VICI Properties (VICI) AI Stock Analysis

• Market Cap: $35.67B
• Dividend Yield: 5.13%
• Average Volume (3M): 7.08M
• Price to Earnings (P/E): 12.8
• Beta (1Y): 0.36
• Revenue Growth: 4.85%
• EPS Growth: 2.71%
• Country: US
• Employees: 27
• Sector: Real Estate
• Sector Strength: 52
• Industry: REIT - Diversified
• EPS (TTM): 0.82
• Shares Outstanding: 1,066,369,800
• 10 Day Avg. Volume: 8,941,283
• 30 Day Avg. Volume: 7,083,337
• PEG Ratio: 3.54
• Price to Book (P/B): 1.15
• Price to Sales (P/S): 7.94
• P/FCF Ratio: 12.88
• Enterprise Value/Market Cap: 1.47
• Enterprise Value/Revenue: 13.37
• Enterprise Value/Gross Profit: 13.46
• Enterprise Value/Ebitda: 14.41
• 1Y Price Target: $35.71
• Price Target Upside: 5.81% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8

• Rating: 77 Outperform
• Price Target: $37.00 ▲(9.63% Upside)

VICI Properties' overall stock score of 77 reflects strong financial performance and positive earnings call sentiment, supported by strategic investments and a solid dividend yield. However, bearish technical indicators and temporary market challenges in Las Vegas slightly offset the positive aspects.

Positive Factors

Debt Management

VICI Properties' recent credit rating upgrade supported more favorable pricing on two recently issued tranches of debt to address its impending 2025 debt maturities.

Financial Performance

The company has seen full rent collection since before the pandemic, further validating a positive stance.

Investment Strategy

The expanding partnerships and capital deployment continue to drive earnings growth and pave a path to future opportunities.

Negative Factors

Market Competition

Management’s track record suggests superior yields from new investments, as it leverages relationships to source deals without having to participate in a bake-off with other potential buyers, indicating competitive pressures.

Valuation Concerns

Shares trade at just 13.4x 2025E AFFO/share, slightly ahead of the net-lease sector, presenting a potential concern for valuation.

VICI Properties Business Overview & Revenue Model

Company Description

VICI Properties is an experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including the world-renowned Caesars Palace. VICI Properties' national, geographically diverse portfolio consists of 29 gaming facilities comprising over 48 million square feet and features approximately 19,200 hotel rooms and more than 200 restaurants, bars and nightclubs. Its properties are leased to industry leading gaming and hospitality operators, including Caesars Entertainment, Inc., Century Casinos Inc., Hard Rock International, JACK Entertainment and Penn National Gaming, Inc. VICI Properties also owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip. VICI Properties' strategy is to create the nation's highest quality and most productive experiential real estate portfolio.

How the Company Makes Money

VICI Properties generates revenue primarily through long-term leases with gaming and entertainment operators. The company typically acquires properties and then leases them back to the operators, allowing them to maintain operational control while providing VICI with consistent rental income. The leases are structured to include fixed annual rent increases, providing a hedge against inflation and ensuring predictable revenue streams. Additionally, VICI benefits from the strategic partnerships and relationships it has established with prominent gaming operators, which enhances its ability to secure favorable lease terms and increases occupancy rates. The company's revenue model is further bolstered by its focus on high-traffic locations and its efforts to diversify its property holdings across various markets and types of entertainment facilities.

VICI Properties Financial Statement Overview

Summary

VICI Properties shows strong financial performance with significant revenue and profit growth, high profitability margins, and robust cash flow generation. While the balance sheet is stable, the rising debt levels require careful management to sustain financial health.

Income Statement

VICI Properties demonstrates strong revenue growth with a significant increase from $1.22 billion in 2020 to $3.88 billion in TTM 2025. The gross profit margin remains exceptionally high at over 99%, indicating effective cost management. Net profit margin also improved significantly, showcasing strong profitability. Both EBIT and EBITDA margins are robust, reflecting efficient operations and profitability.

Balance Sheet

The balance sheet shows a solid equity base with an equity ratio of approximately 58.4% in TTM 2025, reflecting financial stability. The debt-to-equity ratio is relatively moderate at 0.67, indicating a manageable level of leverage. Return on equity is healthy, driven by the company's strong net income performance. However, the increase in total debt over the years requires monitoring.

Cash Flow

The cash flow statement reveals strong cash generation, with free cash flow increasing steadily. The operating cash flow to net income ratio is strong, indicating efficient conversion of net income into cash. The free cash flow to net income ratio is also healthy, supporting strong financial liquidity. However, fluctuations in investing and financing cash flows warrant a careful watch on future cash management strategies.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.93B	3.85B	3.61B	2.60B	1.51B	1.23B
Gross Profit	3.90B	3.82B	3.58B	2.52B	1.46B	1.19B
EBITDA	3.64B	3.54B	3.37B	1.70B	1.45B	1.26B
Net Income	2.76B	2.68B	2.51B	1.12B	1.01B	891.67M
Balance Sheet
Total Assets	46.05B	45.37B	44.06B	37.58B	17.60B	17.06B
Cash, Cash Equivalents and Short-Term Investments	232.98M	524.62M	522.57M	426.27M	739.61M	335.97M
Total Debt	17.84B	17.65B	17.63B	14.57B	4.99B	7.07B
Total Liabilities	18.61B	18.42B	18.40B	15.29B	5.41B	7.57B
Stockholders Equity	27.02B	26.54B	25.26B	21.93B	12.11B	9.42B
Cash Flow
Free Cash Flow	2.45B	2.37B	2.18B	1.94B	893.85M	880.87M
Operating Cash Flow	2.45B	2.38B	2.18B	1.94B	896.35M	883.64M
Investing Cash Flow	-1.22B	-922.78M	-2.90B	-9.30B	41.45M	-4.55B
Financing Cash Flow	-1.29B	-1.46B	1.03B	6.83B	-514.18M	2.88B

VICI Properties Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 33.75
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VICI, the sentiment is Positive. The current price of 33.75 is above the 20-day moving average (MA) of 33.03, above the 50-day MA of 32.95, and above the 200-day MA of 31.07, indicating a bullish trend. The MACD of 0.14 indicates Negative momentum. The RSI at 61.37 is Neutral, neither overbought nor oversold. The STOCH value of 90.18 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for VICI.

VICI Properties Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EPRT	78 Outperform	$6.18B	26.22	6.33%	3.80%	25.79%	2.46%
VICI	77 Outperform	$35.67B	12.82	10.45%	5.13%	4.85%	2.71%
WPC	77 Outperform	$14.44B	43.27	3.99%	5.38%	0.23%	-41.66%
UE	75 Outperform	$2.74B	25.01	8.46%	3.56%	6.09%	-65.94%
BNL	71 Outperform	$3.46B	35.54	3.32%	6.31%	2.74%	-37.41%
Sector *	63 Neutral	$7.00B	13.45	-0.52%	6.98%	3.61%	-22.78%
GNL	56 Neutral	$1.70B	―	-11.87%	12.08%	-11.06%	29.36%

VICI Properties Corporate Events

VICI Properties Reports Revenue and Income Growth in Q2 2025

In the second quarter of 2025, VICI Properties reported a 4.6% increase in total revenues to $1.0 billion and a 16.7% rise in net income attributable to common stockholders to $865.1 million. The company also raised its AFFO guidance for the full year 2025 and announced significant investments, including a $510 million commitment for the North Fork Mono Casino & Resort development and an increased investment in the One Beverly Hills project. These strategic moves underscore VICI’s focus on expanding its portfolio and enhancing earnings growth through partnerships and refinancing activities.