VICI Properties Inc. (VICI) Key Metrics
VICI valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $25.99B
- Enterprise value
- $43.65B
- P/E (TTM)
- 9.2 10-yr median 14.6
- Forward P/E
- 7.8
- PEG ratio
- —
- Price / sales
- 6.3 10-yr median 10.6
- Price / book
- 0.9 10-yr median 1.3
- EV / EBITDA
- 11.9 10-yr median 15.0
- Dividend yield
- 7.80% $1.84 a year
- Beta
- 0.67
VICI key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsVICI valuation Price multiples at each fiscal year-end price.
VICI returns How much profit the business earns on the capital it uses.
VICI per-share figures Results divided by the shares outstanding at year-end.
VICI financial health Debt, liquidity and how easily interest is covered.
VICI efficiency & capital use Working capital cycle and where the cash goes.
VICI valuation history
VICI returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
VICI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
VICI cash returned to shareholders
VICI price vs earnings per share
VICI key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $29.88B | $30.60B | $32.38B | $28.50B | $17.38B | $13.03B | $11.22B | $6.90B | $6.72B | — |
| Enterprise value | $46.96B | $47.73B | $49.49B | $41.87B | $21.36B | $19.46B | $14.85B | $9.95B | $11.62B | — |
| P/E ratio | 10.8 | 11.4 | 12.9 | 25.5 | 17.1 | 14.6 | 20.6 | 13.2 | 157.4 | — |
| Price / sales | 7.5 | 8.0 | 9.0 | 11.0 | 11.5 | 10.6 | 12.5 | 7.7 | 33.3 | — |
| Price / book | 1.1 | 1.2 | 1.3 | 1.3 | 1.4 | 1.4 | 1.4 | 1.0 | 1.4 | — |
| Price / free cash flow | 11.9 | 12.9 | 14.9 | 14.7 | 19.4 | 14.8 | 16.5 | 13.7 | 51.8 | — |
| Price / operating cash flow | 11.9 | 12.9 | 14.8 | 14.7 | 19.4 | 14.7 | 16.4 | 13.7 | 51.0 | — |
| EV / sales | 11.7 | 12.4 | 13.7 | 16.1 | 14.1 | 15.9 | 16.6 | 11.1 | 57.7 | — |
| EV / EBITDA | 12.8 | 13.4 | 14.7 | 24.9 | 15.0 | 16.1 | 18.4 | 13.3 | 106.4 | — |
| EV / free cash flow | 18.7 | 20.1 | 22.7 | 21.6 | 23.9 | 22.1 | 21.9 | 19.8 | 89.6 | — |
| Earnings yield | 9.3% | 8.8% | 7.8% | 3.9% | 5.8% | 6.8% | 4.9% | 7.6% | 0.6% | — |
| Free cash flow yield | 8.4% | 7.8% | 6.7% | 6.8% | 5.1% | 6.8% | 6.1% | 7.3% | 1.9% | — |
| Dividend yield | 6.2% | 5.7% | 4.9% | 4.3% | 4.4% | 4.7% | 4.5% | 3.8% | 3.9% | — |
| Shareholder yield (dividends + buybacks) | 6.2% | 5.7% | 4.9% | 4.3% | 4.4% | 4.7% | 4.5% | 3.8% | 3.9% | — |
| Share price at fiscal year-end | $28.12 | $29.21 | $31.88 | $32.40 | $30.11 | $25.50 | $25.55 | $18.78 | $20.50 | — |
| Per share | ||||||||||
| Revenue per share | $3.77 | $3.67 | $3.56 | $2.96 | $2.62 | $2.40 | $2.04 | $2.44 | $0.61 | $0.05 |
| Earnings per share | $2.61 | $2.56 | $2.47 | $1.27 | $1.76 | $1.75 | $1.24 | $1.43 | $0.13 | $0.01 |
| Operating cash flow per share | $2.36 | $2.27 | $2.15 | $2.21 | $1.55 | $1.73 | $1.55 | $1.37 | $0.40 | $0.01 |
| Free cash flow per share | $2.36 | $2.27 | $2.14 | $2.21 | $1.55 | $1.72 | $1.55 | $1.37 | $0.40 | $0.01 |
| Cash per share | $0.57 | $0.50 | $0.51 | $0.48 | $1.28 | $0.66 | $2.64 | $2.99 | $0.56 | $0.00 |
| Book value per share | $26.16 | $25.33 | $24.86 | $25.34 | $21.12 | $18.58 | $18.33 | $18.79 | $14.58 | $0.23 |
| Tangible book value per share | $26.16 | $25.33 | $24.86 | $25.34 | $21.12 | $18.58 | $18.33 | $18.79 | $14.58 | $0.23 |
| Dividends per share | $1.74 | $1.67 | $1.56 | $1.39 | $1.31 | $1.20 | $1.15 | $0.72 | $0.80 | $0.73 |
| Capex per share | $0.00 | $0.01 | $0.00 | $0.00 | $0.00 | $0.01 | $0.01 | $0.00 | $0.01 | $0.00 |
| Debt per share | $16.65 | $16.85 | $17.35 | $15.69 | $8.18 | $13.24 | $10.91 | $11.31 | $15.53 | $0.00 |
| Shares outstanding | 1.06B | 1.05B | 1.02B | 879.7M | 577.1M | 510.9M | 439.2M | 367.3M | 327.6M | 360.8M |
