VICI Properties Inc
VICI
VICI Properties Inc AI Insights
Informational only. Not investment advice.Snapshot
- Operating margin 92.6% TTM vs industry median 17.8% - triple-net lease structure eliminates operating cost volatility[Operating Margin]
- Working capital 20.9B (31x current liabilities) driven by lease receivables - unique REIT balance sheet structure[Working Capital]
- P/E 10.9x vs industry median 30.8x despite 5Y revenue CAGR 24.3% (3.7x industry median growth)[P/E Ratio]
Watch Triggers
- Interest Expense TTM: Exceeds 1B annually — Would compress FCF coverage of dividend below 1.2x, threatening payout sustainability
- Total Revenue 5Y Growth: Falls below 10% CAGR — Signals acquisition pipeline exhaustion - organic growth limited by lease structure
- Debt to Equity: Exceeds 0.80x — Reduces financial flexibility for opportunistic acquisitions during distress
Bull Case
Near-monopoly on gaming real estate with 99.3% gross margin TTM - tenants (casinos) have no alternative landlords at scale, creating pricing power
FCF yield 8.0% (2.46B/30.6B market cap) with minimal capex (2.1M TTM) - almost all cash available for dividends/acquisitions
Bear Case
Debt 17.7B at 0.64x equity with 841M interest expense TTM - rising rates compress spread between cost of capital and cap rates
Tenant concentration risk - gaming industry downturn could impair rent coverage despite triple-net structure
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
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Forward Thesis
Dividend growth sustainable at 4-6% annually through contractual rent escalators
- Triple-net leases with built-in CPI-linked escalators
- FCF 2.5B TTM covers 1.87B dividend (1.3x coverage)
- Debt/equity 0.64x provides acquisition capacity
Public Strategies Rankings
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VICI Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$30.25B | — | ||
$47.42B | — | ||
11 | — | ||
$3.97B | +4.3% | — | |
$2.64 | -2.4% | — | |
92.6% | -3.7% | — | |
70.2% | -3.7% | — | |
$2.46B | +6.7% | — | |
0.10 | -0.8% | — | |
Beta 5Y (Monthly) | unknown | — |
VICI Dividend History
VICI Stock Splits
VICI SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
10/30/25 | 09/30/25 | 10-Q | |
07/30/25 | 06/30/25 | 10-Q | |
04/30/25 | 03/31/25 | 10-Q | |
02/20/25 | 12/31/24 | Unknown | |
10/31/24 | 09/30/24 | 10-Q | |
07/31/24 | 06/30/24 | 10-Q | |
05/01/24 | 03/31/24 | 10-Q | |
02/22/24 | 12/31/23 | 10-K | |
10/25/23 | 09/30/23 | 10-Q | |
07/26/23 | 06/30/23 | 10-Q | |
05/01/23 | 03/31/23 | 10-Q | |
02/23/23 | 12/31/22 | 10-K | |
10/27/22 | 09/30/22 | 10-Q | |
07/27/22 | 06/30/22 | 10-Q | |
05/04/22 | 03/31/22 | 10-Q | |
02/23/22 | 12/31/21 | 10-K | |
10/27/21 | 09/30/21 | 10-Q | |
07/28/21 | 06/30/21 | 10-Q | |
04/29/21 | 03/31/21 | 10-Q | |
02/18/21 | 12/31/20 | 10-K | |
10/28/20 | 09/30/20 | 10-Q | |
07/29/20 | 06/30/20 | 10-Q | |
04/30/20 | 03/31/20 | 10-Q | |
02/20/20 | 12/31/19 | 10-K | |
10/31/19 | 09/30/19 | 10-Q | |
07/31/19 | 06/30/19 | 10-Q | |
05/01/19 | 03/31/19 | 10-Q | |
02/14/19 | 12/31/18 | 10-K | |
11/01/18 | 09/30/18 | 10-Q | |
08/02/18 | 06/30/18 | 10-Q | |
05/04/18 | 03/31/18 | 10-Q | |
03/28/18 | 12/31/17 | 10-K | |
02/02/18 | 09/30/17 | 424B4 | |
02/02/18 | 12/31/16 | 424B4 | |
02/02/18 | 09/30/16 | 424B4 |