VICI Properties Inc (VICI) Fair Value & Analysis
Real Estate · US · Market cap $29.2B · ISIN US9256521090
What is VICI Properties Inc really worth?
VICI Properties Inc
VICI · US
A solid business, trading 37% below our fair value of $40.82.
Strengths
Risks
For context
Fair value as of: Aug 30, 2026
From 14 valuation models · updated 6 days ago
Share price −3.5% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality.
- A fairly wide model range ($25.93 to $53.57) leaves room in how you read the outcome.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 30, 2026.
How to read this chart
60‑month range $20.65 – $31.87 · fair‑value band $25.93 – $53.57 · the $25.65 price screens below the $40.82 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 30, 2026.
Analysis
VICI Properties Inc (VICI) currently trades at $25.65, while our model-based Fair Value estimate is $40.82, implying the stock looks roughly 37.2% undervalued today. The Quality Score stands at 59/100 (solid quality), in the Real Estate sector. Bull case: the DCF Models group reads highest at a median of $45.62 per share, and 10 of the 14 models we run sit above the $25.65 price. Bear case: the Asset-Based group reads lowest at $16.91, and 4 of the 14 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, VICI Properties Inc generated revenue of $4.0B at a net margin of 76.8%. Revenue grew 3.5% year over year. It earns a return on equity of 11.3%. Net debt stands at $17.1B. Fundamentals as of Aug 30, 2026
Our scenario range runs from $25.93 (bear case) to $53.57 (bull case); at $25.65, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 20% below its 52-week high, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −49% fair-value upside, at 59%, VICI screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $0.7725 per share, which is 1.9 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 14 models by family
Widest divergence: DCF Models ($45.62) versus Asset-Based ($16.91). Highest evidence: Residual Income (72).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 30, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 57 · Market factors (momentum, volatility) 41
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
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.
Full company description
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 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 127 million square feet and features approximately 60,300 hotel rooms and over 500 restaurants, bars, nightclubs and sportsbooks. 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 developers and operators in other experiential sectors, including Cabot, Cain, Canyon Ranch, Chelsea Piers, 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 incorporated in 2016 and is based in New York, United States.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
VICI Properties Inc reported revenue of $4.0B in FY2025 versus $1.5B in FY2021, a compound +27.6%/yr. Reported net income was $2.8B in FY2025, compounding +28.6%/yr from FY2021.
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Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- VICI Properties Inc. Increases Regular Quarterly Dividend
- VICI Properties (VICI) Stock May Still Look Cheap As Rental Growth Holds
Peer Group
REIT - Diversified · 152 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs REIT - Diversified median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more REIT - Diversified stocks, each showing price versus our Fair Value estimate (as of Aug 30, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Goodman Group GMG | A$27.55 | A$7.37 | −73% |
| W. P. Carey Inc WPC | $70.51 | $34.80 | −51% |
| Charter Hall Group CHC | A$21.90 | A$10.99 | −50% |
| Stockland SGP | A$4.59 | A$3.70 | −19% |
| The GPT Group GPT | A$4.61 | A$3.49 | −24% |
| Mirvac Group MGR | A$1.85 | A$0.5700 | −69% |
| Broadstone Net Lease, Inc BNL | $21.55 | $10.91 | −49% |
| KLCC Property Holdings 5235SS | 8.60 MYR | 6.66 MYR | −23% |
| T82U T82U | 1.56 SGD | 1.02 SGD | −35% |
| CRRUN CRRUN | C$16.67 | C$7.03 | −58% |
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