— Know what they know.
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Not Investment Advice

VICI

NYSE · USD
VICI Properties Inc.
Real Estate · REIT - Diversified
CEO Edward Baltazar Pitoniak Employees 28 R&D / revenue 0.0%
Last price
$23.60+0.60%last session
Market cap
$26.0B
P/E (TTM)
9.1x
From 52w high
−25.5%
From 52w low
+5.2%
1-year return
−22.0%
RSI 14 · vs SMA200
50.6 · −12.9%
IS score
50.7/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

VICI   SPY   XLRE (sector ETF) · weekly closes
8090100110120Jan 26Apr 26Jul 26Oct 26SPY 116XLRE 101VICI 78

Score DNA

Each bar is a 0-100 score within the scored universe
74
Profitability
43
Growth
85
Value
63
Momentum
30
Risk (safety)
71
Quality
44
Balance sheet
66
Earnings quality

Flags

Strengths
✓ FCF yield 5%+✓ Congress buying
Warnings
▲ Altman distress zone▲ Share count rising
Observations
Moat model: Wide, Efficient ScalePiotroski 4 / 9Altman Z 1.3Beta 0.683 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
No open-market sales on file
No Form 144 notices in 12 months
CONGSTOCK Act · 180 days
Congressional purchases
3
Last disclosed purchase 2026-09-25
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−2
108 new holders, 95 closed
949 filers hold 98.1% · 413 added, 345 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+234
994 funds adding shares
760 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
40.6%
20-day avg 43.2%, 50-day avg 46.0%
Latest 2.6 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$4.0B
Revenue growth YoY+4.1%
Gross margin99.2%
Operating income$3.6B
Operating margin91.1%
Net income$2.8B
Net margin69.3%
EPS (diluted)$2.61
Cash flow
Operating cash flow$2.5B
Capital expenditure$1.3M
Free cash flow$2.5B
FCF conversion (FCF / OCF)99.9%
Stock-based compensation$18.6M
FCF less SBC$2.5B
Buybacks$0
Dividends$1.9B
Balance sheet & returns
Cash & short-term investments$608.0M
Total debt$0
Net cash$608.0M
Shareholders' equity$28.2B
Goodwill & intangibles$0
Debt / equity0.61
ROE (TTM)9.8%
ROIC (TTM)7.6%
Operating margin by fiscal year
95.7%FY202162.8%FY202292.6%FY202392.1%FY202491.1%FY2025
Revenue $1.5B (FY2021) to $4.0B (FY2025), a 27.6% CAGR.

Valuation

P/E (TTM)9.1x
EV / EBITDA11.9x
Price / sales6.34x
Price / FCF9.8x
FCF yield10.16%
Buyback yield0.00%
SBC / revenue0.4%
Price / book0.88x
Forward P/E FY20268.5x
Forward P/E FY20277.9x
Forward P/E FY20287.7x
Forward multiples divide today's price by Street EPS estimates. Street mean target $28.89 across 9 analysts last quarter is theirs, not ours.

VICI vs industry median

97 companies in REIT - Diversified
Gross margin 99.3% 60.7% Operating margin 88.8% 37.5% Net margin 67.5% 21.1% ROIC 7.6% 4.4%
VICI (TTM)Industry median Asset turnover 0.08 vs industry 0.10 · financial leverage 1.65

Earnings delivery

Next report 2026-10-28 · consensus EPS $0.72
50%
beat rate, 6 of 12 quarters
−3.8%
median EPS surprise
2
longest beat streak
-13+11-14+4+4-13-12+37+20-18+16-33
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-25 to 2026-07-29. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
VICI VICI Properties Inc. $26.0B9.1x9.8%67.5%+4.1% −22.0%
WPC W. P. Carey Inc. $14.8B22.2x7.7%54.3%+15.7% −4.4%
JAN Janus Living, Inc. $6.7B6,755.8x2.2%5.0%+2,816.1% +23.1%
EPRT Essential Properties Realty $5.6B20.2x6.5%35.8%+31.9% −14.4%
BNL Broadstone Net Lease, Inc. $3.5B23.9x5.0%32.5%+8.1% −2.2%
RTLPP The Necessity Retail REIT, I $2.6Bn/m-2.4%-4.6%−29.9% —
AVB AvalonBay Communities, Inc. $26.3B25.2x8.6%20.0%+3.4% —
EQR Equity Residential $23.9B27.6x8.1%14.5%+3.0% —
12-month window: SPY +15.9%, sector ETF XLRE +0.9%. Past returns describe history only.

