Vici Properties (VICI) stock
Real Estate · Hotel & Resort REITs
Vici Properties (VICI) is a Hotel & Resort REITs company in the Real Estate sector, headquartered in New York City, New York. As of October 23, 2026, VICI closed at $23.76, a market capitalization of $26.16 billion, the 352nd largest company in the S&P 500. Over the last twelve months it generated $4.10 billion in revenue (+6% year over year) and $2.64 billion in free cash flow. The stock trades at 9.2x trailing earnings and 7.9x forward earnings.
- 1-year total return: -19.1% (dividends reinvested)
- 5-year return: +0.8% a year
- 52-week range: $22.43 – $31.18
- Gross margin 99.3%, operating margin 70.2%
- Dividend yield: 7.74%, 7 straight years of increases
- FI Handbook report card: B- across 9 metrics
- 15th largest of 30 Real Estate stocks in the S&P 500
VICI price chart
1Y price change: -24.4% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| VICI | +0.3% | -11.0% | -19.1% | +1.3% | +0.8% | — | +7.6% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 2018.
VICI key statistics
- Market cap
- $26.2B
- #352 in S&P 500
- P/E (TTM)
- 9.2x
- Forward P/E
- 7.9x
- EPS (TTM)
- $2.57
- Revenue (TTM)
- $4.1B
- +6%
- Free cash flow
- $2.6B
- Gross margin
- 99.3%
- Operating margin
- 70.2%
- Return on equity
- 9.8%
- Dividend yield
- 7.74%
- 52-week range
- $22.43 – $31.18
- Beta
- 0.67
- Price / sales
- 6.4x
- EV / EBITDA
- 12.1x
- Debt / equity
- 0.60x
- Employees
- 28
VICI report card
B-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth5.7%C
- Gross margin99.3%A
- Operating margin70.2%A
- FCF margin64.4%A
- Return on equity9.8%D
- Net debt / EBITDA4.8xF
- Forward P/E7.9xA
- PEG ratio——
- Shareholder yield7.7%A
- Share count change / yr15.8%F
VICI Properties financials
Revenue went from $187.6M in fiscal 2017 to $4.0B in fiscal 2025, growing 46.6% a year.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $187.6M | $898.0M | $894.8M | $1.2B | $1.5B | $2.6B | $3.6B | $3.8B | $4.0B |
| Gross profit | — | $880.6M | $875.9M | $1.2B | $1.5B | $2.6B | $3.6B | $3.8B | $4.0B |
| Operating income | $144.2M | $140.0M | $52.3M | $321.0M | — | — | — | — | — |
| Net income | $44.5M | $523.6M | $546.0M | $891.7M | $1.0B | $1.1B | $2.5B | $2.7B | $2.8B |
| EPS (diluted) | — | $1.43 | $1.24 | $1.75 | $1.76 | $1.27 | $2.47 | $2.56 | $2.61 |
| Free cash flow | — | $503.2M | $679.4M | — | — | — | — | — | — |
| Dividends paid | — | $262.7M | $504.0M | $612.2M | $758.8M | $1.2B | $1.6B | $1.8B | $1.9B |
| Diluted shares | — | 367.3M | 439.2M | 510.9M | 577.1M | 879.7M | 1.0B | 1.0B | 1.1B |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into VICI?
A reverse DCF asks what growth the current price requires. With an enterprise value of $43.7B and $2.6B of trailing free cash flow, VICI Properties needs to grow free cash flow about 5.9% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 35.0% a year over the last five years.
P/E ratio history
Current 9.1x vs. median 16.2x (10th–90th percentile 11.2x–23.0x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
VICI dividend
- Dividend yield
- 7.74%
- Annual dividend
- $1.84
- Years of increases
- 7
- 5-yr dividend growth
- 7.1%
- per year
- Payout ratio
- 70%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
VICI analyst price targets
24 analysts' average 12-month target is $31.13 (+31% vs. $23.76). Targets range from $24.00 to $37.00. 64% rate it a buy.
VICI earnings
Next report: October 28, 2026. Last quarter's revenue was $1.1B (+6% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Jul 29, 2026 | $0.71 | $0.48 | -31.8% |
| Apr 29, 2026 | $0.71 | $0.82 | +15.0% |
| Feb 25, 2026 | $0.70 | $0.57 | -19.1% |
| Oct 30, 2025 | $0.69 | $0.71 | +3.4% |
| Jul 30, 2025 | $0.70 | $0.83 | +17.9% |
| Apr 30, 2025 | $0.69 | $0.51 | -24.9% |
| Feb 20, 2025 | $0.68 | $0.67 | -0.2% |
| Oct 31, 2024 | $0.67 | $0.67 | +0.8% |
Stocks like VICI
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 HST Host Hotels & Resorts | -0.60% | +60% | $17.2B | 16.7x | Compare |
 WELL Welltower | -0.03% | +37% | $171.0B | 106.4x | Compare |
 PLD Prologis | -0.17% | +4% | $122.9B | 28.1x | Compare |
 EQIX Equinix | +0.25% | +17% | $94.2B | 61.5x | Compare |
 AMT American Tower Corporation (REI | +4.08% | +3% | $88.1B | 26.0x | Compare |
 SPG Simon Property | -0.19% | +24% | $80.3B | 14.9x | Compare |
 DLR Digital Realty Trust | +0.84% | +1% | $65.1B | 83.7x | Compare |
 PSA Public Storage | +0.25% | +5% | $57.9B | 29.6x | Compare |
VICI news
- VICI Properties Inc. (VICI) Declines More Than Market: Some Information for Investors · Oct 23, 2026
- This Stock Pays Me Nearly 8% a Year, and I Can't Stop Buying It · Oct 20, 2026
- Investors Love VICI Properties’ Juicy 8% Dividend, but Is the Stock a Buy? · Oct 17, 2026
- VICI Properties Inc. (VICI) Surpasses Market Returns: Some Facts Worth Knowing · Oct 15, 2026
- VICI Properties (VICI) Is Waiting On Lease Terms For Its Largest Tenant · Oct 15, 2026
VICI stock FAQ
What is VICI's market cap?
Vici Properties's market capitalization is $26.16 billion as of October 23, 2026, ranking 352nd in the S&P 500.
What is VICI's P/E ratio?
VICI trades at a trailing price-to-earnings ratio of 9.2x and a forward P/E of 7.9x. Its median P/E over the period we track is 16.2x.
Does VICI pay a dividend?
Yes. Vici Properties pays $1.84 per share a year, a 7.74% yield. It has raised its dividend 7 years in a row. Dividends grew 7.1% a year over the last five years.
How much has VICI stock returned?
Including reinvested dividends, VICI returned -19.1% over one year, +0.8% a year over five years through October 23, 2026.
Is VICI stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Vici Properties must grow free cash flow about 6% a year for the next decade. Its free cash flow grew 35% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the VICI price target?
24 analysts cover VICI with an average 12-month price target of $31.12, +31% from the current price. 64% of them rate it a buy.
When does VICI report earnings?
Vici Properties is expected to report earnings on October 28, 2026.
How many employees does Vici Properties have?
Vici Properties has about 28 full-time employees, or $146.3 million of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology