VICI Properties Inc (VICI) stock analysis
VICI Properties Inc (VICI) clears 5 of this site's 8 mechanical value filters, 4 of 8 Buffett-style checks and 3 of 5 Lynch-style checks. A free-cash-flow DCF does not fit real estate companies, so no margin of safety is shown. It returns +7.0% to shareholders net of dilution. Figures are as of October 23, 2026, from SEC filings and market data refreshed weekly; this is educational analysis, not investment advice.
Data as of October 23, 2026. Refreshed weekly from SEC filings and market data.
What does VICI Properties do?
VICI Properties is a REIT that owns casinos and entertainment properties, including Caesars Palace and MGM Grand in Las Vegas, and leases them to the operators under long-term triple-net leases.
Brands and businesses it owns
- Caesars Palace
- MGM Grand
- Mandalay Bay
- The Venetian
What stands out about VICI Properties?
- Misses 1 of the 8 value filters. It fails EPS Growth YoY > -5% (-41.0%); the other 5 pass and 2 were not evaluated. See every filter.
- Close to its 52-week low. At $24.02, VICI is 6.6% above its low of $22.53 and 23.6% below its high of $31.42. See the range.
- Strongest against peers: net margin. At 67.5% (peer median 20.9%) it ranks 1st of 30 among real estate stocks this site tracks. See the ranking.
- P/E at the bottom of its own range. VICI trades at 9.5× trailing earnings; at the end of each of its last 5 fiscal years the multiple was between 10.8× and 25.5×.
How has VICI Properties' share price moved?
The interactive price chart needs JavaScript.
Is VICI Properties undervalued? The value diligence check
Every value-investing signal this site computes for this stock, gathered in one place: the same real numbers from the tools below, not a new score.
- Margin of safety (DCF) n/a (Real Estate)
- P/E vs. its own history 9.5x · at/below its cheapest point Real range: 10.8x–25.5x over 5 years (net income per diluted share from each fiscal year's 10-K, paired with the real closing price at that fiscal year-end).
- Wall St. analyst rating Buy · 3.94/5 32 analysts this month: 8 strong buy, 14 buy, 10 hold, 0 sell, 0 strong sell (Finnhub). Down from 3.97 last month.
- Altman Z″-Score (bankruptcy risk) n/a (Real Estate)
- Earnings quality (is the profit real?) n/a (bank, insurer or REIT)
- Shareholder yield (cash back to owners) +7.0% net Latest fiscal year (2025): dividends 7.1% + buybacks 0.0% − stock comp 0.1%, as a share of today's market cap. Over 7 years its split-adjusted share count rose 189%. See Shareholder Yield Leaders.
- Capital needed to grow (See's test) n/a (bank, insurer, lender or REIT)
- PEG (growth at a reasonable price) 1.13† · Above fair P/E 9.5× ÷ 8.4% a year of growth behind it (5-year EPS growth: Finnhub reported no PEG, so this one is estimated). 114th lowest of 447 stocks with a usable PEG. Lynch's fair value is a PEG of 1; a very high PEG usually means almost no growth, a very low one a profit spike. See PEG Ratio Ranking.
- Compounder lenses (4) 2 of 4 · misses capital-light (n/a), real profit (n/a) Capital-light growth: cannot be measured (bank, insurer, lender or REIT); Profit is real: cannot be measured (bank, insurer or REIT); Cash to owners: cleared; Fair price (PEG): cleared. See Compounders at a Fair Price, which also lets you move the PEG bar.
- Munger's Inversion Check 0 flags
- Standing vs. sector peers 4 of 4 measures above the median Compared with the 29 other real estate stocks this site tracks: 3 in the top third, 0 in the bottom third.
- Dividend payout sustainability 0/6 · clean
How does VICI Properties compare with its peers?
4 of 4 measures sit above the median of the 29 other real estate stocks tracked here, 3 in the top third.
