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Gaming and Leisure Properties, Inc.

GLPI Real Estate Reit Specialty

Gaming and Leisure Properties, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.6 billion, up 4.13% from fiscal 2024.

Revenue
+9.52%
EPS
−16.5%
Free cash flow
−47.0%
Total debt
+12.1%

Quarter to September 2026, against a year earlier

39.44 0.39 −0.98%
Market cap
$11.5B
P/E
12.1×
Fwd P/E
12.0×
Dividend yield
8.11%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Gaming and Leisure Properties, Inc. (GLPI) valuation and DCF model

What the price implies · reverse DCF

At $39.44 the price implies FFO a share growing −4.4% a year for ten years.

FFO a share grew 7.5% a year over the last ten years, −3.1% over the last five. The price asks for 11.9 points a year less than its ten-year rate. The industry’s median company is priced for 4.1%.

In December 2017 the price assumed 1.0% a year; Gaming and Leisure Properties, Inc. went on to grow FFO a share 4.5% a year to FY2025.

FFO a share is worked out from Gaming and Leisure Properties, Inc.’s 10-Ks and 10-Qs: net income, plus the depreciation of its property and impairments, less gains on property sales. It reported AFFO of $1.04 a share for Q3 2026.

Price implies
−4.4%
Last 5 years, reported
−3.1%
Last 10 years, reported
7.5%
Industry median implies
4.1%

The headline discounts the last twelve months’ FFO a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
−4.4% a year for ten years
$39.44
today’s price
Its base case
7.5% a year for five years, then 4.5%
$86.57
119.5% above today’s price

Both are growth in FFO a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Gaming and Leisure Properties, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · FFO a share
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in FFO a share. It usually slows as the company matures.

Today’s price implies FFO a share growing −4.4% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Gaming and Leisure Properties, Inc.’s own cost of capital: risk-free 4.3% + beta 0.66 × equity premium 4.5% = 7.3% cost of equity; weighted, 7.3%.

Use 7.3%
Base case value per share $86.57 ten years discounted, and what follows
Current price $39.44 market price per share
Above today’s price 119.5% upside at the base case’s assumptions

How we got there$37.07 10 years of FFO+$49.50 terminal value=$86.57 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Reit Specialty).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 12.06× 16.20× 18.54× 35% below 27.75× 57% below
P/FCF 21.83× 15.15× 14.80× 47% above 19.50× 12% above
P/B 2.14× 2.71× 3.10× 31% below 1.96× 10% above
EV/EBITDA 11.89× 13.55× 14.55× 18% below 17.39× 32% below
EV/Sales 11.49× 12.89× 12.88× 11% below 8.49× 35% above
P/FFO 9.47× 10.34× 10.60× 11% below — —
P/E P/FCF P/B EV/EBITDA EV/Sales P/FFO
8.73×10.05×11.38×12.70×10Y avg 10.60×2017201820192020202120222023202420252026

GLPI trades at 9.47× P/FFO, against a 10-year average of 10.60× (range 8.77×–12.73×). That is cheaper than 89% of the last 9 year-end readings; re-rating to the average implies $44.13 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.