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VICI Stock Analysis: Hold (Score 54.6/100) | Blank Capital Research | Blank Capital Research
VICI
VICI PROPERTIES INC.
$28.15
+0.09 (+0.32%)
Score54.6
Data as of Apr 6, 2026
VICI
VICI PROPERTIES INC.
FinancialsTrading
$28.15
+0.09 (+0.32%)
Open $28.08High $28.24Low $27.95Prev $28.06Vol ---52W: $27.48 – $34.01
Hold
Composite score
01234567890123456789.0123456789
Global rank
#1,615
Percentile
Top 36%
Business quality
72nd
percentile
Exceptional capital efficiency and structural profitability. This enterprise generates superior returns on invested capital compared to industry peers.
Relative valuation derived from Financials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 71.6GRADE B+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
10.4%
Sector: 8.5%
Dividend Analysis audit
INCOME
5.36%
Trailing Yield
$5.36
Per $100 Invested
Solid dividend yield for income-focused strategies.
Est. Payout Ratio
54%SAFE
Analyst Projections
Analyst Consensus
Unlock Valuation Tools
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Based on our 6-factor quantitative model, VICI PROPERTIES INC. (VICI) receives a "Hold" rating with a composite score of 54.6/100, ranked #1615 out of 4446 stocks. Key factor scores: Quality 72/100, Value 65/100, Momentum 36/100. This is quantitative analysis only — not investment advice.
VICI PROPERTIES INC. (VICI) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does VICI PROPERTIES INC. Do?
VICI Properties is an experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including the world-renowned Caesars Palace. VICI Properties' national, geographically diverse portfolio consists of 29 gaming facilities comprising over 48 million square feet and features approximately 19,200 hotel rooms and more than 200 restaurants, bars and nightclubs. Its properties are leased to industry leading gaming and hospitality operators, including Caesars Entertainment, Inc., Century Casinos Inc., Hard Rock International, JACK Entertainment and Penn National Gaming, Inc. VICI Properties also owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip. VICI Properties' strategy is to create the nation's highest quality and most productive experiential real estate portfolio. VICI PROPERTIES INC. (VICI) is classified as a large-cap stock in the Financials sector, specifically within the Trading industry. The company is led by CEO Edward B. Pitoniak and employs approximately 20 people. With a market capitalization of $29.4B, VICI is one of the prominent companies in the Financials sector.
VICI PROPERTIES INC. (VICI) Stock Rating — Hold (April 2026)
As of April 2026, VICI PROPERTIES INC. receives a Hold rating with a composite score of 54.6/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.VICI ranks #1,615 out of 4,446 stocks in our coverage universe. Within the Financials sector, VICI PROPERTIES INC. ranks #492 of 891 stocks, placing it in the lower half of its Financials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
VICI Stock Price and 52-Week Range
VICI PROPERTIES INC. (VICI) currently trades at $28.15. The stock gained $0.09 (0.3%) in the most recent trading session. The 52-week high for VICI is $34.01, which means the stock is currently trading -17.2% from its annual peak. The 52-week low is $27.48, putting the stock 2.4% above its annual trough. Recent trading volume was 4.1M shares, reflecting moderate market activity.
Is VICI Overvalued or Undervalued? — Valuation Analysis
VICI PROPERTIES INC. (VICI) carries a value factor score of 65/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 10.09x, compared to the Financials sector average of 14.88x — a discount of 32%. The price-to-book ratio stands at 1.05x, versus the sector average of 1.22x. The price-to-sales ratio is 7.52x, compared to 0.90x for the average Financials stock. On an enterprise value basis, VICI trades at 15.73x EV/EBITDA, versus 3.26x for the sector.
Overall, VICI's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
VICI PROPERTIES INC. Profitability — ROE, Margins, and Quality Score
VICI PROPERTIES INC. (VICI) earns a quality factor score of 72/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 10.4%, compared to the Financials sector average of 8.5%, which is within a healthy range. Return on assets (ROA) comes in at 6.3% versus the sector average of 1.2%.
On a margin basis, VICI PROPERTIES INC. reports gross margins of 99.3%. The operating margin is 74.7% (sector: 21.8%). Net profit margin stands at 74.4%, versus 17.7% for the average Financials stock. Revenue growth is running at 5.3% on a trailing basis, compared to 9.4% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
VICI Debt, Balance Sheet, and Financial Health
VICI PROPERTIES INC. has a debt-to-equity ratio of 59.0%, compared to the Financials sector average of 121.0%. Leverage is within a manageable range for the industry, though investors should monitor debt trends over time. The current ratio is 2.53x, indicating strong short-term liquidity. Total debt on the balance sheet is $16.77B. Cash and equivalents stand at $508M.
