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VICI Properties
(NYSE:VICI)
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Rating:78Outperform
Price Target:
$30.00
â–²(12.23% Upside)
Action:Reiterated
Date:08/07/26
VICI scores well primarily on strong financial performance (high profitability and reliable cash generation) and favorable valuation (low P/E and high dividend yield). The score is tempered by weaker technical momentum (below key moving averages with negative MACD) and earnings-call risk flags around the large absolute debt load and credit/CECL sensitivities despite modestly improved guidance.
Positive Factors
Cash Generation & FCF Conversion
Consistent, large operating cash flow and near‑1.0x free cash flow conversion indicate durable internal funding. Over the next 2–6 months this supports stable dividend coverage, capacity to fund accretive acquisitions and loans, and resilience to moderate revenue volatility without immediate capital markets dependence.
Negative Factors
Large Absolute Debt Stock
A high absolute debt stock increases sensitivity to EBITDA declines and capital market dislocation; even with sub‑5x leverage and hedged rates, servicing and refinancing large maturities can constrain capital allocation, limiting flexibility for buybacks or opportunistic investments during stress.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation & FCF Conversion
Consistent, large operating cash flow and near‑1.0x free cash flow conversion indicate durable internal funding. Over the next 2–6 months this supports stable dividend coverage, capacity to fund accretive acquisitions and loans, and resilience to moderate revenue volatility without immediate capital markets dependence.
Read all positive factors
VICI Properties Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down revenue across different business lines (such as casino leases, hotel operations, and retail), showing which activities drive cash flow and where growth or risk is concentrated. Helps assess diversification, reliance on gaming and tourism, and how shifts in consumer spending or travel could affect returns.
Breaks down revenue across different business lines (such as casino leases, hotel operations, and retail), showing which activities drive cash flow and where growth or risk is concentrated. Helps assess diversification, reliance on gaming and tourism, and how shifts in consumer spending or travel could affect returns.
Data provided by:
The Fly
The FlyVICI Properties (VICI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$28.71B
Dividend Yield6.93%
Average Volume (3M)9.80M
Price to Earnings (P/E)10.1
Beta (1Y)0.30
Revenue Growth4.36%
EPS Growth-1.41%
CountryUS
Employees28
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)2.58
Shares Outstanding1,101,077,500
10 Day Avg. Volume6,310,160
30 Day Avg. Volume9,802,723
Financial Highlights & Ratios
PEG Ratio5.52
Price to Book (P/B)1.07
Price to Sales (P/S)7.45
P/FCF Ratio11.90
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$31.54Price Target Upside17.99% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
EPS Forecast (FY)2.83
Revenue Forecast (FY)$4.18B
VICI Properties Business Overview & Revenue Model
Company Description
VICI Properties functions as a specialized real estate investment trust dedicated to experiential properties. The company boasts an extensive collection of premier gaming, hospitality, and entertainment venues, notably including the globally recog...
How the Company Makes Money
VICI primarily makes money by collecting contractual lease payments from tenants that operate the casino, hotel, and entertainment venues located on VICI-owned real estate. Its core revenue stream is base rent under long-term triple-net leases, me...
VICI Properties Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Positive
The call balanced positive operational and financial momentum—AFFO growth, raised full-year guidance, strong liquidity, attractive loan yields, active deal execution including strategic experiential expansion (Club Med), and favorable Las Vegas trends—against manageable credit and capital-allocation cautions such as a large absolute debt balance, a remaining nonaccrual loan from prior periods, CECL allowance sensitivity for a private tenant, and uncertainty around large-tenant M&A. Management emphasized disciplined capital deployment into high-return loans and partner investments rather than buybacks and highlighted active asset management practices.Positive Updates
AFFO Per Share Growth
AFFO per diluted share was $0.62 for Q2 2026, up 4.6% from $0.60 in Q2 2025.
Negative Updates
High Absolute Debt Level
Total debt of $17.2 billion remains large; while leverage is reported below management’s target range at ~4.9x, the absolute debt stock and sensitivity to earnings declines represent an ongoing risk.
Read all updates
Q2-2026 Updates
Positive
Negative
AFFO Per Share Growth
AFFO per diluted share was $0.62 for Q2 2026, up 4.6% from $0.60 in Q2 2025.
