VICI
VICI Properties Inc.
Real Estate · REIT - Diversified · United States · Stock
Score Breakdown
Scored for Safe Long-Term Investing profile
Sub-scores are 0–20 each; Model Score is weighted by your selected investment goal. How it works →
Why Ranked Here
- Near-top profitability with a 69.3% net margin and 70.4% operating margin anchors the composite score, reflecting a highly efficient business model.
- Strong financial health — a 0.6 debt-to-equity ratio and $46+ billion asset base — adds stability and supports the Low risk rating.
- Growth and momentum scores are moderate, reflecting positive but slow trajectories and some quarterly earnings volatility, which keeps the total score at 64.5 rather than in the highest tier.
Why Not Higher
- Revenue, net income, and EPS all grew at single-digit rates in FY2025, and quarterly net income showed a pronounced dip in 2025Q4, limiting the growth and momentum contributions to the composite score.
- The absence of any assigned macro theme means no thematic tailwind contributed to the score, and the 66.8% dividend payout ratio, while sustainable, leaves limited room for accelerated dividend growth.
Data Confidence
10 / 10
Very High — full data coverage
Why This Score
Grounded in figures from this company's SEC EDGAR filings — not a restatement of the score itself.
Revenue grew from FY2024's $3,849,205,000 to FY2025's $4,006,116,000, a gain of +4.1%. Net income rose +3.6% over the same period, and diluted EPS increased from $2.56 in FY2024 to $2.61 in FY2025, a +2.0% gain.
The model reflects modest but consistent top-line and bottom-line expansion. Single-digit percentage growth across all three metrics places the score in the middle of the range, rewarding positive trajectory without signaling high-velocity growth.
In FY2025, VICI posted a net margin of 69.3% and an operating margin of 70.4%, with a return on assets of 5.9%.
Margins above 69% signal that the vast majority of revenue flows through to income, which the model rewards heavily. The return on assets of 5.9% in FY2025, while moderate in absolute terms, is consistent with a large asset-base REIT structure and contributes to the near-top profitability score.
In FY2025, VICI reported a debt-to-equity ratio of 0.6 and total assets of $46,724,168,000.
A debt-to-equity ratio of 0.6 in FY2025 indicates a relatively conservative leverage profile for a large-scale REIT, and the substantial total asset base of over $46 billion reflects the scale of the portfolio. The model appears to reward this combination of manageable leverage and asset depth with a high financial health score.
Quarterly revenue showed steady incremental growth across the last four reported quarters: $1,001,334,000 in 2025Q2, $1,007,488,000 in 2025Q3, $1,013,090,000 in 2025Q4, and $1,018,521,000 in 2026Q1. Net income and operating income, however, were more volatile, with net income dipping to $604,767,000 in 2025Q4 before recovering to $872,390,000 in 2026Q1, and operating income following a similar pattern.
The model appears to credit the consistent revenue progression while discounting the score due to the pronounced dip and recovery in net income and operating income, which introduces uncertainty about earnings stability even as top-line momentum remains intact.
VICI's dividends per share have grown each year from $1.50 in FY2022 to $1.61 in FY2023, $1.695 in FY2024, and $1.765 in FY2025. The dividend payout ratio in FY2025 was 66.8% of net income.
The consistent annual dividend growth across FY2022 through FY2025 demonstrates a reliable and rising income stream for shareholders. The model likely tempers the score given the 66.8% payout ratio in FY2025, which, while sustainable, leaves less room for accelerated dividend growth or reinvestment relative to peers with lower payout ratios.
VICI is not currently assigned to any of the 24 tracked macro themes in the model.
The absence of a theme assignment means no thematic tailwind contributed to this component of the score. This is a neutral characteristic of the model's current classification, not a reflection of the company's business quality.
Research Summary
AI-generated analysis reflects data and conditions as of the report date shown above. Verify any specific figures through primary sources before acting on this analysis.
VICI Properties Inc. earned a composite score of 64.5/100 and is classified as a Core Holding Candidate with a Low risk rating, reflecting a business that combines exceptional profitability with modest but consistent growth. In FY2025, VICI generated revenue of $4,006,116,000, a net margin of 69.3%, and an operating margin of 70.4%, underscoring the efficiency with which the company converts revenue into income. Financial health is supported by a conservative debt-to-equity ratio of 0.6 and a total asset base exceeding $46 billion, while the dividend has grown steadily from $1.50 per share in FY2022 to $1.765 in FY2025. The score is tempered by single-digit growth rates, quarterly earnings volatility, and the absence of any assigned macro theme tailwind.
Plain English
VICI is a large real-estate company that keeps nearly 70 cents of every dollar it earns as profit, carries relatively low debt for its size, and has raised its dividend every year since 2022 — but its overall growth is slow and steady rather than fast, which keeps its score in the middle of the range.
Bull Case vs. Bear Case
Bull Case
- Exceptional profitability: VICI's FY2025 net margin of 69.3% and operating margin of 70.4% mean the vast majority of revenue flows directly to the bottom line, a rare level of earnings efficiency.
- Conservative balance sheet: A debt-to-equity ratio of just 0.6 paired with over $46 billion in total assets reflects a large, well-capitalized REIT that is not over-leveraged relative to its scale.
- Consistent dividend growth: Dividends per share have risen every year from $1.50 in FY2022 to $1.765 in FY2025, demonstrating a reliable and growing income stream for shareholders.
Bear Case
- Slow top-line expansion: Revenue grew only 4.1% year-over-year from FY2024 to FY2025, and diluted EPS rose just 2.0%, signaling steady but low-velocity growth that limits upside potential.
- Quarterly earnings volatility: Net income dropped to $604,767,000 in 2025Q4 before recovering to $872,390,000 in 2026Q1, introducing uncertainty about near-term earnings stability despite consistent revenue progression.
- No macro theme tailwind: VICI is not assigned to any of the 24 tracked macro themes, meaning the model captures no thematic momentum or sector-level catalyst contributing to its score.
What Could Change the Picture
Bullish Triggers
- Acceleration in annual revenue or EPS growth beyond the current single-digit pace would signal that the business is entering a higher-velocity expansion phase and could lift the growth component of the score.
- Smoothing of quarterly net income volatility — particularly avoiding the type of dip seen in 2025Q4 — would strengthen confidence in earnings stability and support a higher momentum assessment.
Bearish Triggers
- A meaningful increase in the debt-to-equity ratio from its current 0.6 level would erode the conservative leverage profile that underpins the strong financial health score.
- A halt or reversal in the annual dividend growth trend — which has risen each year from FY2022 through FY2025 — would undermine the income reliability thesis central to the bull case.
Risk Profile
Low RiskVICI's Low risk rating is supported by a debt-to-equity ratio of 0.6 and a total asset base of over $46 billion, indicating a conservatively leveraged balance sheet relative to its scale. The primary near-term risk flag is the volatility in quarterly net income and operating income, where net income fell to $604,767,000 in 2025Q4 before recovering to $872,390,000 in 2026Q1, suggesting that earnings can fluctuate even when top-line revenue remains on a steady upward path.
This report is for educational and research purposes only. It does not constitute financial, investment, legal, or tax advice — always conduct your own due diligence before making investment decisions.