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Relative valuation derived from Real Estate sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 62.5GRADE B
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
6.3%
Sector: 1.5%
Dividend Analysis audit
HIGH YIELD
7.01%
Trailing Yield
$7.01
Per $100 Invested
Attractive yield supported by strong profitability.
Est. Payout Ratio
206%HIGH
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, GETTY REALTY CORP /MD/ (GTY) receives a "Hold" rating with a composite score of 53.1/100, ranked #442 out of 4446 stocks. Key factor scores: Quality 63/100, Value 60/100, Momentum 53/100. This is quantitative analysis only — not investment advice.
GETTY REALTY CORP /MD/ (GTY) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does GETTY REALTY CORP /MD/ Do?
Getty Realty Corp. is the leading publicly traded real estate investment trust in the United States specializing in the ownership, leasing and financing of convenience store and gasoline station properties. As of September 30, 2020, the Company owned 896 properties and leased 58 properties from third-party landlords in 35 states across the United States and Washington, D.C. GETTY REALTY CORP /MD/ (GTY) is classified as a small-cap stock in the Real Estate sector. The company is led by CEO Christopher J. Constant and employs approximately 30 people, headquartered in JERICHO, New York. With a market capitalization of $1.9B, GTY is one of the notable companies in the Real Estate sector.
As of April 2026, GETTY REALTY CORP /MD/ receives a Hold rating with a composite score of 53.1/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.GTY ranks #442 out of 4,446 stocks in our coverage universe. Within the Real Estate sector, GETTY REALTY CORP /MD/ ranks #4 of 57 stocks, placing it in the top 10% of its Real Estate peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
GTY Stock Price and 52-Week Range
GETTY REALTY CORP /MD/ (GTY) currently trades at $34.30. The stock gained $0.42 (1.2%) in the most recent trading session. The 52-week high for GTY is $34.14, which means the stock is currently trading 0.5% from its annual peak. The 52-week low is $25.39, putting the stock 35.1% above its annual trough. Recent trading volume was 272K shares, suggesting relatively thin trading activity.
Is GTY Overvalued or Undervalued? — Valuation Analysis
GETTY REALTY CORP /MD/ (GTY) carries a value factor score of 60/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 29.38x, compared to the Real Estate sector average of 32.31x — a discount of 9%. The price-to-book ratio stands at 1.85x, versus the sector average of 1.18x. The price-to-sales ratio is 9.33x, compared to 0.80x for the average Real Estate stock. On an enterprise value basis, GTY trades at 17.40x EV/EBITDA, versus 8.62x for the sector.
Overall, GTY's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
GETTY REALTY CORP /MD/ (GTY) earns a quality factor score of 63/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 6.3%, compared to the Real Estate sector average of 1.5%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at 3.1% versus the sector average of 0.8%.
On a margin basis, GETTY REALTY CORP /MD/ reports gross margins of 0.0%, compared to 26.0% for the sector. The operating margin is 52.2% (sector: 3.7%). Net profit margin stands at 31.6%, versus 1.8% for the average Real Estate stock. Revenue growth is running at 11.3% on a trailing basis, compared to 6.1% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
GTY Debt, Balance Sheet, and Financial Health
GETTY REALTY CORP /MD/ has a debt-to-equity ratio of 93.0%, compared to the Real Estate sector average of 60.0%. Leverage is within a manageable range for the industry, though investors should monitor debt trends over time. The current ratio is 1.97x, suggesting adequate working capital coverage. Total debt on the balance sheet is $995M. Cash and equivalents stand at $5M.
GTY has a beta of 0.15, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for GETTY REALTY CORP /MD/ is 92/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
GETTY REALTY CORP /MD/ Revenue and Earnings History — Quarterly Trend
In TTM 2026, GETTY REALTY CORP /MD/ reported revenue of $213M and earnings per share (EPS) of $1.35. Net income for the quarter was $67M. Gross margin was 0.0%. Operating income came in at $111M.
In FY 2025, GETTY REALTY CORP /MD/ reported revenue of $222M and earnings per share (EPS) of $1.35. Net income for the quarter was $79M. Revenue grew 9.0% year-over-year compared to FY 2024. Operating income came in at $127M.
In Q3 2025, GETTY REALTY CORP /MD/ reported revenue of $56M and earnings per share (EPS) of $0.40. Net income for the quarter was $23M. Revenue grew 8.0% year-over-year compared to Q3 2024. Operating income came in at $35M.
In Q2 2025, GETTY REALTY CORP /MD/ reported revenue of $53M and earnings per share (EPS) of $0.24. Net income for the quarter was $14M. Revenue grew 6.6% year-over-year compared to Q2 2024. Operating income came in at $25M.
Over the past 8 quarters, GETTY REALTY CORP /MD/ has demonstrated a growth trajectory, with revenue expanding from $50M to $213M. Investors analyzing GTY stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
GTY Dividend Yield and Income Analysis
GETTY REALTY CORP /MD/ (GTY) currently pays a dividend yield of 7.0%. At this yield, a $10,000 investment in GTY stock would generate approximately $$701.00 in annual dividend income. With a net margin of 31.6%, the dividend appears well-covered by earnings, suggesting sustainable payouts going forward.
