The business behind the dividend
| Measure | GLPI | Median | Formula |
|---|---|---|---|
| Return on equity | 17.8% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 10.2% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $803.61m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $824.97m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 75.3% | 15.0% | Operating income ÷ revenue |
| Net margin | 51.7% | 10.2% | Net income ÷ revenue |
| Debt to equity | 1.56x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 3.21x | 4.43x | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.37x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Current ratio — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 17.8% | 18.4% | 17.7% | 16.6% | 15.8% | 18.9% | 18.8% | 15.0% | 15.5% | 11.9% | 16.6% |
| Return on capital employed | 10.2% | 9.4% | 9.9% | 10.1% | 8.5% | 9.6% | — | 7.3% | 8.8% | 6.8% | 9.4% |
| Operating margin | 75.3% | 73.8% | 74.2% | 78.5% | — | — | — | 56.2% | 62.3% | 58.0% | 73.8% |
| Net margin | 51.7% | 51.2% | 51.0% | 52.2% | — | — | — | 32.2% | 39.2% | 34.9% | 51.0% |
| Debt to equity | 1.56x | 1.81x | 1.59x | 1.49x | 1.93x | 2.15x | — | 2.58x | 1.81x | 1.92x | 1.81x |
| Cash conversion | 1.37x | 1.37x | 1.37x | 1.34x | 1.51x | 0.85x | 1.92x | 1.93x | 1.57x | 1.78x | 1.37x |
How it compares in real estate
Among the 46 real estate companies here measured on funds from operations, Gaming & Leisure Properties pays out less than 10 of them. The median for that group is 65.5%, against this company’s 78.4%.
Closest on funds from operations
- Digital Realty Trust (DLR) 78.3%
- Healthpeak Properties (DOC) 80.1%
- CubeSmart (CUBE) 80.6%
- Extra Space Storage (EXR) 81.3%
Same sector and same denominator, so the figures are comparable. All 50 in real estate →