# VICI Properties Inc. Common Stock (VICI) — Stock CV

VICI Properties Inc. is a $25.2B real estate company. Revenue grew 4.4% over the last year, it keeps 67¢ of every dollar of sales as profit, and its net debt equals ~6.1 years of free cash flow. It trades at 9.1× earnings — near the lowest of its own history.

> VICI Properties Inc is a real estate investment trust based in the United States. It engaged in the business of owning and acquiring gaming, hospitality, wellness, entertainment and leisure destinations, subject to long-term triple net leases.

## Identity

- **Ticker**: VICI
- **Sector**: Real Estate
- **Industry**: Real Estate Investment Trusts
- **Headquarters**: NEW YORK, NY
- **Employees**: 28
- **Website**: https://www.viciproperties.com
- **Market cap**: $25.2B
- **Last price**: $22.91
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $4.10B
- **Net income**: $2.77B
- **Free cash flow**: $2.64B
- **Net debt**: $16.2B
- **P/E**: 9.1
- **Revenue growth (YoY)**: 4.4%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 82 |
| Growth | 74 |
| Profitability | 67 |
| Health | 15 |
| Quality | 63 |
| Moat | 75 |

## Qualifications (beginner checklist) — 8 of 11 passed

- [x] Revenue growing — +4.4% YoY
- [x] Profitable — $2.77B TTM
- [x] Profit growing — +27.1% YoY
- [x] Generates cash — $2.64B TTM
- [ ] Debt under control — ~6.1y of cash flow to repay
- [x] Established company — $25.2B market cap
- [ ] Not printing shares — +108.0% shares over ~5y
- [x] Proven track record — 8/9 profitable years
- [ ] Financially stable — health score 10/100
- [x] Pays a dividend — yield 7.54%
- [x] Valuation not extreme — P/E 9.1

## Experience (career milestones)

- **2026** — Vici acquired seven properties from Golden Entertainment for $1.16 billion, in conjunction with Golden's…
- **FY2025** — Best year on record: $2.78B net income
- **2023** — Vici bought out the other half of interest in the MGM Grand and Mandalay Bay from Blackstone for $1.27 billion plus…
- **2022** — Vici purchased the real estate of the Venetian complex from Las Vegas Sands in February 2022 for $4 billion
- **FY2020** — Revenue crossed $1B: $1.23B for the year
- **2020** — Eldorado Resorts acquired Caesars Entertainment, becoming Vici's primary tenant
- **2019** — Vici bought three casinos in Missouri and West Virginia from Eldorado Resorts in conjunction with…
- **FY2018** — Profitable every year on record: 8 consecutive profitable years in our data
- **FY2018** — Positive free cash flow every year since: 8-year streak
- **2018** — MGM Growth Properties, a REIT affiliated with Caesars competitor MGM Resorts International, offered in January 2018…
- **Oct 6, 2017** — The spin-off of Vici to CEOC's creditors was completed on October 6, 2017, the day that CEOC emerged from bankruptcy
- **2017** — Vici acquired Harrah's Las Vegas from Caesars in December 2017 for $1.1 billion
- **2015** — Caesars proposed splitting CEOC into two companies: a REIT

## Strengths

- High gross margin (99.3%)
- Strongly profitable — 67.5% net margin
- Strong cash conversion — FCF is 64.4% of revenue

## Watch-outs

- Net debt equals ~6.1 years of free cash flow

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.51B | $1.01B | $894M |
| FY2022 | $2.60B | $1.12B | $1.94B |
| FY2023 | $3.61B | $2.51B | $2.18B |
| FY2024 | $3.85B | $2.68B | $2.37B |
| FY2025 | $4.01B | $2.78B | $2.51B |

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Source: https://stockcv.com/VICI — derived from company filings; may be delayed or incomplete. Information, not investment advice.