Safehold Inc. (SAFE) vs VICI Properties Inc. (VICI)

Safehold Inc. and VICI Properties Inc. are both Reit Diversified companies. VICI Properties Inc. is the larger, with a market value of $25.8B against $876.7M — 29.4× the size. Safehold Inc. trades at the lower P/E: 7.6× against 9.1×. Safehold Inc. grew revenue faster over the last twelve months: 12.2% against 4.36%. VICI Properties Inc. has the higher net margin (67.5% vs 27.7%) and the lower return on invested capital (4.93% vs 5.53%). Both pay a dividend; VICI Properties Inc. yields more (5.42% vs 3.44%). Across the 22 metrics below, Safehold Inc. leads on 11 and VICI Properties Inc. on 11.

Valuation

Metric SAFE VICI Reit Diversified median
P/E 7.57 9.11 23.72
P/S 2.09 6.26 3.28
P/B 0.33 0.87 0.87
Price to free cash flow n/m 9.71 9.21
EV/EBITDA 5.45 11.44 11.57
EV/Sales 4.36 10.28 6.64
Earnings yield 13.21% 10.97% 1.04%
Free cash flow yield (15.93%) 10.30% 0.16%

Profitability

Metric SAFE VICI Reit Diversified median
Gross margin 92.63% 100.00% 77.09%
Operating margin 75.61% 88.72% 33.33%
Net margin 27.69% 67.50% 2.62%
Free cash flow margin (33.27%) 64.44% 3.11%
Return on equity 4.61% 9.70% 3.13%
Return on assets 1.59% 5.86% 0.35%
Return on invested capital 5.53% 4.93% 2.80%

Growth

Metric SAFE VICI Reit Diversified median
Revenue growth (TTM) 12.15% 4.36% 5.49%
EPS growth (last fiscal year) 7.43% 1.95% —
Revenue growth, 5-year CAGR 3.53% 26.73% 4.83%
Net income growth, 5-year CAGR 0.00% 25.50% 0.00%

Health

Metric SAFE VICI Reit Diversified median
Debt to equity 1.77 0.57 1.13
Current ratio 34.36 1.98 1.47
Net debt to EBITDA 3.00 4.33 5.88

Dividend

Metric SAFE VICI Reit Diversified median
Dividend yield 3.44% 5.42% 7.13%
Payout ratio 7.14 0.70 1.37

Size

Metric SAFE VICI Reit Diversified median
Market cap 876.71m 25.75b 729.58m

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