O vs VICI Stock Comparison: AI Score, Valuation, Performance and Upside
Realty Income and VICI Properties are both high-quality net lease REITs but with very different property focuses. Realty Income is the diversified retail and industrial net lease giant with an unmatched dividend history. VICI is the experiential gaming REIT with unique irreplaceable assets and exceptional rent coverage ratios. Both offer high dividend yields; VICI's rent coverage is stronger but Realty Income's portfolio is more diversified.
Realty Income is the diversified, dividend-history-rich income compounder; VICI is the concentrated bet on irreplaceable Las Vegas and gaming real estate with structurally superior rent coverage — investors should assess which property focus aligns better with their conviction.
VICI holds the edge across 3 of 5 key metrics in this comparison. O has delivered stronger 1-year price return (-4.00% vs -26.04%), though VICI has the better forward P/E setup (8.65x vs 39.10x for O). On fundamentals, O is growing revenue faster (9.60%), while VICI maintains the higher operating margin (70.18%) — a classic growth-versus-profitability split. Analyst consensus implies meaningfully more upside for VICI (+25.63%) than for O (+10.06%).
Human Wall Street analysts' price targets, typically implying a ~12-month view — a separate signal from this site's own AI Prediction Signal further down the page, which is a 5-/30-day machine-learning forecast based on price history alone.
- want the most established monthly dividend REIT with 30+ consecutive annual increases
- prefer broader portfolio diversification across retail, industrial, and European properties
- value investment-grade tenant concentration reducing individual tenant credit risk
- are comfortable with some retail sector exposure in exchange for best-in-class dividend track record
- want exposure to irreplaceable Las Vegas Strip and gaming real estate assets
- value exceptional rent coverage ratios — gaming operators are highly profitable tenants
- believe gaming is a durable cash-generating business that will support rent for decades
- are comfortable with higher tenant concentration in exchange for unique asset quality
| Metric | O | VICI |
|---|---|---|
| AI scorei | 40.1 | 37.0 |
| AI ranki | #1178 | #1531 |
| Latest closei | $57.32 | $24.11 |
| 1M returni | -7.86% | -6.95% |
| 6M returni | -8.49% | -13.83% |
| 1Y returni | -4.00% | -26.04% |
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | O | VICI |
|---|---|---|
| 1Y ago | $9.7K (-3.0%) started 2025-09-18 | $7.51K (-24.9%) started 2025-09-18 |
| 5Y ago | $12.93K (+29.3%) started 2021-09-20 | $12.33K (+23.3%) started 2021-09-20 |
| 10Y ago | $22.31K (+123.1%) started 2016-09-19 | $27.73K (+177.3%) started 2018-01-02 |
Hypothetical — past performance does not guarantee future results.
| Metric | O | VICI |
|---|---|---|
| Market capi | $58.65B | $28.48B |
| Trailing P/Ei | 45.24 | 10.03 |
| Forward P/Ei | 39.10 | 8.65 |
| Price/Salesi | 9.36 | 8.57 |
| EV/Revenuei | 15.13 | 11.34 |
| Analyst targeti | $68.21 | $32.50 |
| Target upsidei | +10.06% | +25.63% |
| Metric | O | VICI |
|---|---|---|
| Revenue growthi | 9.60% | 5.70% |
| Earnings growthi | 69.20% | -41.40% |
| EPS growthi | +69.20% | -41.40% |
| FCF margini | +26.08% | +6.52% |
| Operating margini | 46.97% | 70.18% |
| Profit margini | 20.90% | 67.50% |
| ROIC proxyi | 3.23% | 9.85% |
| Return on equityi | 3.23% | 9.85% |
| Dividend yieldi | 5.25% | 6.98% |
| Payout ratioi | 236.42% | 69.77% |
| Dividend growth streaki | No increase yet | No increase yet |
| Betai | 0.72 | 0.69 |
| Debt/equityi | 74.72 | 60.28 |
| Current ratioi | 1.53 | 11.24 |
| Quick ratioi | 0.74 | 11.23 |
Over the past year, O and VICI have moved moderately in the same direction (correlation of 0.62), based on daily returns.
