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VICI Properties Inc.

VICI Real Estate Reit Diversified

VICI Properties Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.0 billion, up 4.08% from fiscal 2024.

Revenue
+5.76%
EPS
−55.6%
Free cash flow
+11.3%
Total debt
+0.92%

Quarter to September 2026, against a year earlier

25.14 0.11 −0.44%
Market cap
$27.8B
P/E
11.5×
Fwd P/E
8.9×
Dividend yield
7.20%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2021

  • Real Property Business
  • Golf Course Business

Every year since 2017 →

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.05%

Capital & Financial Ratios $m

Size
Market Cap 27,760.00
Revenue ttm 4,155.60
Net income ttm 2,382.41
Free cash flow ttm 2,706.93
Net debt Q 16,498.61
Valuation
P/E 11.50
Forward P/E 8.90
Price / sales 6.66
Forward P/S Powerpack
Price / FCF 10.22
Price / book 0.94
Financial health
Current ratio Q 2.35
Debt / equity Q 0.57
Interest coverage Q 2.62
Growth
Revenue growth Q +5.76% (above 0%: growing)
Operating income growth Q −42.78% (below 0%: shrinking)
EPS, this year −3.01% (below 0%: weak)
EPS, next year A +17.00% (at or above 15%: strong)
Revenue, next year A +5.09%
EPS, past 5 yrs +8.32%
EPS, next 5 yrs A +5.23%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 10.6×, against a ten-year median of 13.2×; over the ten years it ranged from 9.7× in 2018 to 23.7× in 2022.
P/E against its own 10 years 14.61%
10-year low 10-year high
P/S against its own 10 years 2.33%
10-year low 10-year high
P/B against its own 10 years 3.10%
10-year low 10-year high
EV/Sales against its own 10 years 3.50%
10-year low 10-year high
EV/FCF against its own 10 years 4.42%
10-year low 10-year high

Dividends raised every year since 2018

Yield
7.20%
Annual rate
1.81
Payout ratio
82.8%
Growth, 2018–25
+8.49%/yr
  1. 1.00 ’18
  2. 1.17 ’19 +17
  3. 1.26 ’20 +7
  4. 1.38 ’21 +10
  5. 1.50 ’22 +9
  6. 1.61 ’23 +7
  7. 1.70 ’24 +5
  8. 1.77 ’25 +4
  9. 1.82 ’26e +3
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 673 675 756 418
Receivables — — — —
Inventory — — — —
Other — — — —
673 675 756 418
2023 2024 2025 Q'26
Payables — 218 239 178
ST’ Debt — — — —
Other — — — —
— 218 239 178

Compound Annual Growth %

10y 5y 3y
Sales — 26.73% 15.49%
Cash Flow — 23.22% 8.90%
Earnings — 25.50% 35.42%
Book Value — 24.35% 8.18%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.62 Actual 0.31

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.60 0.57 Miss by 0.03
Q1 FY26 0.61 0.82 Beat by 0.21
Q2 FY26 0.62 0.48 Miss by 0.14
Q3 FY26 0.62 0.31 Miss by 0.31
Q4 FY26 0.63 — Reports 24 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.82 0.48 0.32 — —
’25 0.51 0.82 0.71 0.57 2.61
’24 0.57 0.71 0.70 0.58 2.56
’23 0.52 0.69 0.55 0.72 2.47
’22 0.35 (0.06) 0.34 0.63 1.27
’21 0.50 0.54 0.28 0.44 1.76
’20 (0.05) 0.47 0.74 0.53 1.75
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,019 1,059 1,065 — —
’25 984 1,001 1,007 1,013 4,006
’24 951 957 965 976 3,849
’23 878 898 904 932 3,612
’22 417 663 752 770 2,601
’21 374 376 376 383 1,510
’20 255 258 340 373 1,226
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 632 728 655 — —
’25 592 640 586 692 2,510
’24 544 615 579 644 2,381
’23 522 530 552 576 2,181
’22 298 653 504 488 1,943
’21 156 255 200 285 896
’20 137 181 221 344 884
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 631 728 653 — —
’25 592 641 586 695 2,514
’24 541 613 578 643 2,375
’23 521 536 551 574 2,183
’22 298 653 504 487 1,942
’21 154 254 204 294 907
’20 136 180 252 363 931
Fiscal quarters ending in the months shown.

