VICI Properties Inc. VICI SPX

Real Estate · REIT - Diversified · United States

https://www.viciproperties.com

VICI Properties Inc. is an S&P 500 experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality, wellness, entertainment and leisure destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties owns 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 127 million square feet and features approximately 60,300 hotel rooms and over 500 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long-term, triple-net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading developers and operators in other experiential sectors, including Cabot, Cain, Canyon Ranch, Chelsea Piers, Great Wolf Resorts, Homefield, Kalahari Resorts and Lucky Strike Entertainment. VICI Properties also owns four championship golf courses and approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties' goal is to create the highest quality and most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators. VICI Properties Inc. was incorporated in 2016 and is based in New York, United States.

Market & Price

Market Cap

$30.39B

Current Price

$28.22

High / Low (52W)

$32.40 / $26.61

Beta

0.70

Valuation

Stock P/E

9.66

Industry PE

26.58

Forward P/E

9.61

PEG Ratio

Book Value

$26.37

Price to Book

1.07

P/S

7.52

EV/EBITDA

11.98

Dividend Yield

6.32%

Profitability & Returns

ROCE

7.97%

ROE

11.33%

ROA

5.38%

Profit Margin

76.83%

Op Margin

EPS (Latest Qtr)

$0.82

EPS (TTM)

$2.92

Balance Sheet & Liquidity

Debt/Equity

0.62

Quick Ratio

11.12

Current Ratio

11.12

Debt

$17.70B

Total Assets

$46.72B

Current Assets

$19.34B

Working Capital

$18.62B

Ownership

Promoter Holding

0.29%

Chg in Prom Hold

FII / Inst Holding

97.95%

Chg in FII Hold

0.01%

Financial Snapshot

Enterprise Value

$47.81B

Total Revenue (TTM)

$4.04B

EBITDA

$3.99B

Free Cash Flow

$1.29B

Operating Cash Flow

$2.55B

Shares Outstanding

1.08B

Gross Margin

99.14%

Payout Ratio

61.04%

Growth (CAGR)

Revenue 5Y

15.49%

Profit 5Y

35.42%

Revenue (YoY)

3.50%

Earnings (YoY)

60.10%

PROS

Excellent profit margin of 76.8%.
Compounding revenue at 15.5% over 5 years.
Profit CAGR of 35.4% over 5 years.
Attractive dividend yield of 6.32%.
Generates positive free cash flow.

CONS

In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Real Estate).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	VICI VICI Properties Inc. SPX	28.22	9.66	$30.39B	6.32%	7.97%	11.33%	15.49%	35.42%
2	WELL Welltower Inc. SPX	205.33	99.19	$144.95B	1.44%	0.26%	3.67%	22.69%	87.90%
3	PLD Prologis, Inc. SPX	143.47	36.14	$133.76B	2.98%	4.94%	6.84%	13.74%	-0.36%
4	EQIX Equinix, Inc. SPX	1,068.04	74.07	$105.33B	1.84%	5.61%	10.06%	8.27%	24.18%
5	AMT American Tower Corporation SPX	186.96	30.11	$87.10B	3.73%	7.82%	29.95%	3.34%	12.73%
6	SPG Simon Property Group, Inc. SPX	204.91	14.25	$77.86B	4.29%	17.44%	113.59%	6.35%	29.32%
7	DLR Digital Realty Trust, Inc. SPX	190.00	50.53	$67.96B	2.57%	3.99%	5.69%	9.22%	51.32%
8	O Realty Income Corporation SPX	61.28	50.23	$57.14B	5.30%	3.27%	2.83%	19.80%	6.78%
9	PSA Public Storage SPX	303.69	31.34	$53.31B	3.95%	10.69%	20.18%	4.88%	-25.69%

Quarterly Results

Figures in USD.

Metric	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Mar 2021	Jun 2021	Sep 2021	Mar 2022	Jun 2022	Sep 2022	Mar 2023	Jun 2023	Sep 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	-	-	-	232.69M	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	984.20M	1.00B	1.01B	1.01B	1.02B
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6.35M	6.62M	6.76M	6.99M	6.47M
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	977.85M	994.72M	1.00B	1.01B	1.01B
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	222.33M	-107.16M	16.68M	192.25M	-82.93M
Operating Income	144.20M	188.72M	189.45M	184.10M	195.68M	201.87M	205.50M	208.38M	226.76M	88.02M	308.64M	139.68M	-	-	-	-	-	-	-	-	-	-	-	-	-	755.53M	1.10B	984.05M	813.85M	1.09B
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	760.06M	1.10B	988.77M	820.93M	1.10B
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	209.25M	213.80M	210.33M	210.23M	209.36M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	549.81M	883.93M	777.50M	609.73M	889.93M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2.46M	5.56M	3.88M	-4.56M	3.97M
Net Income	42.66M	112.12M	139.04M	129.91M	142.54M	150.85M	152.05M	144.44M	98.63M	-24.01M	229.40M	398.27M	269.80M	300.71M	161.86M	240.38M	-57.71M	330.90M	518.74M	690.70M	556.33M	590.02M	741.30M	-	-	543.61M	865.08M	762.04M	604.77M	872.39M
Diluted EPS	0.19	0.33	0.38	0.35	-	0.37	0.37	0.31	-	-0.05	0.47	0.74	0.50	0.54	0.28	0.35	-0.06	0.34	0.52	0.69	0.55	0.57	0.71	-	-	0.51	0.82	0.71	0.57	0.82

Profit & Loss (Annual)

Figures in USD.

