Latest Ratios: P/E Ratio 13.4x · EV/EBITDA 12.6x · 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 | $11.1B | $12.5B | $13.2B | $13.1B | $13.2B | $11.5B | $9.3B | $9.3B | $6.9B | $7.9B | $5.5B |
| Enterprise Value | $18.7B | $20.1B | $20.8B | $19.3B | $19.3B | $17.6B | $14.7B | $15.2B | $13.2B | $12.3B | $10.3B |
| P/E Ratio → | 13.35 | 15.20 | 16.78 | 17.82 | 19.29 | 21.53 | 18.43 | 23.78 | 20.45 | 20.67 | 19.14 |
| P/S Ratio | 6.97 | 7.84 | 8.60 | 9.08 | 10.08 | 9.45 | 8.08 | 8.05 | 6.57 | 8.10 | 6.68 |
| P/B Ratio | 2.19 | 2.50 | 2.84 | 2.90 | 3.21 | 3.39 | 3.48 | 4.48 | 3.06 | 3.20 | 2.27 |
| P/FCF | 13.47 | 15.16 | 12.75 | 13.59 | 14.76 | 14.60 | 21.95 | 12.43 | 10.67 | 13.22 | 10.84 |
| P/OCF | 9.84 | 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 | 12.59 | 13.53 | 14.78 | 14.33 | 15.06 | 16.05 | 14.01 | 15.60 | 13.22 | 12.65 | 12.47 |
| EV / EBIT | 15.55 | 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 | 6.28 | 4.57 | 5.83 |
| 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 | 6.25 | 4.54 | 5.79 |
| 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 | 7.9% | 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 | 7.5% | 6.6% | 6.0% | 5.6% | 5.2% | 4.6% | 5.4% | 4.2% | 4.9% | 4.8% | 5.2% |
| FCF Yield | 7.4% | 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 | 7.9% | 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 13.4x. The historical average is 19.8x.
Gaming and Leisure Properties, Inc.'s current EV/EBITDA is 12.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.1x.
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 13.4x. Compare with industry peers and growth rates for a complete picture.
Gaming and Leisure Properties, Inc.'s current dividend yield is 7.94% 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 leverage
Metrics are mathematically derived from official filings.
Regional Discount Persists
GLPI trades at 19.2x forward FFO, a premium to VICI's 12.7x, yet its 7.2% dividend yield suggests the market still applies a regional discount, per recent trading data.
The P/FFO multiple of 19.2x is above the peer average, but the implied cap rate, derived from NOI and enterprise value, appears to be in line with regional gaming transactions. This suggests investors are paying up for the stability of GLPI's regional assets, though the yield spread over VICI indicates lingering skepticism about growth durability. The elevated multiple may be justified if the company continues to deliver beat-and-raise quarters, but it leaves little room for disappointment.
Margin Stability Masks Growth Mix
NOI margin held at 64.8% in Q2 2026, consistent with prior quarters, while FFO per share surged 33% YoY, indicating that growth is driven by acquisitions and escalators, as reported in financial statements.
The stable NOI margin reflects the triple-net structure, but the sharp FFO growth suggests that new acquisitions are being integrated without diluting profitability. However, the 12.2% NOI growth outpacing revenue growth of 9.0% implies that the company is achieving operating leverage, possibly through favorable lease terms on recent deals. Investors should monitor whether this margin stability can persist if the company shifts toward more capital-intensive investments.
Payout Ratio Signals Caution
The FFO payout ratio improved to 79.7% in Q2 2026 from 98.2% a year earlier, but AFFO coverage fell to 0.44x, suggesting a temporary cash shortfall, based on reported figures.
While the FFO payout ratio is within a safe range, the AFFO coverage of 0.44x is alarming, as it indicates that the dividend is not fully covered by adjusted funds from operations. This discrepancy is likely due to a spike in capital expenditures, which may be growth-oriented rather than maintenance. If the capex surge is temporary, the dividend remains sustainable, but investors should monitor whether AFFO coverage recovers in subsequent quarters.
Leverage Elevated but Manageable
Debt-to-equity stood at 1.56 in Q2 2026, with interest coverage of 3.34x, reflecting a high but serviceable debt load, as per the latest balance sheet data.
The debt-to-equity ratio of 1.56 is elevated compared to peers like VICI (0.63), but interest coverage of 3.34x provides a cushion. The company's reliance on debt to fund acquisitions increases sensitivity to interest rates, and any sustained rise could compress AFFO growth. However, the recent beat-and-raise suggests that current leverage is not impeding operational performance, though the maturity profile warrants close monitoring.
Tenant Concentration Remains Overhang
Despite diversification efforts, PENN Entertainment still accounts for a significant share of rent, and the recent addition of Bally's and Casino Queen only partially mitigates this risk, as disclosed in recent filings.
The portfolio's quality is underpinned by high occupancy and long lease terms, but the concentration on PENN Entertainment exposes GLPI to idiosyncratic tenant risk. The recent diversification into other operators is a positive step, but the pace of diversification is slow. If PENN's credit profile deteriorates, rent coverage could weaken, impacting the stability of cash flows. Investors should monitor the tenant mix in upcoming disclosures.
P/E Misleads on True Earnings
The standard P/E of 14.81 is distorted by non-cash depreciation, which understates GLPI's cash-generating ability; FFO and AFFO are the appropriate metrics, as per REIT accounting standards.
Using P/E for GLPI is misleading because depreciation is a non-cash charge that reduces net income but does not reflect the actual cash flow available for distribution. The P/FFO of 19.23 and P/AFFO (not provided) offer a clearer picture of valuation. Additionally, the debt-to-equity ratio using book value may understate leverage; debt-to-gross-assets is a more relevant measure. Investors should focus on FFO-based multiples and gross asset leverage when evaluating GLPI.