Park Hotels & Resorts vs Vici Properties
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The short version
- Vici Properties is the larger business, with $4.0B of revenue in fiscal 2025 against $2.5B for Park Hotels & Resorts, about 1.6 times as much.
- Vici Properties grew revenue faster (4.1%, against −2.2%).
- Vici Properties turned more of its sales into free cash flow (62.6% FCF margin, against 4.0%).
- Vici Properties earned a higher return on the capital invested in it (8.2%, against −0.4%).
| Latest fiscal year | PK · FY25 | VICI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.3B | $25.9B |
| Revenue | $2.5B | $4.0B |
| Free cash flow | $102M | $2.5B |
| Net income | −$283M | $2.8B |
| Growth | ||
| Revenue growth | −2.2% | 4.1% |
| 5-year growth | 24.4% | 26.7% |
| Share count change | −4.8% | 1.4% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | −1.3% | — |
| Net margin | −11.1% | 69.3% |
| FCF margin | 4.0% | 62.6% |
| Return on capital | −0.4% | 8.2% |
| Return on equity | −8.4% | 10.2% |
| Balance sheet | ||
| Net debt | $3.6B | $17.0B |
| Net debt / EBITDA | 12.0x | 4.6x |
| Dividends and buybacks | $325M | $1.9B |
| Valuation & quality | ||
| P/E | — | 9.2x |
| Piotroski F-score | — | — |
Revenue
FY16
PK $2.7B
VICI —
FY17
PK $2.8B
VICI —
FY18
PK $2.7B
VICI $898M
FY19
PK $2.8B
VICI $895M
FY20
PK $852M
VICI $1.2B
FY21
PK $1.4B
VICI $1.5B
FY22
PK $2.5B
VICI $2.6B
FY23
PK $2.7B
VICI $3.6B
FY24
PK $2.6B
VICI $3.8B
FY25
PK $2.5B
VICI $4.0B
PK
VICI
Operating margin
FY16
PK 15.4%
VICI —
FY17
PK 13.3%
VICI —
FY18
PK 18.4%
VICI 15.6%
FY19
PK 15.0%
VICI 5.8%
FY20
PK −141.1%
VICI 26.2%
FY21
PK −13.1%
VICI —
FY22
PK 11.8%
VICI —
FY23
PK 12.7%
VICI —
FY24
PK 15.0%
VICI —
FY25
PK −1.3%
VICI —
PK
VICI
Free cash flow
FY16
PK $172M
VICI —
FY17
PK $468M
VICI —
FY18
PK $266M
VICI $503M
FY19
PK $259M
VICI $679M
FY20
PK −$524M
VICI $881M
FY21
PK −$191M
VICI $894M
FY22
PK $241M
VICI $1.9B
FY23
PK $218M
VICI $2.2B
FY24
PK $202M
VICI $2.4B
FY25
PK $102M
VICI $2.5B
PK
VICI
Return on capital
FY16
PK —
VICI —
FY17
PK —
VICI —
FY18
PK 5.8%
VICI —
FY19
PK 4.2%
VICI 0.5%
FY20
PK −10.0%
VICI 2.3%
FY21
PK −1.6%
VICI 8.7%
FY22
PK 3.6%
VICI 6.3%
FY23
PK 3.4%
VICI 8.6%
FY24
PK 5.6%
VICI 8.3%
FY25
PK −0.4%
VICI 8.2%
PK
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.