Vici Properties Inc. (VICI)

Price$23.20Cached quoteAs of 2026-09-30 09:14 UTC

AI: Undervalued

Price checkThe shares look modestly undervalued because durable cash earnings carry an unusually high yield.

Using management’s latest full-year cash-earnings guidance of $2.455–$2.47 per share, the observed price is about 10.8 times those earnings, or roughly a 9.2% cash-earnings yield. The current annual dividend rate of $1.80 implies a yield near 6.8%. A conservative 12-times multiple would value the shares around $29.50, before dividends, while 14 times would be about $34.40. Those levels require no heroic growth, but higher bond yields could keep the market multiple near today’s depressed range.

Big pictureRent growth and cash generation remain steady even though reported profit can swing sharply.

Revenue rose from $1.23 billion in 2020 to $4.01 billion in 2025, while operating cash flow climbed from $884 million to $2.51 billion. In the latest quarter, revenue grew 5.7% and adjusted funds from operations, a real-estate cash-earnings measure, rose 7.8% overall and 4.6% per share. Reported net income fell 39% because of a non-cash credit-loss allowance change, so it understates recurring rent economics. First-half operating cash flow also covered dividends by about 1.4 times.

Business strengthLong leases support reliable rent, but heavy debt and gaming tenants limit downside protection.

VICI owns mission-critical casino and leisure properties under long-term leases where tenants generally bear property costs, making cash needs unusually low; 2025 capital spending was only about $1 million against $2.51 billion of operating cash flow. The counterweight is about $16.6 billion of net debt at midyear and tenant exposure tied heavily to gaming and travel spending. Management reported net debt near 4.9 times cash operating earnings, manageable for this model, but refinancing now costs more than older debt and tenant distress could weaken rent coverage.

What could change the storyCheap funding and disciplined deals could unlock upside, while costly dilution would erase it.

The bull case is that VICI keeps buying properties at returns above its funding cost, lifts per-share cash earnings around 4%–5%, and earns a modest rerating from today’s roughly 11-times multiple. Recent Canadian assets were bought near an 8% initial property yield, and new tenants broaden the rent base. The bear case is capital becoming too expensive: shares outstanding rose about 3% during the latest quarter, partly for the Golden transaction, while new debt carries coupons above 5%. Per-share growth below inflation would weaken the undervaluation case.

AI: News

Mixed quarterly resultsCash earnings grew and guidance improved, but a large accounting charge made headline profit look weak.

Three weeks ago, quarterly revenue increased 5.7% to about $1.1 billion and adjusted funds from operations rose 7.8% to $680 million, or 4.6% per share. Full-year guidance narrowed upward to $2.45–$2.47 per share. Reported net income fell 39% because a credit-loss allowance changed. Shares dropped about 3% the next session on heavy volume; the timing suggests the report mattered, though it does not prove the earnings release alone caused the move.

Debt refinancing completedVICI locked in long-term funding, but replacing cheaper debt raises its future interest burden.

Last week, VICI completed a $1.75 billion unsecured bond sale, split between $900 million at 5.4% and $850 million at 5.75%. The proceeds are intended mainly to repay the same amount of debt maturing soon that carries coupons around 4.25%–4.5%. That removes near-term refinancing risk and extends maturities, but the weighted coupon rises by roughly 1.25 percentage points, implying about $22 million of additional annual interest before offsets.

Tenant base expandedSeveral new property deals broadened VICI beyond its biggest casino partners while adding fresh rent.

Over the past two months, VICI completed a Canadian gaming and hotel purchase of roughly $141 million, adding about $11 million of annual rent, and announced a roughly $75 million Club Med project in the Caribbean. The quarter also included the $1.16 billion Golden Entertainment portfolio, which helped lift the tenant count to 16. These deals improve diversification, but investors must watch whether acquisition yields stay comfortably above the cost of debt and new shares.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017
Revenue	$4.01B	$3.85B	$3.61B	$2.60B	$1.51B	$1.23B	$894.8M	$898.0M	$187.6M
Gross profit	$3.98B	$3.82B	$3.58B	$2.58B	$1.49B	$1.21B	$875.9M	$880.6M	—
Gross margin	99.33%	99.30%	99.25%	99.13%	98.62%	98.56%	97.89%	98.07%	—
Operating expenses	$358.5M	$308.8M	$275.2M	$990.9M	$75.6M	$321.0M	$52.3M	$140.0M	—
Operating income	$3.66B	$3.54B	$3.34B	$1.63B	—	$321.0M	$52.3M	$140.0M	$144.2M
Operating margin	91.24%	92.10%	92.60%	62.77%	—	26.19%	5.84%	15.59%	76.86%
EBITDA	$3.67B	$3.56B	$3.37B	$1.68B	—	$324.7M	$56.1M	$143.7M	$144.9M
EBITDA margin	91.57%	92.52%	93.32%	64.69%	—	26.50%	6.27%	16.00%	77.26%
Net income	$2.78B	$2.68B	$2.51B	$1.12B	$1.01B	$891.7M	$546.0M	$523.6M	$44.5M
Net profit margin	69.28%	69.59%	69.59%	42.97%	67.16%	72.76%	61.02%	58.31%	23.74%
Basic EPSper basic share	$2.61	$2.56	$2.48	$1.27	$1.80	$1.76	$1.25	$1.43	—
Diluted EPSper diluted share	$2.61	$2.56	$2.47	$1.27	$1.76	$1.75	$1.24	$1.43	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 12 reported holders of VICI
Holder	Shares held
Pitoniak Edward Baltazar	1.29M
Payne John W R	474.37K
KIESKE DAVID ANDREW	417.5K
Gallagher Samantha Sacks	368.02K
ABRAHAMSON JAMES R	181.18K
Rumbolz Michael D	97.55K
MACNAB CRAIG	81.66K
Cantor Diana F	66.14K
Holland Elizabeth I	66.07K
Douglas Monica Howard	47.63K
Wasserman Gabriel	41.84K
Waxman Jeremy L.	9.82K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)1$420.1K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Sep 12, 2024Form 4	Wasserman GabrielChief Accounting Officer	SellCommon Stock	12.5K	$33.61	$420.1K	33.2K

Review ownership filings at SEC.gov ↗

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Vici Properties Inc. (VICI)

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