| Change in shares outstanding | +1.4% | +3.1% | +15.5% | +52.4% | +12.9% | +16.3% | +19.6% | +12.1% | −9.2% | 0.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 10.2% | 10.3% | 10.6% | 6.5% | 9.4% | 10.2% | 7.3% | 9.0% | 1.8% | 3.6% |
| Return on invested capital (ROIC) | 8.2% | 8.2% | 8.6% | 6.3% | 9.0% | 6.6% | 7.8% | 7.7% | 3.0% | 0.0% |
| Return on assets (ROA) | 6.0% | 6.0% | 6.2% | 4.1% | 5.9% | 5.9% | 4.4% | 5.0% | 0.9% | 3.3% |
| Return on tangible assets | 5.9% | 5.9% | 5.7% | 3.0% | 5.8% | 5.2% | 4.1% | 4.6% | 0.4% | 3.3% |
| Free cash flow margin | 62.6% | 61.7% | 60.3% | 74.7% | 59.2% | 71.9% | 75.9% | 56.0% | 64.4% | 9.9% |
| Income quality (OCF / net income) | 0.90 | 0.89 | 0.87 | 1.74 | 0.88 | 0.99 | 1.25 | 0.96 | 3.09 | 0.90 |
| Financial health | ||||||||||
| Total debt | $17.69B | $17.65B | $17.63B | $13.80B | $4.72B | $6.77B | $4.79B | $4.15B | $5.09B | $14,000 |
| Cash & short-term investments | $608.0M | $524.6M | $522.6M | $426.3M | $739.6M | $336.0M | $1.16B | $1.10B | $183.6M | $920,000 |
| Net debt | $17.08B | $17.13B | $17.11B | $13.37B | $3.98B | $6.43B | $3.63B | $3.06B | $4.90B | −$906,000 |
| Debt / equity | 0.64 | 0.67 | 0.70 | 0.62 | 0.39 | 0.71 | 0.60 | 0.60 | 1.06 | 0.00 |
| Debt / assets | 0.38 | 0.39 | 0.40 | 0.37 | 0.27 | 0.40 | 0.36 | 0.37 | 0.52 | 0.00 |
| Net debt / EBITDA | 4.66 | 4.81 | 5.07 | 7.95 | 2.80 | 5.32 | 4.49 | 4.07 | 44.91 | −0.30 |
| Current ratio | 26.68 | 27.92 | 28.22 | 30.08 | 11.42 | 11.01 | 5.10 | 6.43 | 0.49 | 1.61 |
| Quick ratio | 26.68 | 27.92 | 27.39 | 30.09 | 11.43 | 9.93 | 5.10 | 5.88 | 0.31 | 1.24 |
| Interest coverage | 4.3 | 4.3 | 4.1 | 3.0 | 3.7 | 3.0 | 3.4 | 3.6 | 2.3 | 1.0 |
| Working capital | $18.62B | $18.30B | $18.10B | $17.26B | $3.54B | $3.17B | $933.8M | $945.2M | −$202.9M | $620,000 |
| Invested capital | $44.88B | $43.66B | $42.36B | $35.66B | $16.17B | $15.92B | $11.68B | $9.96B | $9.68B | $83.2M |
| Tangible asset value | $28.22B | $26.95B | $25.66B | $22.29B | $12.19B | $9.49B | $8.05B | $6.90B | $4.78B | $84.1M |
| Net current asset value | $838.4M | $563.7M | $361.6M | $2.57B | −$1.53B | −$4.08B | −$4.06B | −$3.31B | −$4.77B | −$4.7M |
| Graham number | $39.21 | $38.17 | $37.21 | $26.91 | $28.89 | $27.01 | $22.64 | $24.55 | $6.54 | $0.21 |
| Graham net-net per share | −$3.62 | −$3.87 | −$3.86 | −$2.04 | −$4.01 | −$9.19 | −$9.23 | $9.31 | $4.45 | −$0.01 |
| Capital allocation | ||||||||||
| Dividends paid | $1.85B | $1.75B | $1.58B | $1.22B | $758.8M | $612.2M | $504.0M | $262.7M | $262.7M | $262.7M |
| Share buybacks (net) | $7.2M | $5.3M | $5.0M | $6.2M | $1.7M | $207,000 | $0 | $0 | $0 | $0 |
| Dividend payout ratio | 66.8% | 65.4% | 63.0% | 109.1% | 74.8% | 68.7% | 92.3% | 50.2% | 615.7% | — |
| Dividends + buybacks / free cash flow | 74.2% | 74.1% | 73.0% | 63.1% | 85.1% | 69.5% | 74.2% | 52.2% | 202.5% | — |
| Capex / revenue | 0.0% | 0.2% | 0.1% | 0.1% | 0.2% | 0.2% | 0.3% | 0.1% | 1.0% | 4.6% |
| Capex / operating cash flow | 0.1% | 0.3% | 0.2% | 0.1% | 0.3% | 0.3% | 0.4% | 0.2% | 1.5% | 31.9% |
| Capex / depreciation | 0.37 | 1.82 | 0.94 | 0.59 | 0.81 | 0.74 | 0.71 | 0.24 | 0.62 | 0.29 |
| Stock-based compensation / revenue | 0.4% | 0.5% | 0.4% | 0.5% | 0.6% | 0.6% | 0.6% | 0.3% | 0.7% | — |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| SG&A / revenue | 1.6% | 1.8% | 1.7% | 1.9% | 2.2% | 2.5% | 2.7% | 2.7% | 5.6% | 10.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 1,693.7 | 1,739.5 | 1,801.9 | 1,443.4 | 761.4 | 470.1 | 1,824.2 | 3,497.9 | 7,491.4 | 2.5 |
| Days of inventory on hand | — | — | 3,673.0 | -66.5 | 3,006.3 | 1,872.2 | 924.9 | 311.7 | 399.8 | 10.8 |
