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VICI Properties
(NYSE:VICI)
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Rating:80Outperform
Price Target:
$33.00
â–²(13.75% Upside)
Action:Reiterated
Date:04/30/26
The score is driven primarily by strong fundamentals (high profitability and expanding, high-quality free cash flow) and attractive shareholder return profile (low P/E and high dividend yield). The raised AFFO guidance and solid liquidity/supportive operating metrics further strengthen the outlook, while the main offsets are only moderate technical setup (still below the 200-day average) and leverage/refinancing-related risk signals, including balance-sheet data consistency concerns in the provided statements.
Positive Factors
Cash generation & FCF growth
VICI’s sustained, expanding free cash flow that closely tracks net income provides durable internal funding for dividends, debt service, and accretive acquisitions. Strong FCF supports a ~75% AFFO payout, funds mezzanine/loan investments, and underpins shareholder distributions over the medium term.
Negative Factors
Material leverage & refinancing exposure
Absolute debt levels and ~5x net debt/EBITDA constrain financial flexibility and increase sensitivity to rate moves or cyclical downturns. Upcoming maturities and reliance on hedging raise refinancing risk and could pressure cash available for growth or dividends if capital markets tighten.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation & FCF growth
VICI’s sustained, expanding free cash flow that closely tracks net income provides durable internal funding for dividends, debt service, and accretive acquisitions. Strong FCF supports a ~75% AFFO payout, funds mezzanine/loan investments, and underpins shareholder distributions over the medium term.
Read all positive factors
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 (VICI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$27.89B
Dividend Yield6.36%
Average Volume (3M)10.14M
Price to Earnings (P/E)8.9
Beta (1Y)0.29
Revenue Growth4.08%
EPS Growth16.23%
CountryUS
Employees27
SectorReal Estate
Sector Strength53
IndustryREIT - Specialty
Share Statistics
EPS (TTM)2.92
Shares Outstanding1,069,030,200
10 Day Avg. Volume11,416,581
30 Day Avg. Volume10,136,536
Financial Highlights & Ratios
PEG Ratio5.52
Price to Book (P/B)1.07
Price to Sales (P/S)7.45
P/FCF Ratio11.90
Enterprise Value/Market Cap1.67
Enterprise Value/Revenue11.50
Enterprise Value/Gross Profit11.59
Enterprise Value/Ebitda11.65
Forecast
1Y Price Target
$33.00Price Target Upside13.75% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering12
EPS Forecast (FY)2.94
Revenue Forecast (FY)$4.17B
VICI Properties Business Overview & Revenue Model
Company Description
VICI Properties functions as a specialized real estate investment trust dedicated to experiential properties. The company boasts an extensive collection of premier gaming, hospitality, and entertainment venues, notably including the globally recog...
How the Company Makes Money
VICI primarily makes money by collecting lease payments from tenants that operate the casinos, resorts, hotels, and entertainment venues located on VICI-owned real estate. Its core revenue stream is rental income under long-term triple-net leases,...
VICI Properties Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call was broadly positive: management reported solid operating and financial metrics (AFFO per share up 4.5% YoY, raised 2026 AFFO guidance, $650M annual free cash flow, strong liquidity), meaningful new capital deployments (including a $1.5B mezzanine loan and pending $1.16B Golden acquisition), and continued tenant investment and secular tailwinds in the experience economy. Noted risks include Las Vegas cyclical transition, upcoming refinancing timing and interest-rate hedging activity, tenant-specific corporate uncertainties, and material absolute leverage. On balance, the constructive guidance, successful capital deployment, and diversification efforts outweigh the highlighted risks.Positive Updates
Strong New Capital Commitments
Approximately $1.2 billion in new capital commitments in Q1 2026; Q4 2025 and Q1 2026 are the first consecutive quarters in company history with >$1 billion in new capital commitments.
Negative Updates
Las Vegas Market Transition and Cyclical Uncertainty
Management described Las Vegas as being in a transition—operators are adjusting business models and offering promotions to address value-sensitive consumers; while Q1 showed improvement, the market remains cyclical and requires continued monitoring.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong New Capital Commitments
Approximately $1.2 billion in new capital commitments in Q1 2026; Q4 2025 and Q1 2026 are the first consecutive quarters in company history with >$1 billion in new capital commitments.
