VICI Properties Inc. (VICI) Financial Ratios
11 years of historical data (2015–2025) · Real Estate · REIT - Diversified
EV/EBITDA
↓
8.12
↓-48% vs avg
5yr avg: 15.48
30Y Low8.0·High78.8
P/FCF
↓
12.05
↓-18% vs avg
5yr avg: 14.76
30Y Low11.9·High51.8
P/B Ratio
↓
1.06
↓-14% vs avg
5yr avg: 1.23
30Y Low1.0·High1.4
ROE
↑
10.1%
↓+8% vs avg
5yr avg: 9.3%
30Y Low0%·High10%
Debt/EBITDA
↑
N/A
—
5yr avg: 5.65
30Y Low0.0·High34.5
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
VICI Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
VICI Properties Inc. trades at 10.8x earnings, 30% below its 5-year average of 15.5x, sitting at the 11th percentile of its historical range. Compared to the Real Estate sector median P/E of 24.1x, the stock trades at a discount of 55%. On a free-cash-flow basis, the stock trades at 12.0x P/FCF, 18% below the 5-year average of 14.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $30.2B | $29.9B | $30.6B | $32.4B | $28.5B | $17.4B | $13.0B | $11.2B | $6.9B | $6.7B | — |
| Enterprise Value | $29.7B | $29.3B | $47.7B | $49.5B | $42.9B | $21.6B | $19.8B | $14.9B | $10.4B | $11.6B | — |
| P/E Ratio → | 10.83 | 10.77 | 11.41 | 12.91 | 25.51 | 17.11 | 14.57 | 20.60 | 13.13 | 157.69 | — |
| P/S Ratio | 7.54 | 7.46 | 7.95 | 8.97 | 10.96 | 11.51 | 10.63 | 12.54 | 7.68 | 33.34 | — |
| P/B Ratio | 1.06 | 1.06 | 1.14 | 1.26 | 1.28 | 1.43 | 1.37 | 1.39 | 1.00 | 1.41 | — |
| P/FCF | 12.05 | 11.91 | 12.89 | 14.88 | 14.68 | 19.44 | 14.79 | 16.51 | 13.71 | 51.77 | — |
| P/OCF | 12.04 | 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
VICI EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
VICI Properties Inc.'s enterprise value stands at 8.1x EBITDA, 48% below its 5-year average of 15.5x. The Real Estate sector median is 16.7x, placing the stock at a 51% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.32 | 12.40 | 13.70 | 16.48 | 14.33 | 16.14 | 16.69 | 11.63 | 57.67 | — |
| EV / EBITDA | 8.12 | 8.03 | 13.45 | 14.78 | 26.20 | 14.94 | 21.57 | 17.65 | 13.71 | 78.84 | — |
| EV / EBIT | 8.13 | 8.06 | 13.42 | 14.70 | 25.53 | 15.25 | 16.41 | 18.57 | 13.99 | 109.61 | — |
| EV / FCF | — | 11.69 | 20.10 | 22.73 | 22.08 | 24.20 | 22.45 | 21.98 | 20.75 | 89.56 | — |
VICI Profitability
Margins and return-on-capital ratios measuring operating efficiency
VICI Properties Inc. earns an operating margin of 91.1%, significantly above the Real Estate sector average of 26.0%. Operating margins have compressed from 92.6% to 91.1% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 10.1% is modest. ROIC of 7.6% represents adequate returns on invested capital.