GTY Momentum and Technical Analysis Profile
GETTY REALTY CORP /MD/ (GTY) has a momentum factor score of 53/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 29/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 2/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
GTY vs Competitors — Real Estate Sector Ranking and Peer Comparison
Comparing GTY against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full GTY vs S&P 500 (SPY) comparison to assess how GETTY REALTY CORP /MD/ stacks up against the broader market across all factor dimensions.
GTY Next Earnings Date
No upcoming earnings date has been announced for GETTY REALTY CORP /MD/ (GTY) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy GTY? — Investment Thesis Summary
GETTY REALTY CORP /MD/ presents a balanced picture with arguments on both sides. The quality score of 63/100 indicates above-average profitability and business fundamentals. The value score of 60/100 suggests attractive pricing relative to fundamentals. Low volatility (stability score 92/100) reduces downside risk.
In summary, GETTY REALTY CORP /MD/ (GTY) earns a Hold rating with a composite score of 53.1/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on GTY stock.
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Institutional Research Dossier
GETTY REALTY CORP /MD/ (GTY) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
We maintain our Hold rating on Getty Realty Corp. (GTY). While the company exhibits strong profitability metrics and operates in a relatively stable niche within the real estate sector, its high leverage and negative free cash flow raise concerns about its long-term financial flexibility and ability to fund future growth without relying heavily on debt or equity issuance. The current valuation appears fair, reflecting the company's strengths but also acknowledging its inherent risks.
GTY's focus on convenience store and gas station properties provides a degree of resilience compared to other REITs, but the long-term trends in transportation and energy consumption pose potential challenges. Investors should carefully weigh the company's attractive yield against its leverage and the evolving landscape of its core business.
Business Strategy & Overview
Getty Realty Corp. operates as a REIT specializing in the ownership, leasing, and financing of convenience store and gasoline station properties. The company's core strategy revolves around acquiring, developing, and managing a portfolio of these properties, primarily leased to established operators under long-term net lease agreements. These leases typically require tenants to cover property taxes, insurance, and maintenance expenses, providing GTY with a relatively stable and predictable income stream.
GTY's strategic positioning focuses on locations with high traffic volume and strong demographics, aiming to attract and retain quality tenants. The company actively manages its portfolio, selectively disposing of underperforming assets and reinvesting in higher-growth opportunities. This disciplined approach to capital allocation is crucial for maximizing shareholder value over the long term.
The company's growth strategy involves both acquisitions and development projects. Acquisitions allow GTY to quickly expand its portfolio and diversify its geographic footprint, while development projects offer the potential for higher returns but also carry greater risk. GTY's management team has a proven track record of successfully executing both types of projects.
The industry context is characterized by increasing competition for prime locations and evolving consumer preferences. GTY must adapt to these changes by investing in property upgrades and amenities that enhance the tenant experience and attract customers. The rise of electric vehicles and alternative fuel sources also presents a long-term challenge that GTY must address proactively.
GTY's revenue model is straightforward: it generates rental income from its portfolio of properties. The company's ability to maintain high occupancy rates and increase rental rates over time is critical to its financial performance. GTY also generates revenue from financing activities, such as providing mortgages to tenants.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
11.3%
Sector: 6.1%
+86% VS SCTR
Economic Moat Analysis
Getty Realty's economic moat can be classified as Narrow. The company benefits from a degree of location advantage and established relationships with convenience store and gas station operators, but these advantages are not insurmountable. While the real estate business inherently benefits from location, the specific locations of gas stations and convenience stores are not always unique or irreplaceable.
The company's focus on a specific niche within the real estate sector provides some insulation from broader market trends, but it also limits its growth potential. The barriers to entry in the convenience store and gas station property market are relatively low, allowing new competitors to emerge and potentially erode GTY's market share.
While GTY has established relationships with major convenience store and gas station brands, these relationships are not exclusive and tenants can switch to other landlords if they find better terms or locations. This limits GTY's pricing power and ability to extract excess profits.
The company's scale provides some cost advantages, but these are not significant enough to create a wide moat. GTY's operating expenses are relatively fixed, so increasing the size of its portfolio can lead to economies of scale. However, these economies are not substantial enough to deter new entrants or give GTY a significant competitive edge.
The long-term nature of net lease agreements provides some stability to GTY's income stream, but these agreements also limit its flexibility to respond to changing market conditions. If a tenant experiences financial difficulties, GTY may be forced to renegotiate the lease or find a new tenant, which can negatively impact its financial performance.
Financial Health & Profitability
Getty Realty's financial health presents a mixed picture. The company exhibits strong profitability metrics, with a net margin of 31.6% and an operating margin of 52.2%, significantly higher than the sector averages of 1.1% and 3.5%, respectively. This indicates efficient operations and a focus on high-quality properties. The ROE of 6.3% is also substantially better than the sector average of 0.9%, suggesting effective use of equity capital.
