VICI Properties (VICI)
Market Price (4/15/2026): $28.34 | Market Cap: $30.3 BilSector: Real Estate | Industry: Hotel & Resort REITs
VICI Properties (VICI)
Market Price (4/15/2026): $28.34Market Cap: $30.3 BilSector: Real EstateIndustry: Hotel & Resort REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 6.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%, FCF Yield is 8.3% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 91% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 63%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 63%, CFO LTM is 2.5 Bil, FCF LTM is 2.5 Bil Low stock price volatilityVol 12M is 17% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Travel & Leisure Tech, and Experiential Retail. | Weak multi-year price returns2Y Excs Rtn is -27%, 3Y Excs Rtn is -66% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 56% Key risksVICI key risks include [1] a significant tenant concentration, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 6.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%, FCF Yield is 8.3% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 91% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 63%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 63%, CFO LTM is 2.5 Bil, FCF LTM is 2.5 Bil |
| Low stock price volatilityVol 12M is 17% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Travel & Leisure Tech, and Experiential Retail. |
| Weak multi-year price returns2Y Excs Rtn is -27%, 3Y Excs Rtn is -66% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 56% |
| Key risksVICI key risks include [1] a significant tenant concentration, Show more. |
Qualitative Assessment
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VICI Properties (VICI) stock has remained largely at the same level since 12/31/2025 because of the following key factors:
1. Q4 2025 Earnings with EPS Miss: VICI reported its fourth-quarter 2025 earnings on February 25, 2026, with an Earnings Per Share (EPS) of $0.57, falling short of analysts' consensus estimates of $0.60 by $0.03. While total revenues increased 3.8% year-over-year to $1.0 billion, this slight earnings miss likely tempered investor enthusiasm and contributed to the stock remaining range-bound.
2. Continued Strategic Acquisitions and Major Capital Commitments: The company demonstrated continued growth through strategic capital deployment, including the acquisition of a Canadian casino portfolio for approximately USD 144.4 million. Additionally, VICI increased its commitment to the One Beverly Hills development to $1.5 billion from a previously announced $450 million mezzanine loan. These significant investments, while positive for long-term growth, may have resulted in a neutral short-term market reaction as investors assimilated the capital deployment.
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1. Q4 2025 Earnings with EPS Miss: VICI reported its fourth-quarter 2025 earnings on February 25, 2026, with an Earnings Per Share (EPS) of $0.57, falling short of analysts' consensus estimates of $0.60 by $0.03. While total revenues increased 3.8% year-over-year to $1.0 billion, this slight earnings miss likely tempered investor enthusiasm and contributed to the stock remaining range-bound.
2. Continued Strategic Acquisitions and Major Capital Commitments: The company demonstrated continued growth through strategic capital deployment, including the acquisition of a Canadian casino portfolio for approximately USD 144.4 million. Additionally, VICI increased its commitment to the One Beverly Hills development to $1.5 billion from a previously announced $450 million mezzanine loan. These significant investments, while positive for long-term growth, may have resulted in a neutral short-term market reaction as investors assimilated the capital deployment.
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Stock Movement Drivers
Fundamental Drivers
The 2.5% change in VICI stock from 12/31/2025 to 4/14/2026 was primarily driven by a 3.0% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 4142026 | Change |
|---|---|---|---|
| Stock Price ($) | 27.67 | 28.36 | 2.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,969 | 4,006 | 0.9% |
| Net Income Margin (%) | 70.2% | 69.3% | -1.3% |
| P/E Multiple | 10.6 | 10.9 | 3.0% |
| Shares Outstanding (Mil) | 1,067 | 1,068 | -0.1% |
| Cumulative Contribution | 2.5% |
Market Drivers
12/31/2025 to 4/14/2026| Return | Correlation | |
|---|---|---|
| VICI | 2.5% | |
| Market (SPY) | -5.4% | 11.9% |
| Sector (XLRE) | 7.6% | 63.7% |
Fundamental Drivers
The -10.2% change in VICI stock from 9/30/2025 to 4/14/2026 was primarily driven by a -9.8% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 4142026 | Change |
|---|---|---|---|
