Vici Properties Inc. (VICI)

Real Estate · Hotel & Resort REITs · US stock · S&P 500 component

$24.02 ▲ +0.87 (3.76%)

At close 22 Oct 2026 · USD · Volume 9,471,646

Compare with HST

Interactive chart Research report Forecast ranges Pro workspace SEC filings Historical data

Fair valueFair

$27 +14.3% to fair value

$14fair band $23–$33$41

Day's range

$23.26 – $24.04

52-week range

$22.43 – $31.69

About Vici Properties Inc.

Vici Properties is a real estate investment trust that owns a portfolio of large gaming, hospitality and entertainment properties, including well-known casino resorts in Las Vegas. It leases these properties to operators under long-term triple-net agreements, in which the tenant pays property taxes, insurance and maintenance. Rent is therefore its main source of revenue, and many leases include scheduled increases tied to fixed amounts or inflation measures.

Vici Properties Inc. generated $4.1 billion of revenue in the last twelve months, with sales that grew 15.5% a year over the past three years. Net debt to EBITDA is 4.6 times. The operating margin is 89.1% and the return on invested capital is 7%. A dividend is paid, with a yield of 7.5%. Its X-Ray Score is 64 out of 100.

Price chart

Interactive chart Historical data & CSV

52-wk range $22.43 – $31.69Volume 9,471,646Daily, split-adjusted

Vitals

Market cap$26.2B

52-week range$22.43 – $31.69

Volume (last day)9,471,646

P/E (TTM)9.3

EBIT / EV yield8.4%

Free-cash-flow yield–

Dividend yield7.5%

Revenue (TTM)$4.1B

Net income (TTM)$2.8B

Operating margin89.1%

Return on capital7.2%

Debt incl. leases$17.0B

Cash & securities$288M

Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.

Fair value estimate

$27middle half of models $25 – $30

Fair +14.3% to fair value

Average of the 4 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.

Price $24

Undervalued < $23Fair $23 – $33Overvalued > $33

P/B multiple

$31

P/S multiple

$29

P/FFO multiple

$25

P/AFFO multiple

$24

Dividend discount, stable · not used

$138

Dividend discount, multi-stage · not used

$231

A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.

What this means

Average business, fairly priced

The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.

Before you invest · decision checklist

I understand how this company makes money Business quality is average or better ✓ 52 The price is not above fair value $27 fair value Debt looks manageable 4.6× EBITDA Revenue has been growing 15.5% a year Profits are backed by cash There are no red flags none raised I know what share of my savings this would be

Ticked boxes are filled in from our data; the rest are yours to answer.

The five-lens scan

Every score explained in one sentence, ranked against Real Estate peers. Open a lens to see the numbers behind it.

Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data

Valuation Strong

82/100

Cheap against its sector on earnings and cash flow.

See the numbers →

EBIT / EV yield8.4%

Fair value vs price1.1×

Growth Fair

68/100

Growing at a typical pace for its sector.

See the numbers →

Revenue growth (3y)15.5%

EPS growth (3y)27.1%

Growth consistency100%

Profitability Weak

38/100

Earns lower returns on its capital than most peers.

See the numbers →

Return on invested capital7.2%

Operating margin89.1%

Gross profitability8.4%

Financial health Fair

66/100

Balance sheet is in typical shape for its sector.

See the numbers →

Piotroski F-Score7 / 9

Net debt / EBITDA4.6×

Interest cover4.3×

Dividends Strong

81/100

Dividend is high and well covered by cash flow.

See the numbers →

Dividend yield7.5%

Dividend growth15.0%

Quarterly results: last 6 quarters

+3.4%

Mar '25

+4.6%

Jun '25

+4.4%

Sep '25

+3.8%

Dec '25

+3.5%

Mar '26

+5.7%

Jun '26

Revenue against the same quarter a year earlier. Latest quarter revenue $1.1B, diluted EPS $0.48.

Compare with peers

HST Host Hotels & Resorts,...59

Other Hotel & Resort REITs companies by X-Ray Score.

SWOT analysis: Vici Properties Inc.

Strengthsinside the company

Operating margin of 89.1% is well above the 32.5% median of sector peers, a sign of pricing power or lower costs.
Revenue has grown 15.5% a year over three years (median 6.6% for sector peers).
Earnings per share have compounded at 27.1% a year over three years.
Passes 7 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.

Weaknessesinside the company

Net debt is 4.6x EBITDA, above the 3x level that lenders usually watch.

Opportunitiesvaluation and setting

Trades at 9.5x earnings, 71% below the 32.2x median of sector peers.

