VICI Properties Inc.VICI
NYSE•Real Estate•REIT - Diversified
VICI Properties Inc. is an S&P 500 experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality, wellness, entertainment and leisure destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties owns 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 127 million square feet and features approximately 60,300 hotel rooms and over 500 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long-term, triple-net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading developers and operators in other experiential sectors, including Cabot, Cain, Canyon Ranch, Chelsea Piers, Great Wolf Resorts, Homefield, Kalahari Resorts and Lucky Strike Entertainment. VICI Properties also owns four championship golf courses and approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties' goal is to create the highest quality and most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators. VICI Properties Inc. was incorporated in 2016 and is based in New York, United States.
VICI Properties Inc. (VICI) reported trailing twelve months revenue of $4.04B as of March 2026, a 4.1% increase year-over-year. Quarterly revenue reached $1.02B, reflecting continued top-line momentum.
VICI Properties Inc. generated $3.10B in TTM net income, with quarterly EBITDA of $889.93M. The operating margin expanded from 55.9% to 87.4%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (87.4%) and net margin (85.7%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 55.2% a year ago, signaling stronger bottom-line efficiency.
VICI trades at a P/E of 9.3x (below the broader market average) and a P/S of 7.2x. The price-to-book ratio of 1.0x reflects a moderate premium to book value.
The company generated $631.24M in free cash flow over the trailing twelve months, a 6.7% increase year-over-year, indicating cash generation ability. The balance sheet shows $47.09B in total assets with $16.79B in long-term debt against $28.19B in stockholders equity for a debt-to-equity ratio of 0.6. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~73.7%, suggesting durable pricing power and cost discipline.
ROE is positive at ~10.3% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~7.9% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~78.3% — no sign of cost or pricing stress.
FCF covers net income by 0.8x on average — earnings are well-supported by cash generation.
D/E ratio is 0.6 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding rose 2.5% — mild dilution. Compare to earnings growth to assess net per-share impact.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation