# VICI Properties Inc. (VICI)

> Source: Nexqual · https://nexqual.com/VICI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, VICI Properties Inc. (VICI), nexqual.com/VICI" · informational, not investment advice.

**Price:** USD 24.02 (+3.76% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 23.15 · day 23.26–24.04 · 52w 22.43–31.69 · market cap $26.4B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $4.10B, net income $2.77B (67.5% margin) (SEC filings).
- Valuation: P/E 9.6x (avg 11.7x at the last 3 fiscal year-ends), net debt $16.6B.
- 2 of 80 tracked superinvestors hold VICI (13F, Q2 2026): 1 new, 0 added, 1 reduced, 0 unchanged.
- Analysts: Buy (mean 2.20 on a 1–5 scale) (25 analysts), mean target USD 31.13 (range 24–37).
- Total return with dividends: 1Y -18.2% vs S&P 500 +14.9%; 5Y +5.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 0.72, revenue estimate $1.06B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.51B | $2.60B | $3.61B | $3.85B | $4.01B | $4.10B |
| Gross profit | $1.49B | $2.58B | $3.58B | $3.82B | $3.98B | — |
| Net income | $1.01B | $1.12B | $2.51B | $2.68B | $2.78B | $2.77B |
| EPS (diluted) | $1.76 | $1.27 | $2.47 | $2.56 | $2.61 | — |
| Gross margin | 98.6% | 99.1% | 99.3% | 99.3% | 99.3% | — |
| Net margin | 67.2% | 43.0% | 69.6% | 69.6% | 69.3% | 67.5% |
| Revenue growth | +23.2% | +72.3% | +38.9% | +6.6% | +4.1% | — |
| Cash + short-term investments | $740M | $426M | $523M | $525M | $608M | — |
| Total debt | $4.69B | $13.7B | $16.7B | $16.7B | $16.8B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 9.6x · P/S 6.5x · EV/Sales 10.5x · P/B 0.9x · Earnings yield 10.46% · Dividend yield (paid, TTM) 7.18% · Net debt $16.6B · EV $43.1B
P/E at fiscal year-ends: Dec 2025 10.8x, Dec 2024 11.4x, Dec 2023 12.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold VICI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Christopher Davis | Davis Advisors | 0.02% | $5.7M | Reduced -2.2% |
| Sarah Ketterer | Causeway Capital Management | <0.01% | $212K | New position |

## Analysts
Consensus Buy (mean 2.20 on a 1–5 scale), 25 analysts; mean target USD 31.13 (low 24, high 37).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Truist Securities | Target lowered | Buy | $38 → $32 |
| 2026-10-20 | Barclays | Target lowered | Overweight | $31 → $28 |
| 2026-10-19 | Wells Fargo | Target lowered | Equal-Weight | $26 → $24 |
| 2026-10-07 | Macquarie | Target lowered | Outperform | $36 → $34 |
| 2026-10-02 | Citizens | Target lowered | Market Outperform | $35 → $31 |
| 2026-09-24 | JP Morgan | Downgrade | Overweight → Neutral | $30 |
| 2026-09-24 | Scotiabank | Target lowered | Sector Perform | $29 → $26 |
| 2026-09-21 | Evercore ISI Group | Target lowered | In-Line | $31 → $30 |
| 2026-09-15 | Morgan Stanley | Target lowered | Equal-Weight | $31 → $29 |
| 2026-09-02 | Mizuho | Target lowered | Neutral | $30 → $27 |
| 2026-09-01 | Wells Fargo | Target lowered | Equal-Weight | $27 → $26 |
| 2026-08-10 | Cantor Fitzgerald | Target lowered | Overweight | $34 → $32 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -18.2% | +5.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -18.3% | +1.0% |
| Volatility (annualized) | 18.9% | 19.2% |
| Max drawdown | -23.3% (Oct 2025→Oct 2026) | -27.2% (Aug 2025→Sep 2026) |

## Peers (REIT - Diversified)
WPC (W. P. Carey Inc. REIT) USD 64.54 +3.15% · BNL (Broadstone Net Lease, Inc.) USD 17.55 +1.86% · GNL (Global Net Lease, Inc.) USD 7.28 +2.25% · AAT (American Assets Trust, Inc.) USD 21.29 +4.01% · ESRT (Empire State Realty Trust, Inc.) USD 4.93 +5.57% · JBGS (JBG SMITH Properties) USD 11.39 +6.35%

## More
Full page: https://nexqual.com/VICI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in VICI's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1705696/000170569626000034/vici-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | VICI Properties HoldCo | "As of December 31, 2025, VICI owns 100% of the limited liability company interests of VICI Properties HoldCo LLC ("HoldCo"), which in turn owns approximately 98.9% of the limited liability company interest of VICI OP (su…" |
| Partner | Lucky Strike Entertainment Corp (LUCK) | "We also have 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, Homefiel…" |
| Partner | Indigenous Gaming Partners | "(9) IGP is a gaming partnership established by five institutional Nova Scotia-based First Nations (Glooscap First Nation, Millbrook First Nation, Annapolis Valley First Nation, We'koqma'q L'nue'kati, and Paqtnkek Mi'kmaw…" |
| Partner | MGM Growth Properties | "In addition, the joint venture that holds the real estate assets of MGM Grand Las Vegas and Mandalay Bay ("MGM Grand/Mandalay Bay JV") previously entered into a tax protection agreement with MGM with respect to built-in …" |
| Partner | VICI Golf | "We conduct our real property business through our operating partnership, VICI OP, and our golf course business through a TRS, VICI Golf." |

Other companies that name VICI in their own reports (relationship from VICI's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Lucky Strike Entertainment Corp (LUCK) | 10-K 2026-08-27 | "The Company also has a master lease agreement with VICI covering 38 properties." |
| partner | Caesars Entertainment, Inc. (CZR) | 10-K 2026-02-17 | "We lease certain real property assets from third parties, including GLP Capital, L.P., the operating partnership of Gaming and Leisure Properties, Inc. ("GLPI") and VICI Properties L.P., a Delaware li…" |

## Customer concentration

Period ended 2026-06-30: 37%, 35% of revenue from unnamed direct customers (10-Q, filed 2026-07-29).

## Company outlook (8-K filed 2026-07-29)

- "Guidance for Full Year 2026 - NEW YORK, NY – July 29, 2026 – VICI Properties Inc."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.72 | $0.71 | +1.4% | $1.06B | 1 |
| Next quarter (ends 2026-12-31) | $0.73 | $0.71 | +2.8% | $1.07B | 1 |
| Current fiscal year (ends 2026-12-31) | $2.75 | $2.94 | -6.5% | $4.22B | 1 |
| Next fiscal year (ends 2027-12-31) | $2.99 | $2.93 | +2.0% | $4.36B | 1 |