Threatsvaluation and setting

Revenue growth slowed to 4.1% last year from 15.5% a year over three years.
Heavy debt makes profits sensitive to interest rates and refinancing conditions.
Our Market Compass rates the backdrop for Real Estate as unfavourable.

Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.

Compare VICI with peers and sector

Medians of 28 Real Estate peers and of 28 Real Estate stocks in our universe. Largest peers (X-Ray Score): WELL 48, PLD 43, EQIX 51, AMT 53, SPG 42, DLR 37.

Metric	VICI	Peers	Sector
X-Ray Score (out of 100)	64	51	51
Valuation	82	52	52
Growth	68	56	56
Profitability	38	53	53
Financial health	65	53	53
Dividends	80	47	47

Sector leaders: highest X-Ray Score in Real Estate

VICI ranks #1 of 29 in Real Estate by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.

Company	X-Ray Score
#1 VICI Vici Properties Inc. (this stock)	64
#2 ARE Alexandria Real Estate Equ...	62
#3 VMRK Vivmark Residential	62
#4 INVH Invitation Homes Inc.	59
#5 HST Host Hotels & Resorts, Inc...	59

Metric	VICI	Peers	Sector
P/E ratio	9.5x	32.2x	32.2x
PEG ratio	0.35	1.80	1.80
Price / book	0.9x	2.6x	2.6x
Price / sales	6.4x	7.1x	7.1x
EV / EBITDA	11.9x	18.7x	18.7x
Price / free cash flow	–	21.4x	21.4x
Dividend yield	7.5%	4.2%	4.2%
Gap to our fair value	+14.3%	+6.5%	+6.5%

Metric	VICI	Peers	Sector
Price change, 1 month	+0.2%	+2.8%	+2.8%
Price change, 3 months	−7.9%	−6.2%	−6.2%
Price change, 6 months	−11.7%	+2.8%	+2.8%
Price change, 1 year	−17.8%	+2.5%	+2.5%

Metric	VICI	Peers	Sector
Market value	$26.2B	$21.7B	$21.7B
Revenue (last 12 months)	$4.1B	$3.9B	$3.9B
EBITDA (last 12 months)	$3.7B	$2.1B	$2.1B
Net income (last 12 months)	$2.8B	$761M	$761M
Free cash flow (last 12 months)	–	$1.3B	$1.3B

Metric	VICI	Peers	Sector
Revenue growth, last year	+4.1%	+5.1%	+5.1%
Revenue growth, 3 years a year	+15.5%	+6.6%	+6.6%
EPS growth, 3 years a year	+27.1%	−3.5%	−3.5%
Free cash flow growth, 3 years a year	–	+0.9%	+0.9%
Dividend growth	+15.0%	+8.3%	+8.3%

Metric	VICI	Peers	Sector
Gross margin	99.3%	64.6%	64.6%
EBITDA margin	89.1%	58.8%	58.8%
Operating margin	89.1%	32.5%	32.5%
Net margin	67.5%	21.2%	21.2%
Return on invested capital	7.2%	7.7%	7.7%
Return on equity	9.5%	7.2%	7.2%

Metric	VICI	Peers	Sector
Net debt / EBITDA	4.6x	4.6x	4.6x
Interest cover	4.3x	3.3x	3.3x
Current ratio	–	0.9x	0.9x
Piotroski F-score (0 to 9)	7	6	6

Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.

Factor ratings for VICI

Each factor is rated by where VICI stands among the 29 Real Estate stocks in our universe.

Rating against the sector

Goodthe top third of these stocks

Averagethe middle third of these stocks

Badthe bottom third of these stocks

"Beats" is the share of those stocks it is ahead of.

Against its own history

The last columns set today's figure against the company's own median of its last five financial years:

▲ Betterbetter than its usual level

▼ Worseworse than its usual level

≈ In linewithin its usual range

For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.

In total: 12 Good · 4 Average · 2 Bad of 18 Growth: 2 · 1 · 0 Profitability: 4 · 1 · 0 Financial strength: 2 · 1 · 0 Valuation: 3 · 1 · 0 Cash flow: 1 · 0 · 2

