# Gaming and Leisure Properties, Inc. (GLPI)

> Source: Nexqual · https://nexqual.com/GLPI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Gaming and Leisure Properties, Inc. (GLPI), nexqual.com/GLPI" · informational, not investment advice.

**Price:** USD 40.02 (+4.35% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 38.35 · day 38.38–40.12 · 52w 37.33–49.95 · market cap $12.0B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.66B, net income $969M (58.5% margin) (SEC filings).
- Valuation: P/E 12.4x (avg 16.6x at the last 3 fiscal year-ends).
- Earnings quality: non-operating income -$366M vs operating income $1.37B over the last four quarters; P/E excluding non-operating income ≈9.0x (estimate: non-operating income taxed at the company's 0.2% effective rate).
- 1 of 80 tracked superinvestors hold GLPI (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $145K; 1 not under a Rule 10b5-1 plan ($145K); 0 by opportunistic insiders, 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $422K; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y -4.5% vs S&P 500 +14.9%; 5Y +12.5% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 0.8, revenue estimate $438M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.22B | $1.31B | $1.44B | $1.53B | $1.59B | $1.66B |
| Gross profit | $1.16B | $1.31B | $1.44B | — | — | — |
| Operating income | $842M | $1.03B | $1.07B | $1.13B | $1.20B | $1.37B |
| Net income | $534M | $685M | $734M | $785M | $825M | $969M |
| EPS (diluted) | $2.26 | $2.70 | $2.77 | $2.87 | $2.95 | — |
| Free cash flow | $790M | $920M | $1.01B | $1.07B | — | — |
| Gross margin | 95.6% | 100.0% | 100.0% | — | — | — |
| Operating margin | 69.2% | 78.5% | 74.2% | 73.8% | 75.3% | 82.5% |
| Net margin | 43.9% | 52.2% | 51.0% | 51.2% | 51.7% | 58.5% |
| Revenue growth | +5.5% | +7.8% | +9.8% | +6.3% | +4.1% | — |
| Cash + short-term investments | $725M | $239M | $684M | $1.02B | $224M | — |
| Total debt | $6.55B | $6.13B | $6.63B | $7.74B | $7.20B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 12.4x · P/E ex non-operating (est.) ≈9.0x · P/S 7.2x · P/B 2.4x · Earnings yield 8.08% · Dividend yield (paid, TTM) 7.37%
P/E at fiscal year-ends: Dec 2025 15.2x, Dec 2024 16.8x, Dec 2023 17.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold GLPI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Dodge & Cox Funds | Dodge & Cox | 0.32% | $613M | Added +2.3% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-10 | Urdang E Scott | Director | 3,000 | $145K | 2.3% | No | Routine (traded in Mar each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $422K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-18 | Shanks Earl C | Director | 10,000 | $422K | 42.24 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Truist Securities | Target lowered | Buy | $60 → $55 |
| 2026-10-20 | Barclays | Target lowered | Overweight | $50 → $44 |
| 2026-10-19 | Wells Fargo | Target lowered | Equal-Weight | $43 → $40 |
| 2026-10-07 | Macquarie | Target lowered | Outperform | $58 → $55 |
| 2026-10-02 | Citizens | Target lowered | Market Outperform | $55 → $49 |
| 2026-09-24 | JP Morgan | Downgrade | Overweight → Neutral | $46 |
| 2026-09-24 | Scotiabank | Target lowered | Sector Perform | $49 → $43 |
| 2026-09-17 | Scotiabank | Target lowered | Sector Perform | $50 → $49 |
| 2026-09-17 | Morgan Stanley | Target lowered | Equal-Weight | $55 → $50 |
| 2026-09-02 | Mizuho | Target lowered | Outperform | $53 → $48 |
| 2026-09-01 | Wells Fargo | Target lowered | Equal-Weight | $45 → $43 |
| 2026-08-13 | Scotiabank | Target raised | Sector Perform | $49 → $50 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -4.5% | +12.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -4.5% | +2.4% |
| Volatility (annualized) | 19.9% | 18.6% |
| Max drawdown | -20.4% (Mar 2026→Oct 2026) | -19.0% (Jun 2026→Sep 2026) |

## Peers (REIT - Specialty)
WY (Weyerhaeuser Company) USD 19.82 +4.43% · LAMR (Lamar Advertising Company) USD 157.51 +1.57% · SBAC (SBA Communications Corporation) USD 178.39 +2.87% · RYN (Rayonier Inc. REIT) USD 18.72 +1.74% · OUT (OUTFRONT Media Inc.) USD 31.4 +1.29% · IRM (Iron Mountain Incorporated (Del) USD 110.66 -3.54%

## More
Full page: https://nexqual.com/GLPI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in GLPI's own 10-K filed 2026-02-19 (https://www.sec.gov/Archives/edgar/data/1575965/000157596526000032/glpi-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | GLP Capital | "On December 29, 2021, we completed a transaction with Cordish whereby they contributed certain real property assets into GLP Capital (our operating partnership, or the "OP") in exchange for newly issued partnership inter…" |

## Company outlook (8-K filed 2026-07-31)

- "GLPI's prior guidance contemplated AFFO for the year ending December 31, 2026 of between $1.212 billion and $1.223 billion, or between $4.08 and $4.12 per diluted share and OP/LTIP units."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.80 | $0.81 | -1.3% | $437.5M | 5 |
| Next quarter (ends 2026-12-31) | $0.83 | $0.82 | +0.6% | $442.9M | 5 |
| Current fiscal year (ends 2026-12-31) | $3.11 | $3.18 | -2.3% | $1.73B | 1 |
| Next fiscal year (ends 2027-12-31) | $3.33 | $3.33 | +0.0% | $1.83B | 5 |