Gaming and Leisure Properties vs Lamar Advertising
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The short version
- Lamar Advertising is the larger business, with $2.3B of revenue in fiscal 2025 against $1.6B for Gaming and Leisure Properties.
- Gaming and Leisure Properties grew revenue faster (4.1%, against 2.7%).
- Gaming and Leisure Properties kept more of each dollar of sales as operating profit (75.3% operating margin, against 34.2%).
- Gaming and Leisure Properties turned more of its sales into free cash flow (51.7% FCF margin, against 30.2%).
- Lamar Advertising earned a higher return on the capital invested in it (17.3%, against 10.2%).
- Investors pay more for each dollar of Lamar Advertising’s earnings: a P/E of 28.3x against 11.6x for Gaming and Leisure Properties.
| Latest fiscal year | GLPI · FY25 | LAMR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.3B | $15.8B |
| Revenue | $1.6B | $2.3B |
| Free cash flow | $825M | $683M |
| Net income | $825M | $587M |
| Growth | ||
| Revenue growth | 4.1% | 2.7% |
| 5-year growth | 6.7% | 7.6% |
| Share count change | 2.4% | −0.9% |
| Profitability | ||
| Gross margin | — | 67.0% |
| Operating margin | 75.3% | 34.2% |
| Net margin | 51.7% | 25.9% |
| FCF margin | 51.7% | 30.2% |
| Return on capital | 10.2% | 17.3% |
| Return on equity | 18.6% | 56.7% |
| Balance sheet | ||
| Net debt | $7.0B | $3.4B |
| Net debt / EBITDA | 4.7x | 3.1x |
| Dividends and buybacks | $872M | $814M |
| Valuation & quality | ||
| P/E | 11.6x | 28.3x |
| Piotroski F-score | — | 8 |
Revenue
FY16
GLPI $828M
LAMR $1.5B
FY17
GLPI $971M
LAMR $1.5B
FY18
GLPI $1.1B
LAMR $1.6B
FY19
GLPI $1.2B
LAMR $1.8B
FY20
GLPI $1.2B
LAMR $1.6B
FY21
GLPI $1.2B
LAMR $1.8B
FY22
GLPI $1.3B
LAMR $2.0B
FY23
GLPI $1.4B
LAMR $2.1B
FY24
GLPI $1.5B
LAMR $2.2B
FY25
GLPI $1.6B
LAMR $2.3B
GLPI
LAMR
Operating margin
FY16
GLPI 58.0%
LAMR 29.3%
FY17
GLPI 62.3%
LAMR 29.6%
FY18
GLPI 56.3%
LAMR 28.3%
FY19
GLPI 62.2%
LAMR 29.5%
FY20
GLPI 70.2%
LAMR 26.1%
FY21
GLPI 69.2%
LAMR 29.2%
FY22
GLPI 78.5%
LAMR 28.4%
FY23
GLPI 74.2%
LAMR 32.0%
FY24
GLPI 73.8%
LAMR 24.1%
FY25
GLPI 75.3%
LAMR 34.2%
GLPI
LAMR
Free cash flow
FY16
GLPI $514M
LAMR $414M
FY17
GLPI $599M
LAMR $398M
FY18
GLPI $654M
LAMR $447M
FY19
GLPI $750M
LAMR $490M
FY20
GLPI $428M
LAMR $508M
FY21
GLPI $790M
LAMR $608M
FY22
GLPI $920M
LAMR $615M
FY23
GLPI $1.0B
LAMR $605M
FY24
GLPI $1.1B
LAMR $748M
FY25
GLPI $825M
LAMR $683M
GLPI
LAMR
Return on capital
FY16
GLPI 10.1%
LAMR 13.4%
FY17
GLPI 8.5%
LAMR 12.8%
FY18
GLPI 7.8%
LAMR 11.8%
FY19
GLPI 8.9%
LAMR 12.7%
FY20
GLPI 10.2%
LAMR 9.9%
FY21
GLPI 9.3%
LAMR 12.5%
FY22
GLPI 10.4%
LAMR 12.9%
FY23
GLPI 10.4%
LAMR 14.7%
FY24
GLPI 10.3%
LAMR 12.0%
FY25
GLPI 10.2%
LAMR 17.3%
GLPI
LAMR
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.