Gaming & Leisure Properties, Inc.

Where It Passes

Where It Falls Short

• Efficiency0% pass✓ 1✗ 10▾

  No clean pass — all 8 investors flag at least one efficiency criterion

  Current Ratio

  ✗Graham>= 2.0

  ROIC (3-5 yr avg)7.9%

  ✗Buffett> 10%

  ROIC - WACC-2.1%

  ✗BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)

  ✗Greenblatt> 25%

  Current Ratio Change YoY

  ✗PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY0.12x -> 0.12x

  ✓PiotroskiImproved YoY

  Current Assets / Current Liabilities

  ✗Dreman> 1.5

  Return on Invested Capital8.1%

  ✗Munger> 15%

  ROIC (high and growing)FY2023: ROIC=7.8%; FY2024: ROIC=7.4%; FY2025: ROIC=8.0%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROIC0.1% (RR=2% x ROIC=8.1%)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)0/5 years above 12% (latest 8.0%)

  ✗SleepROIC > 12% in a majority of years
• Debt & Leverage8% pass✓ 1✗ 14▾

  11 of 12 flag GLPI's debt & leverage — Graham, Buffett, Lynch +8 more

  LT Debt vs Net Current Assets

  ✗GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 1.63, IC: 3.5x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity1.63

  ✗Lynch< 0.33

  Cash - Long-term Debt$-7.9B

  ✗LynchPositive preferred

  LT Debt / Total Assets Change59.16% -> 55.80%

  ✓PiotroskiDecreased YoY

  Current Assets / Current Liabilities

  ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)

  Total Debt / Shareholders' Equity1.63

  ✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x

  Debt Levels1.63

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=3.5x, D/EBITDA=5.0x

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity1.63

  ✗Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-1.6307; #3645/4210 (top 86.6%)

  ✗AsnessTop 30% of eligible cross-section
• Verdicts36% pass✓ 4✗ 7▾

  Split decision: 7 FAIL · 5 NEUTRAL · 3 PASS · 1 BUY

  Overall verdict

  ✗GrahamFAIL (2/7)✗BuffettFAIL (3/9)✗LynchFAIL (4/7)•GreenblattNot ranked•PiotroskiNEUTRAL (F-Score 6)✓DremanPASS (5/10)✓MungerPASS (2/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (0/6)✗MarksFAIL (3/5)✓AckmanBUY (8/9)•TempletonNEUTRAL (5/8)✗SleepFAIL (2/6)•AsnessNEUTRAL (Not ranked)✓NeffPASS (4/6)✗SchlossFAIL (3/7)•OshaughnessyNEUTRAL (Not ranked)
• Profitability38% pass✓ 21✗ 14▾

  10 of 16 flag GLPI's profitability — Graham, Buffett, Lynch +7 more

  Net income / market capitalization+7.94%; #1004/6340 (top 15.8%)

  ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive EPS (10 years)15/16 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)15/16 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)17.3%

  ✓Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)75.3% (latest)

  ✓BuffettStable or rising over 10 years

  Free Cash Flow Proxy$772.2M

  ✓BuffettPositive and growing

  Earnings Variance (10-yr CoV)

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)2.61

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR5.1%

  ✓Lynch15-30% (Fast Grower); > 0% to pass

  ROE18.9%

  ✓Lynch> 15%

  EBIT / Enterprise Value6.4%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=6.4%, ROC=None

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets6.39%

  ✓PiotroskiROA > 0

  ROA Change YoY6.00% -> 6.39% (delta: +0.39%)

  ✓PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=8.75%, ROA=6.39%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY

  ✗PiotroskiImproved YoY

  Pre-Tax Income / Revenue57.0%

  ✓Dreman>= 8%

  Net Income / Shareholders' Equity18.9%

  ✓Dreman> 12%

  Margin of SafetyP/FFO=10.1x

  ✓PabraiP/FFO < 15

  Return on Equity18.0% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic Value8.4% (IV=$42.95 vs Price=$39.34)

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency15/15 years positive

  ✓MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue79.1%

  ✓Ackman>= 15%

  Net Income / Shareholders Equity18.9%

  ✓Ackman>= 15%

  5-Year EPS CAGR5.1% CAGR over 5 years

  ✓Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend74.2% (2023) -> 75.3% (2025)