Recent 8-K filings

2026-02-25Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits
2025-10-30Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits
2025-07-30Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits
2025-04-30Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits
2025-04-29Submission of Matters to a Vote of Security Holders
2025-04-07Entry into Material Definitive Agreement; Creation of Direct Financial Obligation; Financial Statements and Exhibits

Context

Shares outstanding1,101,077,560
Free float99.6%
Institutional ownership98.1%
Beta0.68
Dividend yield7.67%
Last dividend$0.46 on 2026-09-17
50 / 200-day average$24.71 / $27.20
Large-cap Real Estate median P/E26.2x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Wide).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where VICI sits among 21 scored companies in REIT - Diversified (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureVICIIndustry medianIndustry percentileSector median
P/E (TTM) 9.4x 24.1x
7th		 24.1x
PEG (P/E ÷ 3-yr EPS CAGR) 1.55 0.92
60th		 1.55
Price / sales 6.3x 3.6x
80th		 3.7x
Price / book 0.9x 1.1x
35th		 1.3x
Price / tangible book 1.0x 1.6x
11th		 1.6x
Price / free cash flow 9.8x 8.5x
62nd		 15.1x
Price / operating cash flow 9.8x 9.7x
56th		 12.3x
Enterprise value $43.5B $3.4B
100th		 $7.5B
EV / sales 10.6x 8.6x
70th		 9.4x
EV / EBITDA 11.9x 14.5x
40th		 15.7x
EV / EBIT 11.9x 28.2x
0th		 27.2x
EV / free cash flow 16.5x 20.4x
6th		 29.4x
Earnings yield 10.6% 4.0%
95th		 3.2%
FCF yield 10.2% 10.2%
50th		 5.6%
Operating cash flow yield 10.2% 10.2%
50th		 7.9%
Graham number (per share) $39.08 $12.34
93rd		 $22.48

Profitability (TTM)

MeasureVICIIndustry medianIndustry percentileSector median
Gross margin 99.3% 20.3%
100th		 51.4%
EBITDA margin 88.9% 52.8%
90th		 54.9%
Operating margin 88.6% 25.6%
100th		 29.0%
EBIT margin 88.8% 22.5%
100th		 31.7%
Net margin 67.4% 8.3%
100th		 12.2%
NOPAT margin 88.5% 22.5%
100th		 25.5%
FCF margin 64.3% 21.8%
100th		 21.8%
Operating cash flow margin 64.3% 39.5%
95th		 33.4%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 1.6% 8.5%
5th		 6.6%
Stock comp / revenue 0.4% 2.1%
20th		 1.2%
Effective tax rate 0.1% 2.5%
21st		 1.9%

Returns on capital

MeasureVICIIndustry medianIndustry percentileSector median
ROE (on average equity) 9.8% 4.8%
80th		 5.3%
ROA 5.9% 1.3%
100th		 1.6%
ROIC 7.8% 3.1%
100th		 3.7%
ROCE 7.7% 2.8%
100th		 4.4%
Return on tangible assets 7.7% 2.8%
100th		 3.8%
Cash ROIC (OCF / invested capital) 5.6% 5.7%
40th		 5.7%
Gross profitability (GP / assets) 8.4% 1.4%
95th		 5.3%
ROIC, 3-yr average 7.4% 3.0%
94th		 2.4%
ROIC, 5-yr average 6.3% 2.6%
100th		 2.6%
ROE, 5-yr average 8.4% 4.6%
72nd		 4.4%
Incremental ROIC 40.9% 20.0%
68th		 6.5%