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | O | VICI |
|---|---|---|---|
| 1Y | Growthi | -3.03% | -24.94% |
| CAGRi | -3.03% | -24.96% | |
| Volatilityi | 16.39% | 18.38% | |
| Sharpe ratioi | -0.38 | -1.72 | |
| Sortino ratioi | -0.51 | -2.23 | |
| Max drawdowni | 15.41% | 26.74% | |
| Current drawdowni | 15.16% | 26.74% | |
| Avg drawdowni | 5.52% | 13.91% | |
| Ulcer Indexi | 6.48% | 14.98% | |
| Max daily dropi | 3.54% | 4.11% | |
| Max wkly dropi | 6.27% | 8.52% | |
| 5Y | Growthi | +5.41% | -0.45% |
| CAGRi | +1.06% | -0.09% | |
| Volatilityi | 19.00% | 20.90% | |
| Sharpe ratioi | -0.09 | -0.12 | |
| Sortino ratioi | -0.12 | -0.16 | |
| Max drawdowni | 34.47% | 28.94% | |
| Current drawdowni | 15.16% | 28.94% | |
| Avg drawdowni | 12.16% | 8.32% | |
| Ulcer Indexi | 14.03% | 10.32% | |
| Max daily dropi | 5.67% | 5.74% | |
| Max wkly dropi | 8.54% | 12.39% | |
| 10Y | Growthi | +35.78% | +75.38% |
| CAGRi | +3.11% | +6.66% | |
| Volatilityi | 25.57% | 29.19% | |
| Sharpe ratioi | 0.08 | 0.22 | |
| Sortino ratioi | 0.10 | 0.30 | |
| Max drawdowni | 48.28% | 60.21% | |
| Current drawdowni | 15.16% | 28.94% | |
| Avg drawdowni | 12.99% | 8.98% | |
| Ulcer Indexi | 15.25% | 12.27% | |
| Max daily dropi | 24.93% | 28.64% | |
| Max wkly dropi | 42.22% | 45.68% |
| Category | O | VICI |
|---|---|---|
| Company | Realty Income Corporation | VICI Properties Inc. |
| Sector | Real Estate | Real Estate |
| Industry | REIT - Retail | REIT - Diversified |
| Core business | Realty Income is the largest US net lease REIT, known as 'The Monthly Dividend Company' for its uninterrupted monthly dividend paid since 1969. Its 15,000+ property portfolio spans retail, industrial, and gaming across the US and Europe, with tenants including Dollar General, Walgreens, FedEx, and 7-Eleven. Net lease means tenants pay property taxes, insurance, and maintenance, making Realty Income's revenue highly predictable. European expansion is a key growth vector. | VICI Properties is the largest gaming-focused net lease REIT, owning experiential real estate including Caesars Palace, MGM Grand, the Venetian, and other iconic Las Vegas Strip and regional gaming properties. Its tenants — MGM Resorts, Caesars Entertainment, and others — pay rent under long-term triple-net leases with annual escalators tied to CPI. VICI is expanding beyond gaming into non-gaming experiential real estate including golf, spas, and entertainment venues. |
| Investor focus | Investors track AFFO (adjusted funds from operations) per share growth, dividend coverage and growth trajectory (30+ consecutive annual increases), occupancy rates, rent recapture on lease renewals, and European expansion pace. | Investors track AFFO per share growth, rent coverage ratios (how much gaming revenue covers VICI's rent), gaming industry health in Las Vegas and regional markets, tenant credit quality, and diversification into non-gaming experiential properties. |
- Monthly dividend with 30+ consecutive years of annual increases — a dividend royalty among REITs
- Scale at 15,000+ properties provides diversification across tenant, geography, and property type
- Investment-grade tenant base (75%+) reduces credit risk in the portfolio
- Las Vegas Strip properties are irreplaceable real estate assets with no new competitive supply possible
- Gaming operators are legally required to maintain the properties due to their gaming license dependencies
- Rent coverage ratios are exceptionally high — gaming operators generate far more revenue than the rent cost
- Retail tenant concentration — Walgreens, Dollar stores — carries sector-specific risk
- Rising interest rates compress REIT valuations as their yield spreads narrow
- European expansion in a different regulatory and tax environment adds complexity
- Concentrated in gaming — any structural decline in casino revenues would impact rent coverage
- Fewer tenants (MGM, Caesars, etc.) creates more tenant concentration risk than Realty Income
- Non-gaming experiential diversification is still a small portion of the portfolio
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