Factor	VICI	Rating	Sector median	Own 5-year median	Against own history
Growth
Revenue growth, 3 years a year	+15.5%	Good beats 88%	+6.8%	–	–
Revenue growth, last year	+4.1%	Average beats 36%	+5.1%	+23.2%	▼ Worse
EPS growth, 3 years a year	+27.1%	Good beats 79%	−1.9%	–	–
Profitability
Gross margin	99.3%	Good beats 99%	47.1%	99.3%	≈ In line
Operating margin	89.1%	Good beats 98%	34.3%	92.4%	≈ In line
Net margin	67.5%	Good beats 95%	21.5%	69.3%	≈ In line
Return on invested capital	7.2%	Average beats 44%	7.5%	–	–
Return on equity	9.5%	Good beats 67%	7.3%	10.0%	≈ In line
Financial strength
Net debt / EBITDA	4.6x	Average beats 53%	4.6x	4.6x	≈ In line
Interest cover	4.3x	Good beats 73%	3.4x	4.1x	≈ In line
Piotroski F-score	7 / 9	Good beats 69%	6 / 9	–	–
Valuation
P/E ratio	9.5x	Good beats 98%	32.1x	12.9x	▲ Better
Price / book	0.9x	Good beats 94%	2.6x	1.3x	▲ Better
Price / sales	6.4x	Average beats 64%	7.0x	9.0x	▲ Better
EV / EBITDA	11.9x	Good beats 81%	18.6x	14.4x	▲ Better
Cash flow
Free cash flow margin	64.4%	Good beats 91%	44.6%	61.9%	≈ In line
Cash from operations / net income	0.95	Bad beats 5%	1.91	0.89	≈ In line
Accruals (lower is better)	+0.3%	Bad beats 5%	−3.7%	–	–

These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.

Fundamentals checklist

● 8 Good · ● 2 Average · ● 2 Bad

Cash quality

Earnings backed by cashBad

Risk models

Piotroski F-ScoreGood

Growth

EPS growth (3y)Good

Revenue growth (3y)Good

Growth consistencyGood

Balance sheet

Net debt / EBITDAAverage

Interest coverGood

Valuation

Fair value vs priceGood

EBIT / EV yieldGood

Profitability

Return on invested capitalAverage

Operating marginGood

Gross profitabilityBad

Each check is graded against the company's sector, not a fixed number. Checklist score 59/100.

Financials

	FY21	FY22	FY23	FY24	FY25
Revenue	$1.5B	$2.6B	$3.6B	$3.8B	$4.0B
Operating income	$1.4B	$1.7B	$3.4B	$3.6B	$3.7B
Net income	$1.0B	$1.1B	$2.5B	$2.7B	$2.8B
Operating cash flow	$896M	$1.9B	$2.2B	$2.4B	$2.5B
Operating margin	94.0%	64.6%	93.2%	92.4%	91.5%
Free cash flow	–	–	–	–	–
Diluted EPS	$1.76	$1.27	$2.47	$2.56	$2.61

Fiscal years, from SEC filings.

Technical summary

Daily

Bearish

5 bullish · 1 neutral · 10 bearish

Weekly

Strongly bearish

0 bullish · 1 neutral · 11 bearish

Monthly

Strongly bearish

0 bullish · 1 neutral · 7 bearish

Moving averages (daily)

SMA 10	23.25	Bullish
EMA 10	23.33	Bullish
SMA 20	23.07	Bullish
EMA 20	23.35	Bullish
SMA 50	24.19	Bearish
EMA 50	24.03	Bearish
SMA 100	25.21	Bearish
EMA 100	24.91	Bearish
SMA 200	26.26	Bearish
EMA 200	25.91	Bearish

Oscillators (daily)

RSI (14)	57.74	Neutral
MACD (12, 26)	-0.17	Bearish
Momentum (12)	5.68	Bullish
Stochastic %K (14)	98.76	Bearish
Williams %R (14)	-1.24	Bearish
CCI (20)	165.1	Bearish

Pivot points (classic, last session)

22.72

22.99

23.50

Pivot

23.77

24.29

24.56

25.07

Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.

Dividends

Paid, last 12 months

1.81 USD

Yield on today's price

7.54%

Frequency

Quarterly

Next ex-dividend date

Not announced

Ex-dividend date	Amount per share
17 Sep 2026	0.4600
18 Jun 2026	0.4500
19 Mar 2026	0.4500
17 Dec 2025	0.4500
18 Sep 2025	0.4500
18 Jun 2025	0.4330
20 Mar 2025	0.4330
17 Dec 2024	0.4330
18 Sep 2024	0.4330
18 Jun 2024	0.4150
20 Mar 2024	0.4150
20 Dec 2023	0.4150

Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.

ETFs that hold VICI

ETF	Share of the fund
XLRE The Real Estate Select Sector SPDR	3.01%
ICF iShares Cohen & Steers REIT	2.93%
SPHD Invesco S&P 500 High Dividend Low Vola...	2.66%
USRT iShares Core U.S. REIT	2.30%
SCHH Schwab U.S. REIT	2.18%
IYR iShares U.S. Real Estate	2.14%
DFAR DFA Investment Dimensions Group Inc.	2.12%
REET iShares Global REIT	1.53%

The eight funds with the largest weight in VICI among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.