VICI Properties Inc. (VICI) AI Stock Analysis

VICI Properties is a real estate investment trust specializing in immersive experiential properties across gaming, hospitality, and entertainment. Its national portfolio comprises 29 gaming facilities spanning over 48 million square feet, including the landmark Caesars Palace. The footprint features more than 19,200 hotel rooms, four championship golf courses, 34 acres of undeveloped land adjacent to the Las Vegas Strip, and over 200 restaurants, bars, and nightclubs. VICI leases its real estate to prominent gaming and hospitality operators, including Caesars Entertainment, Century Casinos Inc., Hard Rock International, JACK Entertainment, and Penn National Gaming, Inc.

VICI delivered steady long-term expansion, growing revenue from $1.51B in FY2021 to $4.01B in FY2025, which reflects a 5-year revenue CAGR of 26.7%. Annual revenue growth normalized from 72.3% in FY2022 and 38.9% in FY2023 to 4.1% in FY2025. Net income reached $2.78B in FY2025, representing a net margin of 69.3% and EPS of $2.62. In the trailing twelve months, revenue was $4.10B with an operating margin of 70.2%. For the latest quarter ended June 30, 2026, quarterly revenue rose 5.7% year-over-year, while quarterly earnings declined 41.4%.

As of June 30, 2026, VICI held $288.1M in cash and short-term investments against $17.84B in total debt, resulting in net debt of $17.56B. The current ratio stood at 0.40, while debt-to-equity was 0.61 against shareholders' equity of $29.17B. Operating cash flow in FY2025 was $2.51B, and capital expenditures were $1.3M, leaving free cash flow of $2.51B. Capital allocation primarily favored dividends, with $1.85B paid to shareholders, alongside $7.2M in share buybacks. Share count expanded 71.0% over five years.

VICI trades at a trailing P/E of 9.2x and a forward P/E of 7.8x, compared to medians of 30.6x and 30.4x for its S&P 500 Real Estate peers. Its EV to EBITDA multiple is 11.9x versus the peer median of 17.6x, and its price-to-sales ratio is 6.3x against the peer median of 7.1x. Over the past year, VICI's stock declined 17.8%, while the S&P 500 (SPY) gained 16.8%. Over five years, the stock returned 3.6% compared to 83.0% for the benchmark index.

VICI pays a quarterly dividend with a forward annual payout of $1.84, delivering a dividend yield of 7.80%. The payout ratio is 66.5%. The company has paid dividends for 9 consecutive years and achieved a 5-year annualized dividend growth rate of 7.1%. Its last ex-dividend date was September 17, 2026.

Wall Street coverage includes 12 Strong Buy, 4 Buy, and 9 Hold ratings, with zero Sell or Strong Sell ratings. The mean price target is $31.58, which is 33.8% above the last close of $23.60. For the fiscal year ending December 31, 2026, consensus estimates project EPS of $2.75 on revenue of $4.22B. The company beat EPS estimates in 2 of the last 4 quarters, and its next earnings date is October 28, 2026.

This page is an AI-written research summary of VICI Properties Inc. (VICI). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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