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Held by 345 of 5,944 reporting institutions (95th percentile) — extremely crowded.
Data as of Q1 2026
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How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Modest payoff on reinvested capital. Current ROIC on all capital: -14%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $495.3M 100.0% | $569.8M 100.0% | $445.8M 100.0% | $378.9M 100.0% | $391.2M 100.0% | $330.1M 100.0% | $306.2M 100.0% | $282.2M 100.0% | $259.3M 100.0% | $214.2M 100.0% |
| Cost of Revenue | — | — | — | — | — | — | — | $28.2M 10.0% | $24.5M 9.4% | $19.8M 9.2% |
| Selling, General & Admin | $52.8M 10.7% | $52.4M 9.2% | $37.2M 8.3% | $17.7M 4.7% | $17.2M 4.4% | $13.3M 4.0% | $10.1M 3.3% | $10.4M 3.7% | $8.6M 3.3% | $7.1M 3.3% |
| Total Operating Expenses | $479.0M 96.7% | $438.8M 77.0% | $459.4M 103.1% | $278.6M 73.5% | $280.8M 71.8% | $230.7M 69.9% | $214.9M 70.2% | $208.4M 73.9% | $173.2M 66.8% | $153.9M 71.9% |
| Operating Income | $111.0M 22.4% | $188.1M 33.0% | -$15.3M -3.4% | $100.5M 26.5% | $111.9M 28.6% | $99.2M 30.1% | $114.9M 37.5% | $68.0M 24.1% | $87.1M 33.6% | $73.6M 34.4% |
| Interest Expense | $194.7M 39.3% | $255.7M 44.9% | $179.4M 40.2% | $97.5M 25.7% | $94.3M 24.1% | $71.8M 21.8% | $64.2M 21.0% | $58.0M 20.5% | $48.5M 18.7% | $39.1M 18.3% |
| Other Income (Expense), net | -$224.9M -45.4% | -$263.0M -46.2% | -$161.4M -36.2% | -$77.5M -20.5% | -$88.4M -22.6% | -$83.5M -25.3% | -$64.1M -20.9% | -$54.7M -19.4% | -$60.4M -23.3% | -$21.6M -10.1% |
| Pretax Income | -$113.9M -23.0% | -$74.9M -13.1% | -$176.7M -39.6% | $23.1M 6.1% | $23.5M 6.0% | $15.7M 4.8% | $50.8M 16.6% | $13.3M 4.7% | $26.7M 10.3% | $52.0M 24.3% |
| Income Tax Expense | $21.8M 4.4% | $4.4M 0.8% | $14.5M 3.2% | $11.0M 2.9% | $12.2M 3.1% | $5.0M 1.5% | $4.3M 1.4% | $2.4M 0.9% | $3.1M 1.2% | $4.4M 2.1% |
| Net Income | -$225.5M -45.5% | -$131.6M -23.1% | -$211.9M -47.5% | $12.0M 3.2% | $11.4M 2.9% | $10.8M 3.3% | $46.5M 15.2% | $10.9M 3.9% | $23.6M 9.1% | $47.1M 22.0% |
| Per Share | ||||||||||
| EPS (Basic) | $-1.21 | $-0.76 | $-1.71 | $-0.09 | $-0.20 | $-0.09 | $0.40 | $0.01 | $0.30 | — |
| EPS (Diluted) | $-1.21 | $-0.76 | $-1.71 | $-0.09 | $-0.20 | $-0.09 | $0.39 | $0.01 | $0.30 | — |
| Weighted Avg Shares (Basic) | 223.3M | 230.4M | 142.6M | 103.7M | 98.3M | 89.5M | 85.0M | 69.4M | 66.9M | 56.7M |
| Weighted Avg Shares (Diluted) | 223.3M | 230.4M | 142.6M | 103.7M | 98.3M | 89.5M | 86.3M | 69.7M | 66.9M | 56.7M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $8.89 today, the market must believe free cash flow compounds -2.3%/yr for a decade (off $180M normalized FCF).
The market's -2.3% is more conservative than its 9-yr track record.
2-stage DCF · 0.22B shares · net debt -$180M
mean 15.4% · volatility σ 59% · implied rate exceeded in 5/9 yrs
Central path = implied -2.3%/yr growth; shaded band = ±1σ (59%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
4/6 of the 9 checks — 3 couldn't be scored (see above), so the score is out of the 6 with data.
Insufficient balance-sheet detail (needs retained earnings, working capital, equity).
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
The dividend exceeds free cash flow (101%) — funded from the balance sheet or debt, a red flag if it persists. Last year: $192M dividends + $120M buybacks = $312M returned on $189M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
No trend data available for this metric.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-09-17
No standout strengths flagged.
