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GLPI was incorporated on February 13, 2013, as a wholly-owned subsidiary of PENN Entertainment, Inc., formerly known as Penn National Gaming, Inc. (NASDAQ: PENN) ("PENN"). On November 1, 2013, PENN contributed to the Company, through a series of internal corporate restructurings, substantially all of the assets and liabilities associated with PENN's real property interests and real estate devel…
75.34% operating margin is above average. ROIC at 9.81%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue grew 4.1%, steady but not accelerating. Free cash flow declined 20% despite revenue growth, conversion is weakening.
Free cash flow declined 20% versus the prior year, cash generation momentum has weakened. Net debt of $7.28B represents 8.8x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$1.59B
▲ +4.1% YoY
Net Income (TTM)
$825M
▲ +5.2% YoY
Op. Margin
75.34%
▲ +1.5pp YoY
ROIC
9.81%
▲ +0.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$825M
▼ -20.1% YoY
Op. Cash Flow (TTM)
$1.13B
▲ +5.3% YoY
Net Debt
$7.28B
Cash & Equiv.
$224M
5Y CAGR: +6.7%
5Y CAGR: +14.0%
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