VICI Properties (VICI)
NYSE:VICI
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VICI Properties
(NYSE:VICI)
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Select Model
Rating:78Outperform
Price Target:
$34.00
â–²(22.61% Upside)
Action:ReiteratedDate:02/26/26
The score is driven primarily by strong financial performance (high margins and solid cash generation in 2020–2024) and a supportive earnings outlook (2026 AFFO guidance and disciplined leverage/liquidity). Valuation is also favorable with a high dividend yield and modest P/E. Offsetting factors are stretched technical momentum (overbought signals) and reduced confidence in the latest-year financial statement trend due to apparent 2025 data anomalies.
Positive Factors
Efficient triple‑net operating model
A triple-net lease structure and very low corporate overhead materially reduce operating leverage and variability. This supports persistently high net margins, predictable rental cash flows, and scalable low-cost operations—durable drivers of AFFO and dividend coverage across cycles.
Negative Factors
Caesars tenant concentration
Material exposure to a single operator concentrates cash‑flow risk: protracted lease negotiations or adverse outcomes could reduce rents or delay cash collections. That single‑tenant concentration is a structural vulnerability to negotiation leverage and cyclical demand shifts.
Read all positive and negative factors
Positive Factors
Negative Factors
Efficient triple‑net operating model
A triple-net lease structure and very low corporate overhead materially reduce operating leverage and variability. This supports persistently high net margins, predictable rental cash flows, and scalable low-cost operations—durable drivers of AFFO and dividend coverage across cycles.
Read all positive factors
VICI Properties (VICI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$29.64B
Dividend Yield6.36%
Average Volume (3M)9.23M
Price to Earnings (P/E)10.8
Beta (1Y)0.31
Revenue Growth4.31%
EPS Growth-2.52%
CountryUS
Employees27
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)0.57
Shares Outstanding1,068,989,000
10 Day Avg. Volume6,834,320
30 Day Avg. Volume9,227,646
Financial Highlights & Ratios
PEG Ratio5.51
Price to Book (P/B)1.07
Price to Sales (P/S)7.45
P/FCF Ratio11.90
Enterprise Value/Market Cap0.98
Enterprise Value/Revenue7.25
Enterprise Value/Gross Profit7.31
Enterprise Value/Ebitda7.95
Forecast
1Y Price Target
$32.80Price Target Upside18.28% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)2.86
Revenue Forecast (FY)$4.09B
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, g...
How the Company Makes Money
VICI Properties generates revenue primarily through long-term leases of its properties to gaming operators. These leases are typically structured as triple-net leases, meaning that the tenants are responsible for property taxes, insurance, and mai...
VICI Properties Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down revenue across different business lines (such as casino leases, hotel operations, and retail), showing which activities drive cash flow and where growth or risk is concentrated. Helps assess diversification, reliance on gaming and tourism, and how shifts in consumer spending or travel could affect returns.
Breaks down revenue across different business lines (such as casino leases, hotel operations, and retail), showing which activities drive cash flow and where growth or risk is concentrated. Helps assess diversification, reliance on gaming and tourism, and how shifts in consumer spending or travel could affect returns.
Data provided by:
The Fly
The FlyVICI Properties Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 29, 2026
Earnings Call Sentiment Positive
The call emphasized solid operating and financial performance (mid-single-digit AFFO and AFFO per-share growth, strong margins, conservative G&A, healthy liquidity and portfolio diversification) and active, relationship-driven capital deployment ($2.1 billion in 2025 at a weighted initial yield of 8.9%). Management also initiated 2026 AFFO guidance and highlighted successful operator-led asset turnarounds (The Venetian). Challenges discussed were mostly execution and market-cycle risks (one de minimis nonaccrual loan, near-term debt maturities requiring refinancing or bond issuance, ongoing negotiations with large tenant Caesars, and softer Las Vegas normalization). Overall, the positives — recurring earnings growth, disciplined balance sheet, active originations and partnerships, and margin strength — materially outweigh the contained operational and financing risks described on the call.Positive Updates
AFFO Growth — Quarterly and Full Year
Q4 AFFO increased 6.8% year-over-year to $642.5 million; AFFO per share rose 5.6% YoY to $0.60. Full year 2025 AFFO increased 6.6% YoY to $2.5 billion; AFFO per share increased 5.1% YoY to $2.38.
Negative Updates
Loan on Nonaccrual (Golf Development)
Company placed a senior loan collateralized by a golf development on nonaccrual due to borrower working capital issues; management described it as de minimis to the loan book and stated no 2026 earnings impact is included in guidance.
Read all updates
Q4-2025 Updates
Positive
Negative
AFFO Growth — Quarterly and Full Year
Q4 AFFO increased 6.8% year-over-year to $642.5 million; AFFO per share rose 5.6% YoY to $0.60. Full year 2025 AFFO increased 6.6% YoY to $2.5 billion; AFFO per share increased 5.1% YoY to $2.38.
