---
title: Vici Properties (VICI) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/vici
ticker: VICI
as_of: 2026-10-17
sector: Real Estate
industry: REIT - Diversified
---
# Vici Properties (VICI)

Vici Properties (VICI) closed at $23.60 on Oct 16, 2026, undervalued by 31% vs its model value of $34.44 (from its own five-year median price to Cash FFO).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $23.60 (Oct 16, 2026) |
| Model value (from its own five-year median price to Cash FFO) | $34.44 |
| Price vs model | undervalued by 31% vs model |
| Range of that model | $32.10 – $39.23 |
| Market value | $26.0B |
| P/E (fiscal 2025) | 9.0 |
| Net margin (fiscal 2025) | 69.3% |
| Free cash flow (fiscal 2025) | $2.5B |
| Dividend yield (trailing twelve months) | 7.67% |
| Beta | 0.67 |
| Cost of capital (WACC) | 6.96% |
| Business classification | Dividend Payer (Low/slowing growth (~5% recent), Decelerated from ~27% 5y CAGR, High profitability (69% net margin), Strong dividend yield, Highly cyclical earnings, Strong FCF yield (9.7%)) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Highest dividend yield | #1 | 7.67% | https://sweetvaluelab.com/lists/highest-dividend-yield |
| Highest free cash flow yield | #36 | 9.7% | https://sweetvaluelab.com/lists/highest-free-cash-flow-yield |
| Lowest P/E | #12 | 9.0× | https://sweetvaluelab.com/lists/lowest-pe |
| Near 52-week lows | #27 | +4.7% | https://sweetvaluelab.com/lists/near-52-week-lows |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 7.67% |
| Dividends per share, last 12 months | $1.81 |
| Dividends / FFO (fiscal 2025) | 66.7% |
| Raised | 7+ years in a row |
| Growth over 5 years | 6.0% a year |
| Latest payment | $0.46, ex-date Sep 17, 2026, paid Oct 8, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Sep 23, 2021 | $1.35 |
| To Sep 21, 2022 | $1.47 |
| To Sep 20, 2023 | $1.59 |
| To Sep 18, 2024 | $1.68 |
| To Sep 18, 2025 | $1.75 |
| Trailing twelve months (to Sep 17, 2026) | $1.81 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| P/Cash FFO · own history | primary | $34.44 | $32.10 | $39.23 |
| P/E · peers | cross check | $39.53 | $39.49 | $39.57 |
| P/E · own history | cross check | $35.05 | $31.47 | $50.19 |
| PEG | sanity check | $34.99 | $34.99 | $34.99 |
| EV/EBITDA · peers | cross check | $28.05 | $25.48 | $30.63 |
| EV/Revenue · peers | cross check | $9.47 | $4.66 | $14.28 |
| Dividend discount | cross check | $36.47 | $24.85 | $60.95 |

## Insider activity (SEC Form 4)

No open-market insider buys or sales filed in the past 90 days.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Oct 1, 2026 | MACNAB CRAIG | Director | Grant / award | 530 | $0 |
| Oct 1, 2026 | Rumbolz Michael D | Director | Grant / award | 371 | $0 |
| Jul 24, 2026 | Rumbolz Michael D | Director | Will / inheritance | 264 | $0 |
| Oct 1, 2026 | Cantor Diana F | Director | Grant / award | 557 | $0 |
| Oct 1, 2026 | Sullivan John M | Director | Grant / award | 292 | $0 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Sep 22, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers | https://www.sec.gov/Archives/edgar/data/1705696/000170569626000094/vici-20260921.htm |
| Sep 8, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1705696/000170569626000092/vici-20260904.htm |
| Aug 14, 2026 | 8-K | 1.01 Entry into a Material Agreement; 2.03 Creation of a Direct Financial Obligation; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1705696/000110465926097167/tm2623237d1_8k.htm |
| Aug 6, 2026 | 8-K | 1.01 Entry into a Material Agreement; 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1705696/000110465926092034/tm2622400d1_8k.htm |
| Jul 29, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1705696/000170569626000090/vici-20260630.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Bridgewater | 2026-06-30 | 243,817 | $6.5M |
| Christopher Davis | 2026-06-30 | 215,360 | $5.7M |
| Sarah Ketterer | 2026-06-30 | 7,985 | $212,002 |

3 tracked managers in all.

## About

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 Stri…

---

Source: https://sweetvaluelab.com/stocks/vici (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.