Gaming and Leisure Properties, Inc. (GLPI) vs SBA Communications Corporation (SBAC)

Gaming and Leisure Properties, Inc. and SBA Communications Corporation are both Reit Specialty companies. SBA Communications Corporation is the larger, with a market value of $17.6B against $11.2B — 1.6× the size. Gaming and Leisure Properties, Inc. trades at the lower P/E: 11.4× against 17.8×. Gaming and Leisure Properties, Inc. grew revenue faster over the last twelve months: 5.76% against 5.36%. Gaming and Leisure Properties, Inc. has the higher net margin (58.5% vs 34.5%) and the lower return on invested capital (6.47% vs 11.0%). Both pay a dividend; Gaming and Leisure Properties, Inc. yields more (6.68% vs 1.59%). Across the 22 metrics below, Gaming and Leisure Properties, Inc. leads on 12 and SBA Communications Corporation on 10.

Valuation

Metric GLPI SBAC Reit Specialty median
P/E 11.37 17.85 26.27
P/S 6.69 6.14 5.86
P/B 2.06 n/m 2.19
Price to free cash flow 17.65 13.09 14.62
EV/EBITDA 11.38 17.55 16.22
EV/Sales 11.42 10.45 8.93
Earnings yield 8.80% 5.60% 3.43%
Free cash flow yield 5.67% 7.64% 5.37%

Profitability

Metric GLPI SBAC Reit Specialty median
Gross margin 100.00% 75.18% 67.43%
Operating margin 82.55% 47.65% 21.38%
Net margin 58.53% 34.51% 16.14%
Free cash flow margin 37.93% 46.89% 31.07%
Return on equity 18.78% (20.71%) 4.76%
Return on assets 7.27% 8.80% 3.29%
Return on invested capital 6.47% 11.04% 4.19%

Growth

Metric GLPI SBAC Reit Specialty median
Revenue growth (TTM) 5.76% 5.36% 5.36%
EPS growth (last fiscal year) 2.79% 41.21% —
Revenue growth, 5-year CAGR 6.70% 6.21% 6.70%
Net income growth, 5-year CAGR 10.29% 112.87% 0.00%

Health

Metric GLPI SBAC Reit Specialty median
Debt to equity 1.51 (2.75) 0.62
Current ratio 4.74 0.17 0.70
Net debt to EBITDA 4.70 7.52 4.47

Dividend

Metric GLPI SBAC Reit Specialty median
Dividend yield 6.68% 1.59% 3.88%
Payout ratio 0.98 0.67 1.14

Size

Metric GLPI SBAC Reit Specialty median
Market cap 11.21b 17.62b 8.48b

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