GLPIGaming & Leisure Properties, Inc.
Real Estate Investment Trusts
- Revenue
- $1.6B
- 4.1% YoY
- Operating margin
- 75.3%
- 2.0% YoY
- EBITDA
- $1.5B
- 5.7% YoY
- Market cap
- $11.3B
- Employees
- —
- Net debt / EBITDA
- 5.4×
- $8.0B net debt
- AI in 10-K
- 0.0
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo1 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$15M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo1368824× net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo77% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentNo94% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AIYes0.0 per 10K words · 0th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo5.4× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$11.3B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$3M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $110M | $0 | $0 | $1.5B | $1.6B | 4.1% |
| Operating income | $842M | $1.0B | $1.1B | $1.1B | $1.2B | 6.3% |
| Net income | $534 | $685 | $734 | $785 | $825 | 5.2% |
| Operating cash flow | $804M | $920M | $1.0B | $1.1B | $1.1B | 5.3% |
| Capex | $14M | — | — | — | — | |
| Stock-based comp | $17M | $20M | $23M | $24M | $21M | 13% |
| Dividends | $634M | $771M | $834M | $831M | $872M | 5.0% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $422K · 1
- Open-market sells, 12 mo
- $4M · 11
- Net
- −$3M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $14M | $11M | 144 | 138 |
| FY2024 | $15M | $16M | 146 | 134 |
| FY2023 | $16M | $15M | 140 | 123 |
| FY2022 | $15M | $28M | 139 | 108 |
| FY2021 | $13M | $21M | 122 | 143 |