VICI Properties Inc. (VICI) vs W.P. Carey Inc. (WPC)

VICI Properties Inc. and W.P. Carey Inc. are both Reit Diversified companies. VICI Properties Inc. is the larger, with a market value of $25.8B against $15.2B — 1.7× the size. VICI Properties Inc. trades at the lower P/E: 9.1× against 22.6×. W.P. Carey Inc. grew revenue faster over the last twelve months: 8.96% against 4.36%. VICI Properties Inc. has the higher net margin (67.5% vs 36.3%) and the higher return on invested capital (4.93% vs 2.69%). Both pay a dividend; W.P. Carey Inc. yields more (7.34% vs 5.42%). Across the 22 metrics below, VICI Properties Inc. leads on 20 and W.P. Carey Inc. on 2.

Valuation

Metric VICI WPC Reit Diversified median
P/E 9.11 22.56 23.72
P/S 6.26 8.34 3.28
P/B 0.87 1.72 0.87
Price to free cash flow 9.71 n/m 9.21
EV/EBITDA 11.44 18.22 11.57
EV/Sales 10.28 13.19 6.64
Earnings yield 10.97% 4.43% 1.04%
Free cash flow yield 10.30% (0.70%) 0.16%

Profitability

Metric VICI WPC Reit Diversified median
Gross margin 100.00% 90.20% 77.09%
Operating margin 88.72% 41.78% 33.33%
Net margin 67.50% 36.34% 2.62%
Free cash flow margin 64.44% (5.80%) 3.11%
Return on equity 9.70% 7.70% 3.13%
Return on assets 5.86% 3.55% 0.35%
Return on invested capital 4.93% 2.69% 2.80%

Growth

Metric VICI WPC Reit Diversified median
Revenue growth (TTM) 4.36% 8.96% 5.49%
EPS growth (last fiscal year) 1.95% 0.96% —
Revenue growth, 5-year CAGR 26.73% 7.26% 4.83%
Net income growth, 5-year CAGR 25.50% 0.48% 0.00%

Health

Metric VICI WPC Reit Diversified median
Debt to equity 0.57 1.02 1.13
Current ratio 1.98 0.22 1.47
Net debt to EBITDA 4.33 6.38 5.88

Dividend

Metric VICI WPC Reit Diversified median
Dividend yield 5.42% 7.34% 7.13%
Payout ratio 0.70 1.19 1.37

Size

Metric VICI WPC Reit Diversified median
Market cap 25.75b 15.16b 729.58m

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