Vici Properties
VICI Properties Inc. is a real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality, wellness, entertainment and leisure destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas. VICI Properties owns 103 experient…
VICI Properties Inc. is a real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality, wellness, entertainment and leisure destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas. VICI Properties owns 103 experiential assets across a geographically diverse portfolio consisting of 63 gaming properties and 40 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 130 million square feet and features approximately 66,000 hotel rooms and over 700 restaurants, bars, nightclubs and sports books. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long-term, triple-net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading operators in other experiential sectors, including Cabot, Cain, Canyon Ranch, Chelsea Piers, Club Med, Great Wolf Resorts, Homefield, Kalahari Resorts and Lucky Strike Entertainment. VICI Properties also owns four championship golf courses and approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties Inc. was established on July 05, 2016, and is based in New York, United States. VICI Properties Inc. was incorporated in Maryland.Looks undervalued
5-year outlook: Not shown because confidence is low: Free-cash-flow DCF agrees.
Why: Dividends are a large share of earnings, so the cash paid to shareholders is the best guide to value.
Details and the full model are below.
Market price below modeled range
Showing the EV/Sales (Rule of 40) you selected on the company card, using 9.83% growth, 2.3% terminal growth and 9% discount. The range varies these assumptions slightly; it is illustrative, not investment advice.
Assumptions: growth 9.83%, discount rate 9%, terminal growth 2.30% (sector defaults). See a worked example.
Blended growth assumption: 9.8% (sector default 5.1%, own revenue history 27.6%, analyst revenue consensus 3.3%).
Analyst consensus expects revenue growth of 3.3% a year; the growth assumption used is 9.8%.
Adjust assumptions
Show the recommended model instead
Why this model: Dividends are a large share of earnings, so the cash paid to shareholders is the best guide to value.
Compare models- Recommended: Dividend discount model — USD 26.89 (+8.0%)
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EPS-based Gordon proxy
— USD 32.55 (+30.7%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— USD 35.53 (+42.7%)
Not used: Not chosen: Dividend discount model ranks ahead of it for this company.
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FCFF (steady state)
— USD 21.53 (-13.5%)
Not used: Assumes only the long-run terminal growth rate from today, so it ignores the near-term growth expected.
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EV/EBITDA (12x)
— USD 19.29 (-22.5%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— USD 35.11 (+41.0%)
Not used: An alternative growth path (fading over 10 years) shown for comparison; the automatic choice does not use it.
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EV/Sales (Rule of 40)
— USD 40.68 (+63.4%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear USD 26.53 | 6.1% |
| Base USD 40.68 | 38.8% |
| Bull USD 54.84 | 54.6% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 80 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +12.4% a year | 20 / 20 |
| Balance sheet | net debt 5.4x EBITDA | 0 / 20 |
| Margins | EBITDA margin 78% | 20 / 20 |
Peers in Real Estate
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| VICI (this company) | USD 24.90 | 7.4% | 11.7 | 0.9 | 7.1% | 80 |
| HST Host Hotels & Resorts | USD 24.49 | 44.5% | 16.3 | 2.6 | 3.9% | 100 |
| ARE Alexandria Real Estate Equities | USD 44.19 | 25.4% | – | 0.5 | 7.9% | 44 |
| VMRK Vivmark Residential | USD 64.21 | 23.8% | 28.2 | 2.3 | 4.3% | 82 |
| UDR UDR, Inc. | USD 37.01 | 8.2% | 17.2 | 3.8 | 7.1% | 82 |
| UTG.L Unite Group PLC | GBP 4.89 | -2.1% | 24.6 | 0.5 | 6.4% | 68 |
| DLN.L Derwent London Plc | GBP 19.37 | -3.8% | 13.5 | 0.6 | 4.2% | 60 |
| WDP.BR Warehouses De Pauw SA | EUR 19.10 | -4.2% | 11.8 | 0.9 | 6.3% | 80 |
| DOC Healthpeak Properties | USD 19.87 | -6.3% | 35.3 | 1.7 | 6.2% | 76 |
| Peer median | 17.2 | 1.3 | ||||
Dividends
Paid in the last 12 months: USD 1.81 per share · yield 7.27% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 1.360 |
| 2025 | 1.766 |
| 2024 | 1.696 |
| 2023 | 1.610 |
| 2022 | 1.500 |
| 2021 | 1.380 |
Trailing 12-month financials
TTM through 30 Sep 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 12:42
| Revenue | USD 4,155,600,000 |
|---|---|
| EBITDA | USD 3,232,250,000 |
| EBIT | USD 3,228,446,000 |
| Net income | USD 2,346,212,000 |
| Free cash flow | USD 2,701,630,000 |
| Capital expenditures | USD 7,447,000 |
| Debt | USD 17,825,748,000 |
| Cash | USD 270,321,000 |
| Working capital | USD -377,074,000 |
| Shares outstanding | 1,100,625,472 |
| Reported dividends per share | USD 1.7611 |