VICI Properties (VICI) AI Stock Analysis

• Market Cap: $35.32B
• Dividend Yield: 5.18%
• Average Volume (3M): 5.84M
• Price to Earnings (P/E): 13.3
• Beta (1Y): 0.39
• Revenue Growth: 5.32%
• EPS Growth: -0.55%
• Country: US
• Employees: 27
• Sector: Real Estate
• Sector Strength: 55
• Industry: REIT - Diversified
• EPS (TTM): 0.51
• Shares Outstanding: 1,056,707,200
• 10 Day Avg. Volume: 5,365,334
• 30 Day Avg. Volume: 5,836,626
• PEG Ratio: -0.86
• Price to Book (P/B): 1.30
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 14.64
• Enterprise Value/Market Cap: 1.19
• Enterprise Value/Revenue: 2.75
• Enterprise Value/Gross Profit: 10.89
• Enterprise Value/Ebitda: 2.95
• 1Y Price Target: $35.97
• Price Target Upside: 7.63% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 10

• Rating: 79 Outperform
• Price Target: $37.00 ▲(10.71%Upside)

VICI Properties exhibits a robust financial performance with strong revenue and profit growth, supported by effective cost management. The stock is reasonably valued with an attractive dividend yield. Positive earnings call insights, including increased guidance and strategic partnerships, bolster confidence. Technical indicators are mixed, suggesting cautious optimism.

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.

Portfolio Strength

The portfolio is unrivaled, including several of the most recognized casino resorts in the world, with regulations creating barriers to entry.

Negative Factors

Debt Maturity

VICI now has no debt maturities scheduled until September 2026 and has a substantial liquidity on hand, including $3.3B at year-end.

Investment Strategy

VICI Properties continues to use its vast war chest to source unique investments with positive bottom-line impact while the traditional casino sale-leaseback market remains dry.

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 casino and hotel operators under long-term, triple-net lease agreements. These agreements ensure a stable and predictable income stream as tenants are responsible for paying property taxes, insurance, and maintenance costs. The company's key revenue streams include rental income from its extensive portfolio of gaming and hospitality properties. Additionally, VICI Properties benefits from strategic partnerships with major casino operators such as Caesars Entertainment and MGM Resorts International, which contribute significantly to its earnings. The company's growth strategy includes acquiring additional properties and entering into new lease agreements, further enhancing its revenue potential.

VICI Properties Financial Statement Overview

Summary

VICI Properties demonstrates strong financial performance with impressive revenue growth and high profitability margins. The balance sheet is stable with a solid equity base, but rising debt levels need monitoring. Cash flow generation is strong, supporting financial liquidity.

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	3.88B	3.85B	3.61B	2.60B	1.51B	1.23B
Gross Profit	3.85B	3.82B	3.58B	2.52B	1.46B	1.19B
EBITDA	3.50B	3.54B	3.37B	1.70B	1.45B	1.26B
Net Income	2.63B	2.68B	2.51B	1.12B	1.01B	891.67M
Balance Sheet
Total Assets	45.53B	45.37B	44.06B	37.58B	17.60B	17.06B
Cash, Cash Equivalents and Short-Term Investments	334.32M	524.62M	522.57M	426.27M	739.61M	335.97M
Total Debt	17.76B	17.65B	17.63B	14.57B	4.99B	7.07B
Total Liabilities	18.50B	18.42B	18.40B	15.29B	5.41B	7.57B
Stockholders Equity	26.61B	26.54B	25.26B	21.93B	12.11B	9.42B
Cash Flow
Free Cash Flow	2.43B	2.37B	2.18B	1.94B	893.85M	880.87M
Operating Cash Flow	2.43B	2.38B	2.18B	1.94B	896.35M	883.64M
Investing Cash Flow	-1.20B	-922.78M	-2.90B	-9.30B	41.45M	-4.55B
Financing Cash Flow	-1.38B	-1.46B	1.03B	6.83B	-514.18M	2.88B

VICI Properties Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 33.42
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 33.42 is above the 20-day moving average (MA) of 32.63, above the 50-day MA of 31.82, and above the 200-day MA of 30.77, indicating a bullish trend. The MACD of 0.46 indicates Negative momentum. The RSI at 63.26 is Neutral, neither overbought nor oversold. The STOCH value of 78.49 is Neutral, 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	79 Outperform	$6.17B	26.84	6.01%	3.80%	25.47%	-4.35%
VICI	79 Outperform	$35.32B	13.33	10.12%	5.18%	5.32%	-0.55%
UE	78 Outperform	$2.50B	30.01	6.48%	4.02%	6.18%	-72.21%
WPC	74 Outperform	$13.76B	32.41	5.02%	5.73%	-5.89%	-26.36%
BNL	71 Outperform	$3.03B	26.97	3.79%	7.24%	0.73%	-37.65%
Sector *	66 Neutral	$1.96B	17.53	2.45%	5.02%	-1.17%	4.31%
GNL	56 Neutral	$1.65B	―	-13.01%	10.28%	16.69%	39.04%

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.