VICI has a beta of 0.35, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for VICI PROPERTIES INC. is 90/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
VICI PROPERTIES INC. Revenue and Earnings History — Quarterly Trend
In TTM 2026, VICI PROPERTIES INC. reported revenue of $3.96B and earnings per share (EPS) of $2.61. Net income for the quarter was $2.95B. Gross margin was 99.3%. Operating income came in at $2.96B.
In FY 2025, VICI PROPERTIES INC. reported revenue of $4.01B and earnings per share (EPS) of $2.61. Net income for the quarter was $2.82B. Gross margin was 99.3%. Revenue grew 4.1% year-over-year compared to FY 2024. Operating income came in at $2.82B.
In Q3 2025, VICI PROPERTIES INC. reported revenue of $1.01B and earnings per share (EPS) of $0.71. Net income for the quarter was $774M. Gross margin was 99.3%. Revenue grew 4.4% year-over-year compared to Q3 2024. Operating income came in at $778M.
In Q2 2025, VICI PROPERTIES INC. reported revenue of $1.00B and earnings per share (EPS) of $0.82. Net income for the quarter was $878M. Gross margin was 99.3%. Revenue grew 4.6% year-over-year compared to Q2 2024. Operating income came in at $884M.
Over the past 8 quarters, VICI PROPERTIES INC. has demonstrated a growth trajectory, with revenue expanding from $957M to $3.96B. Investors analyzing VICI stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
VICI Dividend Yield and Income Analysis
VICI PROPERTIES INC. (VICI) currently pays a dividend yield of 5.4%. At this yield, a $10,000 investment in VICI stock would generate approximately $$536.00 in annual dividend income. This compares to the Financials sector average dividend yield of 2.5%, meaning VICI offers above-average income for its sector. With a net margin of 74.4%, the dividend appears well-covered by earnings, suggesting sustainable payouts going forward.
VICI Momentum and Technical Analysis Profile
VICI PROPERTIES INC. (VICI) has a momentum factor score of 36/100, signaling weak relative price performance. Stocks with low momentum scores have historically tended to continue underperforming in the near term. The investment factor score is 31/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 23/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
VICI vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing VICI against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full VICI vs S&P 500 (SPY) comparison to assess how VICI PROPERTIES INC. stacks up against the broader market across all factor dimensions.
VICI Next Earnings Date
No upcoming earnings date has been announced for VICI PROPERTIES INC. (VICI) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy VICI? — Investment Thesis Summary
VICI PROPERTIES INC. presents a balanced picture with arguments on both sides. The quality score of 72/100 indicates above-average profitability and business fundamentals. The value score of 65/100 suggests attractive pricing relative to fundamentals. Momentum is weak at 36/100, a headwind for near-term performance. Low volatility (stability score 90/100) reduces downside risk.
In summary, VICI PROPERTIES INC. (VICI) earns a Hold rating with a composite score of 54.6/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on VICI stock.
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Institutional Research Dossier
VICI PROPERTIES INC. (VICI) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
We maintain our Hold rating on VICI Properties, reflecting a balanced view of its strong financial performance and inherent risks associated with its concentration in the gaming industry. While VICI boasts impressive profitability metrics and a stable revenue stream underpinned by long-term leases, its high debt load and reliance on a limited number of tenants warrant caution. The current valuation appears fair, considering its growth prospects and sector comparisons, but a more compelling entry point may emerge given potential macroeconomic headwinds.
VICI's strategic focus on experiential real estate, particularly in the gaming sector, has yielded significant returns, as evidenced by its robust margins and consistent revenue growth. However, the company's future performance is inextricably linked to the health of the gaming industry and the financial stability of its key tenants. Investors should closely monitor these factors, as any adverse developments could significantly impact VICI's financial results and stock performance.
Business Strategy & Overview
VICI Properties operates as a real estate investment trust (REIT) specializing in experiential real estate, primarily focusing on gaming, hospitality, and entertainment destinations. The core of VICI's business model revolves around acquiring and owning premier properties, then leasing them to established gaming and hospitality operators under long-term, triple-net lease agreements. This structure allows VICI to generate stable and predictable revenue streams, as the tenants are responsible for property maintenance, insurance, and taxes. The company's portfolio includes iconic properties like Caesars Palace and a diverse collection of gaming facilities across the United States.
VICI's strategic positioning centers on creating the highest quality and most productive experiential real estate portfolio. This involves actively seeking opportunities to acquire new properties, expand existing facilities, and diversify its tenant base. The company's growth strategy also includes exploring opportunities beyond gaming, such as family entertainment centers and other experiential destinations. This diversification effort aims to reduce reliance on the gaming sector and enhance the overall stability of its revenue stream.
A key element of VICI's strategy is its focus on forging strong relationships with leading gaming and hospitality operators. By partnering with established players like Caesars Entertainment, Hard Rock International, and Penn National Gaming, VICI benefits from their operational expertise and brand recognition. These partnerships also provide VICI with a competitive advantage in securing new acquisition opportunities and expanding its portfolio.
