Global Net Lease, Inc. (GNL) vs VICI Properties Inc. (VICI)

Global Net Lease, Inc. and VICI Properties Inc. are both Reit Diversified companies. VICI Properties Inc. is the larger, with a market value of $25.8B against $2.0B — 12.9× the size. Global Net Lease, Inc. has negative trailing earnings, so its P/E is not meaningful; VICI Properties Inc. trades at 9.1×. VICI Properties Inc. grew revenue faster over the last twelve months: 4.36% against −13.9%. VICI Properties Inc. has the higher net margin (67.5% vs −12.5%) and the higher return on invested capital (4.93% vs 4.14%). Both pay a dividend; Global Net Lease, Inc. yields more (19.0% vs 5.42%). Across the 22 metrics below, VICI Properties Inc. leads on 15 and Global Net Lease, Inc. on 7.

Valuation

Metric GNL VICI Reit Diversified median
P/E n/m 9.11 23.72
P/S 3.93 6.26 3.28
P/B 1.20 0.87 0.87
Price to free cash flow 8.98 9.71 9.21
EV/EBITDA 7.52 11.44 11.57
EV/Sales 6.64 10.28 6.64
Earnings yield (3.27%) 10.97% 1.04%
Free cash flow yield 11.13% 10.30% 0.16%

Profitability

Metric GNL VICI Reit Diversified median
Gross margin 88.78% 100.00% 77.09%
Operating margin 39.64% 88.72% 33.33%
Net margin (12.46%) 67.50% 2.62%
Free cash flow margin 43.76% 64.44% 3.11%
Return on equity (3.43%) 9.70% 3.13%
Return on assets (1.27%) 5.86% 0.35%
Return on invested capital 4.14% 4.93% 2.80%

Growth

Metric GNL VICI Reit Diversified median
Revenue growth (TTM) (13.87%) 4.36% 5.49%
EPS growth (last fiscal year) (59.21%) 1.95% —
Revenue growth, 5-year CAGR 8.45% 26.73% 4.83%
Net income growth, 5-year CAGR 0.00% 25.50% 0.00%

Health

Metric GNL VICI Reit Diversified median
Debt to equity 0.94 0.57 1.13
Current ratio 0.16 1.98 1.47
Net debt to EBITDA 0.32 4.33 5.88

Dividend

Metric GNL VICI Reit Diversified median
Dividend yield 19.04% 5.42% 7.13%
Payout ratio — 0.70 1.37

Size

Metric GNL VICI Reit Diversified median
Market cap 2.00b 25.75b 729.58m

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