Vici Properties (VICI)
Real Estate · $26.5B market cap · SEC CIK 0001705696
fundamentals score out of 100
Next reports on Oct 28, 2026, with analysts expecting $0.73 in earnings per share.
The case for VICI
- Cheap on earnings at 9.6×, well under the market's usual 20×.
- 68% of revenue drops through to net profit.
- Trades at 0.99× book value, below what the balance sheet says it owns.
- Pays a 5.8% dividend while you wait.
- Has compounded revenue at 26.7% a year over five years.
- Gross margin of 99% absorbs cost shocks.
The case against
- Down 24.5% over the past year.
- Long-term debt of $16.8B would take 7 years of operating cash flow to repay.
- Priced at 6.5× sales with revenue growing only 4.4%.
- Growth is slowing: revenue up 4.4% this year against 26.7% a year over five.
- Current liabilities exceed current assets (ratio 0.39).
- Near the bottom of its 52-week range, 27% below the high. Falling prices usually have a reason; find it first.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Real Estate companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 87 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 64 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 80 |
| Momentumhow the price has behaved lately | 18 |
| Stabilityhow violently it moves, what it owes and what it pays you | 62 |
- Each factor except momentum is half fixed thresholds, half rank among the 31 Real Estate companies.
Key numbers
| Price / earnings | 9.6× |
|---|---|
| Price / book | 0.99× |
| Price / sales | 6.5× |
| Revenue growth (YoY) | +4.4% |
| EPS growth (YoY) | -1.4% |
| Gross margin | 99% |
| Operating margin | 89% |
| Net margin | 68% |
| Return on equity | 10% |
| Debt / equity | 0.61× |
| Current ratio | 0.39 |
| Dividend yield | 5.79% |
| Beta | 0.68 |
| 52-week range | $23.72 – $33.01 |
| Position in that range | 3% of the way up |
| 3-month return | -8.5% |
| 1-year return | -24.5% |
Five years of financials, as filed
Pulled from Vici Properties's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $4.0B | $3.8B | $3.6B | $2.6B | $1.5B |
| Net income | $2.8B | $2.7B | $2.5B | $1.1B | $1.0B |
| Operating cash flow | $2.5B | $2.4B | $2.2B | $1.9B | $896M |
| Total assets | $46.7B | $45.4B | $44.1B | $37.6B | $17.6B |
| Total liabilities | $18.5B | $18.4B | $18.4B | $15.3B | $5.4B |
| Shareholder equity | $27.8B | $26.5B | $25.3B | $21.9B | $12.1B |
| Cash | $563M | $525M | $523M | $209M | $740M |
| Long-term debt | $16.8B | $16.7B | $16.7B | $13.7B | $4.7B |
| Net margin | 69.3% | 69.6% | 69.6% | 43.0% | 67.2% |
| Diluted shares | 1.1B | 1.0B | 1.0B | 880M | 866M |
Share count is up 22.8% over 4 years. Your slice has been diluted. Counts are restated for stock splits so the years compare.
What Vici Properties says it does
We are a Maryland corporation that is primarily engaged in the business of owning and acquiring gaming, hospitality, wellness, entertainment and leisure destinations, subject to long-term triple net leases. As of December 31, 2025, we own 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas (the "Venetian Resort"), three of the most iconic entertainment facilities on the Las Vegas Strip. Our gaming and entertainment facilities are leased to leading brands that seek to drive consumer loyalty and value with guests through superior services, experiences, products and continuous innovation. Across approximately 127 million square feet, our well-maintained properties 2 Table of Contents are curren tly located across urban, destination and…
Risk factors VICI lists in its 10-K
- Recent Sales of Unregistered Securities
- Issuer Repurchases of Equity Securities
- Registered Offering of Securities - Use of Proceeds
- Management’s Discussion and Analysis of Financial Condition and Results of Operations
- section in Item 1A. of this Annual Report on Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by such forward-looking statements
- Real Estate Debt Investment Activity
- Financing and Capital Markets Activity
- Forward-Starting Interest Rate Swap Agreements
- Tenant, Borrower and Industry Performance
- Impact of the Macroeconomic Environment
- Overall Implications of Such Material Trends on Our Business
- Results of Operations for the Years Ended December 31, 2025 and December 31, 2024
- (2) Amounts represent the non-cash adjustment to income from sales-type leases and lease financing receivables in order to recognize income on an effective interest basis at a constant rate of return over the term of the leases
- General and Administrative Expenses