VICI Properties (VICI) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

VICI Properties

NYSE•Real Estate•REIT - Diversified

$24.64-0.36(-0.01%)Market open

Market Cap

$27.25B

P/E

11.6x

P/S

6.6x

P/B

0.9x

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 103 experiential assets across a geographically diverse portfolio consisting of 63 gaming properties and 40 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 130 million square feet and features approximately 66,000 hotel rooms and over 700 restaurants, bars, nightclubs and sports books. 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 operators in other experiential sectors, including Cabot, Cain, Canyon Ranch, Chelsea Piers, Club Med, 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 established on July 05, 2016, and is based in New York, United States. VICI Properties Inc. was incorporated in Maryland.

How this company scores

AverageMetricSide Score: 56/100

Strongest: Cash & Earnings Quality (21/25); weakest: Growth (9/25).

Profitability12/25

Growth9/25

Balance Sheet & Red Flags14/25

Cash & Earnings Quality21/25

Strengths

Strong marginsConsistent free cash flowConsistent growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 11.6x5y range 9.3x – 42.8x

Currently near its 20-quarter median.

P/S · 6.6x5y range 6.6x – 14.6x

Currently below its 20-quarter median.

P/B · 0.9x5y range 0.9x – 1.4x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Margin Pressure

Watch

Operating margins declined 19.1% — watch for continued compression, which may signal competitive or cost pressure.

Share Dilution

Watch

Shares outstanding rose 4.3% — mild dilution. Compare to earnings growth to assess the net per-share impact.

Price & Volume

Market Cap $27.25B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $4.16B
Q. Revenue: $1.07B
TTM EBITDA: $2.38B
TTM Op. Income: $2.38B
Q. Op. Income: $349.43M
TTM Net Income: $2.35B
Q. Net Income: $342.53M
EPS: $0.31
Shares Out.: $1.10B

$4.16B in TTM revenue grew 4.7% YoY, reaching $1.07B last quarter. TTM EBITDA of $2.38B and TTM operating income of $2.38B show growth is flowing through to the bottom line. TTM net income of $2.35B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 99.4%
EBITDA Margin: 32.8%
Op. Margin: 32.8%
Net Margin: 32.1%

Op. margin of 32.8% is down 44.4% YoY — costs are rising relative to revenue. Net margin at 32.1% and gross margin of 99.4% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has fallen for 2 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 11.6x
P/S Ratio: 6.6x
P/B Ratio: 0.9x

At 11.6x P/E, the stock trades below typical market levels. P/S of 6.6x and P/B of 0.9x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has risen for 2 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $48.06B
Cash: $270.32M
Long-Term Debt: $16.92B
Book Value: $29.01B
D/E Ratio: 0.6
Debt/EBITDA: 48.4

With $48.06B in assets and $16.92B in long-term debt, D/E is 0.6and book value is $29.01B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is down 4% — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $655.21M
TTM Free Cash Flow: $2.56B
FCF Margin: 61.7%
FCF / Net Income: 1.1

TTM FCF of $2.56B on $655.21M in operating cash flow. The FCF / Net Income ratio of 1.1x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 11% — an improving trend.