Is Vici Properties (VICI) overvalued or fairly valued?

MarketChacha shows Vici Properties's valuation in context — a trailing P/E of about 9.0, a forward P/E of about 8.5, a price-to-book of about 1.0 — alongside its revenue and profit growth and whether reported profit converts into operating cash, so you can judge value for yourself. MarketChacha does not issue ratings, price targets, or buy/sell advice.

Does Vici Properties's reported profit turn into cash?

Over 3 years, about 89% of reported profit turned into operating cash — most of it, but worth reading alongside the cash-flow statement. MarketChacha computes this cash-conversion check (0.89×) from reported figures — education, not a rating.

What is Vici Properties's revenue?

Vici Properties reported revenue of $4.0B for FY2025, with net profit of $2.8B, per official filings.

What is the share price of Vici Properties (VICI)?

Vici Properties last traded at $25.42 (-0.9% on the day), as of 9/4/2026 — a delayed quote shown for education, not investment advice.

Vici Properties

VICI · NYSE · Real Estate · United States

Snapshot

TickerVICI

ExchangeNYSE

SectorReal Estate

IndustryREIT - Diversified

CountryUnited States

Employees28

HeadquartersNew York, United States

Websitewww.viciproperties.com

Filings tracked12

About Vici Properties

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 103 experiential assets across a geographically diverse portfolio consisting of 63 gaming properties and 40 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 130 million square feet and features approximately 66,000 hotel rooms and over 700 restaurants, bars, nightclubs and sports books. 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 operators in other experiential sectors, including Cabot, Cain, Canyon Ranch, Chelsea Piers, Club Med, 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 established on July 05, 2016, and is based in New York, United States. VICI Properties Inc. was incorporated in Maryland.

Who owns it

Insiders0.3%
Institutions98.5%
Public & other1.2%

1,362 institutional holders

Ownership breakdown from public market data.

Top holders

Blackrock Inc.11.75%
Vanguard Portfolio Management LLC7.84%
State Street Corporation6.10%
Vanguard Capital Management LLC5.93%
Geode Capital Management, LLC3.65%
Allianz Asset Management GmbH2.86%
Bank of America Corporation2.66%
Price (T.Rowe) Associates Inc2.18%

Largest institutional holders — last updated 6/30/2026.

Forensic scorecard

Over 3 years, about 89% of reported profit turned into operating cash — most of it, but worth reading alongside the cash-flow statement.

Cash conversion0.89×

Over 3 years, about 89% of reported profit turned into operating cash — most of it, but worth reading alongside the cash-flow statement.

Growth qualityrev 5% · PAT 5%

Profit growth is broadly tracking revenue growth — the earnings trend looks operational rather than one-off.

One-off items3 of last 3 yrs

Recent reported profit includes sizeable one-off / non-operating items — the underlying operating trend may differ from the headline.

Computed by MarketChacha from reported figures (SEC XBRL). Education, not a rating or recommendation.

What's expected next

Next quarter

Rev $1.1B · EPS 0.73

Est. earnings growth +28.9%

Next fiscal year

Rev $4.4B · EPS 2.99

Est. earnings growth +8.7%

Analyst consensus estimates — not the company's own guidance.

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P/E ROE ROCE Margins Market cap

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Financials at a glance

Source: SEC XBRL

Annual

Quarterly · last 8

Revenue (FY2025)

$4.0B

ROE

10.0%

Revenue CAGR (2y)

+5.3%

Profit CAGR (2y)

+5.1%

EPS (FY2025)

2.61

Net profit (FY2025)

$2.8B

Ask MarketChacha about VICI

Get a cited, plain-English answer — the “why”, not just data. Finance research only, never buy/sell advice.

Financials

Yearly

Period	Revenue	Net profit	EPS	ROE
FY2025	$4.0B	$2.8B*	2.61	10.0%
FY2024	$3.8B	$2.7B*	2.56	10.1%
FY2023	$3.6B	$2.5B*	2.47	10.0%

* Net profit includes one-off / non-operating items (e.g. a settlement or accounting gain), so it doesn’t reflect operating performance — net margin is hidden for that period.

Quarterly

Period	Revenue	Net profit	EPS	Net margin
2026Q2	$1.1B	$526.5M	0.48	49.7%
2026Q1	$1.0B	$872.4M*	0.82	—
2025Q3	$1.0B	$762.0M*	0.71	—
2025Q2	$1.0B	$865.1M*	0.82	—
2025Q1	$984.2M	$543.6M	0.51	55.2%
2024Q3	$964.7M	$732.9M*	0.70	—
2024Q2	$957.0M	$741.3M*	0.71	—
2024Q1	$951.5M	$590.0M*	0.57	—
2023Q3	$904.3M	$556.3M*	0.55	—
2023Q2	$898.2M	$690.7M*	0.69	—
2023Q1	$877.6M	$518.7M	0.52	59.1%

* Net profit includes one-off / non-operating items (e.g. a settlement or accounting gain), so it doesn’t reflect operating performance — net margin is hidden for that period.

Figures as reported, in reporting currency. Source: SEC XBRL.

Filings & announcements

2026

8-K — Material agreement, Other events, Exhibits
SEC8/6/2026material
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC7/29/2026material
10-Q filing
SEC7/29/2026
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC4/29/2026material
10-Q filing
SEC4/29/2026
8-K — Shareholder vote results
SEC4/28/2026material
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC2/25/2026material
10-K filing
SEC2/25/2026

2025

8-K — Results of operations, Reg FD disclosure, Exhibits
SEC10/30/2025material
10-Q filing
SEC10/30/2025
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC7/30/2025material
10-Q filing
SEC7/30/2025

In the news

Education and discussion only — not investment advice. Financials from official filings (SEC/BSE) and reported company statements; market figures (delayed market data) are delayed and shown for reference only. Verify with the linked sources before acting.