Gaming and Leisure Properties vs Iron Mountain
Add, change or remove companies; up to four.
The short version
- Iron Mountain is the larger business, with $6.9B of revenue in fiscal 2025 against $1.6B for Gaming and Leisure Properties, about 4.3 times as much.
- Iron Mountain grew revenue faster (12.2%, against 4.1%).
- Gaming and Leisure Properties kept more of each dollar of sales as operating profit (75.3% operating margin, against 16.9%).
- Gaming and Leisure Properties turned more of its sales into free cash flow (51.7% FCF margin, against −13.5%).
- Gaming and Leisure Properties earned a higher return on the capital invested in it (10.2%, against 5.6%).
- Investors pay more for each dollar of Iron Mountain’s earnings: a P/E of 78.5x against 11.6x for Gaming and Leisure Properties.
| Latest fiscal year | GLPI · FY25 | IRM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.3B | $33.0B |
| Revenue | $1.6B | $6.9B |
| Free cash flow | $825M | −$932M |
| Net income | $825M | $152M |
| Growth | ||
| Revenue growth | 4.1% | 12.2% |
| 5-year growth | 6.7% | 10.7% |
| Share count change | 2.4% | 0.5% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 75.3% | 16.9% |
| Net margin | 51.7% | 2.2% |
| FCF margin | 51.7% | −13.5% |
| Return on capital | 10.2% | 5.6% |
| Return on equity | 18.6% | — |
| Balance sheet | ||
| Net debt | $7.0B | $16.8B |
| Net debt / EBITDA | 4.7x | 7.7x |
| Dividends and buybacks | $872M | $919M |
| Valuation & quality | ||
| P/E | 11.6x | 78.5x |
| Piotroski F-score | — | 5 |
Revenue
FY16
GLPI $828M
IRM $3.5B
FY17
GLPI $971M
IRM $3.8B
FY18
GLPI $1.1B
IRM $4.2B
FY19
GLPI $1.2B
IRM $4.3B
FY20
GLPI $1.2B
IRM $4.1B
FY21
GLPI $1.2B
IRM $4.5B
FY22
GLPI $1.3B
IRM $5.1B
FY23
GLPI $1.4B
IRM $5.5B
FY24
GLPI $1.5B
IRM $6.1B
FY25
GLPI $1.6B
IRM $6.9B
GLPI
IRM
Operating margin
FY16
GLPI 58.0%
IRM 14.3%
FY17
GLPI 62.3%
IRM 16.5%
FY18
GLPI 56.3%
IRM 19.1%
FY19
GLPI 62.2%
IRM 18.3%
FY20
GLPI 70.2%
IRM 22.5%
FY21
GLPI 69.2%
IRM 19.0%
FY22
GLPI 78.5%
IRM 20.6%
FY23
GLPI 74.2%
IRM 16.8%
FY24
GLPI 73.8%
IRM 16.4%
FY25
GLPI 75.3%
IRM 16.9%
GLPI
IRM
Free cash flow
FY16
GLPI $514M
IRM $215M
FY17
GLPI $599M
IRM $378M
FY18
GLPI $654M
IRM $475M
FY19
GLPI $750M
IRM $274M
FY20
GLPI $428M
IRM $549M
FY21
GLPI $790M
IRM $148M
FY22
GLPI $920M
IRM $52.3M
FY23
GLPI $1.0B
IRM −$226M
FY24
GLPI $1.1B
IRM −$595M
FY25
GLPI $825M
IRM −$932M
GLPI
IRM
Return on capital
FY16
GLPI 10.1%
IRM 4.7%
FY17
GLPI 8.5%
IRM 6.6%
FY18
GLPI 7.8%
IRM 7.6%
FY19
GLPI 8.9%
IRM 6.0%
FY20
GLPI 10.2%
IRM 8.5%
FY21
GLPI 9.3%
IRM 6.1%
FY22
GLPI 10.4%
IRM 8.6%
FY23
GLPI 10.4%
IRM 6.4%
FY24
GLPI 10.3%
IRM 5.9%
FY25
GLPI 10.2%
IRM 5.6%
GLPI
IRM
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.