| Days payables outstanding | — | — | -7,911.4 | -687.3 | -225.2 | 7.5 | 16.4 | 11.5 | 29.8 | 8.6 |
| Cash conversion cycle (days) | — | — | 13,386.3 | 2,064.3 | 3,992.9 | 2,334.8 | 2,732.7 | 3,798.1 | 7,861.4 | 4.7 |
| Receivables turnover | 0.22 | 0.21 | 0.20 | 0.25 | 0.48 | 0.78 | 0.20 | 0.10 | 0.05 | 144.50 |
| Payables turnover | — | — | — | — | — | 48.65 | 22.28 | 31.67 | 12.25 | 42.47 |
| Inventory turnover | — | — | 0.10 | — | — | 0.19 | 0.39 | 1.17 | 0.91 | 33.80 |
| Asset turnover | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.08 | 0.07 | 0.09 | 0.04 | 0.21 |
| Average receivables | $18.59B | $18.34B | $17.83B | $10.28B | $3.15B | $1.58B | $4.47B | $8.61B | $4.13B | $130,000 |
| Average payables | — | — | −$587.2M | −$42.6M | −$12.8M | $687,000 | $848,500 | $3.1M | $2.8M | $323,500 |
| Average inventory | — | — | $272.6M | −$4.1M | $171.0M | $171.4M | $47.9M | $84.7M | $37.0M | $406,500 |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from VICI's annual financial statements (latest annual report filed February 25, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
VICI valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), VICI Properties traded at 10.8 times earnings, against a 10-year median of 14.6. Based on the latest twelve months, the trailing P/E is 9.2 and the forward P/E is 7.8. VICI Properties earned a return on equity of 10.2% and a return on invested capital of 8.2% in fiscal 2025. It ended the year with $17.7 billion of debt and $608.0 million in cash and short-term investments, net debt of $17.1 billion. It returned $1.9 billion to shareholders: $1.9 billion in dividends and $7.2 million in share buybacks, 74% of free cash flow. The share count rose 194.6% from 360.8M to 1.06B over 9 years.
See the VICI income statement, the VICI chart for price history, or the VICI stock overview for the latest quote and news.
VICI key metrics FAQ
What is VICI Properties's P/E ratio?
VICI Properties's trailing P/E ratio is 9.2 based on the last twelve months of earnings (as of October 17, 2026), and its forward P/E is 7.8. At the end of fiscal 2025 it was 10.8, compared with a 10-year median of 14.6.
What is VICI Properties's EV/EBITDA?
VICI Properties's enterprise value was 12.8 times EBITDA at the end of fiscal 2025 (enterprise value $47.0 billion, EBITDA $3.7 billion); the current EV/EBITDA is 11.9.
What is VICI Properties's return on equity?
VICI Properties's return on equity (ROE) was 10.2% in fiscal 2025: net income of $2.8 billion on average shareholders' equity of $27.2 billion.
What is VICI Properties's ROIC?
VICI Properties's return on invested capital was 8.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does VICI Properties have?
VICI Properties had total debt of $17.7 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.64 and $17.1 billion of net debt (4.66 times EBITDA).
What is VICI Properties's dividend yield?
VICI Properties's forward dividend yield is 7.80%. VICI Properties paid $1.9 billion in dividends in fiscal 2025 ($1.74 per share), a payout ratio of 66.8%.
Does VICI Properties buy back its shares?
Yes. VICI Properties spent $7.2 million on net share repurchases in fiscal 2025 Shares outstanding changed +1.4% over the year, to 1.06B..
What is VICI Properties's free cash flow yield?
VICI Properties generated $2.5 billion of free cash flow in fiscal 2025, a free cash flow yield of 8.4% on its market value at year-end ($29.9 billion).
What is VICI Properties's current ratio?
VICI Properties's current ratio was 26.68 at the end of fiscal 2025: current assets were 26.68 times current liabilities.