Graham Number is a figure that measures a stock's fundamental value by taking into account the company's earnings per share and book value per share. The Graham number is the upper bound of the price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham number is considered undervalued, and thus worth investing in.
The historical rank and industry rank for Gaming and Leisure Properties's Graham Number or its related term are showing as below:
GLPI'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 1.43 Med: 2 Max: 2.58
Current: 1.48
During the past 13 years, the highest Price to Graham Number ratio of Gaming and Leisure Properties was 2.58. The lowest was 1.43. And the median was 2.00.
GLPI's Price-to-Graham-Number is ranked worse than 81.97% of 732
companies
in the REITs industry
Industry Median: 0.74
vs GLPI: 1.48
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Gaming and Leisure Properties (NAS:GLPI) Graham Number Explanation
Ben Graham actually did not publish a formula like this. But he wrote in The Intelligent Investor (1948 version) regarding to the criteria for purchases:
Current price should not be more than 15 times average earnings of the past three years.
Current price should not be more than 1.5 times the book value last reported. However, a multiplier of earnings below 15 could justify a correspondingly higher multiplier of assets. As a rule of thumb we suggest that the product of the multiplier times the ratio of price to book value should not exceed 22.5. (This figure corresponds to 15 times earnings and 1.5 times book value. It would admit an issue selling at only 9 times earnings and 2.5 times asset value, etc.)
Unlike valuation methods such as DCF or Discounted Earnings, the Graham number does not take growth into the valuation. Unlike the valuation methods based on book value alone, it takes into account the earnings power. Therefore, the Graham Number is a combination of asset valuation and earnings power valuation.
In general, the Graham number is a very conservative way of valuing a stock. It cannot be applied to companies with negative book values.
Gaming and Leisure Properties's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
45.91
/
31.05
=
1.48
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Be Aware
Please keep these in mind:
1. Graham Number does not take growth into account. Therefore it underestimates the values of the companies that have good earnings growth. We feel that if the earnings per share grows more than 10% a year, Graham Number underestimates the value.
2. Graham Number punishes the companies that have temporarily low earnings. Therefore, an average of earnings makes more sense in the calculation of Graham Number.
3. Graham Numbers underestimates companies that are light with book.
Gaming and Leisure Properties Graham Number Related Terms
Gaming and Leisure Properties Graham Number Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the REIT - Specialty subindustry, Gaming and Leisure Properties's Price-to-Graham-Number, along with its competitors' market caps and Price-to-Graham-Number data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Gaming and Leisure Properties Price-to-Graham-Number vs REITs Industry
For the REITs industry and Real Estate sector, Gaming and Leisure Properties's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Gaming and Leisure Properties's Price-to-Graham-Number falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Gaming and Leisure Properties (GLPI) has a Graham Number of $31.05 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Gaming and Leisure Properties and its competitors. This is 1453% above median its historical median of 2.00. Over the past decade, Gaming and Leisure Properties' Graham Number has ranged from 1.43 to 2.58. According to the industry distribution chart, Gaming and Leisure Properties ranks #600 out of 732 companies in the REITs industry, placing it in the top 82%.
Is Gaming and Leisure Properties' Graham Number too high?
Gaming and Leisure Properties' current Graham Number of $31.05 is 1453% above median its 10-year median of 2.00. Over the past 10 years, this metric has ranged from a low of 1.43 to a high of 2.58. The REITs industry median Graham Number is 0.74. Gaming and Leisure Properties' value of $31.05 is 4095.9% above this industry median. Based on the distribution chart, Gaming and Leisure Properties ranks #600 out of 732 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Gaming and Leisure Properties has a GF Score™ of 84/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Gaming and Leisure Properties' Graham Number compare to LAMR and WY?
According to the REITs industry distribution chart, Gaming and Leisure Properties ranks #600 out of 732 companies for Graham Number. This places Gaming and Leisure Properties in the lower half of its industry. The industry median Graham Number is 0.74. Gaming and Leisure Properties' value of $31.05 is 4095.9% above this benchmark. Historically, Gaming and Leisure Properties' own Graham Number has ranged from 1.43 to 2.58 over the past decade. While the company's 10-year median is 2.00 vs. the industry median of 0.74, Gaming and Leisure Properties has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Graham Number for a REITs company?
The median Graham Number among REITs companies is 0.74, based on 732 companies in the industry. Companies in the top quartile (top 25%) have a Graham Number significantly above this median, while those in the bottom quartile fall well below. However, Graham Number should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Gaming and Leisure Properties's current Graham Number of $31.05 is 4095.9% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Graham Number mean?
A high Graham Number can signal that a stock is expensive relative to its fundamentals. The Graham Number values a company based on its per-share earnings and book value. View historical data on Gaming and Leisure Properties and its competitors. For the REITs industry, the median Graham Number is 0.74 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Gaming and Leisure Properties's current Graham Number is $31.05, which is 1453% above median its own 10-year median of 2.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Gaming and Leisure Properties stock overvalued right now?
Based on GuruFocus' analysis, Gaming and Leisure Properties (GLPI) is currently considered Fairly Valued. The stock's GF Value™ is $49.75, compared to a current price of $45.91 — trading 7.7% below its estimated fair value. The current Graham Number is $31.05, which is 1453% above median its 10-year median of 2.00 and 4095.9% above the REITs industry median of 0.74. Gaming and Leisure Properties' overall GF Score™ is 84/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Graham Number calculated?
Graham Number is calculated from a company's financial statements. For Gaming and Leisure Properties (GLPI), the current Graham Number is $31.05 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Gaming and Leisure Properties (GLPI) Overvalued in 2026?
Based on GuruFocus' analysis, Gaming and Leisure Properties stock appears to be undervalued.
The current stock price of $45.91 is trading 7.7% below its estimated GF Value™ of $49.75.
GuruFocus considers Gaming and Leisure Properties to be Fairly Valued.
Key valuation signals for GLPI:
Graham Number: $31.05 (1453% above median its 10-year median of 2.00)
GF Value™: $49.75 vs. price of $45.91 (7.7% below fair value)
Industry Position: 4095.9% above the REITs median (#600 of 732)
No single metric tells the full story. See the GLPI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Gaming and Leisure Properties Business Description
Gaming and Leisure Properties Inc, or GLP, is a self-administered and self-managed Pennsylvania real estate investment trust (REIT). It is engaged in acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. The company also extends loans that produce fixed or variable returns, which may convert into leased rent upon project completion or stabilization. Its portfolio consists of gaming and related facilities and amenities such as Ameristar Black Hawk, Bally's Casino, Argosy Casino Alton, Bally's Chicago, Hollywood Casino Aurora, and others located across different states in the United States.
84GF Score
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