Management has maintained a disciplined capital structure, keeping the debt-to-equity ratio within a tight range of 0.63 to 0.69 over the last ten quarters.
| Total Assets | 47.09B | 46.72B | 45.37B | 44.06B | 37.58B | 17.6B | 17.06B | 13.27B | 11.33B | 9.74B | 90.47M | 92.03M |
| Asset Growth % | 13.49% | 2.99% | 2.97% | 17.26% | 113.53% | 3.13% | 28.63% | 17.05% | 16.36% | 10665.09% | -1.69% | - |
| Real Estate & Other Assets | 0 | 0 | 23.76B | 23.19B | 18.05B | 13.34B | 13.74B | 11.94B | 10.11B | 1.2B | 0 | 0 |
| PP&E (Net) | 0 | 0 | 967.27M | 952.62M | 876.73M | 359.3M | 364.19M | 96.83M | 71.51M | 74.3M | 88.83M | 90.99M |
| Investment Securities | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 1000K | 0 | 0 |
| Total Current Assets | 480.21M | 607.96M | 18.98B | 18.76B | 17.19B | 3.4B | 2.96B | 1.23B | 1.15B | 197.41M | 1.64M | 1.04M |
| Cash & Equivalents | 480.21M | 563.48M | 524.62M | 522.57M | 208.93M | 739.61M | 315.99M | 1.1B | 577.88M | 183.65M | 920K | 351K |
| Receivables | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 77K | 183K |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8.87B | -8.25B | 0 | 12K |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 18.47B | 18.5B | 18.42B | 18.4B | 15.29B | 5.41B | 7.57B | 5.22B | 4.43B | 4.96B | 6.33M | 6.66M |
| Total Debt | 0 | 0 | 17.65B | 17.63B | 14.57B | 4.99B | 7.07B | 4.82B | 4.12B | 5.09B | 14K | 65K |
| Net Debt | -480.21M | -563.48M | 17.13B | 17.11B | 14.36B | 4.25B | 6.75B | 3.72B | 3.54B | 4.9B | -906K | -286K |
| Long-Term Debt | 0 | 0 | 16.73B | 16.72B | 13.74B | 4.69B | 6.77B | 4.79B | 4.12B | 4.79B | 0 | 14K |
| Short-Term Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 300M | 14K | 51K |
| Capital Lease Obligations | 1.83B | 0 | 917.2M | 904.4M | 829.3M | 297.32M | 301.88M | 26.43M | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 173.51M | 238.72M | 679.91M | 664.84M | 593.57M | 339.84M | 332.8M | 249.21M | 206.08M | 97.72M | 1.02M | 1.22M |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 734K | 640K | 1.06M | 5.21M | 305K | 342K |
| Deferred Revenue | 173.51M | 238.72M | 0 | 0 | 0 | 0 | 93.66M | 70.34M | 43.6M | 68.12M | 237K | 290K |
| Other Liabilities | 18.3B | 18.26B | 83.33M | 104.2M | 118.83M | 74.64M | 72.46M | 75.71M | 57.05M | 8.04M | 265K | 267K |
| Total Equity | 28.62B | 28.22B | 26.95B | 25.66B | 22.29B | 12.19B | 9.49B | 8.05B | 6.9B | 4.78B | 84.14M | 85.38M |
| Equity Growth % | 21.6% | 4.71% | 5.04% | 15.11% | 82.9% | 28.37% | 17.95% | 16.63% | 44.48% | 5576.48% | -1.44% | - |
| Shareholders Equity | 28.19B | 27.8B | 26.54B | 25.26B | 21.93B | 12.11B | 9.42B | 7.97B | 6.82B | 4.69B | 84.14M | 85.38M |
| Minority Interest | 430.21M | 424.95M | 413.85M | 401.84M | 356.48M | 78.91M | 77.91M | 83.81M | 83.57M | 84.88M | 0 | 0 |
| Common Stock | 10.69M | 10.69M | 10.56M | 10.43M | 9.63M | 6.29M | 5.37M | 4.61M | 4.05M | 3M | 84.09M | 85.32M |
| Additional Paid-in Capital | 0 | 0 | 24.52B | 24.13B | 21.65B | 11.76B | 9.36B | 7.82B | 6.65B | 4.65B | 0 | 0 |
| Retained Earnings | 3.16B | 2.77B | 1.87B | 965.76M | 93.15M | 346.03M | 139.45M | 208.07M | 187.1M | 42.66M | 52K | 52K |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 6.66% | 6.03% | 5.99% | 6.16% | 4.05% | 5.85% | 5.88% | 4.44% | 4.97% | 0.87% | 3.32% | 0% |
| Return on Equity (ROE) | 11.05% | 10.06% | 10.18% | 10.48% | 6.48% | 9.35% | 10.17% | 7.3% | 8.97% | 1.76% | 3.57% | 0% |
| Debt / Assets | 0% | - | 38.9% | 40.01% | 38.77% | 28.37% | 41.42% | 36.32% | 36.37% | 52.22% | 0.02% | 0.07% |
