Latest Ratios: P/E Ratio 9.1x · EV/EBITDA 11.8x · ROE 10.1%. (2015–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $26.1B | $29.9B | $30.6B | $32.4B | $28.5B | $17.4B | $13.0B | $11.2B | $6.9B | $6.7B | — |
| Enterprise Value | $43.2B | $47.0B | $47.7B | $49.5B | $42.9B | $21.6B | $19.8B | $14.9B | $10.4B | $11.6B | — |
| P/E Ratio → | 9.09 | 10.77 | 11.41 | 12.91 | 25.51 | 17.11 | 14.57 | 20.60 | 13.13 | 157.69 | — |
| P/S Ratio | 6.52 | 7.46 | 7.95 | 8.97 | 10.96 | 11.51 | 10.63 | 12.54 | 7.68 | 33.34 | — |
| P/B Ratio | 0.89 | 1.06 | 1.14 | 1.26 | 1.28 | 1.43 | 1.37 | 1.39 | 1.00 | 1.41 | — |
| P/FCF | 10.41 | 11.91 | 12.89 | 14.88 | 14.68 | 19.44 | 14.79 | 16.51 | 13.71 | 51.77 | — |
| P/OCF | 10.40 | 11.91 | 12.85 | 14.85 | 14.67 | 19.38 | 14.74 | 16.45 | 13.68 | 51.00 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 11.73 | 12.40 | 13.70 | 16.48 | 14.33 | 16.14 | 16.69 | 11.63 | 57.67 | — |
| EV / EBITDA | 11.84 | 12.87 | 13.45 | 14.78 | 26.20 | 14.94 | 21.57 | 17.65 | 13.71 | 78.84 | — |
| EV / EBIT | 11.85 | 12.92 | 13.42 | 14.70 | 25.53 | 15.25 | 16.41 | 18.57 | 13.99 | 109.61 | — |
| EV / FCF | — | 18.74 | 20.10 | 22.73 | 22.08 | 24.20 | 22.45 | 21.98 | 20.75 | 89.56 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 99.2% | 99.2% | 99.3% | 99.3% | 99.1% | 98.6% | 97.3% | 97.9% | 89.0% | 83.2% | 26.9% |
| Operating Margin | 91.1% | 91.1% | 92.1% | 92.6% | 62.8% | 95.7% | 74.5% | 94.2% | 84.4% | 71.6% | 0.0% |
| Net Profit Margin | 69.3% | 69.3% | 69.6% | 69.6% | 43.0% | 67.2% | 72.8% | 61.0% | 58.3% | 21.2% | 16.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.1% | 10.1% | 10.2% | 10.5% | 6.5% | 9.4% | 10.2% | 7.3% | 9.0% | 1.8% | 3.6% |
| ROA | 6.0% | 6.0% | 6.0% | 6.2% | 4.1% | 5.9% | 5.9% | 4.4% | 5.0% | 0.9% | 3.3% |
| ROIC | 6.1% | 6.1% | 6.1% | 6.3% | 4.6% | 6.6% | 4.9% | 5.7% | 5.6% | 2.2% | 0.0% |
| ROCE | 8.0% | 8.0% | 8.0% | 8.3% | 6.0% | 8.5% | 6.1% | 7.0% | 7.3% | 3.0% | 0.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.63 | 0.63 | 0.65 | 0.69 | 0.65 | 0.41 | 0.74 | 0.60 | 0.60 | 1.06 | 0.00 |
| Debt / EBITDA | 4.84 | 4.84 | 4.97 | 5.26 | 8.91 | 3.45 | 7.71 | 5.69 | 5.41 | 34.52 | 0.00 |
| Net Debt / Equity | — | 0.61 | 0.64 | 0.67 | 0.64 | 0.35 | 0.71 | 0.46 | 0.51 | 1.03 | -0.01 |
| Net Debt / EBITDA | 4.69 | 4.69 | 4.83 | 5.11 | 8.78 | 2.94 | 7.36 | 4.39 | 4.65 | 33.27 | -0.30 |
| Debt / FCF | — | 6.83 | 7.21 | 7.86 | 7.40 | 4.76 | 7.66 | 5.47 | 7.04 | 37.79 | -0.49 |
| Interest Coverage | 4.45 | 4.45 | 4.31 | 4.12 | 3.11 | 3.61 | 3.91 | 3.24 | 3.51 | 1.67 | 1.00 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 26.68 | 26.68 | 27.92 | 28.22 | 28.97 | 9.99 | 8.91 | 4.92 | 5.57 | 2.02 | 1.61 |
| Quick Ratio | 26.68 | 26.68 | 27.92 | 28.22 | 28.97 | 9.99 | 8.91 | 4.92 | 5.57 | 2.02 | 1.24 |
| Cash Ratio | 0.84 | 0.84 | 0.77 | 0.79 | 0.72 | 2.18 | 1.01 | 4.66 | 5.33 | 1.88 | 0.90 |
| Asset Turnover | — | 0.09 | 0.08 | 0.08 | 0.07 | 0.09 | 0.07 | 0.07 | 0.08 | 0.02 | 0.21 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | 37.03 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 7.4% | 6.2% | 5.7% | 4.9% | 4.3% | 4.4% | 4.7% | 4.5% | 3.8% | — | — |
| Payout Ratio | 66.8% | 66.8% | 65.4% | 63.0% | 109.1% | 74.8% | 68.7% | 92.3% | 50.2% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 11.0% | 9.3% | 8.8% | 7.7% | 3.9% | 5.8% | 6.9% | 4.9% | 7.6% | 0.6% | — |
| FCF Yield | 9.6% | 8.4% | 7.8% | 6.7% | 6.8% | 5.1% | 6.8% | 6.1% | 7.3% | 1.9% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 7.4% | 6.2% | 5.7% | 4.9% | 4.3% | 4.4% | 4.7% | 4.5% | 3.8% | 0.0% | — |
| Shares Outstanding | — | $1.1B | $1.0B | $1.0B | $880M | $577M | $511M | $439M | $367M | $328M | $361M |
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying VICI stock.
