Latest Ratios: P/E Ratio 10.3x · EV/EBITDA 7.7x · ROE 10.1%. (2015–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $28.6B | $29.9B | $30.6B | $32.4B | $28.5B | $17.4B | $13.0B | $11.2B | $6.9B | $6.7B | — |
| Enterprise Value | $28.1B | $29.3B | $47.7B | $49.5B | $42.9B | $21.6B | $19.8B | $14.9B | $10.4B | $11.6B | — |
| P/E Ratio → | 10.26 | 10.77 | 11.41 | 12.91 | 25.51 | 17.11 | 14.57 | 20.60 | 13.13 | 157.69 | — |
| P/S Ratio | 7.14 | 7.46 | 7.95 | 8.97 | 10.96 | 11.51 | 10.63 | 12.54 | 7.68 | 33.34 | — |
| P/B Ratio | 1.01 | 1.06 | 1.14 | 1.26 | 1.28 | 1.43 | 1.37 | 1.39 | 1.00 | 1.41 | — |
| P/FCF | 11.41 | 11.91 | 12.89 | 14.88 | 14.68 | 19.44 | 14.79 | 16.51 | 13.71 | 51.77 | — |
| P/OCF | 11.40 | 11.91 | 12.85 | 14.85 | 14.67 | 19.38 | 14.74 | 16.45 | 13.68 | 51.00 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.32 | 12.40 | 13.70 | 16.48 | 14.33 | 16.14 | 16.69 | 11.63 | 57.67 | — |
| EV / EBITDA | 7.68 | 8.03 | 13.45 | 14.78 | 26.20 | 14.94 | 21.57 | 17.65 | 13.71 | 78.84 | — |
| EV / EBIT | 7.69 | 8.06 | 13.42 | 14.70 | 25.53 | 15.25 | 16.41 | 18.57 | 13.99 | 109.61 | — |
| EV / FCF | — | 11.69 | 20.10 | 22.73 | 22.08 | 24.20 | 22.45 | 21.98 | 20.75 | 89.56 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 99.2% | 99.2% | 99.3% | 99.3% | 99.1% | 98.6% | 97.3% | 97.9% | 89.0% | 83.2% | 26.9% |
| Operating Margin | 91.1% | 91.1% | 92.1% | 92.6% | 62.8% | 95.7% | 74.5% | 94.2% | 84.4% | 71.6% | 0.0% |
| Net Profit Margin | 69.3% | 69.3% | 69.6% | 69.6% | 43.0% | 67.2% | 72.8% | 61.0% | 58.3% | 21.2% | 16.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.1% | 10.1% | 10.2% | 10.5% | 6.5% | 9.4% | 10.2% | 7.3% | 9.0% | 1.8% | 3.6% |
| ROA | 6.0% | 6.0% | 6.0% | 6.2% | 4.1% | 5.9% | 5.9% | 4.4% | 5.0% | 0.9% | 3.3% |
| ROIC | 7.6% | 7.6% | 6.1% | 6.3% | 4.6% | 6.6% | 4.9% | 5.7% | 5.6% | 2.2% | 0.0% |
| ROCE | 8.0% | 8.0% | 8.0% | 8.3% | 6.0% | 8.5% | 6.1% | 7.0% | 7.3% | 3.0% | 0.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.65 | 0.69 | 0.65 | 0.41 | 0.74 | 0.60 | 0.60 | 1.06 | 0.00 |
| Debt / EBITDA | — | — | 4.97 | 5.26 | 8.91 | 3.45 | 7.71 | 5.69 | 5.41 | 34.52 | 0.00 |
| Net Debt / Equity | — | -0.02 | 0.64 | 0.67 | 0.64 | 0.35 | 0.71 | 0.46 | 0.51 | 1.03 | -0.01 |
| Net Debt / EBITDA | -0.15 | -0.15 | 4.83 | 5.11 | 8.78 | 2.94 | 7.36 | 4.39 | 4.65 | 33.27 | -0.30 |
| Debt / FCF | — | -0.22 | 7.21 | 7.86 | 7.40 | 4.76 | 7.66 | 5.47 | 7.04 | 37.79 | -0.49 |
| Interest Coverage | 4.45 | 4.45 | 4.31 | 4.12 | 3.11 | 3.61 | 3.91 | 3.24 | 3.51 | 1.67 | 1.00 |
Net cash position: cash ($563M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.55 | 2.55 | 27.92 | 28.22 | 28.97 | 9.99 | 8.91 | 4.92 | 5.57 | 2.02 | 1.61 |
| Quick Ratio | 2.55 | 2.55 | 27.92 | 28.22 | 28.97 | 9.99 | 8.91 | 4.92 | 5.57 | 2.02 | 1.24 |
| Cash Ratio | 2.55 | 2.55 | 0.77 | 0.79 | 0.72 | 2.18 | 1.01 | 4.66 | 5.33 | 1.88 | 0.90 |
| Asset Turnover | — | 0.09 | 0.08 | 0.08 | 0.07 | 0.09 | 0.07 | 0.07 | 0.08 | 0.02 | 0.21 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | 37.03 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 6.5% | 6.2% | 5.7% | 4.9% | 4.3% | 4.4% | 4.7% | 4.5% | 3.8% | — | — |
| Payout Ratio | 66.8% | 66.8% | 65.4% | 63.0% | 109.1% | 74.8% | 68.7% | 92.3% | 50.2% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.7% | 9.3% | 8.8% | 7.7% | 3.9% | 5.8% | 6.9% | 4.9% | 7.6% | 0.6% | — |
| FCF Yield | 8.8% | 8.4% | 7.8% | 6.7% | 6.8% | 5.1% | 6.8% | 6.1% | 7.3% | 1.9% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 6.5% | 6.2% | 5.7% | 4.9% | 4.3% | 4.4% | 4.7% | 4.5% | 3.8% | 0.0% | — |
| Shares Outstanding | — | $1.1B | $1.0B | $1.0B | $880M | $577M | $511M | $439M | $367M | $328M | $361M |
Tenant Concentration and Diversification
Based on the provided quarterly data, VICI's P/FFO multiple has trended within a range of 24.7x to 26.8x, suggesting that the market assigns a premium valuation to its unique Las Vegas Strip portfolio compared to broader net-lease REITs that lack similar regulatory moats.