| Debt / Equity | 0.00x | - | 0.65x | 0.69x | 0.65x | 0.41x | 0.74x | 0.60x | 0.60x | 1.06x | 0.00x | 0.00x |
| Net Debt / EBITDA | -0.12x | -0.15x | 4.83x | 5.11x | 8.78x | 2.94x | 7.36x | 4.39x | 4.65x | 33.27x | -0.30x | -0.10x |
| Book Value per Share | 26.78 | 26.56 | 25.73 | 25.26 | 25.34 | 21.12 | 18.58 | 18.33 | 18.79 | 14.58 | 0.23 | 0.24 |
Tenant Concentration and Diversification
According to reported financial statements, VICI has maintained a stable debt-to-equity ratio, which hovered between 0.63 and 0.69 over the last ten quarters, suggesting that management is successfully balancing aggressive asset acquisition with a disciplined approach to maintaining an investment-grade capital structure.
The consistency in the D/E ratio indicates that the company is funding its growth through a measured mix of debt and equity rather than over-leveraging the balance sheet. This approach appears to provide a buffer against interest rate volatility while ensuring that the company retains the capacity to pursue future large-scale acquisitions.
Based on the provided quarterly data, VICI's cash position has fluctuated between $233.0 million and $608.0 million, reflecting a strategic approach to liquidity management that allows the company to fund immediate operational needs while maintaining the flexibility to deploy capital toward opportunistic real estate investments.
The variability in cash balances suggests that management actively manages its liquidity to align with the timing of capital market transactions and acquisition cycles. Investors should monitor whether these cash levels remain sufficient to cover potential development funding requirements without necessitating dilutive equity issuances in a high-rate environment.
As indicated by the steady expansion of total equity from $25.3 billion in 2023Q4 to $28.2 billion in 2026Q1, VICI has successfully grown its net asset base, which appears to be driven by both retained earnings and the strategic issuance of equity to fund portfolio expansion.
The consistent growth in equity suggests that the company is effectively scaling its operations while maintaining a solid foundation for its dividend distributions. This trend implies that the company's reliance on external capital is being managed in a way that supports long-term value creation for shareholders.
Financial filings reveal that the company's net property, plant, and equipment (PPE) figures have remained relatively stagnant near $960 million, which warrants further investigation given the multi-billion dollar scale of the total asset base and the potential for significant off-balance-sheet valuation nuances.
The discrepancy between total assets and the reported net PPE suggests that a substantial portion of the company's value is tied to intangible lease rights or other non-physical assets. This structure may mask the true replacement cost of the portfolio and requires careful scrutiny to understand the underlying durability of the asset base.
Quick answers to the most common questions about buying VICI stock.
As of 2025, VICI Properties Inc. (VICI) had total assets of $46.72B including $608.0M in current assets.
VICI Properties Inc. (VICI) carries total debt of $0.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
VICI Properties Inc. (VICI) has total shareholders' equity (book value) of $27.80B ($26.56 book value per share). Book value represents the net worth of the company belonging to common stock holders.
VICI Properties Inc. (VICI) reported a current ratio of 2.55x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.