Fermi Inc. (FRMI) vs Gaming and Leisure Properties, Inc. (GLPI)

Fermi 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 $11.2B against $3.0B — 3.8× the size. Fermi Inc. has negative trailing earnings, so its P/E is not meaningful; Gaming and Leisure Properties, Inc. trades at 11.4×. Gaming and Leisure Properties, Inc. has the higher net margin (58.5% vs 0.00%) and the higher return on invested capital (6.47% vs −24.3%). Across the 12 metrics below, Gaming and Leisure Properties, Inc. leads on 10 and Fermi Inc. on 2.

Valuation

Metric FRMI GLPI Reit Specialty median
P/E n/m 11.37 26.27
P/S n/m 6.69 5.86
P/B 2.79 2.06 2.19
Price to free cash flow n/m 17.65 14.62
EV/EBITDA n/m 11.38 16.22
EV/Sales n/m 11.42 8.93
Earnings yield (32.29%) 8.80% 3.43%
Free cash flow yield (43.05%) 5.67% 5.37%

Profitability

Metric FRMI GLPI Reit Specialty median
Gross margin — 100.00% 67.43%
Operating margin 0.00% 82.55% 21.38%
Net margin 0.00% 58.53% 16.14%
Free cash flow margin 0.00% 37.93% 31.07%
Return on equity (134.87%) 18.78% 4.76%
Return on assets (74.99%) 7.27% 3.29%
Return on invested capital (24.28%) 6.47% 4.19%

Growth

Metric FRMI GLPI Reit Specialty median
Revenue growth (TTM) — 5.76% 5.36%
EPS growth (last fiscal year) — 2.79% —
Revenue growth, 5-year CAGR — 6.70% 6.70%
Net income growth, 5-year CAGR — 10.29% 0.00%

Health

Metric FRMI GLPI Reit Specialty median
Debt to equity 0.00 1.51 0.62
Current ratio 0.61 4.74 0.70
Net debt to EBITDA 2.30 4.70 4.47

Dividend

Metric FRMI GLPI Reit Specialty median
Dividend yield — 6.68% 3.88%
Payout ratio — 0.98 1.14

Size

Metric FRMI GLPI Reit Specialty median
Market cap 2.98b 11.21b 8.48b

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