VICI Properties (VICI) AI Stock Analysis

• Market Cap: $35.31B
• Dividend Yield: 5.16%
• Average Volume (3M): 5.68M
• Price to Earnings (P/E): 12.7
• Beta (1Y): 0.39
• Revenue Growth: 4.85%
• EPS Growth: 2.71%
• Country: US
• Employees: 27
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Diversified
• EPS (TTM): 0.82
• Shares Outstanding: 1,066,369,800
• 10 Day Avg. Volume: 6,161,917
• 30 Day Avg. Volume: 5,677,693
• 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: 1.49
• Enterprise Value/Revenue: 13.37
• Enterprise Value/Gross Profit: 13.46
• Enterprise Value/Ebitda: 14.41
• 1Y Price Target: $36.00
• Price Target Upside: 7.40% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 10

• Rating: 80 Outperform
• Price Target: $37.00 ▲(10.38% Upside)

VICI Properties exhibits strong financial performance and positive earnings call insights, driving the stock's appeal. The technical analysis suggests cautious optimism, and the valuation remains attractive. The company's strategic investments and raised guidance highlight its growth potential, though rising debt levels and market challenges require monitoring.

Positive Factors

Debt Management

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.

Liquidity

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

Negative Factors

Market Competition

Shares trade at just 13.4x 2025E AFFO/share, slightly ahead of the net-lease sector, though when you couple earnings growth potential with a highly transparent management team and iconic portfolio, there is potential for multiple expansion.

Market Conditions

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.

VICI Properties Business Overview & Revenue Model

Company Description

VICI Properties Inc. is a leading real estate investment trust (REIT) specializing in the ownership and management of gaming, hospitality, and entertainment destinations. The company primarily focuses on acquiring and leasing large-scale casino properties across the United States, partnering with well-established operators in the gaming industry. VICI Properties' portfolio includes iconic casinos, hotels, and other entertainment venues, positioning it as a significant player in the leisure and hospitality sector.

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 shows strong financial performance with significant revenue and profit growth, high profitability margins, and robust cash flow generation. While the balance sheet is stable, the rising debt levels require careful management to sustain financial health.

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	3.93B	3.85B	3.61B	2.60B	1.51B	1.23B
Gross Profit	3.90B	3.82B	3.58B	2.52B	1.46B	1.19B
EBITDA	3.64B	3.54B	3.37B	1.70B	1.45B	1.26B
Net Income	2.76B	2.68B	2.51B	1.12B	1.01B	891.67M
Balance Sheet
Total Assets	46.05B	45.37B	44.06B	37.58B	17.60B	17.06B
Cash, Cash Equivalents and Short-Term Investments	232.98M	524.62M	522.57M	426.27M	739.61M	335.97M
Total Debt	17.84B	17.65B	17.63B	14.57B	4.99B	7.07B
Total Liabilities	18.61B	18.42B	18.40B	15.29B	5.41B	7.57B
Stockholders Equity	27.02B	26.54B	25.26B	21.93B	12.11B	9.42B
Cash Flow
Free Cash Flow	2.45B	2.37B	2.18B	1.94B	893.85M	880.87M
Operating Cash Flow	2.45B	2.38B	2.18B	1.94B	896.35M	883.64M
Investing Cash Flow	-1.22B	-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: Positive
• Last Price: 33.52
• 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 33.52 is above the 20-day moving average (MA) of 33.15, above the 50-day MA of 32.46, and above the 200-day MA of 30.92, indicating a bullish trend. The MACD of 0.19 indicates Negative momentum. The RSI at 56.66 is Neutral, neither overbought nor oversold. The STOCH value of 74.41 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
VICI	80 Outperform	$35.31B	12.67	10.45%	5.16%	4.85%	2.71%
EPRT	80 Outperform	$6.07B	25.74	6.33%	3.86%	25.79%	2.46%
UE	78 Outperform	$2.52B	22.88	8.46%	3.78%	6.09%	-65.94%
BNL	76 Outperform	$3.07B	31.66	3.32%	7.15%	2.74%	-37.41%
WPC	72 Outperform	$14.23B	42.70	3.99%	5.46%	0.23%	-41.66%
Sector *	66 Neutral	5.12B	9.13	4.20%	2.83%	3.84%	-4.65%
GNL	57 Neutral	$1.54B	―	-13.01%	13.52%	16.69%	39.04%

VICI Properties Corporate Events

VICI Properties Reports Revenue and Income Growth in Q2 2025

In the second quarter of 2025, VICI Properties reported a 4.6% increase in total revenues to $1.0 billion and a 16.7% rise in net income attributable to common stockholders to $865.1 million. The company also raised its AFFO guidance for the full year 2025 and announced significant investments, including a $510 million commitment for the North Fork Mono Casino & Resort development and an increased investment in the One Beverly Hills project. These strategic moves underscore VICI’s focus on expanding its portfolio and enhancing earnings growth through partnerships and refinancing activities.

The most recent analyst rating on (VICI) stock is a Buy with a $33.75 price target. To see the full list of analyst forecasts on VICI Properties stock, see the VICI Stock Forecast page.