Valuation

The price implies FFO a share growing −1.7% a year for ten years.

Implied
−1.7%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 19 188 898 895 1,226 1,510 2,601 3,612 3,849 4,006 4,156 +81.2% 4,210 4,349 4,475 +3.8%
Gross margin, % 0.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 +100.0 pt
EBT — 43 534 556 897 1,026 1,139 2,548 2,731 2,821 2,384 +68.9%
EBT margin, % 0.00 22.73 59.42 62.14 73.19 67.97 43.80 70.56 70.95 70.42 57.37 +70.4 pt
Net income — 45 532 554 896 1,023 1,136 2,555 2,721 2,819 2,382 +67.9%
Per share, $
Per share, $ Revenue 0.05 0.82 2.45 2.06 2.42 2.67 2.96 3.56 3.68 3.77 3.78 +61.2%
Earnings — 0.20 1.43 1.25 1.76 1.80 1.27 2.48 2.56 2.61 2.19 +38.3%
Cash flow 0.01 0.57 1.37 1.57 1.75 1.59 2.21 2.15 2.28 2.36 2.46 +89.8%
Capex 0.00 0.00 0.00 0.00 0.09 0.02 0.00 0.00 (0.01) 0.00 0.00 n/m
Free cash flow 0.01 0.57 1.37 1.56 1.84 1.61 2.21 2.15 2.27 2.37 2.46 +89.8%
Book value 0.23 20.96 18.79 18.50 18.76 21.59 25.40 25.29 25.75 26.57 26.75 +69.8%
Shares, m 370 228 367 435 506 564 878 1,015 1,047 1,062 1,080 +12.4%
Valuation, ×
Valuation, × P/E 105.79 105.79 13.13 20.28 14.91 16.73 25.20 13.17 11.41 10.77 11.50 33.7
P/S 0.00 0.00 7.68 12.42 10.53 11.26 10.71 9.17 7.94 7.45 6.66 7.7
P/B 1.02 1.02 1.00 1.38 1.36 1.39 1.25 1.29 1.13 1.06 0.94 1.2
EV/Sales 0.00 0.00 9.71 15.16 15.65 13.78 15.77 13.62 12.11 11.45 10.63 10.7
EV/FCF 0.00 0.00 17.32 19.93 20.60 22.93 21.13 22.53 19.64 18.25 16.32 16.2
Cash, $m
Cash, $m Operating cash flow 3 129 504 682 884 896 1,943 2,181 2,381 2,510 2,707 +113.5%
Capex (1) 0 (1) (2) 47 11 (2) 2 (7) 4 0 n/m
Free cash flow 3 129 503 680 931 907 1,942 2,183 2,375 2,514 2,707 +113.6%
Balance, $m
Balance, $m Working capital — 1,360 2,288 2,323 448 893 580 673 457 517 240 (11.4%)
Net debt (1) 3,404 1,820 2,449 6,271 3,801 13,160 16,051 16,058 16,017 16,499 n/m
Shareholders’ equity 84 4,776 6,901 8,049 9,494 12,187 22,290 25,658 26,952 28,223 29,440 +90.9%
Returns, %
Returns, % ROA 0.00 0.87 4.97 4.44 5.88 5.85 4.05 6.16 5.99 6.03 4.96 +6.0 pt
ROIC 0.00 1.10 5.43 5.02 3.59 5.61 2.84 5.00 5.14 5.15 4.37 +5.1 pt
ROE 0.00 1.76 8.97 7.30 10.17 9.35 6.48 10.48 10.18 10.06 8.16 +10.1 pt
People
People Employees — 140 140 140 147 152 23 28 27 28 — (18.2%)
Revenue/emp, $m 0.00 1.34 6.41 6.39 8.34 9.93 113.07 129.00 142.56 143.08 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

VICI Properties is a real estate investment trust, or REIT, that owns and acquires properties used for gaming, hospitality, wellness, entertainment and leisure. Rather than running most of the businesses at its properties, VICI leases the real estate to operators that serve visitors and pay VICI rent. Edward B. Pitoniak is chief executive officer.

Its properties include Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas. The portfolio also includes regional casinos and other experiential properties, such as bowling entertainment centers and Chelsea Piers. VICI owns four golf courses, which are run by a third-party operator, and land on and near the Las Vegas Strip leased to Caesars.

