(VICI) VICI Properties - Overview
Sector: Real Estate | Industry: REIT - Diversified | Exchange: NYSE (USA) | Market Cap: 30.387m USD | Total Return: -9.2% in 12m
Avg Turnover: 217M
EPS Trend: 81.1%
Qual. Beats: 1
Rev. Trend: 95.3%
Qual. Beats: 0
Warnings
Below Avwap Earnings
Tailwinds
No distinct edge detected
VICI Properties Inc. (NYSE: VICI) is an S&P 500 real estate investment trust specializing in high-traffic experiential and gaming assets. The company’s portfolio includes 93 properties across the United States and Canada, featuring iconic Las Vegas landmarks such as Caesars Palace, the MGM Grand, and the Venetian Resort. Its holdings encompass approximately 127 million square feet, including 60,300 hotel rooms and over 500 food and beverage outlets.
The company operates under a triple-net lease (NNN) structure, which requires tenants to pay all property-related expenses, including taxes, insurance, and maintenance, in addition to base rent. This model provides the REIT with a stable, predictable cash flow while shifting operational cost inflation to the tenants. VICI has also expanded beyond traditional casino gaming by partnering with operators in wellness, youth sports, and family entertainment sectors to diversify its revenue streams.
The gaming REIT sector is characterized by high barriers to entry due to stringent state licensing requirements and the massive capital intensity required to develop competitive destination resorts. Investors may find ValueRay useful for evaluating the underlying valuation metrics of these specialized real estate assets. Beyond its core gaming footprint, VICI maintains a strategic land bank of approximately 33 acres adjacent to the Las Vegas Strip for future development or financing opportunities.
- Interest rate volatility impacts cost of capital and real estate valuation multiples
- Long-term triple-net leases provide predictable cash flows with contractual rent escalators
- Las Vegas Strip concentration ties revenue performance to regional tourism and gaming
- Strategic expansion into non-gaming experiential assets diversifies the tenant operator base
- Tenant credit quality and financial health directly influence lease payment sustainability
| Net Income: 3.10b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.05 > 0.02 and ΔFCF/TA 0.09 > 1.0 |
| NWC/Revenue: 525.9% < 20% (prev 518.3%; Δ 7.66% < -1%) |
| CFO/TA 0.05 > 3% & CFO 2.55b > Net Income 3.10b |
| Net Debt (18.1b) to EBITDA (4.00b): 4.54 < 3 |
| Current Ratio: 33.27 > 1.5 & < 3 |
| Outstanding Shares: last quarter (1.07b) vs 12m ago 1.14% < -2% |
| Gross Margin: error (current vs previous; cannot be calculated due to missing/invalid data or negative margin) |
| Asset Turnover: 8.74% > 50% (prev 8.53%; Δ 0.21% > 0%) |
| Interest Coverage Ratio: 4.80 > 6 (EBIT TTM 3.99b / Interest Expense TTM 830.9m) |
| A: 0.45 (Total Current Assets 22.0b - Total Current Liabilities 659.8m) / Total Assets 47.1b |
| B: 0.07 (Retained Earnings 3.16b / Total Assets 47.1b) |
| C: 0.09 (EBIT TTM 3.99b / Avg Total Assets 46.3b) |
| D: 1.53 (Book Value of Equity 28.2b / Total Liabilities 18.5b) |
| Altman-Z'' = 5.37 = AAA |
| DSRI: 1.01 (Receivables 21.5b/20.4b, Revenue 4.05b/3.88b) |
| GMI: 1.00 (GM 99.31% / 99.22%) |
| AQI: 0.98 (AQ_t 0.51 / AQ_t-1 0.52) |
| SGI: 1.04 (Revenue 4.05b / 3.88b) |
| TATA: 0.01 (NI 3.10b - CFO 2.55b) / TA 47.1b) |
| Beneish M = -3.00 (Cap -4..+1) = A |
As of June 09, 2026, the stock is trading at USD 27.40 with a total of 6,412,094 shares traded.
Over the past week, the price has changed by -1.33%,
over one month by -4.99%,
over three months by -5.61% and
over the past year by -9.18%.
