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VICI Properties Inc. (VICI) 10-Year Financial Performance & Capital Metrics

VICI • • REIT / Real Estate
Real EstateDiversified REITsSpecialized Property REITsGaming & Hospitality REITs
AboutVICI Properties is an experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including the world-renowned Caesars Palace. VICI Properties' national, geographically diverse portfolio consists of 29 gaming facilities comprising over 48 million square feet and features approximately 19,200 hotel rooms and more than 200 restaurants, bars and nightclubs. Its properties are leased to industry leading gaming and hospitality operators, including Caesars Entertainment, Inc., Century Casinos Inc., Hard Rock International, JACK Entertainment and Penn National Gaming, Inc. VICI Properties also owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip. VICI Properties' strategy is to create the nation's highest quality and most productive experiential real estate portfolio.Show more
  • Revenue $3.85B +6.6%
  • FFO $2.68B +6.6%
  • FFO/Share 2.56 +3.3%
  • FFO Payout 65.34% +3.9%
  • FFO per Share 2.56 +3.3%
  • NOI Margin 99.3%
  • FFO Margin 69.7%
  • ROE 10.18% -2.9%
  • ROA 5.99% -2.7%
  • Debt/Assets 38.9% -2.8%
  • Net Debt/EBITDA 4.83 -5.5%
  • Book Value/Share 25.73 +1.8%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong 5Y profit CAGR of 37.5%
  • ✓Sustainable FFO payout ratio of 65.3%
  • ✓High NOI margin of 99.3%
  • ✓Healthy dividend yield of 5.9%
  • ✓Trading at only 1.1x book value

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y33.88%
3Y36.62%
TTM4.51%

Profit (Net Income) CAGR

10Y-
5Y37.45%
3Y38.25%
TTM-0.95%

EPS CAGR

10Y-
5Y15.6%
3Y13.3%
TTM-2.96%

ROCE

10Y Avg5.43%
5Y Avg7.41%
3Y Avg7.46%
Latest8.05%

Peer Comparison

Gaming & Hospitality REITs
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
VICIVICI Properties Inc.30.38B28.4211.106.57%70.04%9.91%7.82%0.65

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Revenue+18.08M18.79M201.44M897.98M894.8M1.23B1.51B2.6B3.61B3.85B
Revenue Growth %-0.04%9.72%3.46%-0%0.37%0.23%0.72%0.39%0.07%
Property Operating Expenses13.42M13.74M33.77M99.18M18.9M33.42M20.76M22.6M27.09M26.89M
Net Operating Income (NOI)+----------
NOI Margin %----------
Operating Expenses+4.64M5.04M23.47M40.84M33.4M278.91M44.47M945.64M240.05M277.38M
G&A Expenses1.76M2.01M11.28M24.43M24.57M30.66M33.12M48.34M59.6M69.11M
EBITDA+2.9M3.04M147.35M761.64M846.33M916.97M1.45B1.64B3.35B3.55B
EBITDA Margin %----------
Depreciation & Amortization+2.88M3.03M3.15M3.69M3.83M3.73M3.09M3.18M4.3M4.13M
D&A / Revenue %----------
Operating Income+18K7K144.2M757.95M842.5M913.24M1.44B1.63B3.34B3.54B
Operating Margin %----------
Interest Expense+18K7K63.35M212.66M248.38M308.61M392.39M539.95M818.06M826.1M
Interest Coverage1.00x1.00x2.28x3.56x3.39x2.96x3.68x3.02x4.09x4.29x
Non-Operating Income0038.21M11.73M38.13M-292.4M25.9M-46.65M-21.69M-12.11M
Pretax Income+0042.64M533.56M555.99M897.04M1.03B1.14B2.55B2.73B
Pretax Margin %----------
Income Tax+-3K7K-1.9M1.44M1.71M831K2.89M2.88M-6.14M9.7M
Effective Tax Rate %----------
Net Income+3K3.03M42.66M523.62M545.96M891.67M1.01B1.12B2.51B2.68B
Net Margin %----------
Net Income Growth %-1009%13.08%11.27%0.04%0.63%0.14%0.1%1.25%0.07%
Funds From Operations (FFO)+----------
FFO Margin %----------
FFO Growth %-1.1%6.56%10.51%0.04%0.63%0.14%0.1%1.25%0.07%
FFO per Share+----------
FFO Payout Ratio %----------
EPS (Diluted)+0.000.010.131.431.241.751.761.272.472.56
EPS Growth %---10%-0.13%0.41%0.01%-0.28%0.94%0.04%
EPS (Basic)0.000.010.131.431.251.761.801.272.482.56
Diluted Shares Outstanding360.78M360.78M327.58M367.32M439.15M510.91M577.07M879.68M1.02B1.05B

