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VICI Properties Inc
🇺🇸 VICI · NYSE/NASDAQ · US9256521090
Real Estate
Scores
Key Metrics
Powered by EODHDP/E (TTM)
10.2
P/E (Price-to-Earnings)Shows how much investors pay for each $1 of profit. We display the TTM P/E (Trailing Twelve Months) which uses actual earnings from the last 4 quarters. This is more reliable than Forward P/E which uses analyst estimates.
Net Debt/EBITDA (TTM)
4.8x
Latest quarter: 23.6x
Net Debt / EBITDAA leverage ratio showing how many years of EBITDA (earnings before interest, taxes, depreciation, and amortization) it would take to repay net debt. EBITDA approximates operating cash generation. Lower ratios (e.g., <3x) are generally safer; higher (e.g., >5x) may indicate more financial risk.
Latest quarter (2026-06-30): 23.6x
The quarterly value can spike when quarterly EBITDA is very low (e.g., one-time charges).
Quick guide: <2x manageable, >4x can be risky (sector-dependent).
ROE
9.8%
ROE (Return on Equity)A profitability measure: how much profit is generated from shareholders’ equity. Higher isn’t always better if it comes from high debt.
EV/EBITDA
12.7x
EV/EBITDAA valuation ratio that compares total business value (including debt) to EBITDA. Lower can mean cheaper, but context matters.
Dividend Summary
Powered by EODHDDividend Yield (Fwd)
6.83% TTM
Dividend YieldThe Forward yield (Fwd) shows the next announced annual dividend / current price — what you'd earn going forward. The Trailing yield (TTM) in the tooltip shows dividends actually paid in the last 12 months. Forward is shown as primary because it reflects the company's current commitment to shareholders.
Trailing Yield (TTM, last 12 months): 6.83%
Payout Ratio (Fwd)
66.2% TTM
Payout RatioDividends as a percentage of earnings. The Forward payout (Fwd) uses the announced dividend divided by actual past earnings (TTM) — it tells you if the company can afford what it promised. Very high payouts can be risky, especially if profits fall.
Announced dividend / actual earnings (TTM)
Dividend History
EODHD Dividends API| Status | Type | Decl. Date | Ex-Div Date | Pay Date | Currency | Amount |
|---|---|---|---|---|---|---|
| Forecast* | Quarterly | — | 18 Jun 2027 | — | USD | 0.45 |
| Forecast* | Quarterly | — | 19 Mar 2027 | — | USD | 0.45 |
| Forecast* | Quarterly | — | 17 Dec 2026 | — | USD | 0.45 |
| Forecast* | Quarterly | — | 18 Sep 2026 | — | USD | 0.45 |
| Paid | Quarterly | 04 Jun 2026 | 18 Jun 2026 | 09 Jul 2026 | USD | 0.45 |
| Paid | Quarterly | 05 Mar 2026 | 19 Mar 2026 | 09 Apr 2026 | USD | 0.45 |
| Paid | Quarterly | 04 Dec 2025 | 17 Dec 2025 | 08 Jan 2026 | USD | 0.45 |
| Paid | Quarterly | 04 Sep 2025 | 18 Sep 2025 | 09 Oct 2025 | USD | 0.45 |
* Extrapolated from past dividend history. Not an official announcement — treat as an estimate, not a confirmed date or amount.
Summary
VICI Properties combines an irreplaceable portfolio of experiential real estate with a highly secure 6.83% dividend yield backed by a 75.5% AFFO payout ratio. Despite valid structural risks regarding tenant concentration, the current 11.43x P/FFO valuation offers a compelling entry point driven by temporary macroeconomic rate fears. Worth considering for new positions.
Sector Context
VICI Properties operates as an experiential Real Estate Investment Trust (REIT) specializing in casino, hospitality, and entertainment destinations. In a DGI context, triple-net lease REITs are prized for their highly predictable cash flows and built-in rent escalators, though they traditionally trade at a discount during periods of elevated interest rates.
Temporary Opportunity Identified
Macroeconomic interest rate pressure has broadly depressed REIT valuations. VICI's fundamental cash flows remain uninterrupted (100% rent collection), meaning the price drop is a macro-driven temporary discount rather than a business deterioration.
📊 Strategy Analysis
- • Highly attractive valuation at 11.43x P/FFO, comfortably within the prime 8-12x target range for high-quality REITs.
- • Strong dividend safety for a REIT, indicated by a conservative 75.53% AFFO payout ratio supporting a 6.83% forward yield.
- • Irreplaceable real estate moat (e.g., iconic Las Vegas Strip assets) protected by master triple-net leases that insulate VICI from localized operating cost inflation.
- • Proven access to capital in a restrictive environment, highlighted by the recent successful closing of a $1.75 billion senior notes offering.
⚠ What to Watch
- • Extreme structural tenant concentration risk, with Caesars Entertainment and MGM Resorts accounting for approximately 70% of total annual base rent.
- • Net Debt/EBITDA has crept up to 4.82x, slightly elevating sensitivity to refinancing costs in a prolonged higher-for-longer interest rate environment.
- • Long-term structural vulnerability to the continuous growth of frictionless iGaming, which could pressure physical casino operators' operating margins over time.
📊 Historical Trends (10 Years)
Powered by EODHDThese charts show how key metrics have evolved over the past decade, helping you identify if the company is improving or deteriorating.
Debt Evolution (Net Debt / EBITDA)
Lower values are better. A declining trend indicates the company is reducing its debt (deleveraging).
Revenue & Earnings Growth
Consistent growth in revenueRevenue
The money a company brings in from selling its products or services. It’s the top line before costs. (blue) and earningsEarnings (Profit)
What’s left after expenses. Positive earnings mean the business made a profit; negative means a loss. (green) indicates a healthy business. Look for upward trends and recoveries after temporary dips.
Dividend Sustainability (FCF vs Dividends Paid)
Free cash flowFree Cash Flow
Cash left after the company pays for running the business and maintaining it. Often used to fund dividends, pay debt, or buy back shares. (FCFFCF (Free Cash Flow)
Short for Free Cash Flow: cash left after operating needs and maintenance spending., blue) should cover dividends paidDividends Paid
Cash the company paid out to shareholders. It’s not guaranteed and can change over time. (green). If dividends consistently exceed FCFFCF (Free Cash Flow)
Short for Free Cash Flow: cash left after operating needs and maintenance spending., the dividend may be at risk.
Analysis date: 2026-08-15
Disclaimer: This information is for educational purposes only. Not financial advice.