VICI Properties Inc. (VICI)

NYSE: VICI · USD

$23.5

-0.19 (-0.8%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-10-05

Our latest published analysis: VICI rated Strong Buy

VICI Properties Inc.'s published Strong Buy conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$31.9 / share

Potential value

$46.9 / share

Upside to FV

+41.6%

from $23.5

Moat

8/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$24.8B
Revenue (ttm)	4.1B
Net income (ttm)	2.8B
EPS (ttm)	$2.58
Shares out	1.1B
P/E (trailing)	9.1x
P/E (forward)	7.8x
Dividend	$1.84 (7.85%)
Volume	7,830,749
Beta	0.67

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 4.1B
Net income (ttm): 2.8B
EPS (ttm): $2.58
P/E (trailing): 9.1x
P/E (forward): 7.8x
Market cap: $24.8B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$1.51B	$2.60B	$3.61B	$3.85B	$4.01B	+27.6%
Gross profit	$1.49B	$2.58B	$3.58B	$3.82B	$3.98B	+27.9%
Operating income	$1.42B	$1.68B	$3.37B	$3.56B	$3.66B	+26.8%
Net income	$1.01B	$1.12B	$2.51B	$2.68B	$2.78B	+28.6%
EPS (diluted)	$1.76	$1.27	$2.47	$2.56	$2.61	+10.4%
EBITDA	$1.42B	$1.68B	$3.37B	$3.56B	$3.67B	+26.7%
R&D	$1	$0	$1	—	—	+2.2%
SG&A	$33.1M	$48.3M	$59.6M	$69.1M	$65.1M	+18.4%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
AMT	American Tower Corporation	85.1B	25.8x	7.5x	7.8%	+4.0%	+0.7%	Azalt
ARE	Alexandria Real Estate Equities Inc.	6.9B	—	2.4x	0.9%	+6.6%	-45.8%	Tut
CCI	Crown Castle Inc.	37.4B	46.3x	9.1x	5.1%	-7.9%	-6.2%	Sat
CPT	Camden Property Trust	10.3B	32.3x	6.6x	3.2%	+7.7%	-0.6%	Al
DLR	Digital Realty Trust, Inc.	68B	86.6x	10.0x	2.4%	+9.3%	+3.7%	Sat
DOC	Healthpeak Properties, Inc.	13B	53.8x	4.4x	2.5%	+10.5%	+3.0%	Güçlü Al

Base and Bull scenarios

Base55%

Price target

$31.90

+41.6% from spot

Modal base case reflects predictable contractual compounding under master triple-net leases with Caesars and MGM. Full occupancy and contractual annual rent escalators drive top-line revenue from $4,006.12M in FY2025 to consensus expectations of $4,216.02M in FY2026 and $4,361.99M in FY2027. Operating margins normalize around 91.2% to 91.5%, and modest landlord capex ($1.34M in FY2025) preserves robust cash flow conversion supporting dividend distributions.

Contractual rent escalators drive revenue from $4,006.12M in FY2025 to consensus $4,216.02M in FY2026 and $4,361.99M in FY2027.
Operating margin normalizes at 91.2% to 91.5% supported by pure triple-net lease structures.
Rent collection rate remains 100% across Caesars and MGM master lease portfolios,.
Moderate cost of equity is 7.9347% and WACC is 7.2199%,.

Bull20%

Price target

$46.88

+108.1% from spot

Bull case assumes accelerated capital deployment into non-gaming experiential assets, including build-to-suit hospitality partnerships such as Club Med and development opportunities on the 50-acre Las Vegas parcel adjacent to Planet Hollywood. Higher CPI-linked rent escalators expand top-line growth above consensus, while VICI's valuation multiple re-rates toward the peer net-lease median from its discounted forward P/E of 7.77x.

Accelerated experiential capital deployment yields returns comfortably above WACC (7.22%).
Revenue growth exceeds base forecast through maximum CPI escalator realization across master leases.
Valuation multiple re-rates toward broader net-lease REIT peers (peer forward P/E median of 27.9x).
Successful entitlement and development of the 50-acre Las Vegas Strip parcel in partnership with Caesars.

