VICI Properties (VICI) AI Stock Analysis

• Market Cap: $33.30B
• Dividend Yield: 5.35%
• Average Volume (3M): 8.13M
• Price to Earnings (P/E): 12.3
• Beta (1Y): 0.46
• Revenue Growth: 6.57%
• EPS Growth: 3.45%
• Country: US
• Employees: 27
• Sector: Real Estate
• Sector Strength: 83
• Industry: REIT - Diversified
• EPS (TTM): 2.56
• Shares Outstanding: 1,056,707,200
• 10 Day Avg. Volume: 7,207,613
• 30 Day Avg. Volume: 8,132,372
• PEG Ratio: 3.57
• Price to Book (P/B): N/A
• Price to Sales (P/S): 0.00
• Price to Cash Flow (P/CF): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 1.45
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: 12.66
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: $35.83
• Price Target Upside: 13.71% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 13

VICI Properties' strong financial performance and strategic initiatives highlight its robust position in the REIT sector. The solid balance sheet and revenue growth are significant strengths. Technical indicators show mixed signals, but the valuation remains attractive with a solid dividend yield. Positive earnings call outcomes and strategic corporate events further bolster its outlook, despite some market volatility risks.

Positive Factors

Credit Rating

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

Earnings Growth

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

Investment Strategy

VICI Properties' deployment strategy includes best-of-class experiential operators across the entire capital stack, enabling it the opportunity to craft compelling investments that not only benefit bottom-line earnings but create the potential for repeat business.

Negative Factors

Debt Refinancing

VICI announced a new $2.5 billion multi-currency unsecured revolving credit facility replacing the prior unsecured revolving credit facility of the same size.

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.

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 makes money primarily through leasing its properties to gaming and hospitality operators under long-term, triple-net lease agreements. These agreements ensure that tenants are responsible for the maintenance, insurance, and taxes of the leased properties, providing VICI with stable and predictable cash flows. The company partners with major gaming operators like Caesars Entertainment, MGM Resorts, and Hard Rock International, among others. Additionally, VICI strategically acquires properties to expand its portfolio and enhance its revenue-generating capabilities. The company's growth strategy also includes capitalizing on opportunities in the experiential real estate sector, leveraging its relationships with top operators to secure lucrative deals and partnerships.

VICI Properties Financial Statement Overview

Summary

VICI Properties shows strong financial health with impressive revenue growth and profitability. The balance sheet is robust, supported by a high equity ratio and zero debt in 2024, mitigating financial risk. However, the absence of cash flow data for 2024 limits a complete assessment of cash management.

Income Statement

VICI Properties demonstrates strong revenue growth with a 47.9% increase in total revenue from 2020 to 2024. The company maintained robust profitability with a consistently high gross profit margin near 100% and a net profit margin improving to 69.6% in 2024. Additionally, EBIT margins have been stable and impressive, indicating efficient operations. The absence of EBITDA data in 2024 was noted but did not significantly impact the overall analysis.

Balance Sheet

VICI Properties shows a strong balance sheet with no total debt in 2024, significantly reducing leverage risk. The equity ratio stands at 58.5%, highlighting a solid equity base. The return on equity improved to 10.1% in 2024, reflecting efficient use of shareholders’ equity. The company’s financial stability is evident, with a consistent increase in total assets over the years.

Cash Flow

Despite a lack of free cash flow and operating cash flow data for 2024, historical data indicates positive free cash flow and consistent capital expenditure management. The strong cash position in prior years underscored operational resilience, although the absence of current data introduces uncertainty.