| Stock Price ($) | 31.58 | 28.36 | -10.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,926 | 4,006 | 2.0% |
| Net Income Margin (%) | 70.2% | 69.3% | -1.3% |
| P/E Multiple | 12.1 | 10.9 | -9.8% |
| Shares Outstanding (Mil) | 1,056 | 1,068 | -1.1% |
| Cumulative Contribution | -10.2% |
Market Drivers
9/30/2025 to 4/14/2026| Return | Correlation | |
|---|---|---|
| VICI | -10.2% | |
| Market (SPY) | -2.9% | 8.0% |
| Sector (XLRE) | 4.2% | 62.8% |
Fundamental Drivers
The -7.7% change in VICI stock from 3/31/2025 to 4/14/2026 was primarily driven by a -9.8% change in the company's P/E Multiple.| (LTM values as of) | 3312025 | 4142026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.73 | 28.36 | -7.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,849 | 4,006 | 4.1% |
| Net Income Margin (%) | 69.6% | 69.3% | -0.4% |
| P/E Multiple | 12.1 | 10.9 | -9.8% |
| Shares Outstanding (Mil) | 1,055 | 1,068 | -1.2% |
| Cumulative Contribution | -7.7% |
Market Drivers
3/31/2025 to 4/14/2026| Return | Correlation | |
|---|---|---|
| VICI | -7.7% | |
| Market (SPY) | 16.3% | 36.9% |
| Sector (XLRE) | 6.7% | 71.6% |
Fundamental Drivers
The 2.9% change in VICI stock from 3/31/2023 to 4/14/2026 was primarily driven by a 61.2% change in the company's Net Income Margin (%).| (LTM values as of) | 3312023 | 4142026 | Change |
|---|---|---|---|
| Stock Price ($) | 27.57 | 28.36 | 2.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,601 | 4,006 | 54.0% |
| Net Income Margin (%) | 43.0% | 69.3% | 61.2% |
| P/E Multiple | 23.8 | 10.9 | -54.1% |
| Shares Outstanding (Mil) | 964 | 1,068 | -9.8% |
| Cumulative Contribution | 2.9% |
Market Drivers
3/31/2023 to 4/14/2026| Return | Correlation | |
|---|---|---|
| VICI | 2.9% | |
| Market (SPY) | 63.3% | 34.3% |
| Sector (XLRE) | 28.0% | 75.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| VICI Return | 24% | 13% | 4% | -3% | 2% | 2% | 45% |
| Peers Return | 33% | -18% | 16% | -10% | 1% | 9% | 27% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 81% |
Monthly Win Rates [3] | |||||||
| VICI Win Rate | 58% | 50% | 50% | 58% | 42% | 50% | |
| Peers Win Rate | 62% | 45% | 52% | 47% | 57% | 75% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| VICI Max Drawdown | -3% | -11% | -13% | -14% | -3% | -4% | |
| Peers Max Drawdown | -8% | -32% | -10% | -19% | -16% | -7% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GLPI, EPR, MGM, CZR, O. See VICI Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/14/2026 (YTD)
How Low Can It Go
| Event | VICI | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -23.5% | -25.4% |
| % Gain to Breakeven | 30.7% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -60.2% | -33.9% |
| % Gain to Breakeven | 151.3% | 51.3% |
| Time to Breakeven | 341 days | 148 days |
| 2018 Correction | ||
| % Loss | -18.6% | -19.8% |
| % Gain to Breakeven | 22.8% | 24.7% |
| Time to Breakeven | 107 days | 120 days |
Compare to GLPI, EPR, MGM, CZR, O
In The Past
VICI Properties's stock fell -23.5% during the 2022 Inflation Shock from a high on 8/15/2022. A -23.5% loss requires a 30.7% gain to breakeven.
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About VICI Properties (VICI)
VICI Properties is an experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including the world-renowned Caesars Palace. VICI Properties' national, geographically diverse portfolio consists of 29 gaming facilities comprising over 48 million square feet and features approximately 19,200 hotel rooms and more than 200 restaurants, bars and nightclubs. Its properties are leased to industry leading gaming and hospitality operators, including Caesars Entertainment, Inc., Century Casinos Inc., Hard Rock International, JACK Entertainment and Penn National Gaming, Inc. VICI Properties also owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip. VICI Properties' strategy is to create the nation's highest quality and most productive experiential real estate portfolio.
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```htmlHere are 1-3 brief analogies for VICI Properties:
- It's like Simon Property Group, but instead of malls, they own the real estate for casinos and entertainment resorts.
- Think of it as the landlord for Caesars Palace and other major casinos, similar to how Prologis is the landlord for many warehouses.
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- Leasing of Gaming and Hospitality Properties: VICI Properties generates revenue by leasing its extensive portfolio of gaming facilities, hotels, restaurants, and entertainment venues to leading operators.
- Leasing of Golf Courses: The company also leases its championship golf courses to operators.
- Real Estate Development & Investment: VICI holds undeveloped land for future development or leasing opportunities.
