Real Estate · Hotel & Resort REITs · US stock · price as of 16 Oct 2026
Key indicators
Price
$23.60
52-week range
$22.43 – $29.61
Market cap
$25.7B
P/E (trailing)
9.2×
EV / EBITDA
11.6×
Free-cash-flow yield
10.3%
Dividend yield
7.7%
Revenue (last 12 months)
$4.1B
Revenue growth (3y a year)
15.5%
Operating margin
89.1%
Return on invested capital
7.2%
Net debt / EBITDA
4.6×
Fair value
Fair value is not shown for this company.
X-Ray Score
69/ 100 · Medium confidence · ahead of 93% of sector peers
Valuation98
Growth68
Profitability38
Financial health65
Dividends80
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Vici Properties is a real estate investment trust that owns a portfolio of large gaming, hospitality and entertainment properties, including well-known casino resorts in Las Vegas. It leases these properties to operators under long-term triple-net agreements, in which the tenant pays property taxes, insurance and maintenance. Rent is therefore its main source of revenue, and many leases include scheduled increases tied to fixed amounts or inflation measures.
Vici Properties Inc. generated $4.1 billion of revenue in the last twelve months, with sales that grew 15.5% a year over the past three years. Net debt to EBITDA is 4.6 times. The operating margin is 89.1% and the return on invested capital is 7%. A dividend is paid, with a yield of 7.7%.
StocksXray gives Vici Properties Inc. an X-Ray Score of 69 out of 100 (medium confidence), ahead of 93% of the S&P 500 stocks in its sector. Its strongest lens is valuation (98) and its weakest is profitability (38).
XStocksXray
Vici Properties Inc. (VICI)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$23.09
$26.10
$27.03
$26.20
$26.70
$23.60
Market cap
$13.3B
$23.0B
$27.5B
$27.4B
$28.4B
$25.7B
P/E
13.1×
20.6×
10.9×
10.2×
10.2×
9.2×
EV / revenue
11.5×
14.1×
12.2×
11.4×
11.2×
10.4×
EV / EBITDA
12.2×
21.8×
13.1×
12.4×
12.3×
11.7×
Price / free cash flow
14.9×
11.8×
12.6×
11.5×
11.3×
9.8×
Free-cash-flow yield
6.7%
8.5%
7.9%
8.7%
8.8%
10.3%
Price / book
1.1×
1.0×
1.1×
1.0×
1.0×
0.9×
Dividend yield
5.98%
5.75%
5.96%
6.47%
6.61%
7.67%
Fundamentals checklist ● 7 Good · ● 2 Average · ● 2 Bad · each check graded against the sector
Cash quality
Earnings backed by cash0.3%Bad
Risk models
Piotroski F-Score7 of 9Good
Growth
EPS growth (3y)27.1%Good
Revenue growth (3y)15.5%Good
Growth consistency100%Good
Balance sheet
Net debt / EBITDA4.6×Average
Interest cover4.3×Good
Valuation
EBIT / EV yield8.5%Good
Profitability
Return on invested capital7.2%Average
Operating margin89.1%Good
Gross profitability8.4%Bad
XStocksXray
Vici Properties Inc. (VICI)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
1,510
2,601
3,612
3,849
4,006
4,098
Gross profit
1,489
2,578
3,585
3,822
3,979
4,070
Operating income
1,418
1,679
3,367
3,557
3,665
3,652
Net income
1,014
1,118
2,514
2,679
2,775
2,766
Diluted EPS ($)
1.76
1.27
2.47
2.56
2.61
2.58
Free cash flow
896
1,943
2,181
2,381
2,510
2,638
Gross margin
98.6%
99.1%
99.3%
99.3%
99.3%
99.3%
Operating margin
94.0%
64.6%
93.2%
92.4%
91.5%
89.1%
Net margin
67.2%
43.0%
69.6%
69.6%
69.3%
67.5%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
17,597
37,576
44,060
45,369
46,724
48,271
Cash
740
209
523
525
563
288
Total debt
4,695
13,740
16,724
16,733
16,773
16,931
Equity
12,108
21,934
25,256
26,538
27,798
29,171
Dividend per share ($)
1.38
1.50
1.61
1.70
1.77
1.80
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.