Getty Realty Corporation Common Stock (GTY) : juste valeur

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Getty Realty owns and leases roughly 1,000 net-lease gas station and convenience store properties across the US, collecting rent from operators such as ExxonMobil and Global Partners rather than pumping fuel itself. That triple-net structure, with tenants bearing most property costs, produces a 55.3% operating margin and a 96.4% gross margin, and the rent roll is locked in by long-term master leases with built-in escalators. Revenue growth of 10.9% is coming from acquisitions and rent steps, not from fuel prices, which is the piece of the story a PM should check first. The stock trades at 17.2x trailing and 18.6x forward earnings, a modest premium to where the group has typically sat, and the 9.5% ROE shows the balance sheet is carrying real leverage against a REIT-sized asset base. With a 1.8B market cap and no index membership, the name is small enough that the research gap is wide, so the question is whether the acquisition pipeline can keep compounding rent without stretching the balance sheet further.