| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 64 | 11.6x | 17.3x | Around median | |
Growth | 77 | 5.8% | 7.1% | Top tier | |
Quality | 70 | 11.1% | 4.5% | Top tier | |
Safety | 45 | 4.7x | 2.6x | Around median | |
Capital Return | 46 | 0.21% | 0.06% | Around median | |
Momentum | 28 | -13.1% | -1.6% | Bottom tier | |
Sentiment | 88 | 6 | 3 | Top tier |
The floor: what the company is worth if growth stopped today
45% of today's price is what a buyer pays for growth that has not happened yet.
10-year US Treasury yield 4.96% as of 2026-10-22. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Gaming and Leisure Properties (GLPI) owns casino-related properties, finances their development, and leases them to operators, generating income from rents, project financing, and loans. Its ability to grow therefore depends on adding income-producing assets, contractual rent increases, and tenants' ability to meet their obligations. On the 2026-07-31 call, management identified the Lincoln properties, the Chicago lease, and Penn projects in Joliet, Aurora, and M Resort as sources of increased cash income, alongside Sunland Park and financing for Dry Creek, Ione, and Virginia. This model combines property ownership with the provision of long-term capital to operators, with revenue sustainability depending on the performance of the gaming facilities they operate.
Revenue reached 430.5 million dollars in quarter 2 of fiscal year 2026 ended 2026-06-30, up 9.0% from the same quarter a year earlier, when it totaled 394.9 million dollars. Net income was 228.4 million dollars and diluted earnings per share were 0.8 dollars in quarter 2 of fiscal year 2026, compared with 151.4 million dollars and 0.54 dollars in quarter 2 of fiscal year 2025 ended 2025-06-30. The operating margin expanded to 77.2% from 61.3% over the same comparison, an increase of 15.9 percentage points; however, management explained on the 2026-07-31 call that lower expenses benefited from noncash adjustments and the credit loss provision, making it necessary to distinguish improvement in property income from the impact of accounting items.
According to EL7 data, operating cash flow reached 349.6 million dollars in quarter 2 of fiscal year 2026 ended 2026-06-30. For the last 12 months through 2026-06-30, operating cash flow totaled 1.2 billion dollars, equivalent to 124% of net income of 968.7 million dollars. Free cash flow as calculated by EL7 (operating cash flow minus capital expenditure) for the last 12 months through 2026-06-30 was approximately 627.7 million dollars. These figures support the business's ability to generate cash, while development financing and debt management remain critical to translating portfolio expansion into per-share growth.
Q2 FY2026
When: 2026-10-29
Year-over-year revenue growth at the 9.0% threshold in the expected earnings announcement
Operating margin at the 77.2% threshold in the expected earnings announcement
The median analyst price target is 49 dollars, within a range of 43 dollars to 52 dollars across 6 analysts, an estimate that incorporates growth expectations, with analyst targets naturally tending toward optimism. The industry-multiple valuation is 33 dollars, within a range of 18 dollars to 45 dollars, based on a median sales multiple of 5.7 across 17 companies, measuring GLPI's value when priced relative to its peers. The no-growth valuation is 21 dollars at a discount rate of 8.7%, representing the value of current after-tax operating profit remaining constant forever. The analyst target and industry-multiple ranges overlap between 43 dollars and 45 dollars, but their central values diverge, reflecting the difference between incorporating expected growth, industry-based pricing, and assuming growth stops, and these methods cannot be reduced to a single value.
Figures in the text are as of 2026-10-19; the live price is shown at the top of the page.
GLPI's model centers on owning properties and leasing them to gaming operators, alongside financing development and providing loans. On the 2026-07-31 call, management named Lincoln, Chicago, and Penn projects as sources of increased cash income. Revenue in quarter 2 of fiscal year 2026 ended 2026-06-30 reached approximately 430.5 million dollars, up 9.0% from the same quarter a year earlier. The effect of gaming demand therefore reaches GLPI through tenants' ability to pay rent and finance new expansions.
On the 2026-07-31 call, management announced a 5% increase in the dividend for quarter 2 of fiscal year 2026 ended 2026-06-30 to 0.82 dollars per share. Operating cash flow according to EL7 data reached approximately 1.2 billion dollars for the last 12 months through 2026-06-30, equivalent to 124% of net income for the same period. Meanwhile, management expected additional development funding of between 400 million dollars and 450 million dollars during quarter 3 and quarter 4 of fiscal year 2026. Dividend sustainability therefore depends on continued cash collection and the joint management of development and financing needs.
Automated analysis for informational purposes only — not investment advice.
Last 12 months to 2026-06-30
Update to the fiscal year 2026 adjusted funds from operations guidance range of 4.10 to 4.12 dollars per diluted share and operating partnership unit
The diluted share count was 285.9 million shares in quarter 2 of fiscal year 2026 ended 2026-06-30 versus 277.8 million shares in quarter 2 of fiscal year 2025 ended 2025-06-30, an increase of 2.9%. This means earnings are distributed across a larger share base, making earnings per share an essential measure alongside revenue growth. Despite this expansion, diluted earnings per share rose to 0.8 dollars in quarter 2 of fiscal year 2026 from 0.54 dollars in the same quarter of fiscal year 2025. The test remains whether the investments the company finances continue to benefit per-share results.
Management said on the 2026-07-31 call that the spread of online gaming in Pennsylvania slowed growth at physical facilities, but had not weakened tenants' ability and willingness to pay rent. It also discussed legislative initiatives in Virginia, Maryland, and Indiana, without confirming their passage. The call presented rent coverage on major leases of between 1.58 times and 2.46 times, based on data as of the end of the previous quarter. The risk remains that changes in competition and taxes weaken facility economics or operators' incentive to invest in them.
The earnings announcement expected on 2026-10-29 will test whether revenue growth continues after revenue reached 430.5 million dollars in quarter 2 of fiscal year 2026 ended 2026-06-30. The operating margin also deserves attention after reaching 77.2% in that quarter, separating the impact of business operations from noncash adjustments. Also in focus is fiscal year 2026 adjusted funds from operations guidance of 4.10 to 4.12 dollars per diluted share and operating partnership unit, announced on 2026-07-31. Progress in funding Chicago, Ione, Dry Creek, and Virginia will be important in assessing the timing of additional income.