Latest Ratios: P/E Ratio 14.9x · EV/EBITDA 13.5x · 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 | $12.4B | $12.5B | $13.2B | $13.1B | $13.2B | $11.5B | $9.3B | $9.3B | $6.9B | $7.9B | $5.5B |
| Enterprise Value | $20.0B | $20.1B | $20.8B | $19.3B | $19.3B | $17.6B | $14.7B | $15.2B | $13.2B | $12.3B | $10.3B |
| P/E Ratio → | 14.95 | 15.20 | 16.78 | 17.82 | 19.29 | 21.53 | 18.43 | 23.78 | 20.45 | 20.67 | 19.14 |
| P/S Ratio | 7.81 | 7.84 | 8.60 | 9.08 | 10.08 | 9.45 | 8.08 | 8.05 | 6.57 | 8.10 | 6.68 |
| P/B Ratio | 2.46 | 2.50 | 2.84 | 2.90 | 3.21 | 3.39 | 3.48 | 4.48 | 3.06 | 3.20 | 2.27 |
| P/FCF | 15.09 | 15.16 | 12.75 | 13.59 | 14.76 | 14.60 | 21.95 | 12.43 | 10.67 | 13.22 | 10.84 |
| P/OCF | 11.02 | 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 | 13.48 | 13.53 | 14.78 | 14.33 | 15.06 | 16.05 | 14.01 | 15.60 | 13.22 | 12.65 | 12.47 |
| EV / EBIT | 16.66 | 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 | 7.1% | 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 | 6.7% | 6.6% | 6.0% | 5.6% | 5.2% | 4.6% | 5.4% | 4.2% | 4.9% | 4.8% | 5.2% |
| FCF Yield | 6.6% | 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 | 7.1% | 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 |
Tenant concentration and iGaming
Based on reported figures, GLPI's P/FFO multiple has hovered within a tight range of 16.5x to 17.9x, suggesting that the market currently prices the REIT as a stable yield vehicle rather than a high-growth gaming operator, despite the inherent volatility in quarterly FFO per share.
The consistency of the P/FFO multiple indicates that investors are anchoring their valuation to the predictability of the triple-net lease cash flows. However, the lack of significant multiple expansion suggests that the market may be applying a discount due to the company's heavy reliance on a limited number of gaming operators.
As reported in financial statements, GLPI consistently maintains NOI margins near 96.5% to 96.9%, which confirms that the triple-net lease structure effectively isolates the REIT from property-level operating cost inflation and maintenance volatility, preserving high profitability regardless of the underlying tenant's operational performance.
This margin profile is a structural feature of the business model rather than an operational achievement, as tenants bear the burden of property taxes and insurance. Investors should monitor whether future lease renewals or new acquisitions maintain these high margins or if competitive pressures force concessions that could erode this profitability.
According to recent SEC filings, GLPI's FFO payout ratio has fluctuated between 65.8% and 98.2%, indicating that while the dividend is generally well-covered by cash flow, the occasional spikes in the payout ratio warrant caution regarding the sustainability of the dividend during periods of lower FFO generation.
The variability in the payout ratio appears tied to the timing of non-recurring items and lease accounting adjustments rather than a fundamental deterioration in dividend safety. The company's ability to retain a portion of AFFO provides a necessary buffer, though the high end of the payout range suggests limited room for aggressive dividend growth without sustained FFO expansion.
Based on the provided quarterly data, GLPI has maintained a debt-to-equity ratio consistently below 2.0x, which suggests a conservative approach to leverage that provides the company with significant financial flexibility to pursue future acquisitions despite the cyclical nature of the gaming real estate market.
The interest coverage ratio, which has generally remained between 2.5x and 3.5x, indicates that the company is comfortably servicing its debt obligations. However, investors should monitor the impact of potential interest rate volatility on the cost of future debt, as this could compress the spread on new acquisitions and limit the accretive potential of the portfolio.
The most commonly misapplied metric for GLPI is the standard P/E ratio, which fails to account for the significant non-cash depreciation charges inherent in real estate ownership, thereby obscuring the company's true economic earnings power and cash-generating capacity for shareholders.
Because depreciation is a non-cash expense that reduces GAAP net income without impacting the actual cash available for dividends, the P/E ratio consistently paints an artificially pessimistic picture of the REIT's valuation. Analysts should instead prioritize P/FFO or P/AFFO, which adjust for these non-cash items to provide a more accurate reflection of the company's operational performance and dividend-paying ability.
Includes 30+ ratios · 14 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying GLPI stock.
Gaming and Leisure Properties, Inc.'s current P/E ratio is 14.9x. The historical average is 19.8x.
Gaming and Leisure Properties, Inc.'s current EV/EBITDA is 13.5x. 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 14.9x. Compare with industry peers and growth rates for a complete picture.
Gaming and Leisure Properties, Inc.'s current dividend yield is 7.09% 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.