Where the money comes from and where it goes Fiscal 2021

Fiscal 2021: revenue by segment, and margins
Real Property Business 1,479 97.98%
Golf Course Business 31 2.02%
Gross margin 100.00%
Operating margin 94.99%
Pre-tax margin 67.97%

Revenue by segment since 2017

VICI Properties Inc. vs peers in Reit Diversified (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
VICI VICI Properties Inc. $27.8B 11.5× 8.9× +5.76% (above 0%: growing) −55.61% (below 0%: shrinking) +11.34% (above 0%: growing) 100.00% 52.85%
WPC W.P. Carey Inc. $15.0B 22.5× 21.2× +8.58% (above 0%: growing) −4.69% (below 0%: shrinking) −55.88% (below 0%: shrinking) 91.70% 55.16% Compare
BNL Broadstone Net Lease, Inc. $3.4B 23.0× 23.4× +6.74% (above 0%: growing) +5.36% (above 0%: growing) −35.28% (below 0%: shrinking) 93.98% 42.25% Compare
GNL Global Net Lease, Inc. $1.6B — (loss-making) — (loss-making) −9.95% (below 0%: shrinking) n/m +54.71% (above 0%: growing) 88.09% 48.66% Compare
AAT American Assets Trust, Inc. $1.3B 56.1× 62.5× +4.29% (above 0%: growing) +135.71% (above 0%: growing) −58.53% (below 0%: shrinking) 70.60% 25.77% Compare
JBGS JBG SMITH Properties $929.0M — (loss-making) — (loss-making) +2.29% (above 0%: growing) n/m +71.92% (above 0%: growing) 62.69% 2.98% Compare
ESRT Empire State Realty Trust, Inc. $917.6M 177× 110× +2.95% (above 0%: growing) n/m +42.29% (above 0%: growing) 74.97% (70.45%) Compare
CTO CTO Realty Growth, Inc. $781.4M 16.9× 45.8× +24.25% (above 0%: growing) n/m −258.74% (below 0%: shrinking) 75.31% 24.66% Compare
SAFE Safehold Inc. $752.8M 6.4× 7.0× +23.42% (above 0%: growing) +7.90% (above 0%: growing) −93.40% (below 0%: shrinking) 86.92% 71.85% Compare
Median of peers $1.1B 22.8× 34.6× +5.52% +6.63% −45.58% 81.12% 34.01%

All 16 Reit Diversified stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 95.28%
Held by the ten largest 48.88%
Holder Shares Stake Change
Vanguard 162.00m 14.71% +3.96m
BlackRock 129.33m 11.75% −137.97k
State Street 67.16m 6.10% +2.92m
Geode Capital Management 40.21m 3.65% +1.55m
Allianz Global Investors 31.27m 2.84% +313.20k
Bank of America 29.33m 2.66% +1.38m
T. Rowe Price 24.04m 2.18% +5.15m
JPMorgan Chase 21.12m 1.92% −4.27m
Invesco 17.38m 1.58% +346.31k
Northern Trust 16.41m 1.49% +876.01k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 16 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 14.01m 11.63m 143.15
2024 12.80m 9.74m 140.55
2023 11.28m 12.45m 145.01
2022 11.51m 19.13m 139.92
2021 7.66m 11.60m 123.77

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group 13.70%
BlackRock, Inc. 9.80%
State Street Corporation 5.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

VICI Properties Inc. (VICI) Latest News

31 Oct

Impact 3 · · MarketBeat transcript

30 Oct

Impact 4 · · credaily.com
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29 Oct

Impact 4 · · The Motley Fool transcript
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Impact 3 · · The Motley Fool
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28 Oct

Impact 4 · · Business Wire
Impact 3 · · Zacks
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Impact 3 · · The Motley Fool

27 Oct

Impact 3 · · Zacks
Impact 3 · · 24/7 Wall St.

26 Oct

Impact 3 · · 24/7 Wall St.

23 Oct

Impact 3 · · Zacks

22 Oct

Impact 3 · · 24/7 Wall St.

20 Oct

Impact 3 · · The Motley Fool

17 Oct

Impact 3 · · Insider Monkey
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15 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Zacks

13 Oct

Impact 4 · · Zacks

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Impact 4 · · TIKR
Impact 3 · · TIKR
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9 Oct

Impact 3 · · 24/7 Wall St.
Impact 3 · · 24/7 Wall St.

VICI metrics, ten years each

stockrow.com/VICI · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com