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Assets+92.03M90.47M9.74B11.33B13.27B17.06B17.6B37.58B44.06B45.37B
Asset Growth %--0.02%106.65%0.16%0.17%0.29%0.03%1.14%0.17%0.03%
Real Estate & Other Assets+001.2B10.11B11.94B13.74B13.34B18.05B23.19B23.76B
PP&E (Net)90.99M88.83M74.3M71.51M96.83M364.19M359.3M876.73M952.62M967.27M
Investment Securities001000K0001000K1000K1000K1000K
Total Current Assets+1.04M1.64M197.41M1.15B1.23B2.96B3.4B17.19B18.76B18.98B
Cash & Equivalents351K920K183.65M577.88M1.1B315.99M739.61M208.93M522.57M524.62M
Receivables183K77K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets12K0-8.25B-8.87B000000
Intangible Assets0000000000
Total Liabilities6.66M6.33M4.96B4.43B5.22B7.57B5.41B15.29B18.4B18.42B
Total Debt+65K14K5.09B4.12B4.82B7.07B4.99B14.57B17.63B17.65B
Net Debt-286K-906K4.9B3.54B3.72B6.75B4.25B14.36B17.11B17.13B
Long-Term Debt14K04.79B4.12B4.79B6.77B4.69B13.74B16.72B16.73B
Short-Term Borrowings51K14K1000K0000000
Capital Lease Obligations000026.43M301.88M297.32M829.3M904.4M917.2M
Total Current Liabilities+1.22M1.02M97.72M206.08M249.21M332.8M339.84M593.57M664.84M679.91M
Accounts Payable342K305K5.21M1.06M640K734K0000
Deferred Revenue290K237K68.12M43.6M70.34M93.66M0000
Other Liabilities267K265K8.04M57.05M75.71M72.46M74.64M118.83M104.2M83.33M
Total Equity+85.38M84.14M4.78B6.9B8.05B9.49B12.19B22.29B25.66B26.95B
Equity Growth %--0.01%55.76%0.44%0.17%0.18%0.28%0.83%0.15%0.05%
Shareholders Equity85.38M84.14M4.69B6.82B7.97B9.42B12.11B21.93B25.26B26.54B
Minority Interest0084.88M83.57M83.81M77.91M78.91M356.48M401.84M413.85M
Common Stock85.32M84.09M3M4.05M4.61M5.37M6.29M9.63M10.43M10.56M
Additional Paid-in Capital004.65B6.65B7.82B9.36B11.76B21.65B24.13B24.52B
Retained Earnings52K52K42.66M187.1M208.07M139.45M346.03M93.15M965.76M1.87B
Preferred Stock0000000000
Return on Assets (ROA)0%0.03%0.01%0.05%0.04%0.06%0.06%0.04%0.06%0.06%
Return on Equity (ROE)0%0.04%0.02%0.09%0.07%0.1%0.09%0.06%0.1%0.1%
Debt / Assets0%0%0.52%0.36%0.36%0.41%0.28%0.39%0.4%0.39%
Debt / Equity0.00x0.00x1.06x0.60x0.60x0.74x0.41x0.65x0.69x0.65x
Net Debt / EBITDA-0.10x-0.30x33.27x4.65x4.39x7.36x2.94x8.78x5.11x4.83x
Book Value per Share0.240.2314.5818.7918.3318.5821.1225.3425.2625.73