Read all positive updates
Company Guidance
VICI initiated 2026 AFFO guidance of $2.59B–$2.625B, or $2.42–$2.45 per diluted share (versus 2025 AFFO of $2.5B and $2.38/sh; 2025 AFFO grew 6.6% YoY and AFFO/sh grew 5.1%; Q4 AFFO was $642.5M, up 6.8% YoY, or $0.60/sh, up 5.6%). The company noted it only increased share count ~1% in 2025, reported G&A of $19.3M (Q) / $65.1M (Y) (1.9% / 1.6% of revenues), a ~69% net income margin, total debt of $17.1B, net debt to annualized Q4 adjusted EBITDA ≈5x (low end of 5.0–5.5x target), a hedge‑adjusted weighted average interest rate of 4.46% with ~6 years to maturity, and about $3.2B total liquidity (≈$608M cash, $243M forwards proceeds, $2.4B revolver availability). Guidance excludes unclosed transactions, loan draws without final structures, potential acquisitions/dispositions and other nonrecurring items; management said they bake in draw‑schedule variability (e.g., Kalahari/North Fork), are mindful of upcoming maturities ($500M Sep, $1.25B Dec 2026, ~$1.5B in early 2027) and see 10‑yr unsecured debt pricing at ~+125–130bps (low‑5% all‑in) if accessed.VICI Properties Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
77
Positive
Cash Flow
72
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 4.01B | 3.85B | 3.61B | 2.60B | 1.51B |
| Gross Profit | 3.97B | 3.82B | 3.58B | 2.58B | 1.49B |
| EBITDA | 3.64B | 3.56B | 3.37B | 1.68B | 1.42B |
| Net Income | 2.78B | 2.68B | 2.51B | 1.12B | 1.01B |
Balance Sheet | |||||
| Total Assets | 46.72B | 45.37B | 44.06B | 37.58B | 17.60B |
| Cash, Cash Equivalents and Short-Term Investments | 607.96M | 524.62M | 522.57M | 426.27M | 739.61M |
| Total Debt | 0.00 | 17.65B | 17.63B | 14.57B | 4.99B |
| Total Liabilities | 18.50B | 18.42B | 18.40B | 15.29B | 5.41B |
| Stockholders Equity | 27.80B | 26.54B | 25.26B | 21.93B | 12.11B |
Cash Flow | |||||
| Free Cash Flow | 2.51B | 2.37B | 2.18B | 1.94B | 893.85M |
| Operating Cash Flow | 2.51B | 2.38B | 2.18B | 1.94B | 896.35M |
| Investing Cash Flow | -904.77M | -922.78M | -2.90B | -9.30B | 41.45M |
| Financing Cash Flow | -1.57B | -1.46B | 1.03B | 6.83B | -514.18M |
VICI Properties Technical Analysis
Neutral
27.73
Price Trends
28.33
Negative
28.06
Negative
29.55
Negative
Market Momentum
-0.25
Negative
48.31
Neutral
84.77
Negative
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 27.73 is above the 20-day moving average (MA) of 27.54, below the 50-day MA of 28.33, and below the 200-day MA of 29.55, indicating a neutral trend. The MACD of -0.25 indicates Negative momentum. The RSI at 48.31 is Neutral, neither overbought nor oversold. The STOCH value of 84.77 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for VICI.
VICI Properties Risk Analysis
VICI Properties disclosed 40 risk factors in its most recent earnings report. VICI Properties reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
VICI Properties Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $29.64B | 10.76 | 10.18% | 6.36% | 4.31% | -2.52% | |
77 Outperform | $6.67B | 23.43 | 6.45% | 3.88% | 24.60% | 8.05% | |
72 Outperform | $15.65B | 30.43 | 5.68% | 5.51% | 5.59% | -34.75% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | $3.73B | 31.75 | 3.41% | 6.72% | 3.87% | -37.59% | |
62 Neutral | $2.74B | 25.79 | 8.71% | 3.99% | 5.29% | -60.36% | |
54 Neutral | $2.05B | -8.52 | -12.68% | 10.29% | -28.94% | -28.24% |
* Real Estate Sector Average
VICI
VICI Properties
27.73
-0.61
-2.16%
WPC
W. P. Carey Inc.
71.42
17.74
33.06%
UE
Urban Edge Properties
20.62
4.31
26.43%
GNL
Global Net Lease
9.55
3.28
52.19%
EPRT
Essential Properties Realty
31.68
2.83
9.81%
BNL
Broadstone Net Lease
19.51
5.58
40.02%
VICI Properties Corporate Events
Business Operations and StrategyDividendsFinancial Disclosures
VICI Properties Posts Solid Q4 Results, Expands Investments
Positive
Feb 25, 2026
VICI Properties reported fourth-quarter 2025 revenue of $1.0 billion, up 3.8% year over year, with net income to common shareholders down 1.6% to $604.8 million, or $0.57 per share, largely due to changes in its CECL allowance, while AFFO rose 6.8...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.