VICI Properties Inc.

Real Estate Investment Trusts

VICIStrained8 of 11 basics passed

$22.91

+0.52%

Market cap $25.2B

$22.91

+0.52%

Market cap $25.2B

VICI Properties Inc is a real estate investment trust based in the United States. It engaged in the business of owning and acquiring gaming, hospitality, wellness, entertainment and leisure destinations, subject to long-term triple net leases.

It is a $25.2B real estate company. Revenue grew 4.4% over the last year, it keeps 67¢ of every dollar of sales as profit, and its net debt equals ~6.1 years of free cash flow. It trades at 9.1× earnings — near the lowest of its own history.

Website: viciproperties.com
Location: New York, NY
Employees: 28
Sector: Real Estate

Share price · 3 years

$29.23 → $22.91-21.6%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $4.10B
Profit: keeps 67¢ of every $1 sold; $2.77B
Free cash flow: cash left after running the business; $2.64B
Net debt: debt minus cash on hand; $16.2B
P/E: years of profit in the price; 9.1
EPS: earnings per share, TTM; $2.60
Dividend: pays out 69% of profit · 72% of FCF; 7.54%
Shares: up 189% since 2018 — dilution; 1.06B
Volatility: beta vs the market — under 1 swings less; 0.68

Revenue, last 8 years

52-week range

Low $22.53$22.91High $31.42

Today's price is 4% of the way from the year's low to its high.

P/E vs its history5y

9.1×median 12.9×

Higher than 1% of past days — near the lowest of its own history.

Valuation vs own history

P/E

9.1×

99%

P/S

6.1×

100%

EV/EBITDA

15.2×

95%

P/B

0.9×

100%

FCF yield

10.5%

99%

Share of the last ~5 years that was pricier than today (unusually cheap vs its own history). Based on the daily valuation record.

Standing in Real Estate

Size$25.2Btop 29%
Revenue growth+15%top 13%
Net margin68%top 1%
Return on equity10%top 40%
P/E9.1×top 5%
Dividend yield7.54%top 9%

Ranked against 46 Real Estate companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation and moat; Health lags behind.

Valuation82

P/E vs own history1th pct · 25/25
FCF yield10.5% · 25/25
P/S6.1x · 12/25
EV/EBITDA11.7x · 20/25

Growth74

Revenue CAGR27.6% · 25/25
Net income CAGR28.6% · 25/25
EPS CAGR ~5Y8.4% · 12/25
Fwd implied growth10.5% · 12/25

Profitability67

ROIC6.3% · 5/25
ROE9.8% · 12/25
Net margin67.5% · 25/25
Operating margin88.7% · 25/25

Health15

Altman Zn/a · 0/25
Current ratio0.39 · 0/25
Interest coverage4.4x · 10/25
Net cash / debtD/A 35% · 5/25

Quality63

Piotroski F6/9 · 15/25
Beneish M-2.41 · 20/25
FCF conversion95% · 22/25
Margin stabilityσ 21.9% · 6/25

Moat75

ROIC >12% years0/8 yrs · 0/25
Median gross margin98.9% · 25/25
FCF-positive years8/8 yrs · 25/25
Worst-year net marginworst 43.0% · 25/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

2026Acquisition
Vici acquired seven properties from Golden Entertainment for $1.16 billion, in conjunction with Golden's…
FY2025Financial
Best year on record
$2.78B net income
2023Acquisition
Vici bought out the other half of interest in the MGM Grand and Mandalay Bay from Blackstone for $1.27 billion plus…
2022Acquisition
Vici purchased the real estate of the Venetian complex from Las Vegas Sands in February 2022 for $4 billion
FY2020Financial
Revenue crossed $1B
$1.23B for the year
2020Acquisition
Eldorado Resorts acquired Caesars Entertainment, becoming Vici's primary tenant
2019Acquisition
Vici bought three casinos in Missouri and West Virginia from Eldorado Resorts in conjunction with…
FY2018Financial
Profitable every year on record
8 consecutive profitable years in our data
FY2018Financial
Positive free cash flow every year since
8-year streak
2018Acquisition
MGM Growth Properties, a REIT affiliated with Caesars competitor MGM Resorts International, offered in January 2018…
Oct 6, 2017Milestone
The spin-off of Vici to CEOC's creditors was completed on October 6, 2017, the day that CEOC emerged from bankruptcy
2017Acquisition
Vici acquired Harrah's Las Vegas from Caesars in December 2017 for $1.1 billion
2015Milestone
Caesars proposed splitting CEOC into two companies: a REIT

Achievements

Verifiable track record, straight from the reported numbers.