Breakdown
Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
3.85B	3.61B	2.60B	1.51B	1.23B
	Gross Profit
3.82B	3.58B	2.52B	1.46B	1.19B
	EBIT
3.54B	3.34B	1.70B	1.44B	1.25B
	EBITDA
3.56B	3.37B	1.70B	1.45B	1.26B
	Net Income Common Stockholders
2.68B	2.51B	1.12B	1.01B	891.67M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
524.62M	522.57M	426.27M	739.61M	335.97M
	Total Assets
45.37B	44.06B	37.58B	17.60B	17.06B
	Total Debt
17.65B	17.63B	13.74B	4.69B	6.77B
	Net Debt
-524.62M	17.11B	13.53B	3.95B	6.45B
	Total Liabilities
18.42B	18.40B	15.29B	5.41B	7.57B
	Stockholders Equity
26.54B	25.26B	21.93B	12.11B	9.42B
Cash Flow		Free Cash Flow
2.37B	2.18B	1.94B	893.85M	880.87M
	Operating Cash Flow
2.38B	2.18B	1.94B	896.35M	883.64M
	Investing Cash Flow
-922.78M	-2.90B	-9.30B	41.45M	-4.55B
	Financing Cash Flow
-1.46B	1.03B	6.83B	-514.18M	2.88B

VICI Properties Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 31.51
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• 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 Neutral. The current price of 31.51 is below the 20-day moving average (MA) of 31.61, below the 50-day MA of 31.76, and above the 200-day MA of 30.86, indicating a neutral trend. The MACD of 0.18 indicates Positive momentum. The RSI at 46.94 is Neutral, neither overbought nor oversold. The STOCH value of 18.59 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for VICI.

VICI Properties Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VICI	83 Outperform	$33.30B	12.32	10.34%	5.35%	6.57%	3.45%
EPRT	79 Outperform	$6.32B	27.50	6.01%	3.64%	25.47%	-4.35%
WPC	71 Outperform	$13.67B	32.20	5.02%	5.63%	-5.89%	-26.36%
UE	71 Outperform	$2.43B	30.67	5.97%	3.87%	6.73%	-71.83%
BNL	70 Outperform	$3.00B	18.47	5.37%	7.17%	-2.08%	3.63%
GNL	60 Neutral	$1.71B	―	-5.48%	14.57%	56.29%	55.99%
Sector *	60 Neutral	$2.74B	11.40	0.08%	8531.66%	5.98%	-15.71%

VICI Properties Corporate Events

VICI Properties Reports Q1 Revenue Growth Amid Challenges

In the first quarter of 2025, VICI Properties reported a 3.4% increase in total revenues to $984.2 million, despite a 7.9% decrease in net income attributable to common stockholders, which was impacted by changes in the CECL allowance. The company announced strategic partnerships with Cain International and Eldridge Industries, and entered an agreement to provide up to $510 million for the development of a tribal casino managed by Red Rock Resorts. Additionally, VICI completed a $1.3 billion investment grade senior notes offering to refinance existing debt, and raised its AFFO guidance for the full year 2025.

Spark’s Take on VICI Stock

According to Spark, TipRanks’ AI Analyst, VICI is a Outperform.

VICI Properties exhibits strong financial health with notable revenue growth and profitability. Its robust balance sheet and lack of debt mitigate financial risks. The positive technical indicators and reasonable valuation further enhance its appeal, despite challenges in acquisitions due to interest rate volatility. Overall, the company is well-positioned within the REIT industry.

To see Spark’s full report on VICI stock, click here.

VICI Properties Announces Strategic Investments and Revenue Growth

In 2024, VICI Properties announced over $1 billion in capital commitments, with strategic investments and partnerships contributing to a 6.6% increase in total revenues to $3.8 billion for the year. Despite a year-over-year decrease in net income for the fourth quarter, the company’s AFFO and total revenues showed growth, and it received a credit rating upgrade from Moody’s. VICI’s strategic initiatives, including a new $2.5 billion unsecured revolving credit facility and a $300 million investment in One Beverly Hills, position it for continued growth and expansion in the experiential real estate sector.

VICI Properties Enters New Credit Agreement with Wells Fargo

On February 3, 2025, VICI Properties L.P., a subsidiary of VICI Properties Inc., entered into a new Credit Agreement with Wells Fargo Bank, replacing its previous agreement. This new $2.5 billion senior revolving credit facility, maturing in 2029, allows for potentially increased lending up to $3.5 billion and includes conditions for maturity extensions and additional term loans. The agreement outlines interest rates based on SOFR or base rates, and includes financial covenants and events of default terms, impacting the company’s financial flexibility and operational strategy in the coming years.