Growth

MeasureVICIIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 4.6% 7.7%
42nd		 8.4%
Revenue growth (QoQ) 3.9% 3.5%
60th		 2.2%
Revenue CAGR, 3 yr 7.6% 3.8%
72nd		 5.8%
Revenue CAGR, 5 yr 22.9% 5.6%
83rd		 9.5%
Gross profit CAGR, 3 yr 7.6% -13.5%
71st		 -0.8%
Operating income CAGR, 3 yr 8.2% 0.7%
59th		 3.0%
Net income growth (TTM YoY) 0.3% -6.6%
54th		 21.3%
Net income CAGR, 3 yr 8.9% 0.4%
67th		 8.5%
EPS growth (TTM YoY) -2.7% -17.4%
62nd		 17.6%
EPS CAGR, 3 yr 6.0% -3.3%
75th		 5.7%
EPS CAGR, 5 yr 2.3% 4.4%
36th		 5.6%
FCF growth (TTM YoY) 7.7% 0.7%
67th		 3.0%
FCF CAGR, 3 yr 8.9% 11.5%
33rd		 5.6%
Operating cash flow CAGR, 3 yr 8.9% 2.4%
81st		 3.7%
Book value CAGR, 3 yr 4.4% -1.7%
78th		 -2.0%
Dividend CAGR, 3 yr -0.8% -3.0%
59th		 -1.2%
Sustainable growth rate 3.1% -2.0%
93rd		 -1.4%

Margin history & stability

MeasureVICIIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 99.3% 55.7%
100th		 59.1%
Operating margin, 3-yr average 91.4% 28.9%
100th		 28.6%
Net margin, 3-yr average 69.3% 13.0%
100th		 12.3%
FCF margin, 3-yr average 62.5% 24.2%
94th		 27.4%
Revenue stability (0-1) 0.88 0.86
56th		 0.82
Earnings stability (0-1) 0.74 0.22
94th		 0.36
Margin stability (0-1) 0.99 0.63
100th		 0.83

Liquidity (latest quarter)

MeasureVICIIndustry medianIndustry percentileSector median
Cash & short-term investments $288.1M $85.6M
90th		 $141.2M
Net cash (− = net debt) −$17.6B −$2.2B
5th		 −$3.3B
Working capital −$433.1M $16.6M
0th		 $19.5M
Current ratio 0.40 1.61
5th		 1.02
Quick ratio 0.40 1.61
5th		 1.02
Cash ratio (cash + ST investments / current liabilities) 0.40 0.65
30th		 0.36
Defensive interval (days) —

Leverage & solvency (latest quarter)

MeasureVICIIndustry medianIndustry percentileSector median
Total debt $17.8B $2.3B
95th		 $3.5B
Debt / equity 0.61 1.53
10th		 1.33
Net debt / equity 0.60 1.43
10th		 1.26
Debt / assets 37.0% 53.0%
10th		 51.3%
Debt / capital 38.0% 60.5%
10th		 57.1%
Debt / EBITDA 4.89 7.19
15th		 6.47
Net debt / EBITDA 4.81 6.92
15th		 6.15
Interest coverage (EBIT / interest) 4.4x 1.1x
95th		 1.5x
Cash interest coverage 3.2x 2.1x
90th		 2.1x
Debt payback (years of OCF) 6.8 yrs 10.2 yrs
6th		 8.9 yrs
Liabilities / assets 38.7% 58.1%
5th		 60.0%
IS credit model rating BB — —
Implied credit spread (bps) 475 550
25th		 650

Efficiency

MeasureVICIIndustry medianIndustry percentileSector median
Asset turnover 0.09 0.12
20th		 0.12
Fixed asset turnover 23.97 0.92
93rd		 0.90
Inventory turnover —
Receivables turnover 710.3 6.6
100th		 7.6
Days sales outstanding 1 days 35 days
16th		 37 days
Days inventory outstanding —
Days payables outstanding 0 days 43 days
0th		 53 days
Cash conversion cycle (days) 1 days 1 days
50th		 −6 days
Capex / revenue —
Capex / depreciation —
Operating expense ratio 28.9% 38.1%
23rd		 30.9%

Cash flow & earnings quality

MeasureVICIIndustry medianIndustry percentileSector median
Operating cash flow / net income 0.95 1.92
20th		 1.83
FCF / net income 0.95 1.81
40th		 1.43
FCF / operating cash flow —
Capex / operating cash flow —
Accruals ratio 0.3% -3.7%
85th		 -3.1%
Sloan accruals ratio -44.3% 1.6%
0th		 -3.3%
Earnings quality score (0-1) 0.75 1.00
20th		 1.00

