VICI Properties Inc. (VICI) Stock Analysis 2026
BriMind AI Score
ProprietaryScore based on historical price CAGR, revenue growth, analyst upside, and valuation factors. Updated daily.
BriMind 1-Year Price Target
An even blend of the BriMind AI model's DCF and momentum target ($20.08) and Wall Street's consensus target ($31.58).
AI scores and price targets are for informational and educational purposes only. They do not constitute financial advice or a recommendation to buy or sell any security. Past performance is not indicative of future results. Always conduct your own research before making investment decisions. Full Disclaimer →
About VICI Properties Inc.
VICI Properties is a real estate investment trust that owns the land and buildings of major casino resorts and other experiential properties, leasing them back to operators under very long-term triple-net agreements. The tenants run the gaming and hospitality businesses and pay rent; VICI owns irreplaceable real estate on the Las Vegas Strip and in regional markets without operating anything itself.
How VICI Properties Makes Money
Revenue is contractual rent under triple-net leases where the tenant pays taxes, insurance, and maintenance, leaving VICI with minimal operating expense. Leases run for decades with built-in escalators, many tied to inflation with floors and caps, which makes cash flow exceptionally predictable. Growth comes from acquiring additional properties and from contractual rent escalation rather than from operating improvements.
VICI Properties Revenue & Profitability Breakdown
This chart shows how VICI Properties's revenue flows through to profit. Each row deducts a layer of costs: first the direct cost of making products/services (Cost of Revenue), then operating expenses like marketing and R&D, then taxes. What remains at the bottom is net income — the actual profit shareholders own. High gross and net margins indicate a business with strong pricing power and efficiency.
Key Financial Metrics
VICI Properties Inc. trades at a trailing P/E of 10.03x, generates $267.0M in free cash flow, runs a debt/equity ratio of 60.28, and converts shareholder equity into profit at a 9.8% return on equity. For context: P/E ratio measures how much you pay for $1 of earnings (lower = cheaper, but fast-growing companies command higher P/E); Free Cash Flow is the cash left after running the business; Debt/Equity shows how leveraged a company is; Return on Equity shows how efficiently it turns shareholder capital into profit.
Wall Street Analyst Consensus
23 analysts covering VICI Properties Inc. currently lean toward a Buy rating, with a mean 12-month price target of $32.50 (+37.7% vs the current price). Analysts set these targets after researching a company's earnings, competitive position, and industry trends — Strong Buy / Buy means the majority expect meaningful upside, while Hold means fair value near the current price rather than a sell signal.
Intrinsic Value Estimates for VICI
We use 1 valuation model to estimate VICI's intrinsic value. Intrinsic value is what a stock is truly worth based on the company's fundamentals, independent of what the market prices it at today. If multiple models agree the stock is undervalued, that convergence is a stronger signal.
Intrinsic value estimates use simplified models (Graham, DCF, P/E) and conservative assumptions. They should be used as one input among many — not as sole buy/sell guidance. For advanced analysis, see the full platform.
Technical Price Signals
VICI is currently in a death cross pattern, trading below its 50-day average of $26.46 and below its 200-day average of $27.95. Moving averages smooth out day-to-day volatility to reveal the underlying trend — a Golden Cross (50MA crosses above 200MA) is a classic bullish signal, a Death Cross is bearish, though both are lagging indicators that confirm trends rather than predict them.
VICI Investment Case: Bull vs Bear
VICI's investment case breaks down into 4 bull points and 4 bear points below. The bull case outlines the key reasons the stock could outperform — competitive advantages, growth catalysts, and market tailwinds. The bear case highlights the most significant risks. A strong bull case with manageable bear risks typically makes for a more compelling investment.
Bull Case (Reasons to Buy)
- Extremely long lease terms with contractual escalators produce highly predictable, inflation-linked cash flow.
- Las Vegas Strip real estate is genuinely irreplaceable, providing asset value independent of tenant performance.
- Triple-net structure means tenants bear property costs, so margins are very high and stable.
- Expansion into non-gaming experiential assets broadens the acquisition pipeline beyond casinos.
Bear Case (Key Risks)
- Tenant concentration is high, with a small number of gaming operators accounting for most rent.
- REIT valuations are rate-sensitive, and with the 10-year Treasury above 5% the dividend yield competes directly with risk-free alternatives.
- Acquisition-driven growth requires capital, which is more expensive and dilutive when both debt and equity costs are elevated.
- Casino operator financial distress in a recession would test rent coverage despite lease protections.
What to Watch: VICI Key Metrics
VICI Stock — Frequently Asked Questions
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