VICI Properties

VICI

REIT - Diversified · Real Estate

Exchange

New York Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Exceptional

Stability

Strong

Valuation

Strong

Dividends

Strong

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Winston Score History

The full picture

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.

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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

+5.7% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-41.5% YoY

YoY Growth Rate

Earnings declining

Insider Activity

0.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$47.3B 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 6% 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

Profit per sale

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

72.9%

Excellent — 72.9% operating margin

Return on the money invested

ROCE

7.9%

Weak — 7.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+4.6%

Slow sales growth (+4.6% YoY)

Profit growth

EPS YoY

-1.1%

Earnings shrinking (-1.1% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

95%

Turns 95% of profit into real cash

Spare cash per sale

FCF Margin

64.2%

Converts sales into free cash efficiently (64.2%)

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

What it owes vs what it owns

Debt / Equity

0.58

Conservative — low debt load (0.58)

Covers its interest

Interest Cover

4.43x

Adequate interest coverage (4.4x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

10.0x

no trend

Attractive valuation — P/E 10.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+1.2

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

6.82%

no trend

Healthy income — 6.82% yield

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

Dividend record

Dividend Growth

+4.0%

no trend

Dividend growing modestly (4.0% YoY)

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