  ✓TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendrevenue up, operating margin 74.2% -> 75.3%

  ✓SleepRevenue rising; gross margin flat or falling; operating margin holding

  Gross profit / total assets

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity+18.87%; #849/5226 (top 16.2%)

  ✓AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.0051; #484/5884 (top 8.2%)

  ✓AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR5.1% over 5 years

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years10/10 years positive

  ✓Schloss>= 70% positive over 5-10 observed years (app rule)
• Valuation38% pass✓ 11✗ 14▾

  8 of 13 flag GLPI's valuation — Lynch, Greenblatt, Dreman +5 more

  Net income / market capitalization+7.94%; #1004/6340 (top 15.8%)

  ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Price / FFO per Share10.1x

  ✓Graham<= 15x✓Dreman< 12x✓Ackman<= 25

  Basic earnings-growth PEG (dividends excluded)2.61

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value6.4%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=6.4%, ROC=None

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / (CFO / Shares)9.9x

  ✗Dreman< 8x

  Valuation ReasonablenessP/E=13.3x, OE Yield=9.9%

  ✓MungerP/E < 25 or Owner Earnings Yield > 5%

  P/FFO or FFO YieldP/FFO=10.1x, FFO Yield=9.4%

  ✓PabraiP/FFO < 15 or FFO Yield > 10%

  P/B or P/E vs. Historical AverageP/E=13.3x, P/B=2.4x

  ✓MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic Value8.4% (IV=$42.95 vs Price=$39.34)

  ✗Marks>= 20% below intrinsic value

  Price / EPS13.3x

  ✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price vs. Trailing Low103% of trailing low ($38.27)

  ✓Templeton<= 120% of trailing low (certified split-adjusted live window)

  Price / Book Value per Share2.4x

  ✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)

  Positive book equity / market capitalization+0.4207; #3186/6449 (top 49.4%)

  ✗AsnessTop 30% of eligible cross-section

  Price / Diluted EPS13.3x

  ✓NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E0.97

  ✓Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per Share2.41x

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change+42.1%

  ✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+0.1437; #4097/5247 (top 78.1%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date-15.76%; #3761/6202 (top 60.6%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Growth38% pass✓ 7✗ 6▾

  5 of 8 flag GLPI's growth — Graham, Lynch, Dreman +2 more

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)2.61

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR5.1%

  ✓Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthN/A (no inventory)

  ✓LynchInventory growth < Revenue growth

  EPS Growth Direction

  ✗DremanPositive over recent years

  EPS CAGR

  ✗Dreman> 5% annualized

  Positive Net Income Frequency15/15 years positive

  ✓MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth6.3%

  ✓Ackman>= 5%

  Positive EPS Growth Frequency4/5 years with positive EPS growth

  ✓AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR5.1% CAGR over 5 years

  ✓Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendrevenue up, operating margin 74.2% -> 75.3%

  ✓SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR6.7%

  ✗SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR5.1% over 5 years

  ✗Neff7%-20% annualized
• Cash Flow50% pass✓ 4✗ 3▾

  3 of 6 pass — Dreman, Neff and Oshaughnessy object

  Free Cash Flow Proxy$772.2M

  ✓BuffettPositive and growing

  Operating Cash Flow$1.1B

  ✓PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=8.75%, ROA=6.39%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)9.9x

  ✗Dreman< 8x

  Positive Operating Cash Flow frequency15/15 years positive

  ✓SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures

  ✗Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization

  ✗OshaughnessyTop 10% of eligible cross-section
• Valuation models50% pass✓ 4✗ 4▾

  Models split on GLPI at $39.34 — fair values range $15.06–$76.62

  Graham fair value$32.93

  ✗Graham-19.5% margin vs $39.34

  Lynch fair value$15.06

  ✗Lynch-161.3% margin vs $39.34

  Greenblatt fair value$31.62

  ✗Greenblatt-24.4% margin vs $39.34

  Dreman fair value$42.95

  ✓Dreman+8.4% margin vs $39.34

  Pabrai fair value$48.40

  ✓Pabrai+18.7% margin vs $39.34

  Akre fair value$76.62

  ✓Akre+48.7% margin vs $39.34

  Marks fair value$33.95

  ✗Marks-15.9% margin vs $39.34

  Templeton fair value$40.57

  ✓Templeton+3.0% margin vs $39.34