VICI Properties (VICI) AI Stock Analysis

• Market Cap: $31.16B
• Dividend Yield: 5.99%
• Average Volume (3M): 9.30M
• Price to Earnings (P/E): 11.3
• Beta (1Y): 0.25
• Revenue Growth: 4.31%
• EPS Growth: -2.52%
• Country: US
• Employees: 27
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Diversified
• EPS (TTM): 0.71
• Shares Outstanding: 1,068,811,400
• 10 Day Avg. Volume: 9,024,762
• 30 Day Avg. Volume: 9,304,389
• 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: 1.68
• Enterprise Value/Revenue: 13.19
• Enterprise Value/Gross Profit: 13.28
• Enterprise Value/Ebitda: 14.24
• 1Y Price Target: $35.60
• Price Target Upside: 22.13% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 12
• EPS Forecast (FY): 2.74
• Revenue Forecast (FY): $3.99B

• Rating: 73 Outperform
• Price Target: $33.00 ▲(13.21% Upside)

VICI Properties' strong financial performance and positive earnings call sentiment are significant strengths, supporting a stable outlook. However, bearish technical indicators and market challenges in the REIT and gaming sectors present risks. The attractive valuation and dividend yield provide additional support for the stock.

Positive Factors

Revenue Growth

Consistent revenue and AFFO growth indicate a robust business model and effective capital allocation, supporting long-term financial health.

Tenant Diversification

Adding new tenants like Clairvest enhances revenue stability and reduces dependency on a single tenant, strengthening long-term resilience.

Dividend Growth

Consistent dividend growth reflects strong cash flow and commitment to shareholder returns, enhancing investor confidence and long-term appeal.

Negative Factors

Las Vegas Market Concerns

Market challenges in Las Vegas could impact revenue from key properties, posing a risk to growth and profitability in the near term.

MGM's Withdrawal from NYC License

MGM's withdrawal from NYC license process could affect VICI's strategic expansion plans and potential revenue from the Yonkers asset.

Increasing Debt Levels

Rising debt levels may strain financial flexibility and increase risk, potentially impacting future investment capacity and operational stability.

VICI Properties Business Overview & Revenue Model

Company Description

VICI Properties Inc. is a real estate investment trust (REIT) that specializes in the ownership, acquisition, and development of gaming, hospitality, and entertainment destinations. Headquartered in Las Vegas, Nevada, VICI primarily focuses on properties associated with gaming operators, offering a diverse portfolio that includes casinos, hotels, and other entertainment venues. The company aims to provide stable cash flows and long-term value creation for its shareholders through strategic investments in high-quality, income-generating real estate.

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 demonstrates strong profitability with a high net profit margin and efficient cash flow management. The company maintains a healthy balance sheet with a balanced capital structure, although increasing debt levels should be monitored.

Income Statement

VICI Properties demonstrates strong profitability with a high net profit margin of 70.18% in TTM, indicating efficient cost management. The revenue growth rate of 1.29% in TTM shows moderate growth, but the consistent EBIT and EBITDA margins reflect operational efficiency. However, the slight decline in gross profit margin from previous years suggests potential cost pressures.

Balance Sheet

The company maintains a healthy balance sheet with a debt-to-equity ratio of 0.67, indicating a balanced approach to leveraging. The return on equity of 10.33% in TTM is robust, showcasing effective use of equity capital. The equity ratio of 59.47% suggests a strong equity base, although the increasing total debt warrants monitoring.

Cash Flow

VICI Properties exhibits strong cash flow management with a free cash flow to net income ratio close to 1, indicating efficient conversion of income to cash. The operating cash flow to net income ratio of 13.48 in TTM highlights strong cash generation capabilities. The free cash flow growth rate of 38.5% in TTM is impressive, supporting future investments and debt servicing.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.98B	3.85B	3.61B	2.60B	1.51B	1.23B
Gross Profit	3.95B	3.82B	3.58B	2.58B	1.49B	1.19B
EBITDA	3.68B	3.56B	3.37B	1.68B	1.42B	1.21B
Net Income	2.79B	2.68B	2.51B	1.12B	1.01B	891.67M
Balance Sheet
Total Assets	46.54B	45.37B	44.06B	37.58B	17.60B	17.06B
Cash, Cash Equivalents and Short-Term Investments	507.50M	524.62M	522.57M	426.27M	739.61M	335.97M
Total Debt	17.68B	17.65B	17.63B	14.57B	4.99B	7.07B
Total Liabilities	18.44B	18.42B	18.40B	15.29B	5.41B	7.57B
Stockholders Equity	27.67B	26.54B	25.26B	21.93B	12.11B	9.42B
Cash Flow
Free Cash Flow	2.46B	2.37B	2.18B	1.94B	893.85M	880.87M
Operating Cash Flow	2.46B	2.38B	2.18B	1.94B	896.35M	883.64M
Investing Cash Flow	-1.03B	-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: Negative
• Last Price: 29.15
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VICI, the sentiment is Negative. The current price of 29.15 is below the 20-day moving average (MA) of 30.25, below the 50-day MA of 31.22, and below the 200-day MA of 31.37, indicating a bearish trend. The MACD of -0.40 indicates Positive momentum. The RSI at 30.26 is Neutral, neither overbought nor oversold. The STOCH value of 17.64 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for VICI.

VICI Properties Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EPRT	79 Outperform	$6.11B	24.78	6.84%	3.85%	24.60%	8.05%
VICI	73 Outperform	$31.16B	11.25	10.36%	5.99%	4.31%	-2.52%
WPC	72 Outperform	$14.68B	40.53	4.36%	5.41%	5.59%	-34.75%
BNL	72 Outperform	$3.45B	39.32	3.05%	6.54%	3.87%	-37.59%
UE	72 Outperform	$2.46B	21.19	8.71%	3.96%	5.29%	-60.36%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
GNL	59 Neutral	$1.72B	―	-12.53%	10.78%	-28.94%	-28.24%

VICI Properties Corporate Events

VICI Properties Reports Strong Q3 2025 Financial Results

VICI Properties Inc. reported its third-quarter 2025 financial results, showing a 4.4% increase in total revenues to $1.0 billion and a 4.0% rise in net income attributable to common stockholders to $762.0 million. The company also announced its 8th consecutive annual dividend increase and updated its AFFO guidance for the full year 2025. Additionally, VICI entered into a lease agreement with Clairvest for the real property of MGM Northfield Park, further diversifying its tenant roster. The company’s strategic capital allocation and business model efficiency were highlighted by a 7.4% growth in AFFO while only increasing its share count by 2.1%.

The most recent analyst rating on (VICI) stock is a Buy with a $38.00 price target. To see the full list of analyst forecasts on VICI Properties stock, see the VICI Stock Forecast page.