NYSE: VICI
Vici Properties
Real Estate · Real Estate Investment Trusts
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$25.3B
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| Period | Market cap |
|---|---|
| FY2017, ended Dec 31, 2017 | — |
| FY2018, ended Dec 31, 2018 | $7.60B |
| FY2019, ended Dec 31, 2019 | $12.0B |
| FY2020, ended Dec 31, 2020 | $13.7B |
| FY2021, ended Dec 31, 2021 | $22.5B |
| FY2022, ended Dec 31, 2022 | $32.5B |
| FY2023, ended Dec 31, 2023 | $33.2B |
| FY2024, ended Dec 31, 2024 | $30.9B |
| FY2025, ended Dec 31, 2025 | $30.1B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $25.3B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$4.16B
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| Period | Revenue |
|---|---|
| FY2017, ended Dec 31, 2017 | $188M |
| FY2018, ended Dec 31, 2018 | $898M |
| FY2019, ended Dec 31, 2019 | $895M |
| FY2020, ended Dec 31, 2020 | $1.23B |
| FY2021, ended Dec 31, 2021 | $1.51B |
| FY2022, ended Dec 31, 2022 | $2.60B |
| FY2023, ended Dec 31, 2023 | $3.61B |
| FY2024, ended Dec 31, 2024 | $3.85B |
| FY2025, ended Dec 31, 2025 | $4.01B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $4.16B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2017, ended Dec 31, 2017 | $44.5M | — |
| FY2018, ended Dec 31, 2018 | $524M | $503M |
| FY2019, ended Dec 31, 2019 | $546M | $679M |
| FY2020, ended Dec 31, 2020 | $892M | $881M |
| FY2021, ended Dec 31, 2021 | $1.01B | $894M |
| FY2022, ended Dec 31, 2022 | $1.12B | $1.94B |
| FY2023, ended Dec 31, 2023 | $2.51B | $2.18B |
| FY2024, ended Dec 31, 2024 | $2.68B | $2.37B |
| FY2025, ended Dec 31, 2025 | $2.78B | $2.51B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.35B | $2.70B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$270M
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| Period | Cash and cash equivalents |
|---|---|
| FY2017, ended Dec 31, 2017 | $184M |
| FY2018, ended Dec 31, 2018 | $578M |
| FY2019, ended Dec 31, 2019 | $1.10B |
| FY2020, ended Dec 31, 2020 | $316M |
| FY2021, ended Dec 31, 2021 | $740M |
| FY2022, ended Dec 31, 2022 | $209M |
| FY2023, ended Dec 31, 2023 | $523M |
| FY2024, ended Dec 31, 2024 | $525M |
| FY2025, ended Dec 31, 2025 | $563M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $270M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$16.9B
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| Period | Total debt |
|---|---|
| FY2017, ended Dec 31, 2017 | $4.12B |
| FY2018, ended Dec 31, 2018 | $4.12B |
| FY2019, ended Dec 31, 2019 | $4.79B |
| FY2020, ended Dec 31, 2020 | $6.77B |
| FY2021, ended Dec 31, 2021 | $4.69B |
| FY2022, ended Dec 31, 2022 | $13.7B |
| FY2023, ended Dec 31, 2023 | $16.7B |
| FY2024, ended Dec 31, 2024 | $16.7B |
| FY2025, ended Dec 31, 2025 | $16.8B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $16.9B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 197% since 2017.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.1.10B
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| Period | Shares outstanding |
|---|---|
| FY2017, ended Dec 31, 2017 | 370M |
| FY2018, ended Dec 31, 2018 | 405M |
| FY2019, ended Dec 31, 2019 | 468M |
| FY2020, ended Dec 31, 2020 | 537M |
| FY2021, ended Dec 31, 2021 | 748M |
| FY2022, ended Dec 31, 2022 | 1.00B |
| FY2023, ended Dec 31, 2023 | 1.04B |
| FY2024, ended Dec 31, 2024 | 1.06B |
| FY2025, ended Dec 31, 2025 | 1.07B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 1.10B |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $260M more issued than bought back
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| Period | Paid to employees | Sold for cash |
|---|---|---|
| FY2017, ended Dec 31, 2017 | — | — |
| FY2018, ended Dec 31, 2018 | $2.34M | $2.00B |
| FY2019, ended Dec 31, 2019 | $5.22M | $1.16B |
| FY2020, ended Dec 31, 2020 | $7.39M | $1.54B |
| FY2021, ended Dec 31, 2021 | $9.37M | $2.39B |
| FY2022, ended Dec 31, 2022 | $13.0M | $3.22B |
| FY2023, ended Dec 31, 2023 | $15.5M | $2.48B |
| FY2024, ended Dec 31, 2024 | $17.5M | $379M |
| FY2025, ended Dec 31, 2025 | $16.2M | $375M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $18.1M | $242M |
Revenue (TTM)
$4.16B
+4.7% YoY
Net income (TTM)
$2.35B
−15.8% YoY
Cash
$270M
−46.7% YoY
Total debt
$16.9B
+0.9% YoY
Valuation
At current price- Market Cap
- $26.9B
- P/E
- 11.5×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 6.5×
- Price / Book
- 0.9×
- EV / EBITDA
- 13.5×
Growth
Trailing 12 months- Revenue (TTM)
- $4.16B
- Revenue Growth YoY
- 4.7%
- Revenue CAGR 3Y
- 15.5%
- Revenue CAGR 5Y
- 26.7%
- EPS Growth YoY
- −17.9%
- Net Income Growth YoY
- −15.8%
Profitability
Trailing 12 months- Gross Margin
- 99.3%
- Operating Margin
- —
- Net Margin
- 56.5%
- FCF Margin
- 65.1%
- Return on Equity
- 8.3%
Earnings
Trailing 12 months- Net Income
- $2.35B
- EPS (diluted)
- $2.16
- EBITDA
- $3.23B
- Operating Income
- —
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $270M
- Total Debt
- $16.9B
- Net Debt
- $16.6B
- Total Assets
- $48.1B
- Total Liabilities
- $18.6B
- Shareholders' Equity
- $29.0B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $2.71B
- Capital Expenditure
- $3.80M
- Free Cash Flow
- $2.70B
Dividends and risk
Last 12 months- Dividend Yield
- 7.4%
- Dividend / Share
- $1.81
- Beta (5Y)
- 0.65
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $4.16B.