Read all positive updates
Company Guidance
VICI updated 2026 AFFO guidance to $2.675–$2.695 billion, or $2.45–$2.47 per diluted share (a $0.01 raise at the low end), with the midpoint implying ~3.4% year‑over‑year AFFO‑per‑share growth; Q2 AFFO per share was $0.62, up 4.6% from $0.60 a year ago. Key balance sheet and liquidity metrics: total debt $17.2 billion, net debt to annualized Q2 adjusted EBITDA ~4.9x (below the 5.0–5.5x target range), weighted average interest rate 4.45% (after hedging), weighted average maturity 5.5 years, and total liquidity ~ $2.5 billion (cash $288 million + $2.2 billion revolver). Guidance excludes impacts from pending/unannounced acquisitions, dispositions, or other nonrecurring items.VICI Properties Financial Statement Overview
Summary
Income Statement
88
Very Positive
Balance Sheet
72
Positive
Cash Flow
90
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.11B | 4.01B | 3.85B | 3.61B | 2.60B | 1.51B |
| Gross Profit | 4.08B | 3.97B | 3.82B | 3.58B | 2.58B | 1.49B |
| EBITDA | 3.64B | 3.64B | 3.56B | 3.37B | 1.68B | 1.42B |
| Net Income | 2.76B | 2.78B | 2.68B | 2.51B | 1.12B | 1.01B |
Balance Sheet | ||||||
| Total Assets | 48.27B | 46.72B | 45.37B | 44.06B | 37.58B | 17.60B |
| Cash, Cash Equivalents and Short-Term Investments | 288.06M | 607.96M | 524.62M | 522.57M | 426.27M | 739.61M |
| Total Debt | 17.84B | 17.69B | 17.65B | 17.63B | 14.57B | 4.99B |
| Total Liabilities | 18.67B | 18.50B | 18.42B | 18.40B | 15.29B | 5.41B |
| Stockholders Equity | 29.17B | 27.80B | 26.54B | 25.26B | 21.93B | 12.11B |
Cash Flow | ||||||
| Free Cash Flow | 2.64B | 2.51B | 2.37B | 2.18B | 1.94B | 893.85M |
| Operating Cash Flow | 2.64B | 2.51B | 2.38B | 2.18B | 1.94B | 896.35M |
| Investing Cash Flow | -1.22B | -904.77M | -922.78M | -2.90B | -9.30B | 41.45M |
| Financing Cash Flow | -1.12B | -1.57B | -1.46B | 1.03B | 6.83B | -514.18M |
VICI Properties Technical Analysis
Negative
26.73
Price Trends
26.76
Negative
27.22
Negative
27.55
Negative
Market Momentum
-0.14
Positive
41.21
Neutral
25.66
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VICI, the sentiment is Negative. The current price of 26.73 is above the 20-day moving average (MA) of 26.59, below the 50-day MA of 26.76, and below the 200-day MA of 27.55, indicating a bearish trend. The MACD of -0.14 indicates Positive momentum. The RSI at 41.21 is Neutral, neither overbought nor oversold. The STOCH value of 25.66 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for VICI.
VICI Properties Risk Analysis
VICI Properties disclosed 40 risk factors in its most recent earnings report. VICI Properties reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
VICI Properties Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $28.71B | 10.07 | 9.80% | 6.73% | 4.36% | -1.41% | |
74 Outperform | $16.10B | 23.89 | 7.83% | 4.82% | 8.96% | 92.38% | |
73 Outperform | $6.58B | 23.30 | 6.37% | 3.83% | 22.73% | 7.26% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | $3.93B | 27.17 | 6.80% | 5.21% | 6.71% | 46.35% | |
64 Neutral | $2.90B | 40.15 | 5.34% | 3.43% | 7.38% | -35.85% | |
59 Neutral | $1.95B | -33.56 | -0.84% | 8.56% | -29.60% | 77.14% |
* Real Estate Sector Average
VICI
VICI Properties
25.98
-4.89
-15.84%
WPC
W. P. Carey Inc.
70.00
8.00
12.91%
UE
Urban Edge Properties
21.63
2.79
14.78%
GNL
Global Net Lease
9.06
2.19
31.80%
EPRT
Essential Properties Realty
30.06
1.06
3.66%
BNL
Broadstone Net Lease
20.65
5.00
31.92%
VICI Properties Corporate Events
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
VICI Properties Announces New Senior Notes Offering
Positive
Aug 6, 2026
On August 5, 2026, VICI Properties L.P. entered an underwriting agreement to issue $900 million of 5.400% senior notes due 2031 and $850 million of 5.750% senior notes due 2036, priced slightly below par, with interest payable semi-annually and ma...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
VICI Properties Posts Solid Q2 2026 AFFO Growth
Positive
Jul 29, 2026
VICI Properties reported second-quarter 2026 results on July 29, 2026, with total revenue rising 5.7% year over year to $1.1 billion and AFFO increasing 7.8% to $679.6 million, even as net income fell 39.1% to $526.5 million, largely due to a $413...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.