Vici Properties
VICI
$26.51
-0.23%
VICI Properties Inc. is a real estate investment trust (REIT) that owns and acquires gaming, hospitality, wellness, entertainment, and leisure destinations, primarily under long-term triple net leases. The company is a market leader in the experiential real estate sector, with a portfolio of nearly 93 assets including iconic properties like Caesars Palace Las Vegas, MGM Grand, and The Venetian Resort Las Vegas. The current investor narrative centers on the stock's high dividend yield (over 6%) and attractive valuation after a significant price decline, with recent news highlighting it as a bargain-hunting opportunity for income investors. However, concerns about the gaming industry's cyclicality and the impact of high interest rates on REIT valuations have weighed on sentiment, creating a debate between value and risk.…
VICI
Vici Properties
$26.51
Related headlines
Investment Opinion: Should I buy VICI Today?
Based on the analysis, VICI is rated a 'Buy' with a thesis that its high dividend yield and low valuation provide a margin of safety, while its stable revenue growth and strong profitability support long-term income generation. The consensus analyst rating is 'buy' with an average target of $32.54, implying 22.7% upside. The stock's forward PE of 8.87x is attractive relative to the market, and the dividend yield of 6.2% is well above the sector average.
Sign up to view all
VICI 12-Month Price Forecast
VICI's forward-looking view is neutral. The stock offers a high yield and low PE, but its growth is modest and it faces headwinds from high interest rates. The consensus analyst target implies upside, but the stock's recent price action suggests caution. I would upgrade to bullish if the Fed signals rate cuts or if revenue growth accelerates above 5%, and downgrade to bearish if the dividend is cut or if the stock breaks below $25.81.
Wall Street consensus
Most Wall Street analysts maintain a constructive view on Vici Properties's 12-month outlook, with a consensus price target around $32.54 and implied upside of +22.8% versus the current price.
Average Target
$32.54
0 analysts
Implied Upside
+22.8%
vs. current price
Analyst Count
—
covering this stock
Price Range
$27 - $38
Analyst target range
VICI is covered by 24 analysts, with a consensus recommendation of 'buy' and a mean recommendation score of 1.84 (where 1 is strong buy and 5 is sell). The average target price is $32.54, implying an upside of approximately 22.7% from the current price of $26.51. The target range is $27.00 to $38.00, with the low target suggesting a modest 1.8% upside and the high target implying a 43.3% upside. The consensus leans bullish, but the wide spread between low and high targets indicates significant uncertainty about the stock's future performance.
Drowning in data?
Find the real signal!
Bulls vs Bears: VICI Investment Factors
VICI presents a classic value vs. risk debate. On the bull side, the stock offers a compelling 6.2% dividend yield, a low PE ratio, and stable revenue growth from a diversified experiential real estate portfolio. On the bear side, the stock has underperformed the market significantly, faces headwinds from high interest rates, and trades at a premium on a PEG basis. Currently, the bearish evidence is stronger due to the persistent downtrend and macro headwinds, but the valuation and income potential provide a floor. The key tension is whether the high yield and low PE will attract investors despite the interest rate environment, or if the stock will continue to drift lower as rates remain high. If interest rates decline, VICI could see a significant re-rating; if they stay high, the stock may remain range-bound.
Bullish
- Attractive Valuation with 22.7% Upside: VICI trades at a trailing PE of 10.77x and forward PE of 8.87x, well below the S&P 500 average. The average analyst target of $32.54 implies a 22.7% upside from the current price of $26.51, supported by a consensus 'buy' rating.
- High Dividend Yield of 6.2%: VICI offers a dividend yield of 6.21%, significantly higher than the S&P 500 average of ~1.3%. The payout ratio of 66.8% is sustainable, and the company has a history of dividend growth, with a 40% YoY increase mentioned in recent news.
- Stable Revenue Growth: Revenue grew 3.49% YoY in Q1 2026 to $1.0185 billion, with consistent sequential growth over the past year. The triple net lease model provides predictable rental income, with gross margins of 99.3%.
- Strong Profitability Metrics: VICI boasts a net margin of 69.3% and an operating margin of 91.2%, reflecting the high-margin nature of its real estate leasing business. ROE of 9.98% and ROA of 4.82% indicate efficient capital use.