Dividends & buybacks

MeasureVICIIndustry medianIndustry percentileSector median
Dividend yield 7.7% 6.4%
65th		 5.2%
Dividend per share (TTM) $1.81 $1.07
95th		 $1.21
Payout ratio (dividends / net income) 68.7% 147.2%
13th		 110.2%
Dividends / FCF 72.0% 81.1%
44th		 79.1%
Dividend growth (YoY) 2.3% 1.9%
61st		 2.3%
Buyback yield 0.0% 0.0%
15th		 0.1%
Shareholder yield (dividends + buybacks) 7.3% 6.7%
55th		 5.9%
Share count change (YoY) 3.1% 1.1%
67th		 0.5%
Buybacks, last 5 years $24.0M $7.2M
60th		 $15.9M

Scores & forensic checks

MeasureVICIIndustry medianIndustry percentileSector median
IS score 51 40
75th		 43
IS profitability 74 39
100th		 44
IS growth 43 45
47th		 58
IS value 85 58
90th		 53
IS momentum 63 62
53rd		 77
IS risk (safety) 30 15
85th		 15
IS quality 71 59
75th		 59
IS balance sheet 44 36
80th		 35
IS earnings quality 66 69
45th		 72
IS cash flow 71 60
65th		 61
Piotroski F-score (0-9) 4 5
10th		 6
Altman Z-score 1.3 0.7
85th		 0.8
Beneish M-score −2.03 −2.03
50th		 −2.71
Ohlson O-score −9.19 −6.57
5th		 −6.91
IS credit score 44 36
75th		 34

Per share

MeasureVICIIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $2.54 $0.51
95th		 $0.78
Book value per share $26.76 $14.36
90th		 $15.91
Tangible book per share $27.15 $12.68
90th		 $16.11
Revenue per share $3.77 $3.52
65th		 $6.28
FCF per share $2.42 $0.64
95th		 $1.49
Operating cash flow per share $2.42 $1.41
95th		 $1.95
Cash per share $0.26 $0.32
30th		 $0.95

Size (TTM)

MeasureVICIIndustry medianIndustry percentileSector median
Market cap $26.0B $1.3B
100th		 $2.5B
Revenue $4.1B $459.7M
95th		 $956.7M
EBITDA $3.6B $314.8M
100th		 $399.5M
Net income $2.8B $24.8M
100th		 $109.6M
Free cash flow $2.6B $75.2M
100th		 $157.8M
Total assets $48.3B $4.3B
95th		 $6.6B
Shareholders' equity $29.2B $1.5B
100th		 $1.8B
Employees 28 75
15th		 307

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-01Macnab Craig
Director
 Award / grant 530——82,694
2026-10-01Rumbolz Michael D
Director
 Award / grant 371——79,018
2026-10-01Cantor Diana F
Director
 Award / grant 557——67,191
2026-10-01Sullivan John M
Director
 Award / grant 292——5,854
2026-10-01Abrahamson James R
Director
 Award / grant 1,060——174,158
2026-10-01Holland Elizabeth I
Director
 Award / grant 287——66,611
2026-10-01Douglas Monica Howard
Director
 Award / grant 175——47,955
2026-09-24Sullivan John M
Director
 Award / grant 5,562——5,562
2026-07-24Rumbolz Michael D
Director
 Will / inheritance 264——264
2026-07-01Rumbolz Michael D
Director
 Award / grant 327——78,647
2026-07-01Macnab Craig
Director
 Award / grant 500——82,164
2026-07-01Holland Elizabeth I
Director
 Award / grant 252——66,324

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprJunJulSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired2056,766—
GiftDisposed120,000—
Will / inheritanceAcquired1264—
—Disposed10—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

FiledFilerShares proposedEst. proceeds
None on file.
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 9 trades (6 purchases) · Senate 1 (1 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-25Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-09-11Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-03-27Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-20
2026-03-13Gilbert CisnerosHouseSale (Full)$1,001 - $15,0002026-04-08
2026-03-12Gilbert Ray CisnerosHouseSale (Full)$1,001 - $15,0002026-04-08
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.129,333,957$3.4B11.75%
VANGUARD PORTFOLIO MANAGEMENT LLC86,343,952$2.3B7.84%
STATE STREET CORP67,155,780$1.8B6.10%
VANGUARD CAPITAL MANAGEMENT LLC65,331,968$1.7B5.93%
GEODE CAPITAL MANAGEMENT, LLC40,211,201$1.1B3.65%
Allianz Asset Management GmbH31,530,079$837.1M2.86%
BANK OF AMERICA CORP /DE/29,329,887$778.7M2.66%
PRICE T ROWE ASSOCIATES INC /MD/24,042,019$638.3M2.18%
JPMORGAN CHASE & CO18,544,102$504.0M1.68%
Invesco Ltd.17,376,791$461.4M1.58%
DIMENSIONAL FUND ADVISORS LP16,011,928$425.1M1.45%
Sixth Street Partners Management Company, L.P.15,589,371$413.9M1.42%
CHARLES SCHWAB INVESTMENT MANAGEMENT INC15,589,371$413.9M1.42%
NORGES BANK14,474,088$384.3M1.31%
Legal & General Group Plc13,804,687$366.5M1.25%

Institutional ownership by quarter

2023-092026-0698.1%
% of shares held by 13F filers
2023-092026-06949
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-3094998.1%10841334595
2026-03-3195194.6%125443297100
2025-12-3194096.1%149368347136
2025-09-3094795.5%12542328854
2025-06-3089198.8%10041027172
2025-03-3187897.5%13241324580
2024-12-3183695.4%12934527587
2024-09-3081295.5%11034526867
2024-06-3077694.0%8834526159
2024-03-3175994.5%8132526379
2023-12-3176793.4%12030627360
2023-09-3072092.0%6030427069

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-30SCHEDULE 13GVanguard Capital Management6.9%73,873,566
2026-04-29SCHEDULE 13GVanguard Portfolio Management7.9%84,055,500
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
2025-11-13SCHEDULE 13G/ACapital Research Global Investors4.8%51,353,272
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VNQ1.42%$950.6M
VGSLX1.42%$950.6M
VGSNX1.42%$950.6M
VITSX0.03%$802.7M
VTSAX0.03%$802.7M
VSMPX0.03%$802.7M

Share structure

Shares outstanding1,101,077,560
Float1,096,211,024
Free float99.6%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$1.5B$2.6B$3.6B$3.8B$4.0B
Cost of revenue$20.8M$22.6M$27.1M$26.9M$34.0M
Gross profit$1.5B$2.6B$3.6B$3.8B$4.0B
R&D$0$0$0$0$0
SG&A$33.1M$48.3M$59.6M$69.1M$65.1M
Operating income$1.4B$1.6B$3.3B$3.5B$3.6B
EBITDA$1.4B$1.7B$3.4B$3.6B$3.6B
Pretax income$1.0B$1.1B$2.5B$2.7B$2.8B
Income tax$2.9M$2.9M−$6.1M$9.7M$2.4M
Net income$1.0B$1.1B$2.5B$2.7B$2.8B
EPS, diluted$1.76$1.27$2.47$2.56$2.61
Diluted shares577.1M879.7M1.0B1.0B1.1B

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$739.6M$426.3M$522.6M$524.6M$608.0M
Receivables$2.7B$16.8B$18.2B$18.5B$0
Inventory$0$0$0$0$0
Total current assets$3.4B$17.2B$18.8B$19.0B$608.0M
PP&E, net$359.3M$876.7M$952.6M$967.3M$0
Goodwill & intangibles$0$0$0$0$0
Total assets$17.6B$37.6B$44.1B$45.4B$46.7B
Accounts payable$0$0$0$0$0
Total current liabilities$339.8M$593.6M$664.8M$679.9M$238.7M
Long-term debt$4.7B$13.7B$16.7B$16.7B$0
Total liabilities$5.4B$15.3B$18.4B$18.4B$18.5B
Shareholders' equity$12.2B$22.3B$25.7B$27.0B$28.2B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$1.0B$1.1B$2.6B$2.7B$2.8B
Depreciation & amortization$3.1M$3.2M$4.3M$4.1M$3.6M
Stock-based compensation$9.4M$13.0M$15.5M$17.5M$18.6M
Change in working capital−$86.8M$46.4M−$14.0M−$11.5M$11.0M
Operating cash flow$896.4M$1.9B$2.2B$2.4B$2.5B
Capital expenditure−$2.5M−$1.9M−$4.0M−$7.5M−$1.3M
Free cash flow$893.8M$1.9B$2.2B$2.4B$2.5B
Investing cash flow$41.4M−$9.3B−$2.9B−$922.8M−$904.8M
Net debt issued / repaid−$2.1B$5.0B$169.1M−$40.9M−$49.0M
Buybacks−$1.7M−$6.2M−$5.0M−$5.3M$0
Dividends paid−$758.8M−$1.2B−$1.6B−$1.8B−$1.9B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin98.2%99.1%99.3%99.3%99.3%
Operating margin95.7%62.8%92.6%92.1%91.1%
Net margin67.2%43.0%69.6%69.6%69.1%
FCF margin59.2%74.7%60.3%61.7%62.5%
ROE9.4%6.6%10.7%10.3%10.2%
ROIC8.8%4.5%7.9%8.1%13.4%
ROA5.9%4.1%6.2%6.0%6.0%
Debt / equity0.410.660.700.670.00
Interest coverage3.6x3.1x4.1x4.3x4.4x
Current ratio9.9928.9728.2227.922.55
Revenue growth+23.2%+72.3%+38.9%+6.6%+4.3%
EPS growth−3.3%−27.2%+109.2%+4.8%+3.1%
P/E at year end15.3x23.7x11.8x10.9x10.8x
EV / EBITDA at year end13.9x24.2x13.8x13.0x8.0x
FCF yield at year end5.76%7.32%7.37%8.15%8.41%
Dividend payout74.8%109.1%63.0%65.4%66.8%

