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VICI Properties Inc
🇺🇸 VICI · NYSE/NASDAQ
Real Estate
Price at analysis: USD 23.53 Current price: USD 23.20 * updated every night
Scores
Key Metrics
Powered by EODHDP/E (TTM)
9.1
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.
Calculation: 23.53 ÷ 2.58 = 9.1
TTM period through: 2026-06-30
Forward P/E (estimated): 7.8
Based on analyst estimates
Reference: Provider P/E (Trailing): 8.9
Net Debt/EBITDA (TTM)
4.8x
Latest quarter: 23.5x
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.
TTM through: 2026-06-30
Latest quarter (2026-06-30): 23.5x
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
11.9x
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)
7.85% 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): 7.85%
Payout Ratio (Fwd)
71.2%
TTM: 68.7%
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)
Payout (Fwd): 71.2%
Payout (TTM): 68.7%
Cash Flow Payout (TTM): 72.0%
FCF Coverage (TTM): 1.39x
Growth Streak
6 yrs
Consec. increases
Div. Growth (5Y)
7.1%
Dividend History
EODHD Dividends API| Status | Type | Decl. Date | Ex-Div Date | Pay Date | Currency | Amount |
|---|---|---|---|---|---|---|
| Forecast* | Quarterly | — | 17 Sep 2027 | — | USD | 0.4676 |
| Forecast* | Quarterly | — | 18 Jun 2027 | — | USD | 0.4575 |
| Forecast* | Quarterly | — | 19 Mar 2027 | — | USD | 0.4575 |
| Forecast* | Quarterly | — | 17 Dec 2026 | — | USD | 0.48 |
| Paid | Quarterly | 03 Sep 2026 | 17 Sep 2026 | 08 Oct 2026 | USD | 0.46 |
| 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 |
* 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 7.69% forward dividend yield backed by a resilient 75.5% AFFO payout ratio. The current macro-driven selloff to a 10.20x P/FFO valuation creates a stark disconnect from the company's solid fundamentals and built-in lease protections. Worth considering for new positions as a high-yield compounder available at a compelling discount.
Sector Context
VICI Properties is an experiential real estate investment trust (REIT) specializing in casino, hospitality, and entertainment assets. For DGI investors, REITs serve as essential-service pass-through entities; VICI's specific reliance on triple-net master leases provides unique protection against property-level operating cost inflation while locking in highly predictable long-term cash flows.
Temporary Opportunity Identified
The stock is trading at a significant discount primarily due to macroeconomic headwinds, specifically accelerating US inflation and fears of 'higher-for-longer' interest rates. These factors disproportionately pressure REIT valuations and borrowing costs, overshadowing VICI's stable, inflation-protected master leases and 100% occupancy rate.
📊 Strategy Analysis
- • Highly attractive valuation, trading at 10.20x P/FFO and a 13.3% discount to its NAV of $27.15 per share.
- • Secure and substantial forward dividend yield of 7.69%, well-covered by a conservative 75.5% AFFO payout ratio.
- • Exceptional business model resilience demonstrated by 100% occupancy across long-term triple-net master leases, fortified by high regulatory barriers to entry.
- • Proven commitment to shareholder returns, evidenced by a recent dividend hike and 6 consecutive years of dividend growth.
⚠ What to Watch
- • Elevated tenant concentration risk remains a structural reality, with a small group of major gaming operators accounting for the vast majority of annual base rent.
- • Net Debt/EBITDA stands at 4.80x; while appropriate for a REIT, it maintains the company's sensitivity to long-term refinancing costs in a persistent higher-rate environment.
- • Long-term structural vulnerability to the continuous growth of frictionless iGaming, which could gradually pressure physical casino tenant margins over the coming decades.
📊 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: 2026-10-17
Disclaimer: This information is for educational purposes only. Not financial advice.