Stocktoria

VICI PROPERTIES INC. VICI

NYSE · reit · Real Estate Investment Trusts · website · IPO 2017-10-17 · LEI

VICI PROPERTIES INC. statistics & valuation

Market cap$30.6B
P / E11.0×
P / S7.6×
P / B1.1×
Dividend yield6.06%
Net margin69.3%
Return on equity9.8%
Net debt$16.2B
Enterprise value USD$46.8B
Graham number +49.5%$39.38

Market cap as of 2026-06-30. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($39.38); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
23.70% 58.30% 61.00% 72.80% 67.20% 43.00% 69.60% 69.60% 69.30% 201720182019202020212022202320242025
Gross margin (%)
201720182019202020212022202320242025
Operating margin (%)
76.90% 15.60% 5.80% 26.20% 201720182019202020212022202320242025
Return on equity (%)
0.90% 7.60% 6.80% 9.40% 8.30% 5.00% 9.80% 9.90% 9.80% 201720182019202020212022202320242025
Shares outstanding
300.3M 404.7M 461.0M 536.7M 628.9M 963.1M 1.04B 1.06B 1.07B 201720182019202020212022202320242025
Net debt ($)
$3.94B $3.54B $3.69B $6.45B $3.95B $13.53B $16.20B $16.21B $16.21B 201720182019202020212022202320242025
Share buybacks ($)
201720182019202020212022202320242025
Return on assets (%)
0.50% 4.60% 4.10% 5.20% 5.80% 3.00% 5.70% 5.90% 5.90% 201720182019202020212022202320242025
Free cash flow margin (%)
56.00% 75.90% 201720182019202020212022202320242025
Debt / equity (×)
0.86× 0.60× 0.60× 0.71× 0.39× 0.62× 0.65× 0.62× 0.59× 201720182019202020212022202320242025
EPS ($)
$1.43 $1.24 $1.75 $1.76 $1.27 $2.47 $2.56 $2.61 201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

VICI PROPERTIES INC. trades at about 10.1× earnings — below its 10-year norm (10-year range 10.8×–26.9×, median 15.1×).

10.1× 26.9×

Shaded band = 10-year range (10.8×–26.9×); dot = today's 10.1×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Operating margin—————26.2%5.8%15.6%76.9%
Net margin69.3%69.6%69.6%43.0%67.2%72.8%61.0%58.3%23.7%
FCF margin——————75.9%56.0%—
Return on assets5.9%5.9%5.7%3.0%5.8%5.2%4.1%4.6%0.5%
Return on equity9.8%9.9%9.8%5.0%8.3%9.4%6.8%7.6%0.9%
Debt / equity0.59×0.62×0.65×0.62×0.39×0.71×0.60×0.60×0.86×

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.