A Business at a Glance
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VICI PROPERTIES INC.
VICI
$28.4B
Mkt Cap
$26.73
+1.56%
VICI PROPERTIES INC. (VICI) has a current P/E ratio of 10.2, compared to its historical median P/E of 11.5. The stock is currently considered Fair based on its historical valuation range.
VICI PROPERTIES INC. (VICI) has a 5-year average return on invested capital (ROIC) of 8.1%. This is below average and may indicate limited pricing power.
VICI PROPERTIES INC. (VICI) has a market capitalization of $28.6B. It is classified as a large-cap stock.
Yes, VICI PROPERTIES INC. (VICI) pays a dividend with a trailing twelve-month yield of 6.56%.
Based on historical P/E analysis, VICI PROPERTIES INC. (VICI) appears fair. The current P/E of 10.2 is 11% below its historical median of 11.5. The estimated fair value CAGR (P/E method) is 11.3%.
VICI PROPERTIES INC. (VICI) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
VICI PROPERTIES INC. (VICI) reported annual revenue of $4.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
VICI Properties is a Maryland-incorporated real estate investment trust that owns and acquires gaming, hospitality, wellness, entertainment and leisure destinations operated under long-term triple-net leases. As of December 31, 2025, the company owns 93 experiential assets—54 gaming properties and 39 other experiential properties—across 26 U.S. states and Canada, including iconic Las Vegas Strip properties such as Caesars Palace, MGM Grand, and the Venetian Resort. The portfolio spans approximately 127 million square feet with 100% occupancy, featuring roughly 60,300 hotel rooms and over 500 restaurants, bars, nightclubs and sportsbooks across urban, destination and drive-to markets. Under triple-net lease structures, tenants bear all operating costs, property taxes, insurance, maintenance and capital expenditures, while VICI derives substantially all revenues from base rent with contractual escalations—42% of 2025 rent and 90% of long-term rent feature CPI-linked escalation subject to caps. The company also maintains a growing portfolio of real estate debt investments and partnerships with leading experiential operators including Cabot, Cain, Canyon Ranch, Chelsea Piers, Great Wolf Resorts and Lucky Strike Entertainment, alongside ownership of four championship golf courses and approximately 33 acres of undeveloped land on and adjacent to the Las Vegas Strip. VICI's competitive positioning rests on the mission-critical complexity and high replacement cost of its non-commodity experiential assets, regulatory barriers to entry in gaming, long weighted-average lease terms of approximately 39.6 years including extension options, and tenant transparency with 79% of rent derived from SEC-reporting operators.
【Strategic experiential diversification】 Management expects continued tenant capital investment to maintain competitive positioning of properties, with particular focus on expanding beyond gaming into other experiential sectors that demonstrate low cyclicality, compelling place-based experiences, favorable supply-demand dynamics and strong operator cash generation. The company targets 8%-10% total annual returns and maintains a disciplined capital allocation approach, with guidance reflecting only base rent and contractual escalators and excluding pending acquisitions without announced closing dates. Management commentary indicates confidence in long-term demand for experiential real estate, noting that Las Vegas operators expect trends to improve through 2026 and that higher-end consumers remain resilient, while the company pursues a measured approach to external growth focused on quality assets and sustainable per-share returns rather than aggressive acquisition targets.
| Metric | Target | Period |
|---|---|---|
| AFFO | $2.665 billion to $2.695 billion | FY ending December 31, 2026 |
| AFFO per diluted common share | $2.44 to $2.47 | FY ending December 31, 2026 |
AFFO (FY ending December 31, 2026): “AFFO for the year ending December 31, 2026, is expected to be between $2.665 billion and $2.695 billion, or between $2.44 and $2.47 per diluted common share.”
AFFO per diluted common share (FY ending December 31, 2026): “AFFO for the year ending December 31, 2026, is expected to be between $2.665 billion and $2.695 billion, or between $2.44 and $2.47 per diluted common share.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.0B | 4.0B | 3.8B | 3.6B | 2.6B | 1.5B |
| Net Income | 3.1B | 2.8B | 2.7B | 2.5B | 1.1B | 1.0B |
| EPS | $2.91 | $2.61 | $2.56 | $2.47 | $1.27 | $1.76 |
| Free Cash Flow | 2.5B | 2.5B | 2.4B | 2.2B | 1.9B | 894M |
| ROIC | 0.0% | 8.3% | 8.3% | 8.7% | 6.5% | 8.8% |
| Gross Margin | - | 99.2% | 99.2% | 99.1% | 66.4% | 98.4% |
| Debt/Equity | 0.60 | 0.60 | 0.63 | 0.66 | 0.63 | 0.39 |
| Dividends/Share | $1.75 | $1.77 | $1.70 | $1.61 | $1.50 | $1.38 |
| Operating Income | 0 | 3.6B | 3.5B | 3.3B | 1.7B | 1.4B |
| Operating Margin | 0.0% | 90.4% | 91.3% | 92.1% | 63.8% | 93.3% |
| ROE | 11.0% | 10.2% | 10.3% | 10.7% | 6.6% | 9.4% |
| Shares Outstanding | 1,069M | 1,063M | 1,046M | 1,018M | 880M | 576M |
VICI PROPERTIES INC. passes 4 of 9 quality checks, suggesting mixed fundamentals.
VICI PROPERTIES INC. trades at 10.2x trailing earnings, compared to its 15-year median P/E of 11.5x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 11.4x vs a median of 12.0x. The company's 5-year average ROIC is 8.1% with a gross margin of 92.5%. Total shareholder yield (dividends) is 6.6%. At current prices, the estimated annualized return to fair value is +7.8%.
VICI PROPERTIES INC. (VICI) has a net profit margin of 69.3%. This is a strong margin indicating high profitability.
VICI PROPERTIES INC. (VICI) generated $2.5 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
VICI PROPERTIES INC. (VICI) has a debt-to-equity ratio of 0.60. This indicates moderate leverage.
VICI PROPERTIES INC. (VICI) reported earnings per share (EPS) of $2.61 in its most recent fiscal year.
VICI PROPERTIES INC. (VICI) has a return on equity (ROE) of 10.2%. This indicates moderate shareholder returns.
VICI PROPERTIES INC. (VICI) has a 5-year average gross margin of 92.5%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 10 years of financial data for VICI PROPERTIES INC. (VICI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
VICI PROPERTIES INC. (VICI) has a book value per share of $26.14, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued tenant capital investment to maintain competitive positioning of properties, with particular focus on expanding beyond gaming into other experiential sectors that demonstrate low cyclicality, compelling place-based experiences, favorable supply-demand dynamics and strong operator cash generation. The company targets 8%-10% total annual returns and maintains a disciplined capital allocation approach, with guidance reflecting only base rent and contractual escalators and excluding pending acquisitions without announced closing dates. Management commentary indicates confidence in long-term demand for experiential real estate, noting that Las Vegas operators expect trends to improve through 2026 and that higher-end consumers remain resilient, while the company pursues a measured approach to external growth focused on quality assets and sustainable per-share returns rather than aggressive acquisition targets.
Based on recent SEC filings and earnings calls, VICI PROPERTIES INC. (VICI) has provided the following forward guidance: AFFO: $2.665 billion to $2.695 billion (FY ending December 31, 2026); AFFO per diluted common share: $2.44 to $2.47 (FY ending December 31, 2026).