VICI Properties Inc. — Intrinsic Value & Fair Price

VICI

NYSEReal EstateREIT - DiversifiedCIK 0001705696viciproperties.comAbout VICI

Last close · Oct 16, 202623.60+0.14 (+0.60%)

Market cap$26.0B

Model value · P/Cash FFO · own history

34.44

Vici Properties closed at $23.60 — undervalued by 31% vs model.

32.10the model's range39.23

P/Cash FFO · own history leads for a REIT. From its own five-year median price to Cash FFO.

Other models

9.47 – 39.53

Wall St. target

29.00 19% below

Below model, 1y

20 of 20 days

Price and model value

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What the marks mean

Daily close

Valuation models

price $23.60 · as of Oct 17, 2026

P/Cash FFO · own historyused32.10 – 39.2334.4431% undervalued P/E · peers39.49 – 39.5739.5340% undervalued P/E · own history31.47 – 50.1935.0533% undervalued PEG—34.9933% undervalued EV/EBITDA · peers25.48 – 30.6328.0516% undervalued EV/Revenue · peers4.66 – 14.289.47149% overvalued Dividend discount24.85 – 60.9536.4735% undervalued Wall St. consensus target—29.0019% below Cost of capital (WACC)—6.96%—

P/Cash FFO · own history leads for a REIT. How we value a stock walks through every input.

engine pkg:0.1.0

Dividends

Quarterly · as of Oct 16, 2026

Yield, trailing 12 months

7.67%

#1 · Highest dividend yield

Past 2 years

low 4.87%high 8.03%

Dividends per share, a year at a time

Dividends / FFO, FY2025: 66.7%
Raised: 7+ years in a row
Growth, 5 yrs: 6.0% a year
Last change: +2.2% · Sep 2026

Every payment, with ex-dates · latest $0.46, paid Oct 8, 2026

Research on VICI

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How it is valued

Valued asREIT

Low/slowing growth (~5% recent)Decelerated from ~27% 5y CAGRHigh profitability (69% net margin)Strong dividend yieldHighly cyclical earningsStrong FCF yield (9.7%)

What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for REITs

Price / Cash FFO

—

Dividend yield, TTM

7.67%

Dividends / Cash FFO

—

Debt / assets

37.9%

Price / book

0.9×

Revenue growth

4.1%

On the lists: #1 Highest dividend yield · #36 Highest free cash flow yield · #12 Lowest P/E · #27 Near 52-week lows

Full financials

Superinvestors

13F · Q2 2026

BridgewaterBridgewater Associates, LP$6.5M Christopher DavisDavis Selected Advisers$5.7M Sarah KettererCauseway Capital Management LLC$212,002

All 3 holders

Analyst actions

third-party, quoted

09-24JP Morgan · “Neutral” from “Overweight”downgrade

09-24Scotiabank · target26.00

09-21Evercore ISI · target30.00

09-15Morgan Stanley · target29.00

Ratings, targets and estimates

Recent

filings, insider trades and key news

10-01Form 4 · AMACNAB CRAIG · 530 sh@ 0.00 10-01Form 4 · ARumbolz Michael D · 371 sh@ 0.00 10-01Form 4 · ACantor Diana F · 557 sh@ 0.00 10-01Form 4 · ASullivan John M · 292 sh@ 0.00 09-228-K · 5.02Departure/Election of Directors or Officers 09-088-K · 5.02Departure/Election of Directors or Officers

53 filings · 40 insider transactions

Comparable companies

by business, not by industry label

ORealty Income HSTHost Hotels & Resorts SPGSimon Property Group KIMKimco Realty

3 more companies list VICI as a comparable

LVSLas Vegas Sands MGMMGM Resorts WYNNWynn Resorts

Side by side:vs O

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just VICI. No account.

About Vici Properties

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.

CEO: Edward Baltazar Pitoniak
Headquarters: New York City, NY
Employees: 28
IPO: 2018-01-02

Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.