VICI Properties Inc.

VICI
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
Latest Q Revenue
$1.0B
Q1 2026 · +3.5% YoY
TTM ROIC
5.37%
FY2025 · OCF / Total Assets (OCF Yield on Assets) · WACC ~7% · Moat spread +-1.63pp

Financial Snapshot


ticker: VICI step: 04 generated: 2026-05-12 source: quick-research

VICI Properties Inc. (VICI) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Total Revenue ~$2.90B $3.61B $3.85B +6.6%
AFFO (total) ~$1.95B ~$2.27B ~$2.38B +4.9%
AFFO per share ~$1.92 $2.15 $2.26 +5.1%

FY2022 revenue reflects partial-year MGM Growth Properties contribution (acquired April 2022). FY2023 AFFO/share +11.8% YoY (acquisition-driven). FY2024 +5.1%. Q1 2025 AFFO/share +4.3% YoY; management raised FY2025 AFFO guidance to $2.47–$2.50/share (up from $2.32–$2.35 initial guidance). Leasing revenue $3.6B (+5%) + loan income $134M (+71%) in FY2024.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Total Revenue (FY2025E) ~$4.0B+
AFFO per share (FY2025 raised guidance) $2.47–$2.50
Portfolio (93 assets) ~$34B total estimated value
Annualized Rent (FY2025) ~$4.0B
Net Debt ~$16–17B
Net Debt / EBITDA ~5.5x
Dividend Yield ~6.4%
Weighted Avg Remaining Lease Term 40+ years

VICI is asset-light (~175 employees), with G&A at ~2% of revenues. Triple-net leases eliminate all property-level costs. Dividend is well-covered at ~75% AFFO payout ratio, with consistent annual increases. AFFO not paid as dividends funds acquisitions and debt service.

Key Ratios (approximate)

  • P/AFFO: ~12x | Dividend Yield: ~6.4%
  • AFFO/share Growth (FY2024): +5.1% | FY2025E: +9–11% (raised guidance)
  • Tenant Concentration: MGM + Caesars ~74% of income
  • Weighted Avg Remaining Lease Term: 40+ years

Growth Profile

VICI grows AFFO/share via: (1) annual lease escalators (CPI-linked or fixed 1–2%); (2) acquisitions at accretive cap rates; (3) sale-leaseback financing for operators. Recent acquisitions: $1.16B Golden Entertainment sale-leaseback (Q4 2025, 7 properties) and ongoing experiential diversification. Management targets 4–6% AFFO/share growth long-term with the 40-year lease term providing exceptional income predictability.

Forward Estimates

  • FY2025 AFFO/share: $2.47–$2.50 (raised management guidance; +9–11% vs. FY2024)
  • FY2026 AFFO/share: ~$2.55–$2.65 (consensus; ~4–6% growth)
  • Dividend: consistent annual increases; current yield ~6.4%

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $VICI.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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Markdown: /stocks/vici/financials/md · → thesis · → memo