- P/E ratiolower is cheaper · peer median 31.5× 9.5× ✓1st of 29
- Return on equityhigher is better · peer median 8% 10% –11th of 30
- Net marginhigher is better · peer median 20.9% 67.5% ✓1st of 30
- Dividend yieldamong dividend payers · peer median 4.08% 7.24% ✓2nd of 28
Peers are the stocks this site tracks in the same sector group, not every listed competitor. The bar runs from the weakest peer (left) to the strongest (right); the tick is the middle. Measures that don't apply to a sector (cash-flow yield for banks, debt for financials) are left out.
What would Buffett & Lynch say?
Buffett's checklist is built around durable, profitable businesses bought at sensible prices, and VICI doesn't clear enough of it yet. In its favor: VICI converts sales into profit at healthy margins, has grown earnings per share at a solid clip over five years, is trading below what a conservative discounted-cash-flow estimate says it's worth - his own "price is what you pay, value is what you get" test, not a fixed multiple ceiling, and trades at a reasonable multiple of owner earnings, his own term for the real cash a business could pay out. Where it comes up short: VICI isn't clearing the return-on-equity bar he'd want to see right now, and its five-year average return on equity falls short too, so this isn't just a one-off dip, carries more debt relative to equity than he typically tolerates, and doesn't cover its interest expense as comfortably as he'd want.
- ROE (TTM) > 11% ✕
- ROE (5yr avg) > 11% ✕
- Debt/Equity < 0.5 ✕
- Pretax margin > 15% ✓
- EPS growth (5yr) > 7% ✓
- Interest coverage > 5x ✕
- Trading below intrinsic value (DCF) ✓
- Price vs. owner earnings < 25x ✓
Lynch looked for growth stories that weren't overpriced for that growth, and VICI falls short of his bar. In its favor: VICI pays a real dividend, the actual reason he bought slow growers at all, is cheap enough for a business with limited growth ahead of it, and converts earnings into real cash at a reasonable price. Where it comes up short: VICI isn't even growing at the modest pace he'd expect from a slow grower, and carries more debt than he liked to see, even allowing for the extra room a large, stable business gets.
- Dividend yield > 2.5% ✓
- EPS growth 0%-10% ✕
- Debt/Equity < 0.6 ✕
- P/E < 20 ✓
- Price/FCF < 25 ✓
Quantitative approximations of each investor's documented approach, not endorsed by either investor or their estates - commentary, not this site's actual ranking criteria. Buffett never published a numeric checklist: only 2 of his 8 checks here trace to his own documented concepts ("owner earnings," from his 1986 shareholder letter, and "price is what you pay, value is what you get," his case against fixed P/E/P/B ceilings) - the other 6 (ROE, debt, margins, growth, interest coverage) use commonly-cited thresholds that are not numbers he himself published. The 8 hard filters below (plus the Munger check and Graham margin of safety) are this site's real, mechanical screen and are computed completely independently of the checklists above.
Berkshire Hathaway's own filing
Which of the 8 value filters does VICI Properties pass?
- Market Cap > $25B $26.2B
- Trailing P/E < 25 9.49
- PEG Ratio < 1.5 1.13 †
- Price/Book < 8 0.90
- Price/Sales < 7 6.40
- EPS Growth YoY > -5% -41.0%
- vs 50-day MA (±12%) Not evaluated †
- vs 200-day MA (±12%) Not evaluated †
What is VICI Properties' margin of safety?
A standard free-cash-flow DCF doesn't fit how real estate companies report cash flow.
Where is VICI Properties in its 52-week range?
What is the short interest in VICI Properties?
28,305,955 shares short as of 2026-09-30 (FINRA settlement date). Reported twice a month, so this only changes roughly every two weeks, not daily.
What could go wrong with VICI Properties? Munger's inversion check
"Invert, always invert." Instead of reasons to buy, these are reasons to hesitate, not a verdict, and not everything worth knowing about a business.
