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Side-by-side financial comparison of Gaming & Leisure Properties, Inc. (GLPI) and MODIV INDUSTRIAL, INC. (MDV). 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 $11.1M, roughly 37.9× MODIV INDUSTRIAL, INC.). Gaming & Leisure Properties, Inc. runs the higher net margin — 57.0% vs 11.0%, a 46.0% gap on every dollar of revenue. On growth, Gaming & Leisure Properties, Inc. posted the faster year-over-year revenue change (6.3% vs -5.6%). Over the past eight quarters, Gaming & Leisure Properties, Inc.'s revenue compounded faster (5.0% CAGR vs -3.8%).
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.
MODIV INDUSTRIAL, INC. is a U.S.-based industrial real estate enterprise focused on acquiring, owning and operating high-quality industrial properties mainly located in key logistics and distribution hubs across North America. It serves tenants from sectors including e-commerce fulfillment, manufacturing and third-party logistics, addressing rising demand for modern supply chain infrastructure.
GLPI vs MDV — Head-to-Head
Income Statement — Q1 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $420.0M | $11.1M |
| Net Profit | $239.4M | $1.2M |
| Gross Margin | — | — |
| Operating Margin | 79.4% | 45.8% |
| Net Margin | 57.0% | 11.0% |
| Revenue YoY | 6.3% | -5.6% |
| Net Profit YoY | 40.5% | -22.0% |
| EPS (diluted) | — | $0.02 |
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 | $11.1M | ||
| Q3 25 | $397.6M | $11.7M | ||
| Q2 25 | $394.9M | $11.8M | ||
| Q1 25 | $395.2M | $11.8M | ||
| Q4 24 | $389.6M | $11.7M | ||
| Q3 24 | $385.3M | $11.7M | ||
| Q2 24 | $380.6M | $11.4M |
| Q1 26 | $239.4M | — | ||
| Q4 25 | $267.3M | $1.2M | ||
| Q3 25 | $241.2M | $1.0M | ||
| Q2 25 | $151.4M | $-2.0M | ||
| Q1 25 | $165.2M | $829.0K | ||
| Q4 24 | $217.2M | $1.6M | ||
| Q3 24 | $184.7M | $-587.0K | ||
| Q2 24 | $208.3M | $1.3M |
| Q1 26 | 79.4% | — | ||
| Q4 25 | 89.3% | 45.8% | ||
| Q3 25 | 84.8% | 41.4% | ||
| Q2 25 | 61.3% | 9.8% | ||
| Q1 25 | 65.5% | 40.2% | ||
| Q4 24 | 79.1% | 45.4% | ||
| Q3 24 | 70.4% | 42.0% | ||
| Q2 24 | 77.1% | 44.6% |
| Q1 26 | 57.0% | — | ||
| Q4 25 | 65.7% | 11.0% | ||
| Q3 25 | 60.7% | 9.0% | ||
| Q2 25 | 38.4% | -17.1% | ||
| Q1 25 | 41.8% | 7.0% | ||
| Q4 24 | 55.8% | 13.3% | ||
| Q3 24 | 47.9% | -5.0% | ||
| Q2 24 | 54.7% | 11.6% |
| Q1 26 | — | — | ||
| Q4 25 | $0.96 | $0.02 | ||
| Q3 25 | $0.85 | $0.00 | ||
| Q2 25 | $0.54 | $-0.32 | ||
| Q1 25 | $0.60 | $-0.01 | ||
| Q4 24 | $0.79 | $0.07 | ||
| Q3 24 | $0.67 | $-0.18 | ||
| Q2 24 | $0.77 | $0.03 |
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 | $14.4M |
| Total DebtLower is stronger | — | $261.5M |
| Stockholders' EquityBook value | $5.0B | $162.7M |
| Total Assets | $13.8B | $476.5M |
| Debt / EquityLower = less leverage | — | 1.61× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $274.5M | — | ||
| Q4 25 | — | $14.4M | ||
| Q3 25 | — | $8.3M | ||
| Q2 25 | — | $5.8M | ||
| Q1 25 | — | $6.2M | ||
| Q4 24 | $560.8M | $11.5M | ||
| Q3 24 | $554.1M | $6.8M | ||
| Q2 24 | $347.8M | $18.9M |
| Q1 26 | — | — | ||
| Q4 25 | $7.2B | $261.5M | ||
| Q3 25 | $7.2B | $279.7M | ||
| Q2 25 | $6.9B | $279.7M | ||
| Q1 25 | $6.9B | $279.7M | ||
| Q4 24 | $7.7B | $279.8M | ||
| Q3 24 | $7.4B | $279.7M | ||
| Q2 24 | $6.6B | $279.7M |
| Q1 26 | $5.0B | — | ||
| Q4 25 | $4.6B | $162.7M | ||
| Q3 25 | $4.6B | $164.8M | ||
| Q2 25 | $4.6B | $165.6M | ||
| Q1 25 | $4.2B | $171.1M | ||
| Q4 24 | $4.3B | $190.1M | ||
| Q3 24 | $4.3B | $186.3M | ||
| Q2 24 | $4.1B | $187.0M |
| Q1 26 | $13.8B | — | ||
| Q4 25 | $12.9B | $476.5M | ||
| Q3 25 | $12.8B | $499.6M | ||
| Q2 25 | $12.5B | $498.9M | ||
| Q1 25 | $12.1B | $506.8M | ||
| Q4 24 | $13.1B | $507.8M | ||
| Q3 24 | $12.7B | $507.4M | ||
| Q2 24 | $11.8B | $519.5M |
| Q1 26 | — | — | ||
| Q4 25 | 1.56× | 1.61× | ||
| Q3 25 | 1.57× | 1.70× | ||
| Q2 25 | 1.51× | 1.69× | ||
| Q1 25 | 1.63× | 1.63× | ||
| Q4 24 | 1.81× | 1.47× | ||
| Q3 24 | 1.74× | 1.50× | ||
| Q2 24 | 1.60× | 1.50× |
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 | — | $3.8M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 3.17× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $343.2M | $3.8M | ||
| Q3 25 | $240.3M | $4.1M | ||
| Q2 25 | $293.4M | $3.9M | ||
| Q1 25 | $252.5M | $3.0M | ||
| Q4 24 | $292.4M | $5.4M | ||
| Q3 24 | $270.4M | $5.1M | ||
| Q2 24 | $252.1M | $4.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $183.0M | — | ||
| Q2 25 | $272.3M | — | ||
| Q1 25 | $239.6M | — | ||
| Q4 24 | $276.6M | — | ||
| Q3 24 | $261.5M | — | ||
| Q2 24 | $245.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 46.0% | — | ||
| Q2 25 | 69.0% | — | ||
| Q1 25 | 60.6% | — | ||
| Q4 24 | 71.0% | — | ||
| Q3 24 | 67.9% | — | ||
| Q2 24 | 64.4% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 14.4% | — | ||
| Q2 25 | 5.3% | — | ||
| Q1 25 | 3.3% | — | ||
| Q4 24 | 4.1% | — | ||
| Q3 24 | 2.3% | — | ||
| Q2 24 | 1.9% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.28× | 3.17× | ||
| Q3 25 | 1.00× | 3.95× | ||
| Q2 25 | 1.94× | — | ||
| Q1 25 | 1.53× | 3.68× | ||
| Q4 24 | 1.35× | 3.47× | ||
| Q3 24 | 1.46× | — | ||
| Q2 24 | 1.21× | 3.55× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
