VICI Properties Inc. (VICI)

FairStock Score: 79/100 — HIGH CONVICTION

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach VICI as a real estate owner, not an earnings-screen buyer. It owns 103 experiential properties, 63 gaming and 40 other leisure assets, including Caesars Palace, MGM Grand, and the Venetian; those locations are difficult to replicate, and the portfolio's scale is a real advantage. The filed record shows revenue rising from $3.6B in fiscal 2023, the year ended 2023-12-31, to $3.8B in fiscal 2024, the year ended 2024-12-31, to $4.0B in fiscal 2025, the year ended 2025-12-31. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $1.1B versus $1.0B in fiscal Q2 2025, the quarter ended 2025-06-30, but net income fell to $526.5M from $865.1M and diluted EPS dropped to $0.48 from $0.82. FairStock's profit-growth calculation is -39.14%, so the trend is mixed. Because this is a REIT, FFO and AFFO are the right earnings measures, and they are not in my data; I therefore lean on dividend yield, leverage, revenue trend, and price-to-book. At the 2026-10-13 close of $22.91, the dividend yield is 7.76%, FairStock's price-to-book is 0.86, its FCF yield is 10.5%, and FairStock's EV/EBITDA is 11.70. Debt-to-equity is 0.60, FairStock's Piotroski is 5/9, and its Altman Z is 1.52. The stock sits near its 52-week low of $22.42, and FairStock labels it an asset play at 0.86 times book. That looks statistically cheap, but weak profit and missing AFFO keep me cautious. The moat is real; the numbers are not clean.

In plain English: VICI Properties owns large gambling, hotel and entertainment properties, including famous Las Vegas resorts. The business still collects substantial cash and pays a high dividend, but recent profit fell and it uses debt. At the recent price, the shares look cheap compared with their accounting value and cash flow, though missing industry-specific earnings figures make the picture less clear.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer