Vici Properties

VICI · NYSE · Real Estate · Financials, fiscal 2018 to 2025

VICI · Last close · October 26, 2026

$24.02

Vici Properties' revenue rose 4.1% to $4.0 billion in fiscal 2025. Its net margin was 69.3%, down from 69.6% a year earlier. Free cash flow was $2.5 billion, up 5.7%. It paid out $1.9 billion in dividends and buybacks, 74% of free cash flow. The diluted share count rose 1.4%.

VICI Properties Inc. Latest fiscal year ended December 31, 2025 10-K filed February 25, 2026 · 0001705696-26-000034 Updated October 9, 2026

Revenue

$4.0B

4.1%

Net margin

69.3%

0.3 pts

Net income

$2.8B

3.6%

Free cash flow

$2.5B

5.7%

Return on capital

8.2%

0.1 pts

Market cap

$26.2B

Oct 26 close

P/E

9.3x

On $2.57 EPS, 4 qtrs

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. VICI Properties was formed in October 2017, so its history starts in 2018, its first full year. VICI's only cost of revenue line is for its golf courses, so gross profit and gross margin are left blank.

What Vici Properties does

VICI Properties is a real estate investment trust that owns gaming, hospitality, wellness, entertainment and leisure properties and leases them to operators under long-term triple net leases. In a triple net lease, the tenant pays the property's taxes, insurance and upkeep on top of rent. As of December 31, 2025, VICI owned 93 properties, 54 of them gaming properties, across the United States and Canada.

Its tenants run well-known casino resorts, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort. Its properties have about 60,300 hotel rooms and more than 500 restaurants, bars, nightclubs and sportsbooks. VICI says its properties are fully leased, with a weighted average lease term, counting extension options, of about 39.6 years.

VICI earns rent from these leases. It also lends to and partners with developers and operators in other leisure sectors, such as Great Wolf Resorts, Kalahari Resorts and Lucky Strike Entertainment. It owns land near the Las Vegas Strip that it leases to Caesars, and four golf courses.

Its biggest risks, as it describes them

Having a large share of its revenue come from the Las Vegas Strip rather than from many places.
Risks from properties outside the United States, on tribal land, or under ground leases.
Natural disasters and extreme weather that could damage its properties.
Operating its properties under brand names that it does not own.
Higher interest rates and tight credit markets that raise its cost of funding growth and debt.

From Vici Properties's annual report on Form 10-K, filed February 25, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2018 to 2025, earnings per share grew 9.0% a year and net income 26.9% a year, as new shares raised the share count by 189% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, billions

Valuation

Two ways to value Vici Properties yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Vici Properties' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Vici Properties' fiscal 2025 free cash flow of $2.5B, net cash of −$17.0B at December 31, 2025 and 1,063 million diluted shares, from its filings. The scenarios are fitted to Vici Properties: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 15.5% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Hotel & Resort REITs); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Vici Properties's own revenue growth, as above. Cautious: growth of 7.5% then 5% a year, 2% after year 10, a 10% discount rate. Base: growth of 15.5% then 9% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 23% then 13% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $24.02
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Careful. Vici Properties' P/E today, 9.3×, is less than half the example multiple. A gap that wide usually means one of two things: its latest earnings include large one-off items, such as a tax benefit or a gain on a sale, or investors expect its earnings to fall. Either way the examples can mislead, so they aren't set against the share price. Check the earnings in its latest filings before using them.

Value per share on three example scenarios, from Vici Properties' earnings per share of $2.57 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 28.1×, the middle of Vici Properties' own P/E today, its peers' median and its sector's median (the Real Estate median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Host Hotels & Resorts, Ryman Hospitality Properties, Crown Castle.

