Gaming and Leisure Properties vs W. P. Carey
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The short version
- W. P. Carey is the larger business, with $1.7B of revenue in fiscal 2025 against $1.6B for Gaming and Leisure Properties.
- W. P. Carey grew revenue faster (8.4%, against 4.1%).
- Gaming and Leisure Properties earned a higher return on the capital invested in it (10.2%, against 4.6%).
- Investors pay more for each dollar of W. P. Carey’s earnings: a P/E of 21.8x against 11.6x for Gaming and Leisure Properties.
| Latest fiscal year | GLPI · FY25 | WPC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.3B | $14.5B |
| Revenue | $1.6B | $1.7B |
| Free cash flow | $825M | — |
| Net income | $825M | $466M |
| Growth | ||
| Revenue growth | 4.1% | 8.4% |
| 5-year growth | 6.7% | 7.3% |
| Share count change | 2.4% | 0.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 75.3% | — |
| Net margin | 51.7% | 27.2% |
| FCF margin | 51.7% | — |
| Return on capital | 10.2% | 4.6% |
| Return on equity | 18.6% | 5.6% |
| Balance sheet | ||
| Net debt | $7.0B | $8.6B |
| Net debt / EBITDA | 4.7x | 6.5x |
| Dividends and buybacks | $872M | $790M |
| Valuation & quality | ||
| P/E | 11.6x | 21.8x |
| Piotroski F-score | — | — |
Revenue
FY16
GLPI $828M
WPC $942M
FY17
GLPI $971M
WPC $848M
FY18
GLPI $1.1B
WPC $886M
FY19
GLPI $1.2B
WPC $1.2B
FY20
GLPI $1.2B
WPC $1.2B
FY21
GLPI $1.2B
WPC $1.3B
FY22
GLPI $1.3B
WPC $1.5B
FY23
GLPI $1.4B
WPC $1.7B
FY24
GLPI $1.5B
WPC $1.6B
FY25
GLPI $1.6B
WPC $1.7B
GLPI
WPC
Operating margin
FY16
GLPI 58.0%
WPC —
FY17
GLPI 62.3%
WPC —
FY18
GLPI 56.3%
WPC —
FY19
GLPI 62.2%
WPC —
FY20
GLPI 70.2%
WPC —
FY21
GLPI 69.2%
WPC —
FY22
GLPI 78.5%
WPC —
FY23
GLPI 74.2%
WPC —
FY24
GLPI 73.8%
WPC —
FY25
GLPI 75.3%
WPC —
GLPI
WPC
Free cash flow
FY16
GLPI $514M
WPC —
FY17
GLPI $599M
WPC —
FY18
GLPI $654M
WPC —
FY19
GLPI $750M
WPC —
FY20
GLPI $428M
WPC —
FY21
GLPI $790M
WPC —
FY22
GLPI $920M
WPC —
FY23
GLPI $1.0B
WPC —
FY24
GLPI $1.1B
WPC —
FY25
GLPI $825M
WPC —
GLPI
WPC
Return on capital
FY16
GLPI 10.1%
WPC 8.0%
FY17
GLPI 8.5%
WPC 5.9%
FY18
GLPI 7.8%
WPC 5.8%
FY19
GLPI 8.9%
WPC 4.0%
FY20
GLPI 10.2%
WPC 5.0%
FY21
GLPI 9.3%
WPC 4.3%
FY22
GLPI 10.4%
WPC 5.2%
FY23
GLPI 10.4%
WPC 6.0%
FY24
GLPI 10.3%
WPC 4.5%
FY25
GLPI 10.2%
WPC 4.6%
GLPI
WPC
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.