Vici Properties Inc.

Real Estate
Real Estate Investment Trusts
www.viciproperties.com

Earnings Score
Moat Score
Safety Score
Final Score

Market Cap $33.53B
PE 13
Debt $17.20B
Cash $334.32M
EV $50.39B
FCF $2.42B

Earnings

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Sales & Net Margins

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Earnings	$2.63B
EBIT	$2.68B
ROE	10%
ROA	6%
FCF	$2.42B
Equity	$27.02B
Growth Stability	100%
PE	12.74
PEG	0.32
PB	1.24
P/FCF	13.83
P/S	8.64
Price/Cash	0.01
Debt/Equity	0.64
Debt/FCF	7.09
Net Margins	55%
Gross Margins	99%
Op. Margins	69%
Earnings CAGR	36%
Sales Growth YoY	3%
Sales Growth QoQ	1%
Sales CAGR	34%
FCF CAGR	33%
Equity CAGR	29%
Earnings Stability	0.5
Earnings Growth YoY	-8%
Earnings Growth QoQ	-12%

Earnings CAGR 5Y	40%
Sales CAGR 5Y	38%
FCF CAGR 5Y	33%
Equity CAGR 5Y	32%
Earnings CAGR 3Y	27%
Sales CAGR 3Y	27%
FCF CAGR 3Y	15%
Equity CAGR 3Y	9%
Market Cap	$33.53B
Revenue	$3.88B
Dividend Yield	5%
Payout Ratio	70%
Assets	$45.53B
Total Debt	$17.20B
Cash	$334.32M
Shares Outstanding	1.06B
EV	50.39B
Earnings Score	79%
Moat Score	87%
Safety Score	81%
Final Score	82%
Gross Profit	$3.86B
Shares Growth 3y	10%
Equity Growth QoQ	0%
Equity Growth YoY	5%

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.

2025
- 10-Q Mar 31
2024
- 10-K Dec 31
- 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

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 36%

Stability 50%

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Vici Properties Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Vici Properties Inc..

Years

Calculation mode

= $244B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$2.4B	$3.2B	$4.3B	$5.7B	$7.6B	$10B	$14B	$18B	$24B	$32B	$43B	$425B
DCF		$2.9B	$3.6B	$4.3B	$5.2B	$6.3B	$7.6B	$9.2B	$11B	$14B	$16B	$164B
Value	$244B

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	12/2024	TTM
Net Margins	24%	58%	61%	73%	67%	43%	70%	70%	55%
ROA	-	7%	6%	5%	6%	3%	6%	6%	6%
ROE	-	8%	7%	9%	8%	5%	10%	10%	10%

Good Net Margins (55.23%)

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	12/2024	TTM
Debt over FCF	-	-	7.14	7.78	5.31	7.19	7.87	7.2	7.09
Debt over Equity	1.01	0.6	0.6	0.72	0.39	0.63	0.67	0.63	0.64
Growth Stability	-	-	-	100%	100%	100%	100%	100%	100%

Bad Debt/FCF ratio (7.09)

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 (0.64)

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	12/2024	CAGR 5Y
Revenue YoY growth	-	379%	-0%	37%	23%	72%	39%	7%	38%
Earnings YoY growth	-	1K%	4%	63%	14%	10%	125%	7%	40%
Equity YoY growth	-	44%	17%	18%	28%	83%	15%	5%	32%
FCF YoY growth	-	-	35%	30%	1%	117%	12%	9%	33%