- Margin of safety, even in the bull case n/a (Real Estate)
- Short interest under 5% of float 2.6%
- Passes most of the 6 fundamental filters 5/6 passed
Doesn't cover circle of competence, management quality, or accounting concerns: those need judgment, not data.
How much have VICI Properties shareholders gained per year?
Earnings growth per share plus dividend.
An earnings-based proxy, not a stock-price total return - it doesn't capture multiple expansion/contraction or reinvested dividends. EPS from VICI's own 10-K filings; dividend yield is the current trailing yield on today's price, from the same weekly fetch as the rest of this site.
What do VICI Properties' 10-year financials show?
From VICI's own 10-K filings (SEC EDGAR): up to the last 9 fiscal years. Press any year's bars for the exact figures.
Frequently asked questions about VICI Properties
What kind of company is VICI Properties?
VICI Properties is a REIT that owns casinos and entertainment properties, including Caesars Palace and MGM Grand in Las Vegas, and leases them to the operators under long-term triple-net leases. Brands and businesses it owns include Caesars Palace, MGM Grand, Mandalay Bay and The Venetian. This site groups it with Real Estate stocks.
Why does VICI Properties have no margin of safety on this site?
This site's DCF values a company from its free cash flow, and that does not fit real-estate companies, which are valued on property income rather than on free cash flow. So VICI gets no margin of safety; judge it on the other checks on this page, such as its filters, shareholder yield and ranking against its peers. The method is in the Intrinsic Value Calculator.
How many of this site's 8 value filters does VICI Properties pass?
VICI passes 5 of 8. It passes Market Cap > $25B ($26.2B), Trailing P/E < 25 (9.49), PEG Ratio < 1.5 (1.13), Price/Book < 8 (0.90) and Price/Sales < 7 (6.40). It misses EPS Growth YoY > -5% (-41.0%). vs 50-day MA (±12%) and vs 200-day MA (±12%) were not evaluated, because the moving-average checks only run on stocks that clear the fundamentals first. The 8-filter list shows every stock that passes all of them.
How fast has VICI Properties grown its revenue and profit?
From fiscal 2017 to fiscal 2025, VICI's revenue grew from $188 million to $4.0 billion, 46.6% a year. Net income went from $45.0 million to $2.8 billion, and its net profit margin from 23.9% to 69.3%. All figures are from VICI's own 10-K filings (SEC EDGAR) and are shown year by year in the 10-Year Financials section of the card above.
Where is VICI Properties trading compared with its 52-week range?
At $24.02, VICI trades 6.4% above its 52-week low of $22.53 and 23.6% below its 52-week high of $31.42. The Near 52-Week Low list tracks stocks in that position.
When does VICI Properties report earnings next?
VICI Properties's next earnings report is expected on October 28, 2026 after the market closes, with analysts expecting earnings of $0.73 per share. Dates come from the Finnhub earnings calendar and can move. In its last 4 quarters it beat the estimate 1 time, by an average of −9.5%.
Where do these numbers come from?
- Financial statements: VICI Properties's 10-K annual report for the year ended Dec 31, 2025, filed Feb 25, 2026 (filing index). Every earlier year in the 10-year financials comes from the company's older 10-K filings, all listed on SEC EDGAR.
- Prices and market data: quotes, P/E and analyst ratings from Finnhub; daily price history and the 52-week range from Twelve Data, both refreshed weekly. Short interest comes from FINRA, reported twice a month.
- How to check a figure: click any number in the card above to see its exact source, and read the Editorial Standards for every rule behind the checks.
About this VICI Properties Inc analysis
This page shows every value-investing check the site runs on VICI Properties Inc (VICI) in one place: the 8 mechanical filters, the Buffett and Lynch checklists, a margin of safety from a disclosed DCF, earnings quality, shareholder yield and how it ranks against its sector peers. The numbers come from SEC filings and public market data, refreshed weekly, and the same rules apply to every stock on the stock list. See Editorial Standards for the sources and the rules, or run your own filters in the stock screener.