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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

25.24 0.82 +3.36%
Market cap
$27.8B
P/E
11.6×
Fwd P/E
8.9×
Dividend yield
7.17%
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

VICI Properties Inc. (VICI) valuation and DCF model

What the price implies · reverse DCF

At $25.24 the price implies FFO a share growing −1.6% a year for ten years.

FFO a share grew 8.3% a year over the last five years. The price asks for 10.0 points a year less than its five-year rate. The industry’s median company is priced for 2.8%.

In December 2018 the price assumed 1.5% a year; VICI Properties Inc. went on to grow FFO a share 8.6% a year to FY2025.

FFO a share is worked out from VICI Properties Inc.’s 10-Ks and 10-Qs: net income, plus the depreciation of its property and impairments, less gains on property sales. It reported AFFO of $0.62 a share for Q3 2026.

Price implies
−1.6%
Last 5 years, reported
8.3%
Industry median implies
2.8%

The headline discounts the last twelve months’ FFO a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
−1.6% a year for ten years
$25.24
today’s price
Its base case
8.3% a year for five years, then 5.0%
$47.82
89.5% above today’s price

Both are growth in FFO a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record VICI Properties Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · FFO a share
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in FFO a share. It usually slows as the company matures.

Today’s price implies FFO a share growing −1.6% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against VICI Properties Inc.’s own cost of capital: risk-free 4.3% + beta 0.65 × equity premium 4.5% = 7.2% cost of equity; weighted, 7.2%.

Use 7.2%
Base case value per share $47.82 ten years discounted, and what follows
Current price $25.24 market price per share
Above today’s price 89.5% upside at the base case’s assumptions

How we got there$20.16 10 years of FFO+$27.66 terminal value=$47.82 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Reit Diversified).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 11.55× 14.42× 24.29× 52% below 22.82× 49% below
P/FCF 10.26× 12.91× 14.13× 27% below 7.40× 39% above
P/B 0.94× 1.14× 1.18× 20% below 0.91× 3% above
EV/EBITDA 13.57× 15.68× 15.52× 13% below 12.30× 10% above
EV/Sales 10.65× 12.72× 13.10× 19% below 6.35× 68% above
P/FFO 11.58× 14.41× 15.21× 24% below — —
P/E P/FCF P/B EV/EBITDA EV/Sales P/FFO
11.30×39.81×68.32×96.83×10Y avg 24.29×2017201820192020202120222023202420252026

VICI trades at 11.55× P/E, against a 10-year average of 24.29× (range 10.77×–105.79×). That is cheaper than 78% of the last 9 year-end readings; re-rating to the average implies $53.08 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.