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```htmlVICI Properties (symbol: VICI) sells primarily to other companies. Its major customers are the gaming and hospitality operators that lease its properties. These include:
- Caesars Entertainment, Inc. (symbol: CZR)
- Century Casinos Inc. (symbol: CNTY)
- Hard Rock International
- JACK Entertainment
- Penn National Gaming, Inc. (symbol: PENN)
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Edward Pitoniak, Chief Executive OfficerMr. Pitoniak was appointed CEO of VICI Properties in October 2017 and is a co-founder of the company. He previously served as Vice Chairman of Realterm, a private equity real estate manager. From 2004 to 2009, he was the President and Chief Executive Officer of bcIMC Hospitality Group (formerly Canadian Hotel Income Properties Real Estate Investment Trust, "CHIP"), which he led to a sale in 2007. He also served as a director of Regal Lifestyle Communities until its sale in 2015 and was Chairman of InnVest, a publicly listed REIT, when it was sold and taken private in 2016. These roles demonstrate a pattern of managing companies and being involved in their sale to acquirers, including those with private equity backing. David Kieske, Executive Vice President, Chief Financial Officer
Mr. Kieske serves as VICI's Chief Financial Officer and brings over 20 years of real estate experience. He joined VICI from Wells Fargo Securities / Eastdil Secured, where he was a Managing Director in the Real Estate & Lodging Investment Banking Group, providing capital raising and financial advisory services. Throughout his career, he has been involved in over $75 billion of real estate transactions, including public and private debt, equity, and equity-linked offerings, as well as mergers, acquisitions, and asset transactions. His prior experience includes working in the Real Estate & Lodging Investment Banking Groups at Citigroup and Bank of America, and earlier as a senior accountant at Deloitte & Touche and Assistant Vice President & Corporate Controller at TriNet Corporate Realty Trust. John Payne, President & Chief Operations Officer
Mr. Payne has been with VICI since its inception in October 2017 and has over 23 years of experience in the gaming and hospitality industry. Prior to joining VICI, he served as the Chief Executive Officer of Caesars Entertainment Operating Co. from August 2014 to October 2017, where he held numerous leadership roles. He has been the head of five different companies. Samantha Gallagher, Executive Vice President, General Counsel and Secretary
Ms. Gallagher joined VICI Properties in May 2018. She has over 15 years of experience in real estate, capital markets, and corporate law. Before VICI, she was Executive Vice President, General Counsel and Secretary at First Potomac Realty Trust, where she oversaw the negotiation and documentation of its merger with Government Properties Income Trust in October 2017. She also advised REITs and other real estate companies as a Partner at global law firms. Gabriel Wasserman, Chief Accounting Officer and Managing Director, V.E.C.S.
Mr. Wasserman is responsible for VICI's accounting, tax, treasury, and SEC reporting functions, and leads VICI Experiential Credit Solutions (V.E.C.S.). Prior to joining VICI, he was the Controller of Blackstone Mortgage Trust (NYSE: BXMT), a company associated with the private equity firm Blackstone.
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The key risks to VICI Properties' business are primarily concentrated around its tenant relationships and the broader economic and industry landscape.
- Tenant Concentration Risk: A significant portion of VICI Properties' rental income is derived from a limited number of major tenants, predominantly in the gaming sector. As of year-end 2025, Caesars accounted for 39% of VICI's total annualized rent, while MGM contributed 24%. Any financial distress, bankruptcy, or default by these major clients could have a substantial adverse impact on VICI's revenue streams and overall financial health.
- Sensitivity to the Gaming and Hospitality Industries and Economic Downturns: VICI Properties' business model is deeply intertwined with the performance of the gaming and experiential hospitality sectors. These industries are cyclical and highly susceptible to economic downturns, fluctuations in tourism, and regional economic conditions. A prolonged economic recession or a significant pullback in consumer spending could pressure the financial performance of VICI's tenants, potentially affecting their ability to meet rental obligations.
- Interest Rate Sensitivity and Debt & Financing Risks: As a real estate investment trust (REIT) with a substantial debt load, VICI Properties is exposed to risks associated with rising interest rates. Higher interest rates can increase borrowing costs for new debt and refinancing existing maturities, potentially compressing profit margins and impacting property valuations. The company has significant debt maturities, including $500 million in September 2026 and $1.25 billion in December 2026, which require successful refinancing in potentially volatile market conditions.
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Addressable Markets for VICI Properties
VICI Properties operates in the experiential real estate sector, primarily focusing on gaming, hospitality, and entertainment destinations. The addressable markets for its main products and services, which involve leasing properties to industry-leading operators, are largely within the United States.
U.S. Gaming Real Estate Investment Trusts (REITs)
As of July 31, the equity market capitalization for U.S. gaming REITs stood at approximately $47 billion. These REITs collectively owned properties with a gross asset value of $26.9 billion at the end of 2024, comprising 116 properties across 21 states.
U.S. Lodging/Resorts Real Estate Investment Trusts (REITs)
U.S. lodging/resorts REITs held approximately $80 billion in total property holdings as of the fourth quarter of 2024.
