Vici Properties
VICI NYSE· Hotel & Resort REITs
Last close · Oct 26, 2026
$24.02
KIRA · Stoqly’s AI analyst, in plain words
- Vici Properties had $4.0B of revenue in fiscal 2025, up 4.1% on the year before. Over five years, revenue changed +26.7% a year on average.
- Vici Properties made $2.8B of net profit in fiscal 2025. From fiscal 2018 to 2025, diluted EPS grew 9.0% a year.
- Free cash flow was $2.5B in fiscal 2025, 62.6% of revenue.
- Vici Properties returned $1.9B to shareholders in fiscal 2025, 74% of free cash flow. The diluted share count rose 1.4%.
- Vici Properties owes $17.0B more than it holds in cash, about 4.6 years of operating profit.
Market cap
$26.2B
P/E
9.3x
Revenue
$4.0B
Net income
$2.8B
Free cash flow
$2.5B
Operating margin
—
Vici Properties in 30 seconds · fiscal 2025
Are sales growing?
+4.1%
Only a little. Sales grew 4.1% last year.
Does it make a profit?
69.3%
Yes. It keeps 69.3% of every sale as profit.
Does profit turn into cash?
62.6%
Yes. 62.6% of sales ends up as free cash.
Is debt under control?
4.6x
Heavy. Repaying its debt would take 4.6 years of operating profit.
How is the share priced?
9.3x
One share costs 9.3 times its yearly profit per share. Typical for its sector: 28.2x.
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.
Biggest risks, in its own words
- 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.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Legal name
- VICI Properties Inc.
- CIK
- 0001705696
Vici Properties · VICI
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $1.5B | $2.6B | $3.6B | $3.8B | $4.0B |
| Revenue growth | 23.2% | 72.3% | 38.9% | 6.6% | 4.1% |
| Net income | $1.0B | $1.1B | $2.5B | $2.7B | $2.8B |
| Net margin | 67.2% | 43.0% | 69.6% | 69.6% | 69.3% |
| Diluted EPS | $1.76 | $1.27 | $2.47 | $2.56 | $2.61 |
| Cash | |||||
| Cash from operations | $896M | $1.9B | $2.2B | $2.4B | $2.5B |
| Capital expenditure | $2.5M | $1.9M | $4.0M | $7.5M | $1.3M |
| Free cash flow | $894M | $1.9B | $2.2B | $2.4B | $2.5B |
| FCF margin | 59.2% | 74.7% | 60.3% | 61.7% | 62.6% |
| Dividends paid | $759M | $1.2B | $1.6B | $1.8B | $1.9B |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share count change | 13.0% | 52.4% | 15.5% | 3.1% | 1.4% |
| Debt and strength | |||||
| Cash and short-term investments | $740M | $426M | $523M | $525M | $608M |
| Debt incl. finance leases | $5.0B | $14.5B | $16.7B | $17.6B | $17.6B |
| Shareholders' equity | $12.1B | $21.9B | $25.3B | $26.5B | $27.8B |
| Net debt / EBITDA | 3.0x | 8.4x | 4.8x | 4.8x | 4.6x |
| Interest coverage | 3.6x | 3.1x | 4.1x | 4.3x | 4.3x |
| Returns and quality | |||||
| Return on capital | 8.7% | 6.3% | 8.6% | 8.3% | 8.2% |
| Return on equity | 9.4% | 6.6% | 10.7% | 10.3% | 10.2% |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Vici Properties · VICI
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| Vici Properties VICI | $26.2B | 4.1% | — | 62.6% | 8.2% | 9.3x | — |
| Host Hotels & Resorts HST | $17.2B | 7.6% | 14.0% | — | 7.4% | 16.8x | — |
| Park Hotels & Resorts PK | $3.3B | −2.2% | −1.3% | 4.0% | −0.4% | — | — |
| Crown Castle CCI | $38.0B | −4.4% | 48.7% | — | 8.8% | 44.4x | 5 |
| BXP BXP | $9.9B | 2.2% | — | — | — | 33.5x | — |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $24.02 a share, the company is worth $26.2B: 9.3 times its earnings of the last four quarters.
Vici Properties grew sales faster than 3 of its 4 similar companies. Its P/E is higher than 0 of 3.
Source: SEC EDGAR XBRL filings (CIK 0001705696). Data updated October 9, 2026. For information only — not investment advice. Check the original filings before relying on any figure.