Margins
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% |
Return on Capital
| 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 | 7.6% | 7.6% | 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% |
VICI Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
The company holds a net cash position — cash of $563M exceeds total debt of $0, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of 4.4x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.65 | 0.69 | 0.65 | 0.41 | 0.74 | 0.60 | 0.60 | 1.06 | 0.00 |
| Debt / EBITDA | — | — | 4.97 | 5.26 | 8.91 | 3.45 | 7.71 | 5.69 | 5.41 | 34.52 | 0.00 |
| Net Debt / Equity | — | -0.02 | 0.64 | 0.67 | 0.64 | 0.35 | 0.71 | 0.46 | 0.51 | 1.03 | -0.01 |
| Net Debt / EBITDA | -0.15 | -0.15 | 4.83 | 5.11 | 8.78 | 2.94 | 7.36 | 4.39 | 4.65 | 33.27 | -0.30 |
| Debt / FCF | — | -0.22 | 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 |
Net cash position: cash ($563M) exceeds total debt ($0)
VICI Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
VICI Properties Inc.'s current ratio of 2.55x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has declined from 28.22x to 2.55x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.55 | 2.55 | 27.92 | 28.22 | 28.97 | 9.99 | 8.91 | 4.92 | 5.57 | 2.02 | 1.61 |
| Quick Ratio | 2.55 | 2.55 | 27.92 | 28.22 | 28.97 | 9.99 | 8.91 | 4.92 | 5.57 | 2.02 | 1.24 |
| Cash Ratio | 2.55 | 2.55 | 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 | — | — | — | — | — | — | — | — | — | — | — |
VICI Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
VICI Properties Inc. returns 6.2% to shareholders annually primarily through dividends. A payout ratio of 66.8% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 9.2% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 6.2% | 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% | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.2% | 9.3% | 8.8% | 7.7% | 3.9% | 5.8% | 6.9% | 4.9% | 7.6% | 0.6% | — |
| FCF Yield | 8.3% | 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 | 6.2% | 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 |
Peer Comparison
Compare VICI with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 VICIYou | $30B | 10.8 | 8.1 | 12.0 | 99.2% | 91.1% | 10.1% | 7.6% | — |
 GLPI | $14B | 16.2 | 14.2 | 16.4 | 62.1% | 75.3% | 17.1% | 7.3% | 5.2 |
 EPR | $4B | 17.1 | 7.2 | 10.1 | 99.7% | 57.7% | 11.8% | 8.2% | — |
 O | $59B | 54.3 | 14.4 | 14.9 | 89.8% | 28.3% | 2.7% | 2.3% | — |
 NNN | $8B | 21.5 | 15.8 | 12.7 | 38.0% | 61.5% | 8.9% | 4.8% | 5.8 |
 WPC | $16B | 34.7 | 19.2 | 14.7 | 28.6% | 44.4% | 5.6% | 3.5% | 6.8 |
 ADC | $9B | 42.9 | 20.2 | 18.1 | 87.7% | 47.4% | 3.5% | 2.8% | 5.4 |
 MGM | $10B | 49.9 | 31.6 | 5.8 | 44.4% | 5.7% | 5.9% | 1.7% | 27.8 |
 CZR | $6B | -11.6 | 8.9 | 11.0 | 37.7% | 18.1% | -12.5% | 5.4% | 7.5 |
 WYNN | $11B | 33.8 | 12.3 | 16.0 | 32.7% | 16.2% | — | 9.3% | 6.9 |
 LVS | $35B | 22.2 | 10.1 | 21.0 | 28.2% | 23.7% | 63.9% | 16.9% | 3.5 |
| Real Estate Median | — | 24.1 | 16.7 | 15.4 | 52.1% | 26.0% | 3.5% | 3.0% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 11 years · Updated daily
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Start ComparisonVICI — Frequently Asked Questions
Quick answers to the most common questions about buying VICI stock.
What is VICI Properties Inc.'s P/E ratio?
VICI Properties Inc.'s current P/E ratio is 10.8x. The historical average is 31.5x. This places it at the 11th percentile of its historical range.
What is VICI Properties Inc.'s EV/EBITDA?
VICI Properties Inc.'s current EV/EBITDA is 8.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 23.2x.
What is VICI Properties Inc.'s ROE?
VICI Properties Inc.'s return on equity (ROE) is 10.1%. The historical average is 7.1%.
Is VICI stock overvalued?
Based on historical data, VICI Properties Inc. is trading at a P/E of 10.8x. This is at the 11th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is VICI Properties Inc.'s dividend yield?
VICI Properties Inc.'s current dividend yield is 6.17% with a payout ratio of 66.8%.
What are VICI Properties Inc.'s profit margins?
VICI Properties Inc. has 99.2% gross margin and 91.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.