Vici Properties Inc.

Real Estate
Real Estate Investment Trusts
www.viciproperties.com

Earnings Score
Moat Score
Safety Score

Market Cap $33.00B
PE 12
Debt $17.12B
Cash $355.67M
EV $49.76B
FCF $2.31B

Earnings

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Sales & Net Margins

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Earnings	$2.81B
EBIT	$2.85B
ROE	11%
ROA	6%
FCF	$2.31B
Equity	$26.52B
Growth Stability	100%
PE	11.73
PEG	0.26
PB	1.24
P/FCF	14.31
P/S	8.67
Price/Cash	0.01
Debt/Equity	0.65
Debt/FCF	7.43
Net Margins	72%
Gross Margins	99%
Op. Margins	75%
Earnings CAGR	37%
Sales Growth YoY	7%
Sales Growth QoQ	1%
Sales CAGR	36%
FCF CAGR	35%
Equity CAGR	31%
Earnings Stability	0.39
Earnings Growth YoY	32%
Earnings Growth QoQ	-1%

Earnings CAGR 5Y	45%
Sales CAGR 5Y	41%
FCF CAGR 5Y	36%
Equity CAGR 5Y	36%
Earnings CAGR 3Y	45%
Sales CAGR 3Y	45%
FCF CAGR 3Y	36%
Equity CAGR 3Y	24%
Market Cap	$33.00B
Revenue	$3.81B
Dividend Yield	5%
Payout Ratio	64%
Assets	$44.92B
Total Debt	$17.12B
Cash	$355.67M
Shares Outstanding	1.04B
EV	49.76B
Earnings Score	45%
Moat Score	89%
Safety Score	80%
Final Score	71%
Gross Profit	$3.78B
Shares Growth 3y	21%
Equity Growth QoQ	2%
Equity Growth YoY	8%

Assets & ROA

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Stockholders Equity & ROE

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VICI Properties Inc is real estate investment trust based in the US. It acts as an owner, acquirer, and developer of real estate assets across gaming, hospitality, entertainment and leisure destinations. The company's operating segments are real property business and golf course business. The Real property business segment consists of leased real property whereas the Golf course business segment consists of several golf courses. Its golf courses include the Cascata golf course, the Rio Secco golf course, the Grand Bear golf course and the Chariot Run golf course.

SEC Filings

Direct access to Vici Properties Inc. (VICI) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Vici Properties Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Vici Properties Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 37%

Stability 39%

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Vici Properties Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Vici Properties Inc..

Years

Calculation mode

= $267B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$2.3B	$3.1B	$4.2B	$5.7B	$7.7B	$10B	$14B	$19B	$26B	$35B	$47B	$472B
DCF		$2.8B	$3.5B	$4.3B	$5.3B	$6.5B	$8B	$9.8B	$12B	$15B	$18B	$182B
Value	$267B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	24%	58%	61%	73%	67%	43%	70%	72%
ROA	-	7%	6%	5%	6%	3%	6%	6%
ROE	-	8%	7%	9%	8%	5%	10%	11%

Good Net Margins (71.84%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	-	7.14	7.78	5.31	7.19	7.87	7.43
Debt over Equity	1.01	0.6	0.6	0.72	0.39	0.63	0.67	0.65
Growth Stability	-	-	-	100%	100%	100%	100%	100%

Bad Debt/FCF ratio (7.43)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Good Debt/Equity ratio (0.65)

The company is not overleveraged and has a good balance between equity and debt.

Good Graham’s Stability (100%)

The company has a good stability in its earnings, which is a sign of a good competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	379%	-0%	37%	23%	72%	39%	41%
Earnings YoY growth	-	1K%	4%	63%	14%	10%	125%	45%
Equity YoY growth	-	44%	17%	18%	28%	83%	15%	36%
FCF YoY growth	-	-	35%	30%	1%	117%	12%	36%