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Side-by-side financial comparison of Gaming & Leisure Properties, Inc. (GLPI) and IPG PHOTONICS CORP (IPGP). Click either name above to swap in a different company.
Gaming & Leisure Properties, Inc. is the larger business by last-quarter revenue ($420.0M vs $274.5M, roughly 1.5× IPG PHOTONICS CORP). Gaming & Leisure Properties, Inc. runs the higher net margin — 57.0% vs 4.8%, a 52.2% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 6.3%). Over the past eight quarters, Gaming & Leisure Properties, Inc.'s revenue compounded faster (5.0% CAGR vs 4.4%).
Gaming and Leisure Properties, Inc. is a real estate investment trust (REIT) specializing in casino properties, based in Wyomissing, Pennsylvania. It was formed in November 2013 as a corporate spin-off from Penn National Gaming. The company owns 62 casino properties, all of which are leased to other companies.
IPG Photonics Corporation is a manufacturer of fiber lasers. IPG Photonics developed and commercialized optical fiber lasers, which are used in a variety of applications including materials processing, medical applications and telecommunications. IPG has manufacturing facilities in the United States, Germany, Russia and Italy.
GLPI vs IPGP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $420.0M | $274.5M |
| Net Profit | $239.4M | $13.3M |
| Gross Margin | — | 36.1% |
| Operating Margin | 79.4% | 1.2% |
| Net Margin | 57.0% | 4.8% |
| Revenue YoY | 6.3% | 17.1% |
| Net Profit YoY | 40.5% | 69.8% |
| EPS (diluted) | — | $0.30 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $420.0M | — | ||
| Q4 25 | $407.0M | $274.5M | ||
| Q3 25 | $397.6M | $250.8M | ||
| Q2 25 | $394.9M | $250.7M | ||
| Q1 25 | $395.2M | $227.8M | ||
| Q4 24 | $389.6M | $234.3M | ||
| Q3 24 | $385.3M | $233.1M | ||
| Q2 24 | $380.6M | $257.6M |
| Q1 26 | $239.4M | — | ||
| Q4 25 | $275.4M | $13.3M | ||
| Q3 25 | $241.2M | $7.5M | ||
| Q2 25 | $151.4M | $6.6M | ||
| Q1 25 | $165.2M | $3.8M | ||
| Q4 24 | $223.6M | $7.8M | ||
| Q3 24 | $184.7M | $-233.6M | ||
| Q2 24 | $208.3M | $20.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 36.1% | ||
| Q3 25 | — | 39.5% | ||
| Q2 25 | — | 37.3% | ||
| Q1 25 | — | 39.4% | ||
| Q4 24 | — | 38.6% | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 37.3% |
| Q1 26 | 79.4% | — | ||
| Q4 25 | 89.3% | 1.2% | ||
| Q3 25 | 84.8% | 3.1% | ||
| Q2 25 | 61.3% | 0.0% | ||
| Q1 25 | 65.5% | 0.8% | ||
| Q4 24 | 79.1% | 6.0% | ||
| Q3 24 | 70.4% | -108.7% | ||
| Q2 24 | 77.1% | 4.7% |
| Q1 26 | 57.0% | — | ||
| Q4 25 | 67.6% | 4.8% | ||
| Q3 25 | 60.7% | 3.0% | ||
| Q2 25 | 38.4% | 2.6% | ||
| Q1 25 | 41.8% | 1.6% | ||
| Q4 24 | 57.4% | 3.3% | ||
| Q3 24 | 47.9% | -100.2% | ||
| Q2 24 | 54.7% | 7.8% |
| Q1 26 | — | — | ||
| Q4 25 | $0.96 | $0.30 | ||
| Q3 25 | $0.85 | $0.18 | ||
| Q2 25 | $0.54 | $0.16 | ||
| Q1 25 | $0.60 | $0.09 | ||
| Q4 24 | $0.79 | $0.27 | ||