The consistent P/FFO multiple indicates that investors are willing to pay a higher price for the perceived safety of mission-critical gaming assets. This valuation appears to be supported by the company's ability to maintain stable rent growth, though analysts should monitor whether this premium compresses if the experiential pivot fails to deliver comparable risk-adjusted returns.
As reported in the quarterly financial data, VICI maintains NOI margins consistently exceeding 99%, a performance level that underscores the structural efficiency of its triple-net lease model where tenants assume nearly all property-level operating expenses and maintenance obligations.
This extreme margin profile suggests that the company is highly insulated from inflationary pressures on property operating costs. The stability of these margins implies that FFO growth is primarily driven by contractual rent escalators and accretive acquisitions rather than operational improvements, which warrants further investigation into the long-term sustainability of these growth drivers.
According to the historical quarterly figures, VICI's FFO payout ratio has fluctuated between 52.8% and 84.3%, with a ten-quarter average near 65%, suggesting that the dividend remains well-covered by recurring cash flows and provides a significant buffer against potential tenant credit volatility.
The variability in the payout ratio appears linked to the timing of capital raises and acquisition-related FFO dilution rather than fundamental dividend weakness. Investors should monitor the payout ratio closely as the company integrates non-gaming assets, as any sustained increase in this metric could signal a tightening of the safety margin.
Based on the reported financial statements, VICI has maintained a stable debt-to-equity ratio between 0.63 and 0.69 over the last ten quarters, reflecting a disciplined approach to capital structure management while aggressively expanding the portfolio through large-scale acquisitions.
The interest coverage ratio, which has generally remained above 4.0x, suggests that the company maintains adequate capacity to service its debt obligations even in a higher interest rate environment. This leverage profile appears consistent with an investment-grade credit rating, providing the company with necessary flexibility to pursue future growth opportunities.
The most commonly misapplied metric for VICI is the standard P/E ratio, which fails to account for the significant non-cash depreciation charges inherent in real estate accounting, thereby obscuring the company's true cash-generating capacity and leading to an artificially deflated valuation assessment.
Investors should prioritize P/FFO or P/AFFO over P/E, as these metrics adjust for depreciation and provide a more accurate reflection of the cash available for distribution. Relying on P/E ignores the fundamental reality that VICI's assets are long-lived and often appreciate in value, rendering standard accounting depreciation a misleading indicator of economic performance.
Includes 30+ ratios · 11 years · Updated daily
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10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying VICI stock.
VICI Properties Inc.'s current P/E ratio is 10.3x. The historical average is 31.5x.
VICI Properties Inc.'s current EV/EBITDA is 7.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 23.2x.
VICI Properties Inc.'s return on equity (ROE) is 10.1%. The historical average is 7.1%.
Based on historical data, VICI Properties Inc. is trading at a P/E of 10.3x. Compare with industry peers and growth rates for a complete picture.
VICI Properties Inc.'s current dividend yield is 6.52% with a payout ratio of 66.8%.
VICI Properties Inc. has 99.2% gross margin and 91.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.