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($31.90). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	1.8%	2.0%	2.3%	2.5%	2.8%
6.9%	$35.0	$36.1	$37.3	$38.7	$40.3
7.4%	$32.5	$33.4	$34.4	$35.5	$36.7
7.9%	$30.3	$31.1	$31.9	$32.8	$33.8
8.4%	$28.5	$29.2	$29.8	$30.6	$31.4
8.9%	$27.0	$27.5	$28.1	$28.7	$29.3

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E7.8

P25 n/aP50 n/aP75 n/a

Trailing P/E8.8

P25 n/aP50 n/aP75 n/a

ROE9.8

P25 n/aP50 n/aP75 n/a

ROIC7.7

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All VICI indicators

Market & fundamental data

Available fields

259

Groups with data

Currency

USD

Showing 259 of 259 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001705696
Company name	VICI Properties Inc.
Country	United States
Country code	US
CUSIP number	925652109
Earnings date	2026-10-28
Earnings time	amc
Employees	28
Employees change	1
Employees growth	3.7%
Enterprise value	$43.4B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-06-30
First seen	2026-05-09
Fiscal year end	December
Founded	2016
In index	SP500
Industry	REIT - Diversified
Is primary listing	Yes
Is SPAC	No
ISIN number	US9256521090
Last 10-K release date	2026-02-25
Last earnings date	2026-10-28
Last refreshed	2026-10-28
Last stock split type	Never
Market cap	$25.9B
Market cap category	Large-Cap
Next earnings date	2027-02-24
Options	Yes
Price	$23.51
Price currency	USD
Sector	Real Estate
SIC code	6798
Stock price date	2026-10-28
Symbol	VICI
U.S. state	New York
Website	https://www.viciproperties.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	9.11x
Average P/E ratio (10Y)	21.97x
Average P/E ratio (3Y)	11.8x
Average P/E ratio (5Y)	17.38x
Earnings yield	10.96%
EV/Earnings	15.7x
EV/EBIT	11.94x
EV/EBITDA	11.93x
EV/FCF	16.61x
EV/Sales	10.6x
FCF / EV yield	6.02%
FCF yield	10.1%
Forward EV/Sales	10.1x
Forward P/E	8x
Forward P/S	6.02x
Graham number	39.18627
Graham upside	66.75%
Industry forward P/E	12.38x
Industry P/E	15.27x
Lynch fair value	$44.02
Lynch upside	87.31%
P/(FCF - SBC) ratio	9.96x
P/(OCF - SBC) ratio	9.87x
P/B ratio	0.89x
P/E ratio	9.12x
P/FCF ratio	9.9x
P/FFO ratio	9.13x
P/OCF ratio	9.81x
P/S ratio	6.31x
PEG ratio	3.47x
Price / tangible book value	0.89x
Price/EBITDA ratio	7.11x
Sector forward P/E	29.99x
Sector P/E	40.99x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	88.72%
EBITDA margin	88.81%
Effective tax rate	0.1%
FCF margin	63.81%
Gross margin	99.27%
Operating margin	88.72%
Pretax margin	68.63%
Profit margin	67.5%
Profit per employee	$98.8M
Profitable quarters	16
Profitable years	8
Revenue per employee	$146.3M
ROA	4.82%
ROA (5Y)	4.79%
ROCE	8.21%
ROE	9.85%
ROE (5Y)	9.45%
ROIC	7.75%
ROIC (5Y)	7.81%
SBC / revenue	0.43%
Tax / revenue	0.07%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	-1.31%
EPS growth (Q)	-41.39%
EPS growth (QoQ)	-41.22%
EPS growth 3Y	5.85%
EPS growth 5Y	2.21%
EPS growth years	3
Net income growth	0.35%
Net income growth (Q)	-39.14%
Net income growth (QoQ)	-39.65%
Net income growth 3Y	8.85%
Net income growth 5Y	17.09%
Net income growth years	7
OCF growth	7.47%
OCF growth (Q)	13.8%
OCF growth (QoQ)	15.24%
OCF growth 10Y	96.51%
OCF growth 3Y	8.87%
OCF growth 5Y	22.01%
Revenue growth	4.36%
Revenue growth (Q)	5.71%
Revenue growth (QoQ)	3.93%
Revenue growth 10Y	71.23%
Revenue growth 3Y	7.02%
Revenue growth 5Y	22.87%
Revenue growth quarters	27
Revenue growth years	6

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-23.6M
Depreciation and amortization	$3.9M
EBIT	$3.6B
EBITDA	$3.6B
EPS	$2.58
FCF per share	$2.37
Financing cash flow	$-1.4B
Free cash flow	$2.6B
Free cash flow minus SBC	$2.6B
Funds from operations (FFO)	$2.8B
Gross profit	$4.1B
Income taxes	$2.8M
Investing cash flow	$-1.2B
Net cash flow	$55.1M
Net income	$2.8B
Operating cash flow minus SBC	$2.6B
Operating income	$3.6B
Revenue	$4.1B
Stock-based compensation	$17.6M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Book value per share	$26.49
Debt / EBITDA	4.89
Debt / equity	0.6
Debt / FCF	6.82
Interest coverage	4.33
Net cash (debt)	$-17.5B
Net cash / market cap	-67.8%
Net debt / EBITDA	4.82
Net debt / equity	0.59
Net debt / FCF	6.71
Piotroski F-Score	3
Property, plant and equipment	$288.5M
Shareholders' equity	$29.6B
Tangible book value	$29.2B
Tangible book value per share	$26.49
Total assets	$48.3B
Total cash	$300.9M
Total debt	$17.8B
Total liabilities	$18.7B
WACC	6.63%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.09
Current ratio	11.24
Net working capital	$44B
Quick ratio	11.23
Working capital	$41B

