VICI Properties Inc. (VICI) — Fundamental Analysis & Key Financial Ratios

Kaplio's reading: VICI Properties Inc.

Updated on September 30, 2026 · accounts published on July 29, 2026

Reading of September 30, 2026: A highly profitable, soundly financed landlord

VICI Properties trades at 8.9× fiscal 2025 FFO, below the 15× to 20× healthy REIT range, while FFO covered the dividend 1.5×.

• Is VICI Properties expensive or cheap? At 8.9× fiscal 2025 FFO, VICI Properties trades below the 15× to 20× range considered healthy for a REIT.
• How is the business doing? Operating margin was 88.8 % over the last 12 months, far above the 63.3 % average of fiscal 2014-2025.
• How strong is the balance sheet? Debt was 37.9 % of assets in fiscal 2025, well within the 60 % ceiling considered healthy for a REIT.
• What to expect from the next earnings? Analysts expect EPS of $0.72 on October 29, 2026, after July's $0.48 missed estimates by 32.7 %.
• Does FFO cover the dividend, and at what multiple does it trade? FFO covered the dividend 1.5× in fiscal 2025, above the 1.1× healthy floor, yet the stock trades at only 8.9× FFO.

Is VICI Properties expensive or cheap?

VICI Properties trades at 8.9× its fiscal 2025 FFO. A fairly priced REIT usually sits between 15× and 20×, so this is well below that band. Over the last 12 months it also trades at 0.9× book value, which means the market values its assets below their accounting value. The free cash flow yield of 10.8 % over the last 12 months points the same way, and EV/EBITDA is 11.8×. The P/E matters less for a REIT, and over the past decade it has ranged from 9.0× to 26.6×. The low multiples come after the share price fell 25 % in the last 12 months. It now sits 26 % below its 52-week high of $32.91.

How is the business doing?

Revenue grew 4.1 % over the last 12 months. That is a modest pace, typical of a mature real estate owner rather than a fast grower. Profitability is the strong point. The operating margin of 88.8 % over the last 12 months compares with 91.1 % in fiscal 2025 and a 63.3 % average across the 12 fiscal years from 2014 to 2025. Margins have settled far above their historical level and are only slightly below the last full year. FFO per share was $2.62 in fiscal 2025. For a REIT there is no fixed threshold for this figure, so its trend in coming years is what counts.

How strong is the balance sheet?

The balance sheet passes every REIT test in the data. In fiscal 2025, debt to assets was 37.9 % against a healthy limit of 60 %. Net debt to EBITDA was 4.7×, inside the 5× mark that counts as excellent. Debt to equity over the last 12 months is 0.61. The dividend yields 7.8 % over the last 12 months, and the dividend per share has risen for 7 consecutive fiscal years through fiscal 2025. The figure to watch is the payout on operating cash flow. At 73.8 % in fiscal 2025 it is healthy, since the limit is 80 %, but it is close to that line.

What to expect from the next earnings?

In the last report, on July 29, 2026, EPS came in at $0.48 against $0.71 expected, a 32.7 % miss. The company has beaten EPS estimates in only 4 of the last 8 quarters. For the quarter due on October 29, 2026, analysts expect $0.72. Over the last 15 days the 2026 EPS consensus slipped 0.8 %, from $2.79 to $2.76 across 5 analysts, while the revenue consensus barely moved. Sentiment remains positive: 20 of 26 analysts recommend buying, 6 recommend holding and none recommend selling. For a REIT, EPS understates the cash the business generates.

Does FFO cover the dividend, and at what multiple does it trade?

For a REIT, EPS and the P/E are misleading because real estate depreciation cuts reported earnings without touching cash. That is why FFO and dividend coverage are the figures to follow. VICI Properties generated $2.62 of FFO per share in fiscal 2025. That covered its dividend 1.5×, comfortably above the 1.1× considered healthy. At 8.9× that FFO, the stock trades well below the 15× to 20× range of a normally valued REIT. The market is pricing in a risk that the fiscal 2025 coverage and debt figures do not show.

How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.