VICI Properties Inc. (VICI) stock analysis

P/E below its 5-year median

VICI Properties's P/E of 11.4 is below its own 5-year median of 12.8.

P/E below the industry

VICI Properties's P/E of 11.4 is below the Miscellaneous Investing median of 26.3.

EV/EBITDA against its history

Needs positive EBITDA and price history.

P/B below the industry

VICI Properties's price-to-book of 0.95 is below the Miscellaneous Investing median of 1.20.

Trading below fair value

The share price of $24.94 is below our fair value estimate of $37.68.

Margin of safety over 20%

The price is 33.8% below fair value, more than the 20% cushion we look for.

Revenue growing 10%+ a year

Revenue grew 15.5% a year over the last three fiscal years.

EPS growing 10%+ a year

Diluted EPS grew 27.1% a year over the last three fiscal years.

Earnings growth not accelerating

Net income grew -15.8% over the last twelve months, against a 5-year average of 25.5% a year.

Growing faster than the industry

Revenue grew 4.7% over the last twelve months; the Miscellaneous Investing median is 4.6%.

Guidance raised

VICI Properties raised its full year 2026 Estimated Adjusted Funds From Operations (AFFO) (in millions) outlook on Jul 29, 2026.

Gross margin improving

Gross margin was 99.3% over the last twelve months, against 99.3% a year earlier.

Return on equity under 15%

Return on equity was 8.3% over the last twelve months and averaged 9.4% over five years; we look for 15% on both.

Return on invested capital

Needs operating income and invested capital.

Return on equity above the industry

VICI Properties's return on equity of 8.3% is above the Miscellaneous Investing median of 3.1%.

Earnings grew over 5 years

Net income grew 25.5% a year on average over the last five fiscal years.

Net margin below its 5-year average

Net margin was 56.5% over the last twelve months, against a 5-year average of 63.7%.

Net margin above the industry

VICI Properties's net margin of 56.5% is above the Miscellaneous Investing median of 10.3%.

Debt level

Needs debt and equity figures.

Debt trend

Needs a balance sheet from five years ago with positive equity.

Debt coverage

Needs operating cash flow.

Interest coverage

Interest expense is not reported separately.

Short-term liquidity

The balance sheet is not split into current and non-current items.

Elevated bankruptcy risk

The Altman Z-score is 1.06; above 3 is the safe zone and below 1.8 the distress zone.

Pays a dividend

VICI Properties paid dividends worth 7.3% of the share price over the last twelve months.

Yield above Treasuries

The 7.3% yield is above the 4.4% on a 1-year Treasury.

Yield in the top quarter

The top quarter of US dividend payers yield 3.8% or more; VICI Properties yields 7.3%.

Dividend not cut

The dividend per share has not fallen by more than 10% in any of the last 8 fiscal years.

Covered by earnings

Dividends take 82.6% of net income.

Cash-flow cover

Needs dividends paid and free cash flow.