Street estimates by fiscal year

Next report 2026-10-28 · consensus EPS $0.72 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$4.2B$4.2B – $4.2B$2.76$2.74 – $2.7758.5x
2027$4.3B$4.3B – $4.4B$2.97$2.68 – $3.0357.9x
2028$4.5B$4.3B – $4.6B$3.07$3.05 – $3.0827.7x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-29$0.71$0.48−32.7%$1.0B$1.1B+1.9%
2026-04-29$0.71$0.82+16.0%$1.0B$1.0B+0.4%
2026-02-25$0.70$0.57−18.1%$1.0B$1.0B+0.4%
2025-10-30$0.59$0.71+20.3%$1.0B$1.0B+0.3%
2025-07-30$0.60$0.82+36.7%$993.9M$1.0B+0.7%
2025-04-30$0.58$0.51−12.1%$977.0M$984.2M+0.7%
2025-02-20$0.67$0.58−13.4%$969.3M$976.1M+0.7%
2024-10-31$0.67$0.70+4.5%$971.8M$964.7M−0.7%
2024-07-31$0.68$0.71+4.4%$952.4M$957.0M+0.5%
2024-05-01$0.66$0.57−13.6%$936.7M$951.5M+1.6%
2024-02-22$0.65$0.72+10.8%$921.2M$931.9M+1.2%
2023-10-25$0.63$0.55−12.7%$898.8M$904.3M+0.6%
2023-07-26$0.62$0.69+11.3%$888.6M$898.2M+1.1%
2023-05-01$0.56$0.52−7.1%$856.0M$877.6M+2.5%
2023-02-23$0.58$0.63+8.6%$747.7M$769.9M+3.0%
2022-10-27$0.57$0.34−40.4%$726.9M$751.5M+3.4%
2022-07-27$0.48$0.480.0%$598.1M$662.6M+10.8%
2022-05-04$0.42$0.35−16.7%$411.1M$416.6M+1.3%
2022-02-23$0.45$0.44−2.2%$377.1M$383.2M+1.6%
2021-10-27$0.47$0.28−40.4%$369.9M$375.7M+1.6%
2021-07-28$0.50$0.54+8.0%$369.3M$376.4M+1.9%
2021-04-29$0.49$0.50+2.0%$363.4M$374.3M+3.0%
2021-02-18$0.48$0.53+10.4%$334.2M$373.0M+11.6%
2020-10-28$0.34$0.74+117.6%$333.8M$339.7M+1.8%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.206-150.306-220.206-290.307-060.207-130.107-200.307-270.308-030.208-100.108-170.208-240.208-31
Week ofNotionalSharesTrades
2026-08-31$220.1M8,591,32989,176
2026-08-24$152.1M5,809,15475,636
2026-08-17$144.8M5,501,06378,677
2026-08-10$185.4M7,090,48088,484
2026-08-03$286.0M10,799,401111,443
2026-07-27$300.6M11,261,546116,561

