF Yield | 4.7% | 6.6% | 7.8% | 7.4% | 6.8% | 6.9% | 4.6% | 8.0% | 9.4% | 7.6% | 9.2% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 8.0% | 7.0% | 6.3% | 6.4% | 5.8% | 5.5% | 2.5% | 6.3% | 7.9% | 6.7% | 7.7% |
| Shares Outstanding | — | $280M | $274M | $265M | $254M | $236M | $220M | $216M | $215M | $213M | $181M |
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying GLPI stock.
Gaming and Leisure Properties, Inc.'s current P/E ratio is 12.1x. The historical average is 19.8x.
Gaming and Leisure Properties, Inc.'s current EV/EBITDA is 11.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.1x.
Gaming and Leisure Properties, Inc.'s return on equity (ROE) is 17.1%. The historical average is 16.9%.
Based on historical data, Gaming and Leisure Properties, Inc. is trading at a P/E of 12.1x. Compare with industry peers and growth rates for a complete picture.
Gaming and Leisure Properties, Inc.'s current dividend yield is 8.01% with a payout ratio of 105.7%.
Gaming and Leisure Properties, Inc. has 62.1% gross margin and 75.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Gaming and Leisure Properties, Inc.'s Debt/EBITDA ratio is 5.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Tenant concentration and elevated leverage
Metrics are mathematically derived from official filings.
Yield-Driven Valuation Without Reported Cash Multiples
Based on GLPI's reported figures, the stock trades near $39.44 with a 7.9% dividend yield and an EV/EBITDA of 12.62, while P/FFO and P/AFFO are unavailable, so the cash-based multiple cannot be confirmed from the supplied data. Investors should weigh the yield against the leverage profile before relying on EV/EBITDA as the anchor.
The reported P/E of 13.41 and P/B of 2.20 are standard earnings and book measures that carry limited meaning for a REIT because depreciation and straight-line rent distort GAAP earnings. The absence of P/FFO and P/AFFO means the most relevant REIT multiple cannot be verified here, which warrants further investigation before drawing valuation conclusions. The 7.9% yield relative to VICI at 6.9% and NNN at 5.7% may suggest the market is pricing in a risk premium tied to tenant concentration and debt load rather than a bargain.
Payout Ratio Volatility Narrows Safety Margin
As reported in financial statements, GLPI's FFO payout ratio moved between 65.8% in Q4 2025 and 98.2% in Q2 2025, with 86.2% in Q3 2026, suggesting a dividend that is covered but with a variable buffer. The thinness of coverage in several quarters warrants monitoring.
Based on reported figures, the payout ratio has frequently sat above 80%, leaving limited retained cash flow to fund acquisitions or absorb a tenant shortfall. The AFFO per share trajectory, from $0.35 in Q3 2026 to $1.12 in Q4 2025, shows quarter-to-quarter swings large enough to make single-period coverage readings unreliable. Investors should monitor whether the Q2 2026 AFFO strength of $304.0M, up 10.1%, persists long enough to widen the safety margin.
Debt Growth Outpacing Equity Base
According to recent SEC filings, GLPI's debt-to-equity ratio has held between 1.46 and 1.81 across ten quarters, with the latest reading at 1.57, while interest coverage of 3.17 in Q3 2026 sits below the 3.98 peak in Q4 2025. The data suggest leverage has remained structurally elevated.
The reported D/E of 1.57 conflicts with the 1.56 percent figure in the management profile, which appears to be a definitional or units discrepancy that warrants verification. Interest coverage compression in Q3 2026 and Q2 2026 suggests debt service is absorbing a larger share of operating income than in late 2025. Fixed-rate exposure and debt maturity data are not supplied, so refinancing risk cannot be assessed directly from this dataset.
NOI Margin Anomaly Clouds Property Economics
Based on GLPI's reported figures, NOI margin held near 96.5% through much of 2024 and 2025 before dropping to 64.7% in Q1 2026 and 64.8% in Q2 2026, a shift that may reflect a definitional change rather than operational deterioration. FFO per share growth remains uneven, from -18.7% to +33.0% year over year.
The sustained near-97% margin through 2024 and most of 2025 is consistent with a triple-net structure where tenants bear property costs, but the 2026 step-down to roughly 65% warrants verification against the NOI definition used. The -38.3% reading in Q4 2025 is an outlier that likely reflects non-recurring items and should not be extrapolated. Organic versus acquisition-driven FFO growth cannot be separated from the supplied data.
Tenant Concentration Dominates Portfolio Risk
As reported in financial statements, GLPI's portfolio is concentrated in regional gaming properties with PENN Entertainment as a dominant tenant, and the Q2 2026 revenue of $430.5M, up 9.0% year over year, indicates the rent base is growing. Occupancy and G&A efficiency data are not provided in the supplied dataset.
Tenant concentration is the portfolio characteristic most likely to drive downside outcomes, since a PENN disruption would compress AFFO coverage given the roughly $220M to $240M quarterly dividend load. Recent diversification efforts with Bally's and Casino Queen may reduce but do not eliminate this exposure. Without occupancy or G&A data, portfolio quality conclusions remain limited to tenant concentration.
Misapplied Earnings Multiple Obscures Cash Reality
The most commonly misapplied metric for GLPI is standard P/E, which at 13.41 appears to understate valuation risk because depreciation and straight-line rent distort GAAP net income. P/FFO or P/AFFO should be used instead, though those figures are unavailable here.
Net income for GLPI swings materially across quarters, including an EPS reading of -2.07 in Q4 2024, which suggests GAAP earnings reflect non-cash items more than underlying cash generation. Applying P/E would therefore mislead an analyst toward a cheaper or more expensive view than cash-based metrics support. Investors should rebuild the valuation using AFFO per share and an implied cap rate once those inputs are verified.