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Side-by-side financial comparison of Gaming & Leisure Properties, Inc. (GLPI) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
UL Solutions Inc. is the larger business by last-quarter revenue ($789.0M vs $420.0M, roughly 1.9× Gaming & Leisure Properties, Inc.). Gaming & Leisure Properties, Inc. runs the higher net margin — 57.0% vs 8.5%, a 48.5% gap on every dollar of revenue. On growth, UL Solutions Inc. posted the faster year-over-year revenue change (6.8% vs 6.3%). Over the past eight quarters, UL Solutions Inc.'s revenue compounded faster (8.5% CAGR vs 5.0%).
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.
The UL enterprise is a global private safety company headquartered in Northbrook, Illinois, composed of three organizations, UL Research Institutes, UL Standards & Engagement and UL Solutions.
GLPI vs ULS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $420.0M | $789.0M |
| Net Profit | $239.4M | $67.0M |
| Gross Margin | — | 49.7% |
| Operating Margin | 79.4% | 15.0% |
| Net Margin | 57.0% | 8.5% |
| Revenue YoY | 6.3% | 6.8% |
| Net Profit YoY | 40.5% | -17.3% |
| EPS (diluted) | — | $0.33 |
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 | $789.0M | ||
| Q3 25 | $397.6M | $783.0M | ||
| Q2 25 | $394.9M | $776.0M | ||
| Q1 25 | $395.2M | $705.0M | ||
| Q4 24 | $389.6M | $739.0M | ||
| Q3 24 | $385.3M | $731.0M | ||
| Q2 24 | $380.6M | $730.0M |
| Q1 26 | $239.4M | — | ||
| Q4 25 | $275.4M | $67.0M | ||
| Q3 25 | $241.2M | $100.0M | ||
| Q2 25 | $151.4M | $91.0M | ||
| Q1 25 | $165.2M | $67.0M | ||
| Q4 24 | $223.6M | $81.0M | ||
| Q3 24 | $184.7M | $88.0M | ||
| Q2 24 | $208.3M | $101.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 49.7% | ||
| Q3 25 | — | 50.3% | ||
| Q2 25 | — | 49.4% | ||
| Q1 25 | — | 48.4% | ||
| Q4 24 | — | 47.4% | ||
| Q3 24 | — | 49.0% | ||
| Q2 24 | — | 50.1% |
| Q1 26 | 79.4% | — | ||
| Q4 25 | 89.3% | 15.0% | ||
| Q3 25 | 84.8% | 19.9% | ||
| Q2 25 | 61.3% | 17.9% | ||
| Q1 25 | 65.5% | 15.5% | ||
| Q4 24 | 79.1% | 15.6% | ||
| Q3 24 | 70.4% | 17.8% | ||
| Q2 24 | 77.1% | 17.3% |
| Q1 26 | 57.0% | — | ||
| Q4 25 | 67.6% | 8.5% | ||
| Q3 25 | 60.7% | 12.8% | ||
| Q2 25 | 38.4% | 11.7% | ||
| Q1 25 | 41.8% | 9.5% | ||
| Q4 24 | 57.4% | 11.0% | ||
| Q3 24 | 47.9% | 12.0% | ||
| Q2 24 | 54.7% | 13.8% |
| Q1 26 | — | — | ||
| Q4 25 | $0.96 | $0.33 | ||
| Q3 25 | $0.85 | $0.49 | ||
| Q2 25 | $0.54 | $0.45 | ||
| Q1 25 | $0.60 | $0.33 | ||
| Q4 24 | $0.79 | $0.40 | ||
| Q3 24 | $0.67 | $0.44 | ||
| Q2 24 | $0.77 | $0.50 |
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 | $295.0M |
| Total DebtLower is stronger | — | $491.0M |
| Stockholders' EquityBook value | $5.0B | $1.3B |
| Total Assets | $13.8B | $2.9B |
| Debt / EquityLower = less leverage | — | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $274.5M | — | ||
