EPR Properties vs Gaming and Leisure Properties
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The short version
- Gaming and Leisure Properties is the larger business, with $1.6B of revenue in fiscal 2025 against $718M for EPR Properties, about 2.2 times as much.
- Gaming and Leisure Properties grew revenue faster (4.1%, against 2.9%).
- Gaming and Leisure Properties kept more of each dollar of sales as operating profit (75.3% operating margin, against 57.7%).
- Gaming and Leisure Properties turned more of its sales into free cash flow (51.7% FCF margin, against 37.5%).
- Gaming and Leisure Properties earned a higher return on the capital invested in it (10.2%, against 8.0%).
- Investors pay more for each dollar of EPR Properties’s earnings: a P/E of 17.9x against 11.6x for Gaming and Leisure Properties.
| Latest fiscal year | EPR · FY25 | GLPI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.3B | $11.3B |
| Revenue | $718M | $1.6B |
| Free cash flow | $269M | $825M |
| Net income | $275M | $825M |
| Growth | ||
| Revenue growth | 2.9% | 4.1% |
| 5-year growth | 11.6% | 6.7% |
| Share count change | 0.7% | 2.4% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 57.7% | 75.3% |
| Net margin | 38.3% | 51.7% |
| FCF margin | 37.5% | 51.7% |
| Return on capital | 8.0% | 10.2% |
| Return on equity | 11.8% | 18.6% |
| Balance sheet | ||
| Net debt | $2.8B | $7.0B |
| Net debt / EBITDA | 4.9x | 4.7x |
| Dividends and buybacks | $301M | $872M |
| Valuation & quality | ||
| P/E | 17.9x | 11.6x |
| Piotroski F-score | — | — |
Revenue
FY16
EPR $493M
GLPI $828M
FY17
EPR $518M
GLPI $971M
FY18
EPR $640M
GLPI $1.1B
FY19
EPR $652M
GLPI $1.2B
FY20
EPR $415M
GLPI $1.2B
FY21
EPR $532M
GLPI $1.2B
FY22
EPR $658M
GLPI $1.3B
FY23
EPR $706M
GLPI $1.4B
FY24
EPR $698M
GLPI $1.5B
FY25
EPR $718M
GLPI $1.6B
EPR
GLPI
Operating margin
FY16
EPR —
GLPI 58.0%
FY17
EPR —
GLPI 62.3%
FY18
EPR —
GLPI 56.3%
FY19
EPR —
GLPI 62.2%
FY20
EPR 12.6%
GLPI 70.2%
FY21
EPR 52.4%
GLPI 69.2%
FY22
EPR 47.3%
GLPI 78.5%
FY23
EPR 43.4%
GLPI 74.2%
FY24
EPR 45.2%
GLPI 73.8%
FY25
EPR 57.7%
GLPI 75.3%
EPR
GLPI
Free cash flow
FY16
EPR $86.2M
GLPI $514M
FY17
EPR $0.7M
GLPI $599M
FY18
EPR $297M
GLPI $654M
FY19
EPR −$61.1M
GLPI $750M
FY20
EPR $26.6M
GLPI $428M
FY21
EPR $250M
GLPI $790M
FY22
EPR $39.2M
GLPI $920M
FY23
EPR $178M
GLPI $1.0B
FY24
EPR $129M
GLPI $1.1B
FY25
EPR $269M
GLPI $825M
EPR
GLPI
Return on capital
FY16
EPR 7.4%
GLPI 10.1%
FY17
EPR 6.8%
GLPI 8.5%
FY18
EPR 6.1%
GLPI 7.8%
FY19
EPR 5.1%
GLPI 8.9%
FY20
EPR 0.8%
GLPI 10.2%
FY21
EPR 5.3%
GLPI 9.3%
FY22
EPR 6.0%
GLPI 10.4%
FY23
EPR 5.8%
GLPI 10.4%
FY24
EPR 6.0%
GLPI 10.3%
FY25
EPR 8.0%
GLPI 10.2%
EPR
GLPI
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.