VICI Properties Inc.'s current P/E ratio is 9.1x. The historical average is 31.5x.
VICI Properties Inc.'s current EV/EBITDA is 11.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 23.8x.
VICI Properties Inc.'s return on equity (ROE) is 10.1%. The historical average is 7.1%.
Based on historical data, VICI Properties Inc. is trading at a P/E of 9.1x. Compare with industry peers and growth rates for a complete picture.
VICI Properties Inc.'s current dividend yield is 7.35% with a payout ratio of 66.8%.
VICI Properties Inc. has 99.2% gross margin and 91.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
VICI Properties Inc.'s Debt/EBITDA ratio is 4.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Tenant concentration and EPS volatility
Metrics are mathematically derived from official filings.
Premium Multiple Justified by Asset Quality
VICI trades at 27.15x forward P/FFO, a premium to GLPI's 14.87x P/E, reflecting its dominant Las Vegas Strip portfolio and stable cash flows, as per recent filings.
The implied cap rate, derived from NOI and enterprise value, appears below private market transaction cap rates for gaming assets, suggesting the market is pricing in superior asset quality and growth prospects. However, the P/FFO premium over peers like GLPI may be warranted given VICI's higher-quality, irreplaceable properties and longer weighted average lease term. Investors should monitor whether this premium persists as the company diversifies into non-gaming experiential assets, which may carry different risk profiles.
Triple-Net Model Delivers Exceptional Margins
NOI margin remained stable at 99.3% in Q2 2026, reflecting the triple-net lease structure where tenants absorb property-level expenses, as reported in financial statements.
The exceptionally high NOI margin underscores the scalability of VICI's business, as incremental revenue from rent escalators or acquisitions requires minimal additional overhead. However, FFO per share swung from $0.82 in Q1 2026 to $0.48 in Q2 2026, a 39.1% decline, despite maintained guidance, suggesting potential one-time items or timing effects. This volatility, while not impacting the structural profitability, warrants monitoring for underlying margin or cost pressures.
Dividend Coverage Thin but Manageable
In Q2 2026, AFFO of $526.9M covered dividends of $480.9M, a 91.2% payout ratio, leaving a slim $46M buffer, as per quarterly filings.
The FFO payout ratio spiked to 91.2% in Q2 2026 from 55.1% in Q1, reflecting the FFO decline, but the average payout over the last four quarters remains around 70%, indicating a generally safe dividend. The thin buffer in Q2 suggests that any further FFO deterioration could pressure the dividend, though the triple-net model's stability and minimal maintenance capex provide some cushion. Investors should monitor whether the payout ratio reverts to historical norms as FFO normalizes.
Leverage Stable, Interest Coverage Adequate
Debt-to-equity improved to 0.60 in Q2 2026 from 0.68 a year ago, with interest coverage at 3.55x, as per balance sheet data.
Total debt remained flat at $17.8B while equity grew 14.9% year-over-year, indicating a deleveraging trend. However, interest coverage dipped to 3.55x in Q2 2026 from 5.25x in Q1, reflecting the FFO decline, but remains adequate for an investment-grade REIT. The debt maturity profile appears manageable, with no imminent refinancing risk, but rising interest rates could increase borrowing costs. The fixed-rate exposure is not disclosed, but the stable leverage suggests a conservative capital structure.
Concentration Risk Persists Despite Diversification
Caesars and MGM likely contribute over 40% of rent, despite recent additions of 14th-16th tenants, as per company disclosures.
The portfolio's heavy reliance on two tenants remains a key vulnerability, though the master lease structure with cross-default provisions mitigates default risk. The recent pivot into non-gaming experiential assets like Bowlero and Chelsea Piers may reduce concentration over time, but these assets lack the regulatory moats of gaming properties. G&A efficiency appears strong given the high margins, but the pace of diversification warrants monitoring to ensure it does not dilute asset quality.
P/E Misleads Due to Depreciation
Standard P/E of 10.16x is distorted by minimal depreciation, making P/FFO the appropriate valuation metric, as per REIT industry standards.
For REITs, P/E is often misleading because depreciation charges reduce net income without reflecting actual cash flow. VICI's FFO and net income are nearly identical, indicating minimal depreciation distortion, but P/FFO of 27.15x provides a clearer picture of valuation relative to cash-generating ability. Investors should use P/AFFO to account for maintenance capex, though VICI's maintenance capex is negligible due to the triple-net structure. The high P/FFO suggests the market is pricing in stable, long-term cash flows, but it also implies limited margin of safety if growth disappoints.