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1540.6%
DateShort shareShort volumeTotal volume
2026-10-1540.6%1,607,1903,958,381
2026-10-1435.8%1,072,3592,999,390
2026-10-1327.9%1,224,5374,394,806
2026-10-1239.6%1,457,0993,681,093
2026-10-0939.2%1,546,7723,947,799
2026-10-0845.3%1,547,3913,418,395
2026-10-0762.0%2,158,1593,479,440
2026-10-0649.4%1,434,5552,903,640
2026-10-0548.1%1,722,9563,578,855
2026-10-0246.0%1,246,6772,707,989
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+3.6Jan+0.2Feb-3.7Mar+4.1Apr+2.1May+1.3Jun+2.5Jul+1.9Aug-1.5Sep-0.8Oct+1.4Nov+0.4Dec
MonthAvg returnUp yearsYears
Jan+3.6%67%9
Feb+0.2%33%9
Mar−3.7%44%9
Apr+4.1%62%8
May+2.1%50%8
Jun+1.3%62%8
Jul+2.5%50%8
Aug+1.9%75%8
Sep−1.5%50%8
Oct−0.8%50%8
Nov+1.4%62%8
Dec+0.4%50%8
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1450.6
MFI52.9
ADX38.5
Stochastic %K / %D70.6 / 56.0
Williams %R-14.7
CCI81
TSI / signal-27.9 / -38.5
Chaikin money flow-0.08
ATR$0.40
Bollinger width7.6%
Volume vs 20-day avg1.07x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$23.14 (+2.0%)
SMA 50$24.56 (−3.9%)
SMA 200$27.10 (−12.9%)
EMA 21$23.36 (+1.0%)
EMA 50$24.29 (−2.8%)
EMA 200$26.68 (−11.5%)
Bollinger upper$24.01 (−1.7%)
Bollinger lower$22.26 (+6.0%)
Parabolic SAR$22.73 (+3.8%)
Open the live chart, 110+ indicators

About VICI Properties Inc.

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 recognized Caesars Palace. Its diverse and nationally distributed portfolio encompasses 29 gaming facilities, spanning over 48 million square feet. These sites collectively feature approximately 19,200 hotel rooms and more than 200 distinct dining, bar, and nightlife establishments. VICI's assets are leased to leading operators in the gaming and hospitality sectors, such as Caesars Entertainment, Century Casinos, Hard Rock International, JACK Entertainment, and Penn National Gaming. Beyond its core properties, VICI also holds four championship golf courses and possesses 34 acres of undeveloped land strategically located adjacent to the Las Vegas Strip. The company's fundamental objective is to cultivate the United States' most valuable and high-performing experiential real estate portfolio.

https://www.viciproperties.com

Key executives

NameTitlePayBorn
Edward Baltazar PitoniakChief Executive Officer & Director$5.5M1956
John W. R. PaynePresident & Chief Operating Officer$4.3M1968
David Andrew KieskeExecutive Vice President, Chief Financial Officer & Treasurer$2.6M1971
Samantha Sacks GallagherExecutive Vice President, General Counsel & Secretary$2.4M1976
Benjamin SomogyiAssistant General Counsel & Director of Compliance——
Gabriel WassermanMD of Business Development and VICI Experiential Credit Solutions (V.E.C.S.)—1984
Jacques CornetInvestor Relations of ICR Inc.——
Jeremy WaxmanVP & Chief Accounting Officer—1988

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Edward B. Pitoniak Chief Executive Officer2025$1.0M$8.5M$4.5M$14.0M
John W.R. Payne President and Chief Operating Officer2025$1.2M$2.5M$3.1M$6.8M
David A. Kieske Executive Vice President, Chief Financial Officer and Treasurer2025$650,000$3.0M$1.9M$5.5M
Samantha S. Gallagher Executive Vice President, General Counsel and Secretary2025$620,000$2.3M$1.8M$4.7M

Employees

0k20180k20190k20200k20210k20220k20230k20240k2025

Dividends

Ex-dateAmountPaid
2026-09-17$0.462026-10-08
2026-06-18$0.452026-07-09
2026-03-19$0.452026-04-09
2025-12-17$0.452026-01-08
2025-09-18$0.452025-10-09
2025-06-18$0.43252025-07-10
2025-03-20$0.43252025-04-03
2024-12-17$0.43252025-01-09

Moat model

Wide · Efficient Scale · 2026-06-30
Cost advantage68
Intangibles70
Switching costs73
Network effect70
Efficient scale80
Our component scores (0-100) and overall 71.9; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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