| Q4 25 | — | $295.0M | ||
| Q3 25 | — | $255.0M | ||
| Q2 25 | — | $272.0M | ||
| Q1 25 | — | $267.0M | ||
| Q4 24 | $560.8M | $298.0M | ||
| Q3 24 | $560.8M | $327.0M | ||
| Q2 24 | $560.8M | $295.0M |
| Q1 26 | — | — | ||
| Q4 25 | $7.2B | $491.0M | ||
| Q3 25 | $7.2B | $544.0M | ||
| Q2 25 | $6.9B | $608.0M | ||
| Q1 25 | $6.9B | $653.0M | ||
| Q4 24 | $7.7B | $742.0M | ||
| Q3 24 | $7.4B | $797.0M | ||
| Q2 24 | $6.6B | $810.0M |
| Q1 26 | $5.0B | — | ||
| Q4 25 | $4.6B | $1.3B | ||
| Q3 25 | $4.6B | $1.2B | ||
| Q2 25 | $4.6B | $1.1B | ||
| Q1 25 | $4.2B | $970.0M | ||
| Q4 24 | $4.3B | $904.0M | ||
| Q3 24 | $4.3B | $872.0M | ||
| Q2 24 | $4.1B | $769.0M |
| Q1 26 | $13.8B | — | ||
| Q4 25 | $12.9B | $2.9B | ||
| Q3 25 | $12.8B | $2.9B | ||
| Q2 25 | $12.5B | $2.9B | ||
| Q1 25 | $12.1B | $2.9B | ||
| Q4 24 | $13.1B | $2.8B | ||
| Q3 24 | $12.7B | $2.9B | ||
| Q2 24 | $11.8B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | 1.56× | 0.39× | ||
| Q3 25 | 1.57× | 0.46× | ||
| Q2 25 | 1.51× | 0.56× | ||
| Q1 25 | 1.63× | 0.67× | ||
| Q4 24 | 1.81× | 0.82× | ||
| Q3 24 | 1.74× | 0.91× | ||
| Q2 24 | 1.60× | 1.05× |
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 | — | $144.0M |
| Free Cash FlowOCF − Capex | — | $86.0M |
| FCF MarginFCF / Revenue | — | 10.9% |
| Capex IntensityCapex / Revenue | — | 7.4% |
| Cash ConversionOCF / Net Profit | — | 2.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $403.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $144.0M | ||
| Q3 25 | $240.3M | $155.0M | ||
| Q2 25 | $293.4M | $147.0M | ||
| Q1 25 | $252.5M | $154.0M | ||
| Q4 24 | $1.1B | $130.0M | ||
| Q3 24 | $270.4M | $150.0M | ||
| Q2 24 | $252.1M | $103.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $86.0M | ||
| Q3 25 | $183.0M | $109.0M | ||
| Q2 25 | $272.3M | $105.0M | ||
| Q1 25 | $239.6M | $103.0M | ||
| Q4 24 | $1.1B | $72.0M | ||
| Q3 24 | $261.5M | $84.0M | ||
| Q2 24 | $245.0M | $47.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 10.9% | ||
| Q3 25 | 46.0% | 13.9% | ||
| Q2 25 | 69.0% | 13.5% | ||
| Q1 25 | 60.6% | 14.6% | ||
| Q4 24 | 275.3% | 9.7% | ||
| Q3 24 | 67.9% | 11.5% | ||
| Q2 24 | 64.4% | 6.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 7.4% | ||
| Q3 25 | 14.4% | 5.9% | ||
| Q2 25 | 5.3% | 5.4% | ||
| Q1 25 | 3.3% | 7.2% | ||
| Q4 24 | 0.0% | 7.8% | ||
| Q3 24 | 2.3% | 9.0% | ||
| Q2 24 | 1.9% | 7.7% |
| Q1 26 | — | — | ||
| Q4 25 | 4.10× | 2.15× | ||
| Q3 25 | 1.00× | 1.55× | ||
| Q2 25 | 1.94× | 1.62× | ||
| Q1 25 | 1.53× | 2.30× | ||
| Q4 24 | 4.80× | 1.60× | ||
| Q3 24 | 1.46× | 1.70× | ||
| Q2 24 | 1.21× | 1.02× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GLPI
Segment breakdown not available.
ULS
| Industrial | $352.0M | 45% |
| Ongoing Certification Services | $259.0M | 33% |
| Software And Advisory | $102.0M | 13% |
| Software | $75.0M | 10% |
