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VICI PROPERTIES INC (VICI) Stock Fundamental Analysis

NYSE:VICI - New York Stock Exchange, Inc. - US9256521090 - REIT - Currency: USD

32.84  -0.19 (-0.58%)

After market: 32.84 0 (0%)

Fundamental Rating

5

Taking everything into account, VICI scores 5 out of 10 in our fundamental rating. VICI was compared to 30 industry peers in the Specialized REITs industry. While VICI belongs to the best of the industry regarding profitability, there are concerns on its financial health. VICI has a decent growth rate and is not valued too expensively.


Dividend Valuation Growth Profitability Health

8

1. Profitability

1.1 Basic Checks

VICI had positive earnings in the past year.
In the past year VICI had a positive cash flow from operations.
Each year in the past 5 years VICI has been profitable.
Each year in the past 5 years VICI had a positive operating cash flow.
VICI Yearly Net Income VS EBIT VS OCF VS FCFVICI Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2017 2018 2019 2020 2021 2022 2023 2024 0 2B -2B

1.2 Ratios

VICI has a better Return On Assets (5.78%) than 80.00% of its industry peers.
Looking at the Return On Equity, with a value of 9.89%, VICI is in the better half of the industry, outperforming 73.33% of the companies in the same industry.
With a decent Return On Invested Capital value of 6.17%, VICI is doing good in the industry, outperforming 76.67% of the companies in the same industry.
Measured over the past 3 years, the Average Return On Invested Capital for VICI is in line with the industry average of 5.28%.
The last Return On Invested Capital (6.17%) for VICI is above the 3 year average (5.29%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 5.78%
ROE 9.89%
ROIC 6.17%
ROA(3y)4.86%
ROA(5y)5.11%
ROE(3y)8.38%
ROE(5y)8.6%
ROIC(3y)5.29%
ROIC(5y)5.36%
VICI Yearly ROA, ROE, ROICVICI Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2017 2018 2019 2020 2021 2022 2023 2024 2 4 6 8 10

1.3 Margins

Looking at the Profit Margin, with a value of 67.81%, VICI belongs to the top of the industry, outperforming 96.67% of the companies in the same industry.
VICI's Profit Margin has improved in the last couple of years.
The Operating Margin of VICI (90.14%) is better than 100.00% of its industry peers.
VICI's Operating Margin has been stable in the last couple of years.
Looking at the Gross Margin, with a value of 99.31%, VICI belongs to the top of the industry, outperforming 100.00% of the companies in the same industry.
In the last couple of years the Gross Margin of VICI has remained more or less at the same level.
Industry RankSector Rank
OM 90.14%
PM (TTM) 67.81%
GM 99.31%
OM growth 3Y-1.26%
OM growth 5Y-0.56%
PM growth 3Y1.19%
PM growth 5Y2.66%
GM growth 3Y0.23%
GM growth 5Y0.29%
VICI Yearly Profit, Operating, Gross MarginsVICI Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2017 2018 2019 2020 2021 2022 2023 2024 20 40 60 80

3

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so VICI is destroying value.
VICI has more shares outstanding than it did 1 year ago.
The number of shares outstanding for VICI has been increased compared to 5 years ago.
The debt/assets ratio for VICI has been reduced compared to a year ago.
VICI Yearly Shares OutstandingVICI Yearly Shares OutstandingYearly Shares Outstanding 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M 1B
VICI Yearly Total Debt VS Total AssetsVICI Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2017 2018 2019 2020 2021 2022 2023 2024 10B 20B 30B 40B

2.2 Solvency

Based on the Altman-Z score of 1.49, we must say that VICI is in the distress zone and has some risk of bankruptcy.
Looking at the Altman-Z score, with a value of 1.49, VICI is in the better half of the industry, outperforming 76.67% of the companies in the same industry.
The Debt to FCF ratio of VICI is 8.77, which is on the high side as it means it would take VICI, 8.77 years of fcf income to pay off all of its debts.
VICI has a Debt to FCF ratio of 8.77. This is in the better half of the industry: VICI outperforms 80.00% of its industry peers.
A Debt/Equity ratio of 0.66 indicates that VICI is somewhat dependend on debt financing.
Looking at the Debt to Equity ratio, with a value of 0.66, VICI belongs to the top of the industry, outperforming 83.33% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.66
Debt/FCF 8.77
Altman-Z 1.49
ROIC/WACC0.81
WACC7.65%
VICI Yearly LT Debt VS Equity VS FCFVICI Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2017 2018 2019 2020 2021 2022 2023 2024 0 5B 10B 15B 20B 25B

