VICI
Unloved QualityAI neutralVICI Properties Inc. · Real Estate · United States · $26.2B cap · $251.2M/day traded
$24.94 -0.2% · close 11 Nov · scored 12 Nov
Unloved Quality: Strong and cheap, but the market has not warmed to it.
As of 12 Nov 2026, the MoatMap Score for VICI Properties Inc. (VICI) is 70/100, ranked against 25,000+ stocks in 38 markets (Quality 68, Value 55, Momentum 43, each scored against its sector).
Does the score work? Each tenth of the ranking, tracked monthly. See the record →
VICI Properties owns Las Vegas and regional casino real estate under very long triple-net leases with inflation-linked escalators, giving it highly predictable cash flow. Its dividend yield recently touched a record 7.64%, reflecting pressure on real estate as rates stay high. The business is sound, but it trades as a bond proxy, and its growth relies on buying assets with borrowed and newly issued capital, which gets harder while yields stay elevated.
ABOUT VICI PROPERTIES INC.
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VICI Properties Inc. (VICI) is an experiential real estate investment trust specializing in gaming and entertainment destinations. The company's competitive moat is its portfolio of high-quality, geographically diverse casino and hospitality properties, underpinned by long-term, triple-net lease agreements with leading operators. This structure provides stable, predictable revenue streams with minimal landlord responsibilities, making it a unique player in the REIT sector.
FINANCIAL SUMMARY (USD)
| Year | 2022 | 2023 | 2024 | 2025 | CAGR | TTM | 2026E | 2027E | Fwd CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2.6B | 3.6B | 3.8B | 4.0B | 15.5% | 4.2B | 4.2B | 4.4B | 4.3% |
| EPS | 1.27 | 2.48 | 2.56 | 2.61 | 27.1% | 2.16 | 2.33 | 2.96 | 6.5% |
| Shares | 963.1M | 1.0B | 1.1B | 1.1B | +11.0% | 1.1B | — | — | — |
| Debt | 14.6B | 17.6B | 17.7B | 17.7B | 6.7% | 17.8B | — | — | — |
| Equity | 21.9B | 25.3B | 26.5B | 27.8B | 8.2% | — | — | — | — |
| Op CF | 1.9B | 2.2B | 2.4B | 2.5B | 8.9% | 2.7B | — | — | — |
| Inv CF | -9.3B | -2.9B | -922.8M | -904.8M | — | — | — | — | — |
| Fin CF | 6.8B | 1.0B | -1.5B | -1.6B | — | — | — | — | — |
No clear trend: not near its 52-week low, and not in a steady uptrend.
Calmer than 92% of stocks we rank over the past year (volatility 20% a year).
How this is worked out
The MoatMap Score weighs the business, its price and its trend. The price check reads only the chart: the price side of the Momentum score, in words.
The rules: Still falling is a new 52-week low in the last two weeks, at least 25% below the high. Finding a floor is no new low since. Turning up is 20 or more trading days without a new low, at least 10% off it, and back above a rising 50-day average. In an uptrend is above the 200-day average and within 15% of the high.
In 2,112 US drawdowns since 2001, buying while the price was still falling was followed by a further 20% drop 42% of the time. Waiting for a turn (the Turning up rule above) cut that to 33%, at about 7% higher prices and with no better returns. Part of that cut is simply not buying: 13% of falls never turned, and waiting kept those out. Among turns that were bought, 38% still fell another 20%, and 33% of turns were followed by a new low within six months. The benefit was largest in crashes such as 2008 and 2020.
What it measures: how much the price moved day to day over the past year, scaled to a yearly figure (annualised volatility) and ranked against every stock we cover. Very calm under 20% a year, Calm 20 to 30%, Average 30 to 40%, Bumpy 40 to 55%, Very bumpy above that.
What we found: across about 13,500 stocks in 34 markets (2002 to 2025), past swings were a good guide to the next year's, and bumpier stocks fell further. How much further changed too much between eras to put a number on it.
Calm is not safe: a calm stock can still slide steadily.
Rules fixed before any data was fetched. Describes the chart, not a recommendation.
SCORE BREAKDOWN
FUNDAMENTALS
SECTOR PEERS
Closest peers in Real Estate, ranked by industry match, size, and score similarity. Cross-listings of VICI are excluded.
| Ticker | Company | Mkt Cap | Score |
|---|---|---|---|
| VICI | VICI Properties Inc.(you) | $26.2B | 70 |
| WPC | W. P. Carey Inc. | $14.6B | 48 |
| AAT | American Assets Trust, Inc. | $1.7B | 54 |
| BNL | Broadstone Net Lease, Inc. | $3.7B | 35 |
| AHRT | AH REALTY TRUST INC | $585M | 67 |
| CTO | CTO Realty Growth, Inc. | $741M | 60 |
| GNL | Global Net Lease, Inc. | $1.7B | 42 |
| ESRT | Empire State Realty Trust, Inc. | $1.5B | 42 |
| OLP | One Liberty Properties, Inc. | $489M | 51 |
| FVR | FrontView REIT, Inc. | $536M | 47 |
Peer medians: ROE 4.2% · P/E 24.0x · Gross margin 65.4%
Company Deep Dive
A 10,000-word report: the business and its segments, what management promised on earnings calls and whether it delivered, the competition, and how things could turn out.