VICI's product pipeline primarily consists of potential acquisitions and development projects within the experiential real estate sector. The company actively evaluates opportunities to acquire existing gaming facilities, develop new entertainment destinations, and expand its presence in existing markets. These projects are carefully assessed based on their potential to generate attractive returns and contribute to the overall growth of VICI's portfolio. The undeveloped land adjacent to the Las Vegas Strip represents a significant future development opportunity.
The industry context for VICI Properties is characterized by increasing demand for experiential entertainment and a growing acceptance of REITs as a viable investment vehicle for real estate assets. The gaming industry, in particular, has experienced significant growth in recent years, driven by factors such as the legalization of sports betting and the increasing popularity of online gaming. This favorable industry backdrop provides VICI with ample opportunities to expand its portfolio and generate attractive returns for its shareholders.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
5.3%
Sector: 9.4%
-44% VS SCTR
Economic Moat Analysis
VICI Properties possesses a narrow economic moat, primarily derived from its unique portfolio of high-quality gaming and entertainment properties and the long-term, triple-net lease agreements that underpin its revenue stream. While not insurmountable, this moat provides a degree of competitive advantage, protecting VICI from direct competition and ensuring a relatively stable and predictable cash flow.
The long-term nature of VICI's lease agreements, often spanning decades, creates a significant barrier to entry for potential competitors. These leases provide VICI with a guaranteed revenue stream for an extended period, reducing the risk of tenant turnover and ensuring a consistent flow of cash. The triple-net structure further enhances this advantage, as tenants are responsible for all property-related expenses, shielding VICI from unexpected costs and maximizing its profitability.
The irreplaceable nature of some of VICI's properties, such as Caesars Palace, also contributes to its economic moat. These iconic destinations possess a unique brand recognition and customer loyalty that cannot be easily replicated. This provides VICI with a competitive advantage in attracting and retaining tenants, as well as in negotiating favorable lease terms.
However, VICI's moat is not without its limitations. The company's concentration in the gaming industry exposes it to sector-specific risks, such as regulatory changes and economic downturns that could negatively impact gaming revenues. Furthermore, VICI's reliance on a limited number of tenants creates a concentration risk, as the financial health of these tenants directly impacts VICI's ability to collect rent and maintain its revenue stream.
While VICI's scale and access to capital provide it with a competitive advantage in acquiring new properties, this advantage is not insurmountable. Other REITs and private equity firms also actively compete for real estate assets, potentially driving up acquisition prices and reducing VICI's returns. The moat is not widening, as other REITs are also pursuing experiential properties.
Ultimately, VICI's narrow economic moat provides a degree of protection, but it is not impenetrable. The company's success depends on its ability to effectively manage its portfolio, diversify its tenant base, and navigate the inherent risks associated with the gaming industry. Investors should carefully consider these factors when evaluating VICI's long-term investment potential.
Financial Health & Profitability
VICI Properties exhibits strong financial health, characterized by robust profitability margins, consistent revenue growth, and a manageable debt load. The company's revenue has steadily increased over the past several years, driven by acquisitions and organic growth within its existing portfolio. The TTM revenue of $4.01 billion represents a 5.3% increase compared to the previous year, demonstrating VICI's ability to generate growth in a competitive market. The quarterly financial history shows consistent revenue generation, hovering around $1 billion per quarter.
VICI's profitability metrics are particularly impressive, with a gross margin of 99.3% and an operating margin of 74.7%. These figures significantly exceed the sector averages, indicating VICI's efficient cost structure and ability to generate high returns on its investments. The net margin of 74.4% further underscores VICI's strong profitability, reflecting its ability to translate revenue into bottom-line earnings. Net income for the TTM period is $2.82 billion.
The company's return on equity (ROE) of 10.5% is also above the sector average, indicating VICI's effective use of shareholder equity to generate profits. However, the negative free cash flow of $-819.66 million is a cause for concern, suggesting that VICI is not generating enough cash from its operations to cover its capital expenditures and other obligations. This negative FCF is likely due to the company's aggressive acquisition strategy, which requires significant upfront investments.
VICI's balance sheet reflects a significant amount of debt, with a total debt of $16.77 billion and a debt-to-equity ratio of 59.00. While this level of leverage is manageable given VICI's stable revenue stream and strong profitability, it does expose the company to interest rate risk and potential financial distress in the event of an economic downturn. The current ratio of 2.53 indicates that VICI has sufficient liquid assets to cover its short-term liabilities.
Overall, VICI Properties demonstrates strong financial health, characterized by robust profitability, consistent revenue growth, and a manageable debt load. However, the negative free cash flow and high debt level warrant close monitoring, as they could pose challenges in the future. The company's ability to maintain its financial strength will depend on its continued success in acquiring and managing high-quality properties, as well as its ability to effectively manage its debt obligations.
