Gaming and Leisure Properties, Inc. (GLPI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+244.1%

$134.51

vs $39.09 price

Levered DCF

$99.07

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.02

Distress zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	15.15×	16.78×	17.75×	19.22×	21.44×	18.35×	23.65×	20.32×
P/B	2.7×	3.08×	3.13×	3.48×	3.6×	3.47×	4.46×	3.05×
P/S	7.84×	8.58×	9.05×	10.04×	9.42×	8.05×	8.01×	6.54×
EV / EBITDA	13.29×	14.29×	14.17×	15.02×	15.97×	14.21×	15.88×	17.73×
Gross margin	62.1%	96.9%	96.8%	96.0%	92.6%	92.6%	89.8%	81.6%
Operating margin	75.3%	73.8%	74.2%	78.5%	69.2%	70.2%	62.2%	56.2%
Net margin	51.7%	51.2%	51.0%	52.2%	43.9%	43.9%	33.9%	32.2%
Current ratio	9.56×	10.86×	7.18×	5.1×	4.25×	1.33×	0.81×	0.86×
Debt / equity	1.68×	1.88×	1.65×	1.68×	2.13×	2.21×	2.88×	2.76×
Interest coverage	3.21×	3.08×	3.3×	3.33×	2.97×	2.87×	2.38×	2.4×
Dividend yield	7.0%	6.3%	6.4%	5.9%	5.5%	2.5%	6.4%	8.0%
Payout ratio	105.7%	105.9%	113.6%	112.6%	118.7%	45.6%	150.7%	162.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.8%	18.4%	17.7%	18.1%	16.8%	18.9%	18.8%	15.0%
Return on invested capital	9.3%	8.7%	9.3%	9.6%	7.8%	9.3%	8.8%	6.8%
Return on assets	6.4%	5.9%	6.2%	6.3%	5.0%	5.6%	4.6%	4.0%
Free cash flow yield	6.6%	7.9%	7.4%	6.8%	6.9%	4.6%	8.1%	9.4%
Earnings yield	6.6%	6.0%	5.6%	5.2%	4.7%	5.5%	4.2%	4.9%
Enterprise value	$20.1B	$20.7B	$19.2B	$19.3B	$17.5B	$14.7B	$15.2B	$13.1B
Net debt / EBITDA	5.01×	5.23×	4.56×	4.77×	5.53×	5.24×	6.21×	8.41×
Cash conversion cycle (days)	0	611	457	484	104	-2	93	105