VICI
VICI Properties Inc.
VICI's fundamentals are weak: its operating margin fell 14 points to 57%, though revenue grew 4.7%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
VICI Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| N/A | |
| N/A |
VICI's profitability is currently healthy, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for real estate companies like VICI.
VICI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 8.4x | $24.80 | — |
| Cheap | 11x | $24.53 | -1.1% |
| Current | 11x | $24.80 | — |
| Fair | 13x | $29.23 | +18% |
| Expensive | 23x | $49.86 | +101% |
Historical ranges are pointers, not guarantees.
VICI's PE is 11x, but its earnings don't support one, so it isn't a reliable read right now.
VICI Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Stable | |
| Stable | |
| -- | |
| Limited | |
| High |
Analysts expect VICI's earnings, revenue and profitability to hold roughly steady.
VICI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.95 | +35% |
| Q3 2026 | $2.18 | -17% |
| Q2 2026 | $2.58 | -1.1% |
| Q1 2026 | $2.92 | +17% |
| Q4 2025 | $2.61 | +2% |
| Q3 2025 | $2.62 | -2.6% |
| Q2 2025 | $2.61 | +2.8% |
| Q1 2025 | $2.50 | -0.8% |
| Q4 2024 | $2.56 | +3.6% |
VICI earned $2.18 per share over the past year, down 17% from the year before. Its recent earnings include one-off gains.
VICI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.1B | +5.8% |
| Q2 2026 | $1.1B | +5.7% |
| Q1 2026 | $1B | +3.5% |
| Q4 2025 | $1B | +3.8% |
| Q3 2025 | $1B | +4.4% |
| Q2 2025 | $1B | +4.6% |
| Q1 2025 | $984.2M | +3.4% |
| Q4 2024 | $976.1M | +4.7% |
VICI's revenue has grown year over year every quarter since late 2020: $1.1B last quarter, up 5.8% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 33% | -44 points |
| Q2 2026 | 51% | -38 points |
| Q1 2026 | 87% | +32 points |
| Q4 2025 | 60% | -4 points |
| Q3 2025 | 77% | -0.3 points |
| Q2 2025 | 88% | +9.3 points |
| Q1 2025 | 56% | -7.3 points |
| Q4 2024 | 64% | -16 points |
VICI's operating margin was 33% last quarter, down 44 points from the same quarter a year ago, near the bottom of its range since 2019.
VICI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $652.5M | +11% |
| Q2 2026 | $728M | +14% |
| Q1 2026 | $631.2M | +6.7% |
| Q4 2025 | $691.6M | +7.6% |
| Q3 2025 | $586.1M | +1.5% |
| Q2 2025 | $639.2M | +4.5% |
| Q1 2025 | $591.7M | +9.3% |
| Q4 2024 | $643M | +12% |
VICI's free cash flow was $2.7B over the past year, up 9.9% from the year before. Free cash flow isn't a meaningful measure for real estate companies like VICI.
VICI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1% | +10.4M shares |
| 1 year | +3% | +32.3M shares |
| 3 years | +8.6% | +87M shares |
| 5 years | +99% | +546M shares |
| Available history | +151% | +661M shares |
VICI has 1.1B diluted shares, up 3% from a year ago.
VICI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 7.0x | High |
| Q2 2026 | 5.9x | High |
| Q1 2026 | 5.2x | High |
| Q4 2025 | 5.7x | High |
| Q3 2025 | 5.7x | High |
| Q2 2025 | 5.9x | High |
| Q1 2025 | 6.2x | High |
| Q4 2024 | 5.9x | High |
VICI's net debt is about 7.0 years of its operating earnings (EBITDA), up from 5.7 years a year ago. Net leverage isn't a meaningful measure for real estate companies like VICI.
VICI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 44.2 | Neutral |
| Stochastic | 46.4 | Neutral |
VICI's weekly RSI is 44 (neutral) and its Stochastic is 46 (neutral).
VICI PE vs Real Estate Sector
| Metric | VICI | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 24x | 52% below |
| PE % | 19 | 23 | 4 pts below |
VICI is trading at 11x earnings, a 52% discount to the Real Estate sector's median of 24x, though its earnings don't support one.
VICI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $23.8 | 4.2% above |
| 20 week MA | $25.2 | 1.4% below |
| 50 week MA | $27.0 | 8.3% below |
| 100 week MA | $29.3 | 15% below |
| 200 week MA | $30.1 | 18% below |
VICI has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 18% below its 200-week average.
VICI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $25.2 | $25.9 | +2.5% |
| 2021 | $25.9 | $28.9 | +12% |
| 2022 | $28.9 | $32.7 | +13% |
| 2023 | $32.7 | $31.9 | -2.4% |
| 2024 | $31.9 | $28.9 | -9.2% |
| 2025 | $28.9 | $28.1 | -2.8% |
| 2026 YTD | $28.1 | $24.8 | -12% |
VICI has finished three years in a row lower, and it's down 12% so far in 2026.