GLPI · Real estate(real estate investment trusts) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Gaming & Leisure Properties, Inc. reported revenue of $1.6 billion in fiscal 2025. Of the $4.1 billion its operations generated over 10 years, 107.5% went to dividends. On the accounting screens, it passes 6 of 7 Piotroski tests; 2 of the six cross-checks between its statements fire.
Revenue, fiscal 20251.6B
Operating margin75.3%gross margin —
Return on invested capital10.1%9.8% on average over 3 years
Free cash flow—
Net debt ÷ EBITDA4.7×net debt 7.0B
Piotroski F-score6/7tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
0500.0M1.0B1.5B2.0B
2022
2022
2022Revenue 0Operating income 1.0B
2023
2023
2023
2023
2023Revenue 0Operating income 1.1B
2024Revenue 1.5BOperating income 1.1B
2025Revenue 1.6BOperating income 1.2B
2022202220222023202320232023202320242025
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
GrossOperatingNetFree cash flow
0.0%20.0%40.0%60.0%80.0%
2022
2022
2022
2023
2023
2023
2023
2023
2024Operating 73.8%Net 51.2%Free cash flow 70.0%
2025Operating 75.3%Net 51.7%
2022202220222023202320232023202320242025
Return on invested capital
Return on invested capitalCost of capital today · 7.1%
0.0%5.0%10.0%15.0%
2022
2022
2022Return on invested capital 9.8%
2023
2023
2023
2023
2023Return on invested capital 9.9%
2024Return on invested capital 9.4%
2025Return on invested capital 10.1%
2022202220222023202320232023202320242025
Economic profit
Economic profit
0100.0M200.0M300.0M400.0M
2022
2022
2022Economic profit 275.0M
2023
2023
2023
2023
2023Economic profit 297.0M
2024Economic profit 271.9M
2025Economic profit 354.9M
2022202220222023202320232023202320242025
(return on capital − cost of capital) × capital invested: the profit left after paying for the money used. Today's cost of capital is applied to every year, since a past one cannot be rebuilt honestly.
Return on equity
17.8%
Return on assets
6.4%
Asset turnover
0.12×
Overheads (SG&A)
4.0% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
0500.0M1.0B1.5B
2022
2022
2022Net income 684.7MFree cash flow 920.0MAfter stock-based pay 899.5M
2023
2023
2023
2023
2023Net income 734.3MFree cash flow 1.0BAfter stock-based pay 986.4M
2024Net income 784.6MFree cash flow 1.1BAfter stock-based pay 1.0B
2025Net income 825.1M
2022202220222023202320232023202320242025
Where 10 years of operating cash went, 2022–2025
4.1B generated by the business. Each band is its share of that total.
Reinvested in the business 0%360,000
Acquisitions 0%0
Dividends 107%4.4B
Share buybacks 0%0
More than it generated: funded with cash or new debt -7%-308.9M
Over the same years it paid 88.7M in stock.
Per share
Earnings per shareFree cash flow per shareDividend per share
$0.00$1.00$2.00$3.00$4.00
2022
2022
2022Earnings per share $2.70Free cash flow per share $3.62Dividend per share $3.04
2023
2023
2023
2023
2023Earnings per share $2.77Free cash flow per share $3.81Dividend per share $3.15
2024Earnings per share $2.87Free cash flow per share $3.92Dividend per share $3.04
2025Earnings per share $2.95Dividend per share $3.11
2022202220222023202320232023202320242025
Shares outstanding
Diluted shares
250.0M260.0M270.0M280.0M290.0M
2022
2022
2022Diluted shares 253.8M
2023
2023
2023
2023
2023Diluted shares 265.0M
2024Diluted shares 273.5M
2025Diluted shares 280.0M
2022202220222023202320232023202320242025
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
02.0B4.0B6.0B8.0B
2022
2022
2022Net debt 5.9B
2023
2023
2023
2023
2023Net debt 5.9B
2024Net debt 7.3B
2025Net debt 7.0B
2022202220222023202320232023202320242025
Net debt ÷ EBITDA
4.7×
Interest coverage
3× operating income ÷ interest
Current ratio
— current assets ÷ current liabilities
Cash conversion cycle
—
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
6of 7 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✓Profitability improvedReturn on assets higher than a year beforepassed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
✓Less long-term debtLong-term debt as a share of assets fellpassed
–More liquidCurrent ratio higher than a year before — not reportedno data
✕No new sharesShare count did not growfailed
–Better gross marginGross margin higher than a year before — not reportedno data
✓Sells more per assetAsset turnover higher than a year beforepassed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
The accounts lack a line it needs (retained earnings, current assets or liabilities).