2.3 Liquidity

A Current Ratio of 0.44 indicates that VICI may have some problems paying its short term obligations.
VICI has a worse Current ratio (0.44) than 63.33% of its industry peers.
VICI has a Quick Ratio of 0.44. This is a bad value and indicates that VICI is not financially healthy enough and could expect problems in meeting its short term obligations.
The Quick ratio of VICI (0.44) is worse than 63.33% of its industry peers.
Industry RankSector Rank
Current Ratio 0.44
Quick Ratio 0.44
VICI Yearly Current Assets VS Current LiabilitesVICI Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M 1B

4

3. Growth

3.1 Past

The earnings per share for VICI have decreased by -1.19% in the last year.
VICI shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 15.23% yearly.
VICI shows a small growth in Revenue. In the last year, the Revenue has grown by 5.32%.
VICI shows a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 33.88% yearly.
EPS 1Y (TTM)-1.19%
EPS 3Y13.3%
EPS 5Y15.23%
EPS Q2Q%-10.53%
Revenue 1Y (TTM)5.32%
Revenue growth 3Y36.62%
Revenue growth 5Y33.88%
Sales Q2Q%3.44%

3.2 Future

Based on estimates for the next years, VICI will show a small growth in Earnings Per Share. The EPS will grow by 5.42% on average per year.
Based on estimates for the next years, VICI will show a small growth in Revenue. The Revenue will grow by 3.97% on average per year.
EPS Next Y4.19%
EPS Next 2Y6.15%
EPS Next 3Y5.42%
EPS Next 5YN/A
Revenue Next Year3.49%
Revenue Next 2Y3.05%
Revenue Next 3Y2.65%
Revenue Next 5Y3.97%

3.3 Evolution

The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
VICI Yearly Revenue VS EstimatesVICI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 1B 2B 3B 4B
VICI Yearly EPS VS EstimatesVICI Yearly EPS VS EstimatesYearly EPS VS Estimates 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0.5 1 1.5 2 2.5

6

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 13.14, which indicates a correct valuation of VICI.
Based on the Price/Earnings ratio, VICI is valued cheaper than 93.33% of the companies in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 27.48, VICI is valued rather cheaply.
A Price/Forward Earnings ratio of 11.38 indicates a reasonable valuation of VICI.
VICI's Price/Forward Earnings ratio is rather cheap when compared to the industry. VICI is cheaper than 96.67% of the companies in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 36.52, VICI is valued rather cheaply.
Industry RankSector Rank
PE 13.14
Fwd PE 11.38
VICI Price Earnings VS Forward Price EarningsVICI Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, VICI is valued a bit cheaper than the industry average as 73.33% of the companies are valued more expensively.
Based on the Price/Free Cash Flow ratio, VICI is valued a bit cheaper than the industry average as 76.67% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 17.19
EV/EBITDA 14.92
VICI Per share dataVICI EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15 20 25

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates VICI does not grow enough to justify the current Price/Earnings ratio.
VICI has an outstanding profitability rating, which may justify a higher PE ratio.
PEG (NY)3.14
PEG (5Y)0.86
EPS Next 2Y6.15%
EPS Next 3Y5.42%

6

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 5.14%, VICI is a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 5.78, VICI has a dividend in line with its industry peers.
Compared to an average S&P500 Dividend Yield of 2.34, VICI pays a better dividend.
Industry RankSector Rank
Dividend Yield 5.14%

5.2 History

On average, the dividend of VICI grows each year by 8.63%, which is quite nice.
VICI has been paying a dividend for over 5 years, so it has already some track record.
As VICI did not decrease their dividend in the past 5 years, we can say the dividend looks stable.
Dividend Growth(5Y)8.63%
Div Incr Years6
Div Non Decr Years6
VICI Yearly Dividends per shareVICI Yearly Dividends per shareYearly Dividends per share 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5

5.3 Sustainability

VICI pays out 67.51% of its income as dividend. This is not a sustainable payout ratio.
The dividend of VICI is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP67.51%
EPS Next 2Y6.15%
EPS Next 3Y5.42%
VICI Yearly Income VS Free CF VS DividendVICI Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2017 2018 2019 2020 2021 2022 2023 2024 0 1B -1B 2B -2B -3B
VICI Dividend Payout.VICI Dividend Payout, showing the Payout Ratio.VICI Dividend Payout.PayoutRetained Earnings

VICI PROPERTIES INC

NYSE:VICI (7/17/2025, 8:04:00 PM)

After market: 32.84 0 (0%)

