Gaming and Leisure Properties, Inc. (GLPI) vs Gladstone Land Corporation (LAND)

Gaming and Leisure Properties, Inc. and Gladstone Land Corporation are both Reit Specialty companies. Gaming and Leisure Properties, Inc. is the larger, with a market value of $11.2B against $409.4M — 27.4× the size. Gladstone Land Corporation has negative trailing earnings, so its P/E is not meaningful; Gaming and Leisure Properties, Inc. trades at 11.4×. Gladstone Land Corporation grew revenue faster over the last twelve months: 21.6% against 5.76%. Gaming and Leisure Properties, Inc. has the higher net margin (58.5% vs −33.0%) and the higher return on invested capital (6.47% vs 0.67%). Both pay a dividend; Gaming and Leisure Properties, Inc. yields more (6.68% vs 4.08%). Across the 22 metrics below, Gaming and Leisure Properties, Inc. leads on 13 and Gladstone Land Corporation on 9.

Valuation

Metric GLPI LAND Reit Specialty median
P/E 11.37 n/m 26.27
P/S 6.69 4.60 5.86
P/B 2.06 0.60 2.19
Price to free cash flow 17.65 7.52 14.62
EV/EBITDA 11.38 14.94 16.22
EV/Sales 11.42 9.84 8.93
Earnings yield 8.80% (5.80%) 3.43%
Free cash flow yield 5.67% 13.30% 5.37%

Profitability

Metric GLPI LAND Reit Specialty median
Gross margin 100.00% 82.50% 67.43%
Operating margin 82.55% 13.84% 21.38%
Net margin 58.53% (33.02%) 16.14%
Free cash flow margin 37.93% 61.13% 31.07%
Return on equity 18.78% (4.35%) 4.76%
Return on assets 7.27% (2.38%) 3.29%
Return on invested capital 6.47% 0.67% 4.19%

Growth

Metric GLPI LAND Reit Specialty median
Revenue growth (TTM) 5.76% 21.60% 5.36%
EPS growth (last fiscal year) 2.79% 0.00% —
Revenue growth, 5-year CAGR 6.70% 9.15% 6.70%
Net income growth, 5-year CAGR 10.29% 0.00% 0.00%

Health

Metric GLPI LAND Reit Specialty median
Debt to equity 1.51 0.72 0.62
Current ratio 4.74 1.29 0.70
Net debt to EBITDA 4.70 6.65 4.47

Dividend

Metric GLPI LAND Reit Specialty median
Dividend yield 6.68% 4.08% 3.88%
Payout ratio 0.98 — 1.14

Size

Metric GLPI LAND Reit Specialty median
Market cap 11.21b 409.37m 8.48b

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