Note
Net margin of 56.5% over the last 12 months.
Watch
Net debt is 5.2× EBITDA ($16.6B), a heavy load.
Strength
Turns 65.1% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 28, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K58Nothing notable
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 25, 2026 · Read the filing on EDGAR
- Revenue rose 4.1% to $4.0 billion and net income to shareholders rose 3.6% to $2.8 billion, helped by rent increases and loan income.
- New this year: VICI says some regional Caesars properties are becoming less profitable and has held preliminary talks with Caesars about their lease.
- VICI agreed to buy seven Golden Entertainment casinos for $1.16 billion, expected to close in mid-2026, and committed $966 million to new loans.
- VICI refinanced $1.3 billion of 2025 notes, while debt stayed at $17.1 billion, with $1.75 billion due in 2026 and $3.2 billion of liquidity.
Business momentum
Improving
“Total revenues increased 4.1% year-over-year to $4.0 billion.”
Outlook
Cautious
“The macroeconomic environment has introduced significant uncertainty and heightened risk for businesses, including us and our tenants”
Financial stress
Low
“We believe that we have sufficient liquidity to meet our material cash requirements, including our contractual obligations, debt maturities and commitments as well as our additional funding requirements”
Tone against the previous report
More negative
Red flags
- Medium
Other
“we have engaged in preliminary discussions with Caesars regarding its recent operating performance and the Caesars Regional Master Lease”
Positives
Cash earnings per share grew faster than net income
“AFFO increased 6.6% year-over-year to $2.5 billion and AFFO per diluted share increased 5.1% to $2.38.”
Golden Entertainment deal adds seven casinos and $87 million of annual rent
“Announced a $1.16 billion transaction to acquire seven casino properties from Golden”
Quarterly dividend raised 4%
“representing a 4.0% increase compared to our previous quarterly dividend”
Concerns
Falling profits at properties leased to Caesars
“we have observed, and Caesars management has publicly reported, declining profitability of their operations at certain properties we lease to Caesars under the Caesars Regional Master Lease”
Heavy reliance on two tenants for rent
“Our two largest tenants, Caesars and MGM, comprise approximately 74% of our total leasing revenues for the year ended December 31, 2025.”
Larger non-cash provision for possible credit losses
“Change in allowance for credit losses increased $51.2 million during the year ended December 31, 2025 compared to the year ended December 31, 2024”
New risks since the previous report
Caesars regional lease could be questioned or changed
“the long-term viability of the Caesars Regional Master Lease and potential modifications to address such concerns”
Caesars worries raising VICI's cost of raising money
“have, and may continue to have, an adverse effect on our stock performance and, accordingly, our cost of capital”
Prediction markets competing with casino tenants under lighter regulation
“These prediction markets, which allow users to wager on sports and other events under federal commodities regulation rather than state gaming oversight, have experienced rapid growth”
Limited ability to seize assets on tribal land loans
“limitations on the ability to exercise customary foreclosure remedies in the event of a default”
More exposure to riskier construction and development loans
“These loans typically involve future funding obligations and may be riskier than other types of loans as a result of potential cost overruns, construction delays and uncertainty as to the future financial performance of the underlying property.”
Biggest risks named
- Heavy dependence on Caesars and MGM
- Underperformance and possible changes to the Caesars Regional Master Lease
- Concentration in gaming and the Las Vegas Strip
- Weaker consumer spending and growing gaming competition, including prediction markets
- Higher interest rates and reliance on capital markets to refinance and grow
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | −2 | |
| Tone against the previous report | −2 | |
| Financial stress | 0 | |
| Red flags | −1.8 | |
| New risks | −2 | |
| Score | 58 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 28, 2026 | Pro | |||
| 10-K | Feb 25, 2026 | 58 | Improving | 1 medium | |
| 10-K | Feb 20, 2025 | 63 | Improving | None | |
| 10-K | Feb 22, 2024 | 69 | Strong improvement | None | |
| 10-K | Feb 23, 2023 | 68 | Strong improvement | None | |
| 10-K | Feb 23, 2022 | 75 | Strong improvement | None | |
| 10-K | Feb 18, 2021 | 66 | Strong improvement | None | |
| 10-K | Feb 20, 2020 | 67 | Improving | None | |
| 10-K | Feb 14, 2019 | 73 | Strong improvement | None | |
| 10-K | Mar 28, 2018 | 62 | Stable | 1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 28, 2026. View filings on SEC EDGAR