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+2.89M2.72M131.68M504.08M682.16M883.64M896.35M1.94B2.18B2.38B
Operating CF Growth %--0.06%47.4%2.83%0.35%0.3%0.01%1.17%0.12%0.09%
Operating CF / Revenue %----------
Net Income3K044.54M532.12M554.28M896.21M1.02B1.14B2.55B2.72B
Depreciation & Amortization2.88M3.03M3.15M3.69M3.83M3.73M3.09M3.18M4.3M4.13M
Stock-Based Compensation0002.34M5.22M7.39M9.37M12.99M15.54M17.51M
Other Non-Cash Items-7K-10K-8.8M-4.05M91.42M-71.67M-52.45M744.51M-369M-355.3M
Working Capital Changes111K-188K92.8M-29.66M27.41M47.98M-86.82M46.45M-14.02M-11.52M
Cash from Investing+-732K-869K-1.14B-1.14B-1.36B-4.55B41.45M-9.3B-2.9B-922.78M
Acquisitions (Net)0000000-4.57B-1.27B0
Purchase of Investments000-1.71B-440.35M-19.97M0-4.32B-241.14M-441.38M
Sale of Investments0001000K1000K1000K1000K1000K1000K1000K
Other Investing66K0-1.14B152.41M-1.82B-4.59B23.98M-492.41M-1.6B-503.45M
Cash from Financing+-2.03M-1.28M1.15B1.04B1.18B2.88B-514.18M6.83B1.03B-1.46B
Dividends Paid000-262.68M-503.96M-612.21M-758.79M-1.22B-1.58B-1.75B
Common Dividends000-262.68M-503.96M-612.21M-758.79M-1.22B-1.58B-1.75B
Debt Issuance (Net)-45K-51K1000K-1000K1000K1000K-1000K1000K1000K-1000K
Share Repurchases00000-207K-1.73M-6.16M-4.97M-5.34M
Other Financing-1.98M-1.23M40.94M-10.92M-64.14M-65.98M-39.43M-163.89M-28.66M-36.54M
Net Change in Cash+130K569K196.49M401.04M503.45M-785.9M423.62M-530.68M313.64M2.04M
Exchange Rate Effect001000K00000-63K445K
Cash at Beginning221K351K920K197.41M598.45M1.1B315.99M739.61M208.93M522.57M
Cash at End351K920K197.41M598.45M1.1B315.99M739.61M208.93M522.57M524.62M
Free Cash Flow+2.09M1.85M129.72M503.18M679.43M880.87M893.85M1.94B2.18B2.37B
FCF Growth %--0.11%69.04%2.88%0.35%0.3%0.01%1.17%0.12%0.09%
FCF / Revenue %----------

Key Ratios

Metric2015201620172018201920202021202220232024
FFO per Share0.010.020.141.441.251.751.761.272.482.56
FFO Payout Ratio0%0%0%49.82%91.66%68.37%74.61%108.77%62.9%65.34%
NOI Margin25.78%26.86%83.24%88.96%97.89%97.27%98.62%99.13%99.25%99.3%
Net Debt / EBITDA-0.10x-0.30x33.27x4.65x4.39x7.36x2.94x8.78x5.11x4.83x
Debt / Assets0.07%0.02%52.22%36.37%36.32%41.42%28.37%38.77%40.01%38.9%
Interest Coverage1.00x1.00x2.28x3.56x3.39x2.96x3.68x3.02x4.09x4.29x
Book Value / Share0.240.2314.5818.7918.3318.5821.1225.3425.2625.73
Revenue Growth-3.92%972.32%345.79%-0.35%36.97%23.17%72.28%38.89%6.57%

Revenue by Segment

20172018201920202021
Real Property Business181.26M870.78M865.86M1.2B1.48B
Real Property Business Growth-380.41%-0.56%38.80%23.07%

Frequently Asked Questions

Valuation & Price

VICI Properties Inc. (VICI) has a price-to-earnings (P/E) ratio of 11.1x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

VICI Properties Inc. (VICI) reported $3.98B in revenue for fiscal year 2024. This represents a 21899% increase from $18.1M in 2015.

VICI Properties Inc. (VICI) grew revenue by 6.6% over the past year. This is steady growth.

Yes, VICI Properties Inc. (VICI) is profitable, generating $2.79B in net income for fiscal year 2024 (69.6% net margin).

Dividend & Returns

Yes, VICI Properties Inc. (VICI) pays a dividend with a yield of 5.89%. This makes it attractive for income-focused investors.

VICI Properties Inc. (VICI) has a return on equity (ROE) of 10.2%. This is reasonable for most industries.

Industry Metrics

VICI Properties Inc. (VICI) generated Funds From Operations (FFO) of $2.79B in the trailing twelve months. FFO is the primary profitability metric for REITs.

VICI Properties Inc. (VICI) offers a 5.89% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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