VICI Properties

VICI

REIT - Specialty · Real Estate

Price

$26.87

-0.28 (-1.03%)

Market Cap

$28.72B

Exchange

New York Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+84.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 577.1M (2021) → 1.06B (2025)

VICI Properties is a real estate company that owns the land and buildings of large casinos, hotels, and entertainment venues across the United States. Its tenants include well-known casino operators like Caesars Entertainment and MGM Resorts, which pay rent to use properties such as Caesars Palace and the MGM Grand on the Las Vegas Strip. VICI is one of the largest owners of gaming real estate in the country.

VICI makes money by collecting rent from long-term lease agreements with its casino tenants, which is a stable and predictable revenue model. It operates almost entirely in the United States and has a market value of around $30 billion. Its main competitive advantage is that its leases are long-term and triple-net, meaning tenants cover most property expenses, which explains the unusually high margins. The key risk is that VICI's income depends heavily on a small number of large tenants, so financial trouble at any one of them could meaningfully hurt the business.

Winston Score History

Politician Trades

14 trades / 12mo

9 Congressional buys and 5 sells on VICI in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+3.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+60.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.4%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

$480M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

VICI Properties is growing revenue at 3% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

99.2%

Premium pricing power — 99.2% gross margin

Operating Margin

107.5%

Excellent — 107.5% operating margin

ROCE

2.4%

Weak — 2.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+4.3%

Slow sales growth (4.3% YoY)

EPS YoY

+16.8%

Earnings growing fast (16.8% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

82%

Modest — 82% of profit becomes cash

FCF Margin

62.9%

Converts sales into free cash efficiently (62.9%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.60

Conservative — low debt load (0.60)

Interest Cover

4.81x

Adequate interest coverage (4.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

9.2x

Attractive valuation — P/E 9.2

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+0.3

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

6.90%

Healthy income — 6.90% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

+4.0%

Dividend growing modestly (4.0% YoY)

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