Bearish
- Significant Underperformance vs. Market: VICI has declined 19.57% over the past year, while the S&P 500 gained 20.48%, resulting in a relative strength of -40.05%. This persistent underperformance suggests ongoing selling pressure and negative investor sentiment.
- High Interest Rate Sensitivity: As a REIT, VICI is highly sensitive to interest rates. With the Fed funds rate potentially staying elevated, higher rates increase borrowing costs and reduce the attractiveness of REIT yields relative to bonds, pressuring valuations.
- Elevated Valuation on PEG Basis: The PEG ratio of 5.52x indicates that the stock is expensive relative to its growth rate. With revenue growth of only 3.49%, the market is paying a premium for modest growth, which could lead to multiple compression.
- Concentration in Gaming Industry: VICI's portfolio is heavily concentrated in gaming properties, which are cyclical and sensitive to economic downturns. A recession could reduce tenant revenues and impact rent collections, despite triple net leases.
VICI Technical Analysis
VICI's price trend over the past year has been a clear downtrend, with the stock falling 19.57% over the last 12 months. The current price of $26.51 sits near the low end of its 52-week range, at approximately 78% of the range (calculated as (26.51 - 25.81) / (33.915 - 25.81) = 0.078, or 7.8% above the low). This positioning near the lows suggests a potential value opportunity, but also indicates persistent selling pressure and a lack of bullish momentum. The stock has underperformed the S&P 500 significantly, with a relative strength of -40.05% over the past year, highlighting its weakness in a strong market.
Beta
0.69
0.69x market volatility
Max Drawdown
-23.6%
Largest decline past year
52-Week Range
$26-$34
Price range past year
Annual Return
-19.6%
Cumulative gain past year
| Period | VICI Return | S&P 500 |
|---|---|---|
| 1m | -0.3% | +3.6% |
| 3m | -7.0% | +2.7% |
| 6m | -11.9% | +11.4% |
| 1y | -19.6% | +18.7% |
| ytd | -5.8% | +12.3% |
Bobby - Your AI Investment Partner
Get real-time data, AI-driven personalized investment analysis to make smarter investment decisions
VICI Fundamental Analysis
VICI's revenue has shown steady growth, with the most recent quarter (Q1 2026) reporting revenue of $1.0185 billion, a 3.49% increase year-over-year. This growth is consistent with the multi-quarter trend, as revenue has risen from $984.2 million in Q1 2025 to $1.0185 billion in Q1 2026, with sequential increases in most quarters. The company's revenue is primarily driven by its real property business segment, which generated $744.9 million in the latest quarter, reflecting the stability of its triple net lease model. The growth trajectory, while modest, is reliable and supports the REIT's ability to increase dividends.
Quarterly Revenue
$1.0B
2026-03
Revenue YoY Growth
+3.5%
YoY Comparison
Gross Margin
99.2%
Latest Quarter
Free Cash Flow
$2.5B
Last 12 Months
Revenue & Net Income Trends (2 Years)
Revenue Breakdown
Open an Account, get $2 TSLA now!
Valuation Analysis: Is VICI Overvalued?
Given that VICI has positive net income, the primary valuation metric selected is the price-to-earnings (PE) ratio. The trailing PE is 10.77x, while the forward PE is 8.87x, indicating that the market expects earnings growth. The gap between trailing and forward PE suggests an anticipated improvement in earnings, which is consistent with the company's revenue growth and stable margins. This valuation is attractive relative to the broader market, but it is important to consider the REIT's specific characteristics.
PE
10.8x
Latest Quarter
vs. Historical
Low-End
5-Year PE Range 8x~22x
vs. Industry Avg
N/A
Industry PE ~N/A*
EV/EBITDA
12.8x
Enterprise Value Multiple
Investment Risk Disclosure
Financial & Operational Risks: VICI's debt-to-equity ratio of 0.64 is moderate, but the company carries significant interest expenses, with Q1 2026 interest expense of $202.97 million. While revenue growth is steady at 3.49%, the reliance on a few major tenants (Caesars, MGM) creates concentration risk. The payout ratio of 66.8% leaves limited cushion for dividend cuts if earnings decline. However, the company's free cash flow of $2.55 billion TTM provides a strong buffer, and the triple net lease structure ensures tenants cover most operating costs.