| Q3 24 | $0.67 | $-5.33 | ||
| Q2 24 | $0.77 | $0.45 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $274.5M | $839.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $5.0B | $2.1B |
| Total Assets | $13.8B | $2.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $274.5M | — | ||
| Q4 25 | — | $839.3M | ||
| Q3 25 | — | $870.4M | ||
| Q2 25 | — | $899.6M | ||
| Q1 25 | — | $926.9M | ||
| Q4 24 | $560.8M | $930.2M | ||
| Q3 24 | $560.8M | $1.0B | ||
| Q2 24 | $560.8M | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | $7.2B | — | ||
| Q3 25 | $7.2B | — | ||
| Q2 25 | $6.9B | — | ||
| Q1 25 | $6.9B | — | ||
| Q4 24 | $7.7B | — | ||
| Q3 24 | $7.4B | — | ||
| Q2 24 | $6.6B | — |
| Q1 26 | $5.0B | — | ||
| Q4 25 | $4.6B | $2.1B | ||
| Q3 25 | $4.6B | $2.1B | ||
| Q2 25 | $4.6B | $2.1B | ||
| Q1 25 | $4.2B | $2.1B | ||
| Q4 24 | $4.3B | $2.0B | ||
| Q3 24 | $4.3B | $2.1B | ||
| Q2 24 | $4.1B | $2.3B |
| Q1 26 | $13.8B | — | ||
| Q4 25 | $12.9B | $2.4B | ||
| Q3 25 | $12.8B | $2.4B | ||
| Q2 25 | $12.5B | $2.4B | ||
| Q1 25 | $12.1B | $2.3B | ||
| Q4 24 | $13.1B | $2.3B | ||
| Q3 24 | $12.7B | $2.4B | ||
| Q2 24 | $11.8B | $2.5B |
| Q1 26 | — | — | ||
| Q4 25 | 1.56× | — | ||
| Q3 25 | 1.57× | — | ||
| Q2 25 | 1.51× | — | ||
| Q1 25 | 1.63× | — | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.74× | — | ||
| Q2 24 | 1.60× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $28.8M |
| Free Cash FlowOCF − Capex | — | $10.9M |
| FCF MarginFCF / Revenue | — | 4.0% |
| Capex IntensityCapex / Revenue | — | 6.5% |
| Cash ConversionOCF / Net Profit | — | 2.17× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-3.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $28.8M | ||
| Q3 25 | $240.3M | $35.3M | ||
| Q2 25 | $293.4M | $-2.2M | ||
| Q1 25 | $252.5M | $13.4M | ||
| Q4 24 | $1.1B | $73.8M | ||
| Q3 24 | $270.4M | $66.1M | ||
| Q2 24 | $252.1M | $53.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $10.9M | ||
| Q3 25 | $183.0M | $14.6M | ||
| Q2 25 | $272.3M | $-17.6M | ||
| Q1 25 | $239.6M | $-11.4M | ||
| Q4 24 | $1.1B | $50.6M | ||
| Q3 24 | $261.5M | $43.0M | ||
| Q2 24 | $245.0M | $29.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.0% | ||
| Q3 25 | 46.0% | 5.8% | ||
| Q2 25 | 69.0% | -7.0% | ||
| Q1 25 | 60.6% | -5.0% | ||
| Q4 24 | 275.3% | 21.6% | ||
| Q3 24 | 67.9% | 18.4% | ||
| Q2 24 | 64.4% | 11.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 6.5% | ||
| Q3 25 | 14.4% | 8.3% | ||
| Q2 25 | 5.3% | 6.1% | ||
| Q1 25 | 3.3% | 10.9% | ||
| Q4 24 | 0.0% | 9.9% | ||
| Q3 24 | 2.3% | 9.9% | ||
| Q2 24 | 1.9% | 9.4% |
| Q1 26 | — | — | ||
| Q4 25 | 4.10× | 2.17× | ||
| Q3 25 | 1.00× | 4.73× | ||
| Q2 25 | 1.94× | -0.34× | ||
| Q1 25 | 1.53× | 3.58× | ||
| Q4 24 | 4.80× | 9.44× | ||
| Q3 24 | 1.46× | — | ||
| Q2 24 | 1.21× | 2.65× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GLPI
Segment breakdown not available.
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