Metric	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	-	897.98M	894.80M	1.23B	-	2.60B	3.61B	3.85B	4.01B
Cost of Revenue	-	-	-	-	-	22.60M	27.09M	26.89M	26.73M
Gross Profit	-	-	-	-	-	2.58B	3.58B	3.82B	3.98B
Operating Expenses	-	-	-	-	-	945.64M	240.05M	277.38M	324.08M
Operating Income	144.20M	140.02M	52.30M	321.02M	-	1.63B	3.34B	3.54B	3.66B
EBITDA	-	-	-	-	-	1.68B	3.37B	3.56B	3.67B
Interest Expense	-	-	-	-	-	539.95M	818.06M	826.10M	843.61M
Pretax Income	-	-	-	-	-	1.14B	2.55B	2.73B	2.82B
Tax Provision	-	-	-	-	-	2.88M	-6.14M	9.70M	2.44M
Net Income	44.54M	523.62M	545.96M	891.67M	-	1.12B	2.51B	2.68B	2.78B
Diluted EPS	-	1.43	1.24	1.75	-	1.27	2.47	2.56	2.61

Compounded Sales Growth

5 Years:	15.49%
1 Year:	3.50%

Compounded Profit Growth

5 Years:	35.42%
1 Year:	60.10%

Stock Price Performance

1 Year:	-5.55%
6 Months:	+1.37%
3 Months:	-5.07%
1 Month:	-1.33%

Balance Sheet (Annual)

Figures in USD.

Metric	Dec 2016	Oct 2017	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets	4.86B	-	9.74B	11.33B	13.27B	17.06B	-	37.58B	44.06B	45.37B	46.72B
Current Assets	-	-	-	-	-	-	-	17.19B	18.76B	18.98B	19.34B
Cash & Equivalents	-	-	183.65M	577.88M	1.10B	315.99M	-	208.93M	522.57M	524.62M	563.48M
Inventory	-	-	-	-	-	-	-	-	-	-	-
Receivables	-	-	-	-	-	-	-	-	6.24M	5.07M	2.36M
Total Liabilities	-	-	4.96B	4.43B	5.22B	7.57B	-	15.29B	18.40B	18.42B	18.50B
Current Liabilities	-	-	-	-	-	-	-	593.57M	664.84M	679.91M	724.97M
Long Term Debt	-	-	4.12B	4.12B	4.79B	6.77B	-	13.74B	16.72B	16.73B	16.77B
Total Debt	-	-	-	-	-	-	-	14.57B	17.63B	17.65B	17.69B
Total Equity	-	3.52B	4.69B	6.82B	7.97B	9.42B	-	21.93B	25.26B	26.54B	27.80B
Shares Outstanding	-	-	-	-	-	-	-	963.10M	1.04B	1.06B	1.07B

Cash Flows (Annual)

Figures in USD.

Metric	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow	504.08M	682.16M	883.64M	-	1.94B	2.18B	2.38B	2.51B
Investing Cash Flow	-1.14B	-1.36B	-4.55B	-	-9.30B	-2.90B	-922.78M	-904.77M
Financing Cash Flow	1.04B	1.18B	2.88B	-	6.83B	1.03B	-1.46B	-1.57B
Capital Expenditure	-899.00K	-2.72M	-	-	-1.88M	-4.04M	-7.53M	-1.33M
Free Cash Flow	503.18M	679.43M	-	-	1.94B	2.18B	2.37B	2.51B
Net Change in Cash	-	-	-	-	-530.68M	313.70M	1.60M	38.70M
Dividends Paid	262.68M	503.96M	612.21M	758.79M	1.22B	1.58B	1.75B	1.85B

Ratios (Annual)

Figures in %.

Metric	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Gross Margin %	-	-	-	-	-	99.1%	99.3%	99.3%	99.3%
Operating Margin %	-	15.6%	5.8%	26.2%	-	62.8%	92.6%	92.1%	91.2%
Net Margin %	-	58.3%	61.0%	72.8%	-	43.0%	69.6%	69.6%	69.3%
ROE %	0.9%	7.7%	6.9%	9.5%	-	5.1%	10.0%	10.1%	10.0%
ROCE %	-	-	-	-	-	4.4%	7.7%	7.9%	7.9%

Shareholding Pattern

Insiders

0.29%

Institutions

97.95%

Public Float

98.23%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	Blackrock Inc.	12.38%	132.32M	$3.73B
2	Vanguard Portfolio Management LLC	7.89%	84.33M	$2.38B
3	State Street Corporation	6.07%	64.90M	$1.83B
4	Vanguard Capital Management LLC	6.04%	64.60M	$1.82B
5	Geode Capital Management, LLC	3.66%	39.10M	$1.10B
6	Allianz Asset Management GmbH	2.90%	30.96M	$873.70M
7	Bank of America Corporation	2.63%	28.16M	$794.64M
8	JPMORGAN CHASE & CO	2.38%	25.42M	$717.45M
9	Price (T.Rowe) Associates Inc	1.77%	18.90M	$533.48M
10	Capital Research Global Investors	1.68%	17.97M	$507.02M

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VICI · Real Estate