VICI Properties Inc. (VICI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+430.6%

$134.06

vs $25.27 price

Levered DCF

$82.16

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.27

Distress zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	10.77×	11.41×	12.85×	25.51×	16.73×	14.49×	20.44×	13.13×
P/B	1.07×	1.15×	1.28×	1.3×	1.4×	1.37×	1.4×	1.01×
P/S	7.45×	7.94×	8.95×	10.93×	11.26×	10.53×	12.42×	7.68×
EV / EBITDA	12.81×	13.39×	14.67×	25.44×	14.95×	16.25×	18.35×	13.92×
Gross margin	99.3%	99.3%	99.3%	99.1%	98.6%	97.3%	97.9%	89.0%
Operating margin	91.2%	92.1%	92.6%	62.8%	95.7%	74.5%	94.2%	84.4%
Net margin	69.3%	69.6%	69.6%	43.0%	67.2%	72.8%	61.0%	58.3%
Current ratio	26.68×	27.92×	28.22×	28.97×	9.99×	8.91×	4.92×	5.57×
Debt / equity	0.64×	0.67×	0.7×	0.66×	0.41×	0.75×	0.6×	0.6×
Interest coverage	4.33×	4.29×	4.09×	3.02×	3.68×	2.96×	3.39×	3.56×
Dividend yield	6.2%	5.7%	4.9%	4.3%	4.5%	4.7%	4.5%	3.8%
Payout ratio	66.8%	65.4%	63.0%	109.1%	74.8%	68.7%	92.3%	50.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.0%	10.1%	10.0%	5.1%	8.4%	9.5%	6.9%	7.7%
Return on invested capital	7.9%	7.9%	7.7%	4.4%	8.3%	5.5%	6.5%	6.8%
Return on assets	5.9%	5.9%	5.7%	3.0%	5.8%	5.2%	4.1%	4.6%
Free cash flow yield	8.4%	7.8%	6.7%	6.8%	5.3%	6.8%	6.1%	7.3%
Earnings yield	9.3%	8.8%	7.8%	3.9%	6.0%	6.9%	4.9%	7.6%
Enterprise value	$47B	$47.7B	$49.4B	$42.8B	$21.2B	$19.7B	$14.8B	$10.4B
Net debt / EBITDA	4.67×	4.81×	5.07×	8.54×	2.99×	5.58×	4.6×	4.73×
Cash conversion cycle (days)	1,706	1,750	1,843	2,352	641	774	13	3,620