32.84

-0.19 (-0.58%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustrySpecialized REITs
Earnings (Last)04-30 2025-04-30/amc
Earnings (Next)07-30 2025-07-30/amc
Inst Owners101.45%
Inst Owner Change0.15%
Ins Owners0.28%
Ins Owner Change10.48%
Market Cap34.70B
Analysts83.23
Price Target36.8 (12.06%)
Short Float %3.85%
Short Ratio6.96
Dividend
Industry RankSector Rank
Dividend Yield 5.14%
Yearly Dividend1.67
Dividend Growth(5Y)8.63%
DP67.51%
Div Incr Years6
Div Non Decr Years6
Ex-Date06-18 2025-06-18 (0.4325)
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-20.87%
Min EPS beat(2)-26.29%
Max EPS beat(2)-15.46%
EPS beat(4)2
Avg EPS beat(4)-9.05%
Min EPS beat(4)-26.29%
Max EPS beat(4)2.88%
EPS beat(8)4
Avg EPS beat(8)-6.14%
EPS beat(12)6
Avg EPS beat(12)-6.59%
EPS beat(16)7
Avg EPS beat(16)-8.55%
Revenue beat(2)0
Avg Revenue beat(2)-1.17%
Min Revenue beat(2)-1.18%
Max Revenue beat(2)-1.17%
Revenue beat(4)0
Avg Revenue beat(4)-1.15%
Min Revenue beat(4)-1.49%
Max Revenue beat(4)-0.75%
Revenue beat(8)1
Avg Revenue beat(8)-0.81%
Revenue beat(12)4
Avg Revenue beat(12)0.46%
Revenue beat(16)5
Avg Revenue beat(16)0.14%
PT rev (1m)0%
PT rev (3m)1.21%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0.05%
EPS NY rev (1m)-2.36%
EPS NY rev (3m)-4.27%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0.6%
Revenue NY rev (1m)0.05%
Revenue NY rev (3m)0.75%
Valuation
Industry RankSector Rank
PE 13.14
Fwd PE 11.38
P/S 8.94
P/FCF 17.19
P/OCF 14.28
P/B 1.3
P/tB 1.3
EV/EBITDA 14.92
EPS(TTM)2.5
EY7.61%
EPS(NY)2.88
Fwd EY8.78%
FCF(TTM)1.91
FCFY5.82%
OCF(TTM)2.3
OCFY7%
SpS3.67
BVpS25.18
TBVpS25.18
PEG (NY)3.14
PEG (5Y)0.86
Profitability
Industry RankSector Rank
ROA 5.78%
ROE 9.89%
ROCE 7.82%
ROIC 6.17%
ROICexc 6.22%
ROICexgc 6.22%
OM 90.14%
PM (TTM) 67.81%
GM 99.31%
FCFM 52%
ROA(3y)4.86%
ROA(5y)5.11%
ROE(3y)8.38%
ROE(5y)8.6%
ROIC(3y)5.29%
ROIC(5y)5.36%
ROICexc(3y)5.35%
ROICexc(5y)5.47%
ROICexgc(3y)5.35%
ROICexgc(5y)3.94%
ROCE(3y)6.7%
ROCE(5y)6.78%
ROICexcg growth 3Y41.44%
ROICexcg growth 5Y27.34%
ROICexc growth 3Y-2.76%
ROICexc growth 5Y2.56%
OM growth 3Y-1.26%
OM growth 5Y-0.56%
PM growth 3Y1.19%
PM growth 5Y2.66%
GM growth 3Y0.23%
GM growth 5Y0.29%
F-Score5
Asset Turnover0.09
Health
Industry RankSector Rank
Debt/Equity 0.66
Debt/FCF 8.77
Debt/EBITDA 5.04
Cap/Depr 10310.2%
Cap/Sales 10.59%
Interest Coverage 4.16
Cash Conversion 69.36%
Profit Quality 76.68%
Current Ratio 0.44
Quick Ratio 0.44
Altman-Z 1.49
F-Score5
WACC7.65%
ROIC/WACC0.81
Cap/Depr(3y)59033.7%
Cap/Depr(5y)57630.8%
Cap/Sales(3y)71.67%
Cap/Sales(5y)110.02%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-1.19%
EPS 3Y13.3%
EPS 5Y15.23%
EPS Q2Q%-10.53%
EPS Next Y4.19%
EPS Next 2Y6.15%
EPS Next 3Y5.42%
EPS Next 5YN/A
Revenue 1Y (TTM)5.32%
Revenue growth 3Y36.62%
Revenue growth 5Y33.88%
Sales Q2Q%3.44%
Revenue Next Year3.49%
Revenue Next 2Y3.05%
Revenue Next 3Y2.65%
Revenue Next 5Y3.97%
EBIT growth 1Y2.3%
EBIT growth 3Y34.89%
EBIT growth 5Y33.14%
EBIT Next Year-10.58%
EBIT Next 3Y-0.13%
EBIT Next 5YN/A
FCF growth 1Y22.06%
FCF growth 3Y30.13%
FCF growth 5YN/A
OCF growth 1Y12.11%
OCF growth 3Y38.5%
OCF growth 5Y28.41%