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
The accounts lack too many of the lines it needs.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
The effective tax rate is 0.3%.
Benign
A favourable geographic mix, or legitimate tax credits.
Worrying
Not sustainable; projecting it forward inflates the valuation.
Net debt is 4.7 times EBITDA.
Benign
A stable sector with predictable cash flows and comfortable maturities.
Worrying
Little room if earnings fall; the maturity schedule is what to check.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
Value per share, with these assumptions$90.91discounted at 7.1% a year · 64% of it from after year 10
Type a share price on the left to ask the reverse questions: what growth, what margin or what discount rate that price implies.
What the value implies, in the usual multiples
At this model's value
Price ÷ earnings
30.9×
Enterprise value ÷ EBITDA
21.9×
Enterprise value ÷ revenue
20.3×
Free cash flow yield
—
From cash flows to a value per share
10 years of cash flow, today11.5B
Everything after, today20.9B
The whole business32.4B
Minus net debt-7.0B
What belongs to shareholders25.5B
Divided among 280.0M shares: <strong>$90.91</strong> each.
The projection next to its history
Reported free cash flow after stock pay, then the model's. A projection that looks nothing like the past needs a reason.
ReportedProjected
0500.0M1.0B1.5B2.0B
2022
2022
2022Reported 899.5M
2023
2023
2023
2023
2023Reported 986.4M
2024Reported 1.0B
2025
2026Projected 1.5B
2027Projected 1.5B
2028Projected 1.6B
2029Projected 1.6B
2030Projected 1.7B
2031Projected 1.7B
2032Projected 1.7B
2033Projected 1.8B
2034Projected 1.8B
2035Projected 1.9B
2022202220232023202420262028203020322034
Year by year
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
Revenue
1.6B
1.7B
1.7B
1.8B
1.8B
1.9B
1.9B
2.0B
2.0B
2.1B
Growth
3.0%
2.9%
2.9%
2.8%
2.8%
2.7%
2.7%
2.6%
2.6%
2.5%
Cash margin
89.9%
89.9%
89.9%
89.9%
89.9%
89.9%
89.9%
89.9%
89.9%
89.9%
Free cash flow
1.5B
1.5B
1.6B
1.6B
1.7B
1.7B
1.7B
1.8B
1.8B
1.9B
Worth today
1.4B
1.3B
1.3B
1.2B
1.2B
1.1B
1.1B
1.0B
987.0M
944.4M
If the least-known inputs move
Value per share as two inputs change at a time. Neighbouring cells that differ a lot are the conclusion: the value depends on numbers nobody knows to a point.
The discount rate and growth forever
discount ↓ · forever →
1.5%
2.0%
2.5%
3.0%
3.5%
6.1%
95
107
123
144
172
6.6%
83
93
105
120
141
7.1%
73
81
91
103
118
7.6%
65
72
80
89
101
8.1%
59
64
70
78
87
Year-one growth and the final margin
margin ↓ · growth →
-1.0%
1.0%
3.0%
5.0%
7.0%
71.9%
56
64
72
80
90
80.9%
64
73
81
91
101
89.9%
72
81
91
101
113
98.9%
80
90
101
112
124
107.9%
88
99
110
122
136
All the inputs moving at once
4,996 valuations, each with growth, final margin, discount rate and growth forever drawn at random around the values on the left (spreads of 3.0%, 13.5%, 1.0% and 0.5%). Not a probability — the spreads are assumptions too — but an honest picture of how wide the answer is.
10th percentile$51.85
Median$79.21
90th percentile$128.74
$50.00$100.00$150.00$200.00
Half of the simulations land between <b>$63.07</b> and <b>$100.63</b>; one in ten below $51.85, one in ten above $128.74.
Does the long run make sense?
21.4×The terminal value prices the business in year 10 at 21.4 times that year's EBITDA.
Free growthIn year 10 free cash flow is at or above after-tax operating profit, yet the model grows 2.5% forever. Growth needs reinvestment; this assumes it comes for free, which flatters the terminal value.
64%of the value comes from after year 10. The more of it, the more the answer depends on the part nobody can see.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 5 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market$422,4001 purchase(s) by 1 insider(s)
Sold on the open market$2.3M7 sale(s) by 4 insider(s)
Under pre-arranged plans71%of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