However, the company's balance sheet is highly leveraged, with a debt-to-equity ratio of 93.00, exceeding the sector average of 76.00. This high level of debt increases the company's financial risk and limits its flexibility to pursue growth opportunities. The total debt of $994.96M against a market cap of $1.92B is a significant concern.
A major red flag is the negative free cash flow of $-117.89M. This indicates that the company is not generating enough cash from its operations to cover its capital expenditures and other obligations. This necessitates reliance on external financing, either through debt or equity issuance, to fund its growth and maintain its dividend.
Analyzing the quarterly financial history reveals consistent revenue growth, with revenue increasing from $185.85M in FY2023 to $221.73M in FY2025. Net income has also shown a positive trend, rising from $60.15M to $79.19M over the same period. Operating margins have remained consistently high, indicating strong operational efficiency.
The current ratio of 1.97 suggests adequate short-term liquidity, but the negative free cash flow and high leverage remain significant concerns. The company's ability to generate positive free cash flow in the future will be crucial to its long-term financial health.
Valuation Assessment
Getty Realty's valuation appears to be fair, considering its profitability and growth prospects, but also factoring in its high leverage and negative free cash flow. The company's P/E ratio of 23.8x is lower than the sector average of 31.0x, suggesting that it may be undervalued relative to its peers. However, this comparison should be viewed with caution, as the sector average may be skewed by outliers or companies with different growth profiles.
The EV/EBITDA multiple of 3.9x is significantly lower than the sector average of 8.6x, indicating that the company may be undervalued based on its enterprise value. This metric takes into account the company's debt, which is a significant factor in GTY's case. The low EV/EBITDA multiple may reflect investor concerns about the company's high leverage.
Given the negative free cash flow, a traditional FCF yield analysis is not applicable. This further complicates the valuation assessment and highlights the need for caution. Investors should carefully consider the company's ability to generate positive free cash flow in the future before making an investment decision.
The company's historical growth rate and profitability metrics support a higher valuation, but the high leverage and negative free cash flow warrant a discount. The current valuation appears to strike a balance between these factors, resulting in a fair valuation.
A discounted cash flow (DCF) analysis, while not explicitly provided, would be necessary to arrive at a more precise valuation. However, given the negative free cash flow, a DCF analysis would require significant assumptions about the company's future growth and profitability, which could be highly sensitive to changes in the underlying assumptions.
Risk & Uncertainty
Getty Realty faces several specific risks that could negatively impact its financial performance and valuation. One of the most significant risks is its high leverage. The company's high debt-to-equity ratio increases its vulnerability to rising interest rates and economic downturns. If interest rates rise, GTY's borrowing costs will increase, reducing its profitability. In an economic downturn, tenants may struggle to pay rent, leading to lower occupancy rates and reduced revenue.
Another risk is the potential for disruption in the convenience store and gas station industry. The rise of electric vehicles and alternative fuel sources could reduce demand for gasoline, leading to lower sales at gas stations and potentially impacting the value of GTY's properties. The company must adapt to these changes by investing in property upgrades and amenities that cater to the evolving needs of consumers.
Tenant concentration is also a risk. While the data does not provide specific tenant concentration figures, a significant portion of GTY's revenue may be derived from a small number of large tenants. If one of these tenants experiences financial difficulties or decides to terminate its lease, GTY's revenue could be significantly impacted.
Regulatory changes could also pose a risk. Environmental regulations related to gasoline storage and dispensing could increase compliance costs for tenants, potentially impacting their profitability and ability to pay rent. Changes in zoning regulations could also limit the development of new convenience stores and gas stations, reducing the demand for GTY's properties.
Bulls Say / Bears Say
The Bull Case
BULL VIEWGetty Realty's focus on necessity-based retail like convenience stores and gas stations provides a resilient income stream, even during economic downturns.
BULL VIEWThe company's high operating and net margins demonstrate efficient management and a focus on high-quality properties, leading to superior profitability.
BULL VIEWGTY's consistent revenue growth and strategic acquisitions will continue to expand its portfolio and generate long-term shareholder value.
The Bear Case
BEAR VIEWGetty Realty's negative free cash flow and high debt levels make it vulnerable to rising interest rates and economic shocks, limiting its financial flexibility.
BEAR VIEWThe long-term shift towards electric vehicles and alternative fuel sources poses a significant threat to the company's core business model.
BEAR VIEWDespite seemingly cheap valuation multiples, the high leverage and negative FCF make the company a value trap.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score GTY and 4,400+ other equities.
GETTY REALTY CORP /MD/ exhibits a 306% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
3.1%
Sector: 0.8%
Gross Margin
Pricing power and cost efficiency
0.0%
Sector: 26.0%
Operating Margin
Core business profitability
52.2%
Sector: 3.7%
Net Margin
Bottom-line profitability
31.6%
Sector: 1.8%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield0.00%
Yield Delta—
Income Projection audit
A $10,000 investment would generate approximately $701 annually in dividends at the current trailing rate.
