Farmland Partners Inc. (FPI) vs Gaming and Leisure Properties, Inc. (GLPI)

Farmland Partners Inc. and Gaming and Leisure Properties, Inc. are both Reit Specialty companies. Gaming and Leisure Properties, Inc. is the larger, with a market value of $11.1B against $457.7M — 24.3× the size. Gaming and Leisure Properties, Inc. trades at the lower P/E: 11.2× against 19.0×. Gaming and Leisure Properties, Inc. grew revenue faster over the last twelve months: 5.76% against −6.43%. Gaming and Leisure Properties, Inc. has the higher net margin (58.5% vs 47.0%) and the higher return on invested capital (6.47% vs 3.01%). Both pay a dividend; Gaming and Leisure Properties, Inc. yields more (8.36% vs 3.15%). Across the 23 metrics below, Gaming and Leisure Properties, Inc. leads on 16 and Farmland Partners Inc. on 7.

Valuation

Metric FPI GLPI Reit Specialty median
P/E 19.04 11.23 26.73
P/S 8.82 6.61 5.89
P/B 0.98 2.03 2.08
Price to free cash flow 9.65 17.42 14.38
EV/EBITDA 19.73 11.30 16.93
EV/Sales 8.60 11.33 8.60
Earnings yield 5.25% 8.91% 3.56%
Free cash flow yield 10.36% 5.74% 5.25%

Profitability

Metric FPI GLPI Reit Specialty median
Gross margin 82.80% 100.00% 67.43%
Operating margin 42.25% 82.55% 21.38%
Net margin 46.97% 58.53% 16.14%
Free cash flow margin 91.39% 37.93% 31.07%
Return on equity 5.16% 18.78% 4.76%
Return on assets 3.27% 7.27% 3.29%
Return on invested capital 3.01% 6.47% 4.19%

Growth

Metric FPI GLPI Reit Specialty median
Revenue growth (TTM) (6.43%) 5.76% 5.36%
EPS growth (last fiscal year) (42.45%) 2.79% 26.78%
Revenue growth, 5-year CAGR 0.58% 6.70% 6.70%
Net income growth, 5-year CAGR 0.00% 10.29% 0.00%

Health

Metric FPI GLPI Reit Specialty median
Debt to equity 0.00 1.51 0.62
Current ratio 0.39 4.74 0.70
Net debt to EBITDA (1.44) 4.70 4.47

Dividend

Metric FPI GLPI Reit Specialty median
Dividend yield 3.15% 8.36% 3.99%
Payout ratio 0.65 0.94 1.17

Size

Metric FPI GLPI Reit Specialty median
Market cap 457.68m 11.13b 8.35b

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