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VICI Properties — REIT card

VICI
Net leaseMarket cap $25.7B4-quarter TTM
Close · Oct 16, 202623.60P/E 9.1 · EV yield 8.4%
P/Cash FFO10.0×Cash FFO/sh 2.36
Yield · spread to 10y7.7%+2.58 pt vs. the bond
−31% below 5y medianP/Cash FFO vs. its own five years
10-year Treasury · Oct 16, 20265.09%2-year 4.74%
Board median yield4.4%trailing dividends ÷ last close
Yield spread to the 10-year−0.71 ptREITs yield less than the bond: paying for growth
Board median P/Cash FFO15.6×five-year median 16.7× · −7%
Lights on0 of 3prices Oct 16, 2026 · TTM through Jun 30, 2026

Where it has traded

quarter-end P/Cash FFO · 20 quarters · Sep 30, 2021 → Jun 30, 2026
8×12×15×19×22×2021202220232024202520262021-09-30 · 17.0× (close 28.41 · Cash FFO/sh 1.67)2021-12-31 · 19.5× (close 30.11 · Cash FFO/sh 1.54)2022-03-31 · 18.8× (close 28.46 · Cash FFO/sh 1.51)2022-06-30 · 18.9× (close 29.79 · Cash FFO/sh 1.58)2022-09-30 · 17.0× (close 29.85 · Cash FFO/sh 1.75)2022-12-31 · 16.5× (close 32.40 · Cash FFO/sh 1.97)2023-03-31 · 15.4× (close 32.62 · Cash FFO/sh 2.12)2023-06-30 · 15.6× (close 31.43 · Cash FFO/sh 2.02)2023-09-30 · 14.0× (close 29.10 · Cash FFO/sh 2.08)2023-12-31 · 15.1× (close 31.88 · Cash FFO/sh 2.12)2024-03-31 · 13.8× (close 29.79 · Cash FFO/sh 2.16)2024-06-30 · 13.0× (close 28.64 · Cash FFO/sh 2.21)2024-09-30 · 14.8× (close 33.31 · Cash FFO/sh 2.24)2024-12-31 · 12.9× (close 29.21 · Cash FFO/sh 2.27)2025-03-31 · 14.2× (close 32.62 · Cash FFO/sh 2.30)2025-06-30 · 14.1× (close 32.60 · Cash FFO/sh 2.31)2025-09-30 · 14.3× (close 32.61 · Cash FFO/sh 2.27)2025-12-31 · 12.2× (close 28.12 · Cash FFO/sh 2.31)2026-03-31 · 11.6× (close 27.32 · Cash FFO/sh 2.36)2026-06-30 · 11.2× (close 26.55 · Cash FFO/sh 2.36)p75 17×med 15×p25 14×now 10.0×
Five-year median 14.6×, middle half 13.6–16.6×, range 11.2–19.5×. Now 10.0×: −31% below its own median, higher than 0% of those quarters.Each quarter priced at its own trailing Cash FFO per share · the band is the 25th–75th percentile

Where the cash goes

TTM through Jun 30, 2026 · $B
01234Revenue: 4.1 $B4.1RevenueProperty & operating: −0.5 $B−0.5Property &operatingEBITDA: 3.6 $B3.6EBITDAInterest: −0.8 $B−0.8InterestD&A: −0.0 $B−0.0D&ANet income: 2.8 $B2.8NetincomeAdd back D&A: 0.0 $B0.0Add backD&ANon- cash: −0.2 $B−0.2Non-cashCash FFO: 2.6 $B2.6CashFFODividends: −2.0 $B−2.0DividendsRetained: 0.6 $B0.6Retained
Cash FFO 2.57B = net income 2.77B + depreciation 0.00B − 0.20B other non-cash items · dividends 1.97B · retained 0.60B

Against its type

VICI (blue) vs. the other Net lease REITs on the board (2), grey
P/Cash FFO10.0× vs. 12.5×
Dividend yield7.7% vs. 5.8%
Cash FFO payout77% vs. 72%
Net debt / EBITDA4.8× vs. 7.3×
Interest cover4.3× vs. 3.7×
EBITDA margin89% vs. 67%

Type averages are the plain mean of the other REITs of the same property type with a usable window.

Quarter by quarter

8 quarters · Sep 30, 2024 → Jun 30, 2026 · a gap is a dropped quarter
Revenue, $B1.06
Cash FFO / share, quarter0.61
EBITDA margin70%
Interest cover3.6×