Earnings growth in the years ahead (% a year) Starts at Vici Properties' revenue growth over the last 3 years, 15.5% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $24.02
Value at this multiple, against the last close: —
Vici Properties' P/E at the last close: 9.3×

Company	Last close	Earnings per share	P/E today
Crown CastleCCI	$87.47	$1.97	44.4×
Ryman Hospitality PropertiesRHP	$132.27	$4.10	32.3×
Host Hotels & ResortsHST	$25.06	$1.49	16.8×
Vici PropertiesVICI	$24.02	$2.57	9.3×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	740	426	523	525	608
Debt incl. finance leases	4,975	14,524	16,724	17,596	17,636
Net debt (negative means net cash)	4,235	14,098	16,201	17,072	17,028
Net debt to EBITDA	3.0x	8.4x	4.8x	4.8x	4.6x
Debt to equity	0.4x	0.7x	0.7x	0.7x	0.6x
Interest coverage	3.6x	3.1x	4.1x	4.3x	4.3x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

No officer, director or 10% owner of Vici Properties reported buying or selling its shares on the open market between October 27, 2025 and October 26, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Fail	Fail	Fail
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	—	—	—
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Fail	Pass
F-score	—	—	—
Accruals ratio	0.8%	0.7%	0.6%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Vici Properties side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Vici Properties	FY25	4.1%	—	62.6%	8.2%	4.6x	—
Host Hotels & Resorts	FY25	7.6%	14.0%	—	7.4%	2.6x	—	Compare
Ryman Hospitality Properties	FY25	10.2%	18.9%	9.0%	—	—	—	Compare
Park Hotels & Resorts	FY25	−2.2%	−1.3%	4.0%	−0.4%	12.0x	—	Compare
Crown Castle	FY25	−4.4%	48.7%	—	8.8%	8.8x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

8 years of figures

Fiscal year	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	898	895	1,226	1,510	2,601	3,612	3,849	4,006
Revenue growth	—	−0.3%	37.0%	23.2%	72.3%	38.9%	6.6%	4.1%
Gross profit	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—
Operating income	140	52	321	—	—	—	—	—
Net income	524	546	892	1,014	1,118	2,514	2,679	2,776
Diluted EPS (US$)	1.43	1.24	1.75	1.76	1.27	2.47	2.56	2.61
Diluted shares (millions)	367	439	511	577	880	1,016	1,048	1,063
Cash flow
Cash from operations	504	682	884	896	1,943	2,181	2,382	2,510
Capital expenditure	1	3	3	2	2	4	8	1
Free cash flow	503	679	881	894	1,942	2,177	2,374	2,509
Dividends paid	263	504	612	759	1,219	1,584	1,753	1,854
Share buybacks	0	0	0	0	0	0	0	0
Acquisitions	0	0	0	0	4,574	1,267	0	0
Stock-based compensation	2	5	7	9	13	16	18	16
Balance sheet at fiscal year end
Cash and short-term investments	1,099	1,161	336	740	426	523	525	608
Debt incl. finance leases	4,122	4,800	7,050	4,975	14,524	16,724	17,596	17,636
Total assets	11,333	13,266	17,064	17,597	37,576	44,060	45,369	46,724
Total liabilities	4,432	5,217	7,570	5,410	15,286	18,402	18,417	18,502
Shareholders' equity	6,817	7,965	9,416	12,108	21,934	25,256	26,538	27,798
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—
Operating margin	15.6%	5.8%	26.2%	—	—	—	—	—
Net margin	58.3%	61.0%	72.8%	67.2%	43.0%	69.6%	69.6%	69.3%
Free cash flow margin	56.0%	75.9%	71.9%	59.2%	74.7%	60.3%	61.7%	62.6%
Return on capital	—	0.5%	2.3%	8.7%	6.3%	8.6%	8.2%	8.2%
Return on equity	—	7.4%	10.3%	9.4%	6.6%	10.7%	10.3%	10.2%
Return on assets	—	4.4%	5.9%	5.8%	4.0%	6.2%	6.0%	6.0%
Net debt to EBITDA	21.0x	64.8x	20.7x	3.0x	8.4x	4.8x	4.8x	4.6x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Vici Properties' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Vici Properties.