Vici Properties (VICI)

Real Estate · $27.2B market cap · SEC CIK 0001705696

Next reports on Feb 23, 2027, after the close, with analysts expecting $0.73 in earnings per share.

52-week range $22.43 to $30.83. 19% below its 52-week high and 11% above its low.

The case for VICI

• Cheap for its growth: 11.6× earnings, where 8%+ a year of growth would justify about 20×.
• 56% of revenue drops through to net profit.
• Trades at 0.87× 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

• Long-term debt of $16.8B would take 7 years of operating cash flow to repay.
• Priced at 6.6× sales with revenue growing only 4.7%.
• Growth is slowing: revenue up 4.7% this year against 26.7% a year over five.
• Earnings per share fell 17.2%.
• Current liabilities exceed current assets (ratio 0.39).
• The price trend is weak (32/100): −17.1% over a year, −3.5% over three months, 19% below its 52-week high.

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. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.

• Capital spending is missing from its filings, so free cash flow cannot be worked out. Operating cash flow stands in for the cash test, against a stricter bar.
• Each factor except momentum is half fixed thresholds, half rank among the 30 Real Estate companies.

The financials

The financials, five years deep

Pulled from Vici Properties's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.

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

• Securities of or Interests in Persons Primarily Engaged in Real Estate Activities and Other Issuers
• Investments in Short-term Commercial Paper and Discount Notes
• Because a concentrated portion of our revenues are generated from the Las Vegas Strip, we are subject to greater risks than a company that is more geographically diversified
• We are subject to additional risks from our investments located outside the United States or on tribal land
• We are exposed to risks related to certain of our properties that are subject to ground and use lease arrangements
• Our properties and the properties securing our loans are subject to risks from natural disasters and other adverse or extreme weather conditions, including the physical effects of climate change
• Terrorist attacks or other acts of violence may affect our properties or our tenants’ businesses and operations at such properties
• The loss of the services of key personnel could have a material adverse effect on our business
• We face risks associated with cybersecurity incidents and other significant disruptions of our information technology (IT) networks and related systems or those IT networks and systems of third parties
• Properties within our portfolio are, and properties that we may acquire in the future are likely to be, operated and promoted under certain trademarks and brand names that we do not own
• The market price and trading volume of shares of our common stock may be volatile
• Uncertainty in the macroeconomic environment, including heightened interest rates and uncertainty regarding future interest rates, have and may continue to negatively affect us
• Disruption in the equity and debt capital markets may adversely affect our ability to access external funding for our growth and ongoing debt service requirements
• Adverse changes in our credit ratings may affect our borrowing terms and capacity
• A breach or default of covenants in our debt agreements could materially and adversely affect our business, financial condition, liquidity, results of operations and prospects
• We have engaged and may engage in hedging or other derivative transactions that may limit gains or result in losses
• We may incur adverse tax consequences if we have failed or fail to qualify as a REIT for U.S. federal income tax purposes
• Complying with REIT requirements may cause us to liquidate or forgo otherwise attractive opportunities and limit our expansion opportunities, or otherwise adversely affect our ability to execute our business plan
• If VICI OP fails to qualify as a partnership for U.S. federal income tax purposes, we would fail to qualify as a REIT and suffer other adverse tax consequences
• Even if we qualify as a REIT, we may face other tax liabilities that reduce our cash flow
• Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities
• Changes to the U.S. federal income tax laws or global tax laws could have a material and adverse effect on us or our stockholders
• VICI is a holding company with no direct operations and relies on distributions received from VICI OP to make distributions to its stockholders
• Certain provisions in our charter and bylaws, as well as certain provisions of Maryland law, may delay, defer or prevent an acquisition of our common stock or a change in control
• Our charter contains restrictions on the ownership and transfer of our stock to maintain our qualification as a REIT
• • Our Board of Directors has the power to cause us to issue and authorize additional shares of our capital stock without stockholder approval
• • Certain provisions of Maryland law may limit the ability of a third party to acquire control of us

Filings

Other Real Estate companies