#14 largest of 46 Real Estate companies by market cap

$10 000 invested in 2021 would be worth ~$7 656 today — price return only

$4.0B revenue in FY2025

Profitable 8 years in a row

Positive free cash flow 8 years in a row

28 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (99.3%)
Strongly profitable — 67.5% net margin
Strong cash conversion — FCF is 64.4% of revenue

Watch-outs

Net debt equals ~6.1 years of free cash flow

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

8 of 11 checks passed

Revenue growing — the company sells more than a year ago+4.4% YoY
Profitable — makes more than it spends$2.77B TTM
Profit growing — earnings are higher than last year+27.1% YoY
Generates cash — cash left after running and investing$2.64B TTM
Debt under control — could handle its obligations~6.1y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$25.2B market cap
Not printing shares — share count not ballooning — you keep your slice+108.0% shares over ~5y
Proven track record — years of profitability behind it8/9 profitable years
Financially stable — balance sheet not near distresshealth score 10/100
Pays a dividend — returns cash to shareholdersyield 7.54%
Valuation not extreme — price not wildly above earningsP/E 9.1

Peer comparisonVICI Properties Inc. vs 6 largest real estate peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
VICI this company	$25.2B	9.1	+4.4%	67.5%	Strained
WELL Welltower Inc.	$162.5B	108.1	+37.6%	12.1%	Strained
PLD Prologis, Inc.	$123.1B	29.8	+7.3%	45.8%	Strained
EQIX Equinix, Inc.	$101.2B	66.0	+9.6%	15.6%	Strained
AMT American Tower Corporation	$84.5B	25.0	+14.2%	31.1%	Strained
DLR Digital Realty Trust, Inc.	$66.6B	83.0	+17.4%	11.8%	Strained
SPG Simon Property Group, Inc.	$64.7B	14.0	+15.0%	66.5%	Strained

Head-to-head: VICI vs WELL · VICI vs PLD · VICI vs EQIX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 8Buy 15Hold 9

Appendix · Financial records

The full statements behind this CV, FY2017–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $4.10B · net income $2.77B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$4.10B

YoY 4.4%

Net income (TTM)

$2.77B

Margin 67.5%

Gross margin

99.3%

Operating margin

88.7%

P/E ratio

9.1

Dividend yield

7.54%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	1.2	1.5	2.6	3.6	3.8	4.0
Gross profit	1.2	1.5	2.6	3.6	3.8	4.0
Operating income (EBIT)	0.9	1.0	1.1	2.5	2.7	2.8
Net income	0.9	1.0	1.1	2.5	2.7	2.8
EPS (diluted)	1.75	1.76	1.27	2.47	2.56	2.61

Cash flowFree cash flow $2.64B · operating cash flow $2.64B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$2.64B

Margin 64.4%

Operating cash flow (TTM)

$2.64B

FCF margin

64.4%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.9	0.9	1.9	2.2	2.4	2.5
Capital expenditure	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Free cash flow	0.9	0.9	1.9	2.2	2.4	2.5
FCF margin	71.9%	59.2%	74.7%	60.3%	61.7%	62.6%

Balance sheetAssets $46.7B · net debt $16.2B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $46.7B of assets is financed

40%

60%

Liabilities $18.5B — borrowed moneyEquity $27.8B — owners' stake

Cash vs debt

Total debt $16.8B − cash $608M = net debt $16.2B

Cash on hand covers 4% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

4.4x

EBIT ÷ interest expense

ROE

9.8%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.3	0.7	0.4	0.5	0.5	0.6
Total assets	17.1	17.6	37.6	44.1	45.4	46.7
Total liabilities	7.6	5.4	15.3	18.4	18.4	18.5
Total debt	6.8	4.7	13.7	16.7	16.7	16.8
Equity	9.4	12.1	21.9	25.3	26.5	27.8
Net debt	6.4	4.0	13.3	16.2	16.2	16.2

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of VICI on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $22.91 · market cap $25.2B.