Valuation Assessment
VICI Properties' valuation presents a mixed picture, with some metrics suggesting undervaluation while others indicate a fair price. The company's price-to-earnings (P/E) ratio of 10.3x is significantly lower than the sector average of 15.5x, suggesting that VICI may be undervalued relative to its peers. This lower P/E ratio could reflect investor concerns about VICI's concentration in the gaming industry and its high debt load.
However, VICI's EV/EBITDA ratio of 4.0x is slightly higher than the sector average of 3.5x, indicating that the company may be fairly valued or even slightly overvalued on an enterprise value basis. This higher EV/EBITDA ratio could reflect VICI's strong profitability and growth prospects, which may justify a premium valuation.
The negative free cash flow further complicates the valuation picture, as it makes it difficult to assess VICI's intrinsic value using traditional discounted cash flow (DCF) analysis. The negative FCF suggests that VICI is not generating enough cash to cover its capital expenditures and other obligations, which could be a concern for investors.
Considering VICI's strong profitability, consistent revenue growth, and above-average ROE, a premium valuation may be warranted. However, the company's high debt load, concentration in the gaming industry, and negative free cash flow should also be taken into account. The current valuation appears fair, but not particularly compelling, given the inherent risks associated with the business.
A more attractive entry point may emerge if macroeconomic conditions deteriorate or if the gaming industry experiences a slowdown. In such a scenario, VICI's stock price could decline, providing investors with an opportunity to purchase shares at a more favorable valuation. Investors should closely monitor these factors and be prepared to act accordingly.
Ultimately, the valuation of VICI Properties depends on an investor's individual risk tolerance and investment horizon. Those who are comfortable with the company's inherent risks and believe in its long-term growth potential may find the current valuation attractive. However, more risk-averse investors may prefer to wait for a more compelling entry point.
Risk & Uncertainty
VICI Properties faces several specific, idiosyncratic risks that could negatively impact its business and financial performance. A primary concern is tenant concentration. A significant portion of VICI's revenue is derived from a small number of key tenants, particularly Caesars Entertainment. The financial distress or bankruptcy of one of these major tenants could have a material adverse effect on VICI's revenue and cash flow.
The regulatory environment surrounding the gaming industry is another significant risk factor. Changes in gaming regulations, such as increased taxes or restrictions on gaming activities, could negatively impact the profitability of VICI's tenants and, consequently, VICI's rental income. The legalization of gaming in new jurisdictions could also increase competition for VICI's tenants, potentially reducing their market share and profitability.
VICI's high debt load also poses a risk, particularly in a rising interest rate environment. Increased interest rates could increase VICI's borrowing costs, reducing its profitability and cash flow. The company's ability to refinance its debt on favorable terms is also subject to market conditions and its credit rating. A downgrade in VICI's credit rating could increase its borrowing costs and limit its access to capital.
Competition from other REITs and private equity firms for real estate assets is another risk factor. Increased competition could drive up acquisition prices, reducing VICI's returns on investment. The company's ability to identify and acquire attractive properties at reasonable prices is crucial to its long-term growth and profitability.
Finally, macroeconomic factors, such as economic recessions or declines in consumer spending, could negatively impact the gaming industry and VICI's tenants. A decline in tourism or discretionary spending could reduce gaming revenues, potentially leading to tenant defaults or rent reductions. These risks, while not unique to VICI, are amplified by its concentration in the gaming sector.
Bulls Say / Bears Say
The Bull Case
BULL VIEWVICI's long-term, triple-net lease agreements provide a stable and predictable revenue stream, minimizing the impact of short-term economic fluctuations.
BULL VIEWThe company's focus on experiential real estate, particularly in the gaming sector, positions it to benefit from the growing demand for entertainment and leisure activities.
BULL VIEWVICI's strong financial performance, characterized by robust profitability margins and consistent revenue growth, demonstrates its ability to generate attractive returns for shareholders.
The Bear Case
BEAR VIEWVICI's high debt load and concentration in the gaming industry expose it to significant financial and regulatory risks.
BEAR VIEWThe company's negative free cash flow raises concerns about its ability to fund its growth and maintain its dividend payments.
BEAR VIEWVICI's reliance on a limited number of tenants creates a concentration risk, as the financial distress of one of these tenants could have a material adverse effect on its revenue and cash flow.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score VICI and 4,400+ other equities.
VICI PROPERTIES INC. exhibits a 268% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
6.3%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
99.3%
Sector: 0.0%
Operating Margin
Core business profitability
74.7%
Sector: 21.8%
Net Margin
Bottom-line profitability
74.4%
Sector: 17.7%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield2.48%
Yield Delta+116%
Income Projection audit
A $10,000 investment would generate approximately $536 annually in dividends at the current trailing rate.
