Latest Ratios: P/E Ratio 11.6x · EV/EBITDA 13.8x · 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 | $27.3B | $29.9B | $30.6B | $32.4B | $28.5B | $17.4B | $13.0B | $11.2B | $6.9B | $6.7B | — |
| Enterprise Value | $44.4B | $47.0B | $47.7B | $49.5B | $42.9B | $21.6B | $19.8B | $14.9B | $10.4B | $11.6B | — |
| P/E Ratio → | 11.63 | 10.77 | 11.41 | 12.91 | 25.51 | 17.11 | 14.57 | 20.60 | 13.13 | 157.69 | — |
| P/S Ratio | 6.57 | 7.46 | 7.95 | 8.97 | 10.96 | 11.51 | 10.63 | 12.54 | 7.68 | 33.34 | — |
| P/B Ratio | 0.93 | 1.06 | 1.14 | 1.26 | 1.28 | 1.43 | 1.37 | 1.39 | 1.00 | 1.41 | — |
| P/FCF | 10.10 | 11.91 | 12.89 | 14.88 | 14.68 | 19.44 | 14.79 | 16.51 | 13.71 | 51.77 | — |
| P/OCF | 10.87 | 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 | 13.79 | 12.85 | 13.45 | 14.78 | 26.20 | 14.94 | 21.57 | 17.65 | 13.71 | 78.84 | — |
| EV / EBIT | 12.15 | 12.83 | 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 | 99.3% | 99.3% | 99.3% | 99.3% | 99.1% | 98.6% | 97.3% | 97.9% | 89.0% | 83.2% | 26.9% |
| Operating Margin | 91.2% | 91.2% | 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 | 8.1% | 8.1% | 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 | 4.83 | 4.83 | 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 | 4.68 | 4.68 | 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 | 4.34 | 4.34 | 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 | 7.0% | 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 | 8.6% | 9.3% | 8.8% | 7.7% | 3.9% | 5.8% | 6.9% | 4.9% | 7.6% | 0.6% | — |
| FCF Yield | 9.9% | 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 | 7.1% | 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 11.6x. The historical average is 31.5x. This places it at the 22th percentile of its historical range.
VICI Properties Inc.'s current EV/EBITDA is 13.8x. 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 11.6x. This is at the 22th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
VICI Properties Inc.'s current dividend yield is 7.04% with a payout ratio of 66.8%.
VICI Properties Inc. has 99.3% gross margin and 91.2% 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
AFFO dividend coverage volatility
Metrics are mathematically derived from official filings.
Discount Valuation Masks Thin Earnings Visibility
VICI trades at 9.66 times trailing earnings and 0.95 times book value with a 6.9% yield, though P/FFO cannot be computed from the supplied data, leaving the discount's justification uncertain.
The 9.66 trailing P/E and 0.95 P/B suggest the market is pricing VICI at a meaningful discount to its reported net asset base, yet GAAP earnings are distorted by straight-lining and lease accounting, so these multiples appear less informative for a triple-net REIT than P/FFO would be. The EV/EBITDA of 12.29 sits close to the GLPI comparable at 12.62, which may indicate the market treats the two gaming landlords similarly despite VICI's larger Las Vegas concentration. Investors should monitor whether the discount narrows once AFFO coverage stabilizes, as current valuation conclusions rest heavily on incomplete per-share cash flow data.
Payout Ratio Swings Above Sustainable Range
FFO payout ratios moved from 52.8% in 2025Q2 to 144.2% in 2026Q3, with the most recent quarter exceeding 100%, suggesting the dividend is currently not covered by FFO for that period.
A payout ratio above 100% in 2026Q3 and 91.2% in 2026Q2 implies the quarterly distribution exceeded per-share FFO, a pattern that appears inconsistent with the sustained coverage seen through 2025. Based on reported figures, the pattern may reflect quarterly timing effects rather than a structural shift, but the magnitude warrants further investigation before drawing conclusions on dividend durability. Investors should monitor whether the 2026Q1 rebound to 55.1% proves representative of underlying coverage or was an outlier.
Stable Leverage Anchors Balance Sheet Quality
Debt-to-equity held between 0.60 and 0.67 across ten quarters while interest coverage moved from 3.55 to 5.25 times, indicating a balance sheet that has remained comparatively stable.
The narrow D/E band suggests management has held the debt stack near a fixed structural base, consistent with the roughly $17.7B to $17.8B total debt figure reported across the period. Interest coverage is more variable than leverage, with 2026Q3 at 2.63 times representing the low point, which may indicate that earnings pressure rather than debt growth is driving coverage swings. Because the supplied data does not disclose debt maturity or fixed-rate exposure, refinancing risk cannot be assessed from the provided figures.
NOI Margins Near Ceiling, FFO Diverges
NOI margins held between 97.6% and 99.4% throughout the ten quarters, yet FFO per share ranged from $0.31 to $0.82, a dispersion that the margin stability does not explain.
The consistency of NOI margins is consistent with the triple-net lease structure, where property-level costs are borne largely by tenants, so margin compression is unlikely to explain the FFO swings. The FFO variability therefore appears to originate below the NOI line, possibly from G&A, interest, or one-time items, though the supplied data does not isolate these components. Based on reported figures, the FFO growth rate swung from 60.4% in 2026Q1 to -55.0% in 2026Q3, a pattern that warrants further investigation rather than attribution to organic or acquisition-driven causes.
Misapplied P/E Obscures Real Estate Earnings
Trailing P/E of 9.66 is the metric most often misapplied to VICI, because depreciation and straight-lining distort GAAP net income, so FFO or AFFO should replace it for valuation.
Standard P/E treats net income as an earnings proxy, but for a REIT with long-dated leases and real estate depreciation the GAAP figure understates recurring cash generation in some periods and overstates it in others. The supplied net income range of $342.5M to $872.4M is far wider than the operating cash flow range of roughly $579M to $728M, which illustrates how P/E can mislead. An analyst should instead anchor on P/AFFO adjusted for maintenance capex and straight-line rent, which the supplied data does not currently allow VICI's full-period calculation to deliver.