VICI Properties has received a consensus analysts rating of 4.46. Therefore, it is recommended to buy VICI.
- StrongBuy: 14
- Buy: 7
- Hold: 3
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 34.2 | 24.7% |
P/E Trailing = 9.6644
P/E Forward = 9.7276
P/S = 7.5207
P/B = 1.078
Revenue TTM = 4.05b USD
EBIT TTM = 3.99b USD
EBITDA TTM = 4.00b USD
Long Term Debt = 16.8b USD (from longTermDebt, last quarter)
Short Term Debt = unknown (none)
Debt = 18.6b USD (from shortLongTermDebtTotal, last quarter) + Leases 914.6m
Net Debt = 18.1b USD (calculated: Debt 18.6b - CCE 480.2m)
Enterprise Value = 48.5b USD (30.4b + Debt 18.6b - CCE 480.2m)
Interest Coverage Ratio = 4.80 (Ebit TTM 3.99b / Interest Expense TTM 830.9m)
EV/FCF = 19.03x (Enterprise Value 48.5b / FCF TTM 2.55b)
FCF Yield = 5.25% (FCF TTM 2.55b / Enterprise Value 48.5b)
FCF Margin = 62.99% (FCF TTM 2.55b / Revenue TTM 4.05b)
Net Margin = 76.69% (Net Income TTM 3.10b / Revenue TTM 4.05b)
Gross Margin = unknown ((Revenue TTM 4.05b - Cost of Revenue TTM 31.6m) / Revenue TTM)
Tobins Q-Ratio = 1.03 (Enterprise Value 48.5b / Total Assets 47.1b)
Interest Expense / Debt = 4.46% (Interest Expense 830.9m / Debt 18.6b)
Taxrate = 0.28% (8.87m / 3.16b)
NOPAT = 3.98b (EBIT 3.99b * (1 - 0.28%))
Current Ratio = 33.27 (Total Current Assets 22.0b / Total Current Liabilities 659.8m)
Debt / Equity = 0.66 (Debt 18.6b / totalStockholderEquity, last quarter 28.2b)
Debt / EBITDA = 4.54 (Net Debt 18.1b / EBITDA 4.00b)
Debt / FCF = 7.11 (Net Debt 18.1b / FCF TTM 2.55b)
Total Stockholder Equity = 27.7b (last 4 quarters mean from totalStockholderEquity)
RoA = 6.70% (Net Income 3.10b / Total Assets 47.1b)
RoE = 11.22% (Net Income TTM 3.10b / Total Stockholder Equity 27.7b)
RoCE = 8.98% (EBIT 3.99b / Capital Employed (Equity 27.7b + L.T.Debt 16.8b))
RoIC = 8.61% (NOPAT 3.98b / Invested Capital 46.2b)
WACC = 5.31% (E(30.4b)/V(49.0b) * Re(5.83%) + D(18.6b)/V(49.0b) * Rd(4.46%) * (1-Tc(0.00)))
Discount Rate = 5.83% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 91.11 | Cagr: 1.30%
[DCF] Terminal Value 76.10% ; FCFF base≈2.50b ; Y1≈2.62b ; Y5≈3.02b
[DCF] Fair Price = 26.35 (EV 46.5b - Net Debt 18.1b = Equity 28.4b / Shares 1.08b; r=8.35% [WACC [floored]]; 5y FCF grow 5.18% → 2.50% )
EPS Correlation: 81.08 | EPS CAGR: 4.45% | SUE: 1.08 | # QB: 1
Revenue Correlation: 95.26 | Revenue CAGR: 6.84% | SUE: -0.12 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.71 | Chg30d=-1.39% | Revisions=-20% | Analysts=2
EPS next Quarter (2026-09-30): EPS=0.71 | Chg30d=-1.39% | Revisions=-20% | Analysts=2
EPS current Year (2026-12-31): EPS=2.90 | Chg30d=+0.70% | Revisions=-20% | GrowthEPS=+10.5% | GrowthRev=+4.4%
EPS next Year (2027-12-31): EPS=2.94 | Chg30d=-0.51% | Revisions=+0% | GrowthEPS=+1.4% | GrowthRev=+4.0%
[Analyst] Revisions Ratio: -20%