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Side-by-side financial comparison of Gaming & Leisure Properties, Inc. (GLPI) and P3 Health Partners Inc. (PIII). 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 $384.8M, roughly 1.1× P3 Health Partners Inc.). Gaming & Leisure Properties, Inc. runs the higher net margin — 57.0% vs -19.6%, a 76.6% gap on every dollar of revenue. On growth, Gaming & Leisure Properties, Inc. posted the faster year-over-year revenue change (6.3% vs 3.8%). Over the past eight quarters, Gaming & Leisure Properties, Inc.'s revenue compounded faster (5.0% CAGR vs -0.5%).
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.
P3 Health Partners Inc. is a population health management and value-based care services firm operating primarily in the United States. It partners with primary care providers and health systems to deliver coordinated, high-quality care for patient populations, especially Medicare Advantage beneficiaries, focusing on improving health outcomes and lowering unnecessary healthcare costs.
GLPI vs PIII — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $420.0M | $384.8M |
| Net Profit | $239.4M | $-75.5M |
| Gross Margin | — | — |
| Operating Margin | 79.4% | -40.0% |
| Net Margin | 57.0% | -19.6% |
| Revenue YoY | 6.3% | 3.8% |
| Net Profit YoY | 40.5% | -28.8% |
| EPS (diluted) | — | $-23.08 |
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 | $384.8M | ||
| Q3 25 | $397.6M | $345.3M | ||
| Q2 25 | $394.9M | $355.8M | ||
| Q1 25 | $395.2M | $373.2M | ||
| Q4 24 | $389.6M | $370.7M | ||
| Q3 24 | $385.3M | $362.1M | ||
| Q2 24 | $380.6M | $379.2M |
| Q1 26 | $239.4M | — | ||
| Q4 25 | $275.4M | $-75.5M | ||
| Q3 25 | $241.2M | $-31.6M | ||
| Q2 25 | $151.4M | $-20.4M | ||
| Q1 25 | $165.2M | $-20.5M | ||
| Q4 24 | $223.6M | $-58.6M | ||
| Q3 24 | $184.7M | $-46.5M | ||
| Q2 24 | $208.3M | $-12.0M |
| Q1 26 | 79.4% | — | ||
| Q4 25 | 89.3% | -40.0% | ||
| Q3 25 | 84.8% | -12.8% | ||
| Q2 25 | 61.3% | -9.6% | ||
| Q1 25 | 65.5% | -10.2% | ||
| Q4 24 | 79.1% | -37.4% | ||
| Q3 24 | 70.4% | -29.5% | ||
| Q2 24 | 77.1% | -8.3% |
| Q1 26 | 57.0% | — | ||
| Q4 25 | 67.6% | -19.6% | ||
| Q3 25 | 60.7% | -9.1% | ||
| Q2 25 | 38.4% | -5.7% | ||
| Q1 25 | 41.8% | -5.5% | ||
| Q4 24 | 57.4% | -15.8% | ||
| Q3 24 | 47.9% | -12.8% | ||
| Q2 24 | 54.7% | -3.2% |
| Q1 26 | — | — | ||
| Q4 25 | $0.96 | $-23.08 | ||
| Q3 25 | $0.85 | $-9.67 | ||
| Q2 25 | $0.54 | $-6.23 | ||
| Q1 25 | $0.60 | $-6.28 | ||
| Q4 24 | $0.79 | $-23.13 | ||
| Q3 24 | $0.67 | $-15.70 | ||
| Q2 24 | $0.77 | $-7.37 |
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 | $25.0M |
| Total DebtLower is stronger | — | $228.4M |
| Stockholders' EquityBook value | $5.0B | $-155.2M |
| Total Assets | $13.8B | $656.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $274.5M | — | ||
| Q4 25 | — | $25.0M | ||
| Q3 25 | — | $37.7M | ||
| Q2 25 | — | $38.6M | ||
| Q1 25 | — | $40.1M | ||
| Q4 24 | $560.8M | $38.8M | ||
| Q3 24 | $560.8M | $63.0M | ||
| Q2 24 | $560.8M | $73.1M |
| Q1 26 | — | — | ||
| Q4 25 | $7.2B | $228.4M | ||
| Q3 25 | $7.2B | $252.8M | ||
| Q2 25 | $6.9B | $182.0M | ||
| Q1 25 | $6.9B | $171.1M | ||
| Q4 24 | $7.7B | $108.9M | ||
| Q3 24 | $7.4B | $133.2M | ||
| Q2 24 | $6.6B | $133.1M |
| Q1 26 | $5.0B | — | ||
| Q4 25 | $4.6B | $-155.2M | ||
| Q3 25 | $4.6B | $-18.7M | ||
| Q2 25 | $4.6B | $44.5M | ||
| Q1 25 | $4.2B | $63.3M | ||
| Q4 24 | $4.3B | $75.9M | ||
| Q3 24 | $4.3B | $120.5M | ||
| Q2 24 | $4.1B | $166.8M |
| Q1 26 | $13.8B | — | ||
| Q4 25 | $12.9B | $656.6M | ||
| Q3 25 | $12.8B | $683.6M | ||
| Q2 25 | $12.5B | $731.6M | ||
| Q1 25 | $12.1B | $783.9M | ||
| Q4 24 | $13.1B | $783.4M | ||
| Q3 24 | $12.7B | $833.3M | ||
| Q2 24 | $11.8B | $892.8M |
| Q1 26 | — | — | ||
| Q4 25 | 1.56× | — | ||
| Q3 25 | 1.57× | — | ||
| Q2 25 | 1.51× | 4.09× | ||
| Q1 25 | 1.63× | 2.71× | ||
| Q4 24 | 1.81× | 1.43× | ||
| Q3 24 | 1.74× | 1.11× | ||
| Q2 24 | 1.60× | 0.80× |
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 | — | $-25.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $-25.7M | ||
| Q3 25 | $240.3M | $-15.4M | ||
| Q2 25 | $293.4M | $-16.6M | ||
| Q1 25 | $252.5M | $-33.5M | ||
| Q4 24 | $1.1B | $-57.2M | ||
| Q3 24 | $270.4M | $-22.6M | ||
| Q2 24 | $252.1M | $-10.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $183.0M | — | ||
| Q2 25 | $272.3M | — | ||
| Q1 25 | $239.6M | — | ||
| Q4 24 | $1.1B | — | ||
| 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 | 275.3% | — | ||
| 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 | 0.0% | 0.0% | ||
| Q3 24 | 2.3% | 0.0% | ||
| Q2 24 | 1.9% | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | 4.10× | — | ||
| Q3 25 | 1.00× | — | ||
| Q2 25 | 1.94× | — | ||
| Q1 25 | 1.53× | — | ||
| Q4 24 | 4.80× | — | ||
| Q3 24 | 1.46× | — | ||
| Q2 24 | 1.21× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GLPI
Segment breakdown not available.
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
