VICI · REIT · FFO, book-value and yield view
VICI Properties Inc. (VICI): Valuation Snapshot
VICI Properties Inc. (VICI) is a real-estate investment trust, and a discounted-cash-flow model is the wrong lens for one, so TickerWorth does not publish a DCF fair value for it. What its filings and market data do show is below. Snapshot as of Oct 21, 2026.
Model by Miraaj Patel · generated from public market data · Updated Oct 21, 2026 · How these pages are made
How is a REIT like VICI valued?
This is a REIT. A free-cash-flow DCF is structurally the wrong lens for property: heavy depreciation and continuous property capex swamp reported free cash flow, which is why REITs are valued on FFO/AFFO, net asset value and dividend yield. We show those lenses instead of a DCF number we would not stand behind.
What is VICI's TickerWorth Score?
Scores higher than most companies we compare it with
Compared with Real Estate companies in US
Its strongest point: a profitable, high-quality business. Its weakest: recent price trend has been weak.
our cash-flow model doesn't fit this business, so we won't award our top grade off the remaining lenses
- Value · 74 of 100
Cheaper than 74% of Real Estate companies in US
- Price vs worth · — of 100
- Quality · 92 of 100
More profitable than 92% of Real Estate companies in US
- Financial health · 71 of 100
Financially stronger than 71% of Real Estate companies in US
- Growth · 44 of 100
Growing faster than 44% of Real Estate companies in US
- Momentum · 8 of 100
Outperformed 8% of Real Estate companies in US over the past year
Confidence: Medium confidence · Scored
Get the Undervalued Company of the Week.
- Price
- $23.37
- Market cap
- $25,
732, 182, 016 - 52-week high
- $31.69
- 52-week low
- $22.43
- Currency
- USD
- Exchange
- NYSE
Snapshot of Oct 21, 2026, quote time not published · Prices are delayed.
What we can say
VICI Properties Inc. (VICI) is a real-estate investment trust, and a free-cash-flow discounted-cash-flow (DCF) model is structurally the wrong lens for one. A REIT's reported free cash flow is swamped by property depreciation and the continuous capital spending that maintaining a portfolio requires, which is why the industry is valued on funds from operations (FFO/AFFO), net asset value and dividend yield instead. We have the data to print a DCF number for VICI; we don't publish one because it would not mean what it appears to mean. What follows is how a REIT is actually read — descriptive, not a valuation, and not investment advice.
Read the full reasoning
On the numbers we do have, VICI trades at a recent price of $23.37, a market capitalisation of about $25,732,182,016, sitting 10% of the way up its 52-week range ($22.43–$31.69), on the NYSE.
The standard alternative to a DCF is relative valuation — comparing VICI's trading multiples against a sector benchmark. Here that gives P/E of 9.1× (cheaper than the peer median of 28.3×); Fwd P/E of 7.8× (cheaper than the peer median of 36.3×); P/B of 0.9× (cheaper than the peer median of 6.8×); P/S of 6.3× (cheaper than the peer median of 9.8×); EV/EBITDA of 12.0× (cheaper than the peer median of 19.2×); Dividend yield of 7.9% (cheaper than the peer median of 3.9%). A cheaper multiple than peers can flag a discount or a market that expects weaker growth; it is a comparison, not a recommendation.
The asset, or book-value, lens is the classic tool for asset-heavy businesses and financials. VICI shows a price-to-book (P/B) of 0.88 and book value of $26.49 per share. Price-to-book compares the market price to the accounting net-asset value per share; below 1.0 can mean a discount to net assets or that the market is pricing in trouble — descriptive either way, never a buy signal on its own.
Finally, a price-based read — explicitly not a valuation. VICI is in a down-trend (price below both its 50- and 200-day averages), trading -26.3% from its 52-week high. Over the past year the stock is -25.9%. Moving-average trend and 52-week position describe where the stock has traded; they say nothing about what it is worth.
To be exact about what this page is not: we are not saying the numbers for VICI are unavailable. They are, and they are above. We are saying a discounted-cash-flow model is the wrong instrument for this kind of business, and publishing one anyway — because the inputs happen to exist — would be a precise answer to the wrong question. Refusing is the more useful answer, and it is the same rule we apply to every name in this category.
VICI vs peers
Sector benchmark (bellwethers, not direct competitors).
| Multiple | VICI | Peer median | Read |
|---|---|---|---|
| P/E | 9.1× | 28.3× | cheaper than |
| Fwd P/E | 7.8× | 36.3× | cheaper than |
| P/B | 0.9× | 6.8× | cheaper than |
| P/S | 6.3× | 9.8× | cheaper than |
| EV/EBITDA | 12.0× | 19.2× | cheaper than |
| Dividend yield | 7.9% | 3.9% | cheaper than |
What does VICI Properties Inc. do?
What does it do?
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. It operates in the REIT - Diversified industry (Real Estate sector), headquartered in United States. The company employs roughly 28 people.
How does it make money?
The business turns $4.0B in annual revenue into profit. Out of every $100 of sales, about $70 is left as operating profit (operating margin of 70.2%), after a 99% gross margin on the products/services it sells. After all costs, taxes and interest, 67.5% of revenue becomes bottom-line net profit.
Is it financially healthy?
Financially it looks mixed: carries modest debt (0.6× equity), comfortably covers its short-term bills (11.2× current ratio), and is currently profitable.
Who at VICI filed insider trades?
| Date | Insider | Relationship | What happened | Value | Filing |
|---|---|---|---|---|---|
| MACNAB CRAIG | Director | Grant / award | — | Form 4 for MACNAB CRAIG (opens sec.gov in a new tab) | |
| Rumbolz Michael D | Director | Grant / award | — | Form 4 for Rumbolz Michael D (opens sec.gov in a new tab) | |
| Cantor Diana F | Director | Grant / award | — | Form 4 for Cantor Diana F (opens sec.gov in a new tab) | |
| Sullivan John M | Director | Grant / award | — | Form 4 for Sullivan John M (opens sec.gov in a new tab) | |
| ABRAHAMSON JAMES R | Director | Grant / award | — | Form 4 for ABRAHAMSON JAMES R (opens sec.gov in a new tab) | |
| Holland Elizabeth I | Director | Grant / award | — | Form 4 for Holland Elizabeth I (opens sec.gov in a new tab) |
A disclosure, not a signal to trade. Source: SEC EDGAR (Form 4). Older filings and the 90-day buying-and-selling read are part of Pro. See plans
Companies we do put a number on
Not investment advice. TickerWorth Score is a model output.
A descriptive, available-data snapshot and relative comparison — NOT a DCF, NOT a price target, and NOT investment advice. TickerWorth is not a licensed investment adviser, and these figures are estimates from public market data that can be wrong, stale or incomplete.
Save this valuation
VICI goes on your watchlist, where its valuation is re-run as new filings land — so you read the current number, not the one from today.