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	-1.85%
Dividend growth	3.58%
Dividend growth (3Y)	4.52%
Dividend growth (5Y)	6.04%
Dividend growth years	7
Dividend payment date	2026-10-08
Dividend payment years	9
Dividend payout frequency	Quarterly
Dividend per share	$1.84
Dividend yield	7.85%
Ex-dividend date	2026-09-17
FCF payout ratio	77.49%
Last dividend	$0.46
Payout ratio	71.43%
Shareholder yield	5.99%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
150-day SMA	$26.38
1D price change	-0.82%
1M price change	-0.32%
1M total return	-0.32%
1W price change	0.28%
1W total return	0.28%
1Y price change	-24.33%
1Y return CAGR	-19.04%
1Y total return	-19.02%
20-day SMA	$23.17
200-day SMA	$27.00
3M price change	-12.39%
3M total return	-10.72%
3Y price change	-14.28%
3Y return CAGR	0.8%
3Y total return	2.41%
50-day SMA	$24.23
50-day SMA vs 200-day SMA	50under200
52-week high	$30.88
52-week high date	2025-10-28
52-week low	$22.43
52-week low date	2026-10-05
5Y price change	-21.2%
5Y return CAGR	0.8%
5Y total return	4.04%
6M price change	-17.6%
6M total return	-14.61%
All-time high	$35.69
All-time high date	2022-08-15
All-time low	$9.85
All-time low date	2020-03-18
Average true range (ATR)	$0.43
Average volume	9.3M
Beta (1Y)	0.32
Beta (2Y)	0.29
Beta (5Y)	0.67
Change from 52-week high	-23.88%
Change from 52-week low	4.82%
Change from all-time high	-34.34%
Change from all-time low	137.92%
Change from open	-0.02%
Day's gap	-0.8%
Dollar volume	$184.1M
High price	$23.58
Low price	$23.37
Monthly RSI	34.33
Open price	$23.51
Position in 52-week range	64.29%
Premarket change	-0.76%
Premarket close	$23.70
Premarket price	$23.52
Premarket volume	15.6K
Previous close	$23.70
Price vs 150-day SMA	-11.17%
Price vs 20-day SMA	1.13%
Price vs 200-day SMA	-13.2%
Price vs 50-day SMA	-3.29%
Relative volume	0.85
RSI	47.64
Sharpe ratio	-1.23
Sharpe ratio (3Y)	-0.07
Sharpe ratio (5Y)	-0.07
Sortino ratio	-1.39
Sortino ratio (3Y)	0.2
Sortino ratio (5Y)	0.18
Volume	7.8M
Weekly RSI	33.84
YTD price change	-16.66%
YTD total return	-12.24%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	1.1B
Float percentage	99.6%
Shares change (QoQ)	2.03%
Shares change (YoY)	1.85%
Shares held by insiders	0.29%
Shares held by institutions	97.75%
Shares outstanding	1.1B
Short % of float	2.58%
Short % of shares	2.57%
Short ratio	2.6 days

Other indicators

Additional ticker metrics that do not fit the primary research groupings.

Metric	Value
Page views	420

Deeper analysis on VICI

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this VICI report

What is the latest published VICI stock rating?

VICI Properties Inc. is shown with Strong Buy in the latest published report, analyzed 2026-10-05. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full VICI analysis?

The full latest published report, analyzed 2026-10-05, lives at /stocks/VICI/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for VICI?

The latest published report analyzed 2026-10-05 gives VICI a fair value of USD 32 and a potential value of USD 47. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the VICI page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-05). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

Strong BuyVICI · Fair value $31.9+41.6%

Read full analysis →

Category	Score	Reading
Valuation	8.5
Management	9.5
Balance Sheet	7.5
Profitability	6.5
Revenue Growth	6.0
Risk Assessment	8.0
Competitive Moat	8.0
Earnings Quality	4.5
Capital Efficiency	5.5

VICI Properties Inc. (VICI)

Our latest published analysis: VICI rated Strong Buy

Price

Financial snapshot

Fair-value bridge

Latest news · VICI

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All VICI indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Other indicators

Deeper analysis on VICI

Frequently asked questions

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