Host Hotels & Resorts vs Vici Properties
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The short version
- Host Hotels & Resorts is the larger business, with $6.1B of revenue in fiscal 2025 against $4.0B for Vici Properties, about 1.5 times as much.
- Host Hotels & Resorts grew revenue faster (7.6%, against 4.1%).
- Vici Properties earned a higher return on the capital invested in it (8.2%, against 7.4%).
- Investors pay more for each dollar of Host Hotels & Resorts’s earnings: a P/E of 16.6x against 9.2x for Vici Properties.
| Latest fiscal year | HST · FY25 | VICI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $17.0B | $25.9B |
| Revenue | $6.1B | $4.0B |
| Free cash flow | — | $2.5B |
| Net income | $765M | $2.8B |
| Growth | ||
| Revenue growth | 7.6% | 4.1% |
| 5-year growth | 30.4% | 26.7% |
| Share count change | −1.4% | 1.4% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 14.0% | — |
| Net margin | 12.5% | 69.3% |
| FCF margin | — | 62.6% |
| Return on capital | 7.4% | 8.2% |
| Return on equity | 11.6% | 10.2% |
| Balance sheet | ||
| Net debt | $4.3B | $17.0B |
| Net debt / EBITDA | 2.6x | 4.6x |
| Dividends and buybacks | $828M | $1.9B |
| Valuation & quality | ||
| P/E | 16.6x | 9.2x |
| Piotroski F-score | — | — |
Revenue
FY16
HST $5.4B
VICI —
FY17
HST $5.4B
VICI —
FY18
HST $5.5B
VICI $898M
FY19
HST $5.5B
VICI $895M
FY20
HST $1.6B
VICI $1.2B
FY21
HST $2.9B
VICI $1.5B
FY22
HST $4.9B
VICI $2.6B
FY23
HST $5.3B
VICI $3.6B
FY24
HST $5.7B
VICI $3.8B
FY25
HST $6.1B
VICI $4.0B
HST
VICI
Operating margin
FY16
HST 12.6%
VICI —
FY17
HST 12.6%
VICI —
FY18
HST 9.6%
VICI 15.6%
FY19
HST 14.6%
VICI 5.8%
FY20
HST −58.8%
VICI 26.2%
FY21
HST −8.7%
VICI —
FY22
HST 15.8%
VICI —
FY23
HST 15.6%
VICI —
FY24
HST 15.4%
VICI —
FY25
HST 14.0%
VICI —
HST
VICI
Free cash flow
FY16
HST —
VICI —
FY17
HST —
VICI —
FY18
HST —
VICI $503M
FY19
HST —
VICI $679M
FY20
HST —
VICI $881M
FY21
HST —
VICI $894M
FY22
HST —
VICI $1.9B
FY23
HST —
VICI $2.2B
FY24
HST —
VICI $2.4B
FY25
HST —
VICI $2.5B
HST
VICI
Return on capital
FY16
HST 6.2%
VICI —
FY17
HST 5.8%
VICI —
FY18
HST 4.7%
VICI —
FY19
HST 8.0%
VICI 0.5%
FY20
HST −7.9%
VICI 2.3%
FY21
HST −2.0%
VICI 8.7%
FY22
HST 7.2%
VICI 6.3%
FY23
HST 7.9%
VICI 8.6%
FY24
HST 8.2%
VICI 8.3%
FY25
HST 7.4%
VICI 8.2%
HST
VICI
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.