Where each multiple sits in its own 11-yr range · 91th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 11-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 3.1× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 10.0 | — | — | — | — | — | — | — |
| SG&A | 3.7 | 3.3 | 4.0 | 4.4 | 4.7 | 8.3 | 9.2 | 10.7 |
| Operating Income | 24.1 | 37.5 | 30.1 | 28.6 | 26.5 | -3.4 | 33.0 | 22.4 |
| Income Tax | 0.9 | 1.4 | 1.5 | 3.1 | 2.9 | 3.2 | 0.8 | 4.4 |
| Net Income | 3.9 | 15.2 | 3.3 | 2.9 | 3.2 | -47.5 | -23.1 | -45.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on GNL: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Ranked against 240 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WELL | $161.8B | 167.1× | — | 14.9× | 35.6% | 40.1% | 8.9% | 2.3% | 1.6% | — | 1,425 |
| XHG | $130.2B | — | — | 2536.8× | 24.9% | 2.2% | -205% | 85.0% | 88.3% | — | 1 |
| PLD | $125.6B | 38.0× | — | 14.3× | 7.2% | — | 37.9% | 6.3% | 3.8% | — | 1,592 |
| EQIX | $100.8B | 74.6× | 25.7× | 10.9× | 5.4% | 51.1% | 14.6% | 9.5% | 8.7% | 0.3× | 1,229 |
| AMT | $81.9B | 32.5× | 14.1× | 7.7× | 5.1% | — | 24.7% | 72.0% | 37.3% | 0.6× | 1,662 |
| SPG | $66.7B | 14.4× | — | 10.5× | 6.7% | — | 84.3% | 103% | 15.9% | — | 1,242 |
| O | $53.5B | 49.0× | — | 9.3× | 9.1% | — | 18.4% | 2.7% | 2.7% | — | 1,389 |
| PSA | $52.8B | 33.4× | — | 10.9× | 2.7% | — | 37.0% | 19.3% | 9.1% | — | 1,045 |
| VTR | $41.7B | 162.4× | — | 7.1× | 18.5% | — | 4.5% | 2.1% | 1.0% | — | 891 |
| CBRE | $41.2B | 36.2× | — | 1.0× | 13.4% | 18.7% | 2.9% | 13.0% | 7.1% | — | 1,020 |
| IRM | $33.7B | 232.7× | 22.9× | 4.9× | 12.2% | — | 2.2% | -15.5% | 1.0% | 7.5× | 1,043 |
| EXR | $29.4B | 30.3× | 13.7× | 8.7× | 3.7% | 72.8% | 28.8% | 7.3% | 7.3% | — | 722 |
| AVB | $26.6B | 25.6× | 12.2× | 8.7× | 4.4% | — | 34.7% | 9.1% | 5.0% | 3.2× | 715 |
| VICI | $25.8B | 9.2× | — | 6.4× | 4.1% | 99.3% | 69.3% | 10.0% | 6.2% | — | 898 |
| EQR | $25.6B | 23.0× | — | — | — | — | — | 10.1% | 5.8% | — | 681 |
| SBAC | $19.1B | 18.5× | 21.6× | 6.8× | 5.1% | 75.5% | 37.4% | -21.7% | 13.1% | 8.7× | 636 |
| BEKE | $17.6B | 133.3× | 37.9× | 1.3× | 5.6% | 21.4% | 3.2% | 4.5% | 4.5% | — | 197 |
| ESS | $17.5B | 26.0× | 11.5× | 9.3× | 6.4% | 69.9% | 37.2% | 12.7% | 12.7% | — | 582 |
| INVH | $16.6B | 28.3× | — | 6.1× | 4.2% | — | 21.5% | 6.2% | 3.3% | — | 560 |
| JLL | $15.8B | 20.5× | 11.8× | 0.6× | 11.4% | — | 3.0% | 10.6% | 10.4% | 0.1× | 615 |
| WY | $15.6B | 48.1× | 16.7× | 2.3× | -3.1% | 14.8% | 4.7% | 3.4% | 2.2% | 4.5× | 868 |
| KIM | $15.2B | — | 16.3× | 7.1× | 5.1% | — | 27.3% | 5.6% | 3.2% | 5.5× | 633 |
| NLY | $15.1B | 7.3× | — | — | — | — | — | 12.6% | 12.6% | — | 743 |
| HST | $15.1B | 19.9× | — | 2.5× | 7.6% | — | 12.5% | 11.7% | 9.8% | — | 656 |
| LAMR | $14.9B | 25.4× | — | 6.6× | 2.7% | 67.0% | 25.9% | 57.3% | 13.2% | — | 655 |
| GNL | $1.9B | — | 7.1× | 3.9× | -13.1% | — | -45.5% | -13.6% | -13.6% | — | 345 |
Peers = companies sharing GNL's sector (Real Estate) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.