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VICI Properties

VICI
57
REIT - Diversified · Real Estate
Price
$23.60
+0.14 (+0.60%)
Market Cap
$25.99B
Exchange
New York Stock Exchange
Winston Score
57
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
22/30
Growth
Mixed
5/20
Cash Flow
Exceptional
9/10
Stability
Strong
7/10
Valuation
Strong
8/10
Ownership
Weak
2/15
Dividends
Strong
4/5

57 of 100 counted points = Winston Score 57.

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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)

§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.

Politician Trades

19 trades / 12mo

9 Congressional buys and 10 sells on VICI in the last 12 months.

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Growth Profile

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

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

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)
9.1x
Attractive valuation — P/E 9.1

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

Cheaper or dearer next year
P/E vs Forward
+1.6
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
8.04%
Healthy income — 8.04% yield

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

Dividend record
Dividend Growth
+3.6%
Dividend growing modestly (3.6% YoY)
Payout Ratio
69%
no trend
Most of the profit goes out as dividends. Little left to reinvest, and less cushion if earnings dip.

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