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VICIVICI Properties Inc.
$23.71$26.1B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
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P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
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VICI logo

VICI Properties Inc.

VICI
NYSE · Diversified REITs
$23.71
At close - Sep 23, 4:00 PM EDT - USD
Market Cap$26.11B
P/E9.1x
52W High$33.01
Volume12.28M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Triple-Net Stability Offset by FFO Volatility

VICI Properties' investment thesis centers on its defensive triple-net lease portfolio, which delivered steady 5.7% YoY revenue growth to $1.1B in Q2 2026 and exceptional 99.3% NOI margins. The company's fortress balance sheet, with debt-to-equity improving to...

GrowthStable
ProfitabilityStrong
ValuationAttractive
TechnicalsWeak
Explore valuation models
MARKET ACTION

VICI price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

6/12 Beats

EPS beat 6 of last 12 quarters

02

Valuation risk

-65% Peers

P/E is 65% below peer median

03

Market leadership

RS 27 · Lag

Laggard (Underperforming 73% of market)

04

Weak Trend

Below 200DMA

Price < 200DMA

Next CatalystEstimated earnings · Oct 29
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue grew 5.7% YoY to $1.1B in Q2 2026 with NOI margin stable at 99.3%, but FFO per share swung from $0.82 to $0.48, a 39.1% decline, indicating earnings volatility.

Analyst Consensus+22.7% target
Buy(26 analysts)
20 Buy6 Hold0 Sell

The Bull Case

Upside Catalysts

High Net Margin and Triple‑Net Lease Model

VICI’s net margin exceeds 69%, reflecting efficient management and strong profitability. The triple‑net lease structure transfers operational risk to tenants, delivering high EBITDA margins and predictable cash flows that are further protected by inflation‑linked escalators.

Substantial Dividend Yield and Growth

The company offers a forward dividend yield of about 6.59%, positioning it as a potential Dividend Aristocrat. VICI has a track record of dividend increases, minimal share dilution, and growing AFFO per share, enhancing dividend security.

Diversification into Experiential Real Estate

Beyond gaming real estate, VICI is expanding into college sports infrastructure and entertainment venues, broadening its growth opportunities. This diversification reduces reliance on gaming and makes the business model more resilient to sector disruption.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/24/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
VICI-10.92%
S&P 500 (^GSPC)+12.39%
1-Year Return
VICI-20.06%
S&P 500 (^GSPC)+15.77%
3-Year Return
VICI-2.69%
S&P 500 (^GSPC)+76.22%
5-Year Return
VICI+7.81%
S&P 500 (^GSPC)+71.23%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y Low
9.1x
Forward P/EExpansion
8.6x
EV/EBITDA0th %ile
11.8x
FCF YieldCash Flow
9.6%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
9.1x
12.9x
0th· Low
EV/EBITDA
11.8x
14.8x
0th· Low
Price/FCF
10.4x
14.7x
0th· Low
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$38.20+61.1%
Base (Fair)$51.16+115.7%
Bull$64.76+173.1%
$38.20 Bear$51.16 Base$64.76 Bull
Current Market Price: $23.72
Trades at a 53.6% discount to Base DCF ($51.16)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$4.01B+4.1% YoY
Net income
$2.78B+3.6% YoY
Free cash flow
$2.51B+5.7% YoY
Operating margin
91.1%-1.0 pts YoY
ROIC (TTM)6.1%
Avg ROIC 5Y-
ROE (TTM)10.1%
Piotroski Score5 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate6/12 (50%)
Revenue Beat Rate11/12 (92%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Jul 29, 2026
$0.48-32.7%
vs $0.71
$1.1B+1.9%
vs $1.0B
Q2 2026
Apr 29, 2026
$0.82+16.0%
vs $0.71
$1.0B+0.4%
vs $1.0B
Q1 2026
Feb 25, 2026
$0.57-18.1%
vs $0.70
$1.0B+0.4%
vs $1.0B
Q4 2025
Oct 30, 2025
$0.71+20.3%
vs $0.59
$1.0B+0.3%
vs $1.0B
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Seeking Alpha·Sep 16, 2026
VICI Properties: This Is Too Good To Pass Up On

Vici Properties is a differentiated REIT focused on gaming and experiential real estate, delivering robust AFFO growth and reliable dividends. Despite a 16% 5-year share price decline, VICI's annualized total returns are attractive for income-focused investors, especially if share price erosion is disregarded. VICI's long-term, triple-net leases with iconic tenants like Caesars and MGM ensure 100% occupancy and strong cash flow visibility, supporting continued dividend growth.