Read all positive updates
Company Guidance
VICI raised 2026 AFFO guidance to $2.665–$2.695 billion, or $2.44–$2.47 per diluted common share (an increase in both absolute and per‑share terms), while noting the outlook excludes impacts from pending acquisitions without announced close dates, potential future acquisitions/dispositions, capital‑markets activity or other nonrecurring items and assumes only base rates in contractual escalators. Management backed the guide with Q1 operating and balance‑sheet metrics: Q1 AFFO per share was up 4.5% year‑over‑year while share count rose roughly 1%, roughly $650 million of annual free cash flow, an AFFO payout ratio of ~75% and an eight‑year dividend growth CAGR of 7%; total debt of $17.1 billion with net debt to annualized Q1 adjusted EBITDA ≈5x (target range 5–5.5x), a hedge‑adjusted weighted‑average interest rate of 4.46% and 5.7 years to maturity; and about $3.1 billion of liquidity (≈$480 million cash, $142 million estimated forward proceeds and $2.4 billion revolver availability), with remaining forward equity settled post‑quarter to help fund the Golden transaction.VICI Properties Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
74
Positive
Cash Flow
88
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.05B | 4.01B | 3.85B | 3.61B | 2.60B | 1.51B |
| Gross Profit | 4.02B | 3.97B | 3.82B | 3.58B | 2.58B | 1.49B |
| EBITDA | 4.00B | 3.64B | 3.56B | 3.37B | 1.68B | 1.42B |
| Net Income | 3.10B | 2.78B | 2.68B | 2.51B | 1.12B | 1.01B |
Balance Sheet | ||||||
| Total Assets | 47.09B | 46.72B | 45.37B | 44.06B | 37.58B | 17.60B |
| Cash, Cash Equivalents and Short-Term Investments | 480.21M | 607.96M | 524.62M | 522.57M | 426.27M | 739.61M |
| Total Debt | 17.70B | 17.69B | 17.65B | 17.63B | 14.57B | 4.99B |
| Total Liabilities | 18.47B | 18.50B | 18.42B | 18.40B | 15.29B | 5.41B |
| Stockholders Equity | 28.19B | 27.80B | 26.54B | 25.26B | 21.93B | 12.11B |
Cash Flow | ||||||
| Free Cash Flow | 2.55B | 2.51B | 2.37B | 2.18B | 1.94B | 893.85M |
| Operating Cash Flow | 2.55B | 2.51B | 2.38B | 2.18B | 1.94B | 896.35M |
| Investing Cash Flow | -742.09M | -904.77M | -922.78M | -2.90B | -9.30B | 41.45M |
| Financing Cash Flow | -1.66B | -1.57B | -1.46B | 1.03B | 6.83B | -514.18M |
VICI Properties Technical Analysis
Negative
29.01
Price Trends
27.48
Negative
27.71
Negative
27.99
Negative
Market Momentum
-0.26
Positive
40.96
Neutral
34.42
Neutral
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 29.01 is above the 20-day moving average (MA) of 26.96, above the 50-day MA of 27.48, and above the 200-day MA of 27.99, indicating a bearish trend. The MACD of -0.26 indicates Positive momentum. The RSI at 40.96 is Neutral, neither overbought nor oversold. The STOCH value of 34.42 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | $27.89B | 8.93 | 11.22% | 6.36% | 4.08% | 16.23% | |
72 Outperform | $6.74B | 24.55 | 6.32% | 3.88% | 24.20% | 7.66% | |
72 Outperform | $4.19B | 33.11 | 4.43% | 6.72% | 6.10% | 9.74% | |
70 Outperform | $15.71B | 30.14 | 6.30% | 5.51% | 9.86% | 20.75% | |
69 Neutral | $3.05B | 26.66 | 8.34% | 3.99% | 7.25% | 34.47% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
51 Neutral | $1.89B | -22.87 | -2.44% | 10.29% | -35.44% | 50.75% |
* Real Estate Sector Average
VICI
VICI Properties
26.09
-4.86
-15.69%
WPC
W. P. Carey Inc.
70.52
11.99
20.48%
UE
Urban Edge Properties
22.89
4.90
27.26%
GNL
Global Net Lease
8.92
2.01
29.11%
EPRT
Essential Properties Realty
31.18
1.47
4.95%
BNL
Broadstone Net Lease
21.85
6.96
46.70%
VICI Properties Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
VICI Properties Lifts 2026 Guidance After Strong Q1 Results
Positive
Apr 29, 2026
VICI Properties reported first-quarter 2026 results on April 29, with total revenue up 3.5% year over year to $1.0 billion and net income jumping 60.5% to $872.4 million, largely due to a change in its CECL allowance. Adjusted funds from operation...
Executive/Board ChangesShareholder Meetings
VICI Properties Shareholders Back Board, Pay and Auditor
Positive
Apr 28, 2026
On April 28, 2026, VICI Properties Inc. held its 2026 Annual Meeting of Stockholders, where shareholders elected seven directors, including CEO Edward B. Pitoniak, to serve until the 2027 meeting, signaling continuity in the company’s board ...
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.