247 Wallst·Sep 14, 2026
The Dividend Portfolio a 65-Year-Old Uses Instead of an Annuity: $8,100 a Month for Life

Skipping the annuity keeps your principal alive and your heirs in the picture, but it also strips away the one thing an insurance company guarantees. Here is how one seven-holding portfolio threads that needle at roughly $97,000 a year.

Seeking Alpha·Sep 14, 2026
VICI Properties: I'm Doubling Down As The Market Overpanicked About Tenant Privatization

VICI's 25% sell-off is one of the best opportunities in the REIT space. I'm doubling down. Tenant risks with CZR and MGM are overblown, because they are well-mitigated. CZR and MGM going private can be a great opportunity, not just a risk. So Mr Market overpaniced with VICI's sell-off.

247 Wallst·Sep 14, 2026
4 High-Yield Dividend Stocks Worth Having in Your Roth IRA

Not every high-yield dividend stock belongs in a Roth IRA, but these four generate the kind of ordinary income that makes tax-free compounding matter most. One has raised its payout 60 times in 56 years, another locks tenants into leases stretching nearly four decades into the future.

Filtered for VICI Properties Inc.More Headlines
04

Compare before deciding

Benchmark VICI against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for VICI Properties Inc. (VICI)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
VICI logoVICIVICI Properties Inc.Current
$23.72$26.11B9.094.08%69.28%10.06%7.35%
GLPI logoGLPIGaming and Leisure Properties, Inc.
$39.25$11.12B13.354.13%58.53%19.01%—
EPR logoEPREPR Properties
$56.92$4.35B17.3512.07%36.04%11.34%—
O logoORealty Income Corporation
$55.61$51.86B47.539.07%21.81%3.25%—
NNN logoNNNNNN REIT, Inc.
$41.33$7.86B19.976.55%40.35%8.7%—
WPC logoWPCW. P. Carey Inc.
$66.49$15.15B31.518.89%34.33%7.81%—

Compare VICI vs Peers

VICI Properties Inc. (VICI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs GLPI

Most directly comparable listed peer for VICI.

Scale Benchmark

vs AMT

Larger-name benchmark to compare VICI against a more recognizable public peer.

Peer Set

Compare Top 5

vs GLPI, EPR, O, NNN

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

VICI SEC Filings & Documents

VICI Properties Inc. (VICI) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Aug 14, 2026·SEC

Material company update

Aug 6, 2026·SEC

Material company update

Jul 29, 2026·SEC

10-K Annual Reports

4
FY 2026

Feb 25, 2026·SEC

FY 2025

Feb 20, 2025·SEC

FY 2024

Feb 22, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Jul 29, 2026·SEC

FY 2026

Apr 29, 2026·SEC

FY 2025

Oct 30, 2025·SEC

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VICI Frequently Asked Questions

VICI Properties Inc. (VICI) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is VICI Properties Inc.'s revenue?

VICI Properties Inc. (VICI) reported $4.11B in revenue for fiscal year 2025. This represents a 22610% increase from $18.1M in 2015.

How fast is VICI Properties Inc. growing?

VICI Properties Inc. (VICI) grew revenue by 4.1% over the past year. Growth has been modest.

Is VICI profitable?

Yes, VICI Properties Inc. (VICI) is profitable, generating $2.77B in net income for fiscal year 2025 (69.3% net margin).

Dividend & Returns
Does VICI pay dividends?

Yes, VICI Properties Inc. (VICI) pays a dividend with a yield of 7.35%. This makes it attractive for income-focused investors.

What is VICI's return on equity?

VICI Properties Inc. (VICI) has a return on equity (ROE) of 10.1%. This is reasonable for most industries.

Industry Metrics
What is VICI Properties Inc.'s FFO?

VICI Properties Inc. (VICI) generated Funds From Operations (FFO) of $2.77B in the trailing twelve months. FFO is the primary profitability metric for REITs.

Is VICI a good dividend stock?

VICI Properties Inc. (VICI) offers a 7.35% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

What if you invested $1,000 in VICI back in 2015?

Total return calculator · dividends reinvested · 11+ years of data

See returns →