U.S. Hospitality Real Estate Market
The broader U.S. hospitality real estate market is substantial, with a projected value of $1.03 trillion in 2025, expected to reach $1.08 trillion in 2026, and an estimated $1.39 trillion by 2031, growing at a 5.11% CAGR.
Experiential Real Estate Sector
The experiential real estate sector presents a growth opportunity exceeding $100 billion for REITs, including VICI Properties. This sector benefits from a rising consumer preference for experiences over tangible goods. The direct output of travel and tourism in the U.S., a significant component of the experiential economy, reached $1.2 trillion in 2023.
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Here are 3-5 expected drivers of future revenue growth for VICI Properties (symbol: VICI) over the next 2-3 years:
- Contractual Rent Escalators: VICI Properties' leases include built-in annual rent escalators, many of which are CPI-linked, providing a predictable and stable source of revenue growth without requiring significant new capital investment. This contractual nature offers a reliable baseline for increasing rental income over time.
- Accretive Acquisitions and Strategic Investments: The company actively pursues accretive acquisitions of market-leading gaming, hospitality, and entertainment destinations. For instance, VICI announced and closed $1.8 billion of capital acquisitions and investments in 2023, and formed new partnerships in 2025 committing $2.1 billion of capital with a weighted average initial yield of 8.9%. A notable example for 2026 is the anticipated closure of a $1.16 billion sale-leaseback deal involving seven Nevada casino properties from Golden Entertainment, which will add a fifteenth tenant to its portfolio.
- Diversification into New Experiential Sectors: VICI Properties is strategically broadening its investment focus beyond traditional gaming to include non-gaming experiential real estate. The company is actively exploring opportunities in sectors such as collegiate sports infrastructure and live entertainment. This diversification strategy aims to expand its tenant base and unlock new avenues for revenue generation.
- Reinvestment of Free Cash Flow: A significant driver of future growth is the company's disciplined approach to reinvesting its free cash flow. This reinvestment is primarily directed towards new relationships and investments in both gaming and non-gaming properties, which in turn leads to growth in portfolio quality, geographic and tenant diversity, and ultimately, income.
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Share Repurchases
- VICI Properties generally does not engage in significant share repurchases, beyond accounting for withholding taxes on stock compensation.
- The company's buyback yield for fiscal years ending December 2020 to 2024 averaged a negative 8.6%, indicating net share issuance rather than repurchases.
Share Issuance
- In 2022, VICI issued 214.6 million shares of common stock as part of the $17.2 billion acquisition of MGM Growth Properties.
- In 2021, the company completed an equity offering of 115,000,000 shares for a total value of $3.4 billion, which included 50,000,000 shares sold through forward sale agreements.
- VICI frequently utilized its ATM program and forward sale agreements, settling approximately $1.3 billion in January 2023 (from 2022 agreements), raising $390.2 million in 2023, settling $115.2 million in 2024, and selling $254.2 million in 2025, alongside other settlements of $296.0 million and $79.8 million in 2025.
Outbound Investments
- In 2021, VICI acquired MGM Growth Properties for $17.2 billion and The Venetian Resort Las Vegas for $4 billion.
- In 2023, the company committed approximately $1.8 billion of capital, including the $432.9 million acquisition of 38 Bowlero entertainment centers and the $342.9 million acquisition of the leasehold interest of Chelsea Piers. Additionally, VICI purchased the remaining interests of Blackstone in MGM Grand Las Vegas and Mandalay Bay Resort for $5.5 billion.
- In 2025, VICI announced approximately $2.1 billion in capital commitments, highlighted by a $1.16 billion sale-leaseback of seven Golden Entertainment casino properties and a $450.0 million mezzanine loan for the One Beverly Hills development. In 2024, it committed approximately $1.1 billion, including up to $700.0 million for reinvestment projects at The Venetian Resort Las Vegas and a $250.0 million mezzanine loan for Great Wolf Resorts.
Capital Expenditures
- Direct capital expenditures for VICI Properties primarily consist of additions to property, plant, and equipment related to its golf course operations.
- Significant capital deployed for property improvements at leased assets or for new developments are generally categorized as "capital commitments," "acquisitions," or "loans" with tenants, rather than traditional capital expenditures.
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| 03062026 | VNO | Vornado Realty Trust | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -3.5% | -3.5% | -8.3% |
| 02272026 | KRC | Kilroy Realty | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -3.6% | -3.6% | -5.4% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 41.73 |
| Mkt Cap | 11.5 |
| Rev LTM | 4,911 |
| Op Inc LTM | 1,708 |
| FCF LTM | 1,143 |
| FCF 3Y Avg | 1,209 |
| CFO LTM | 1,906 |
| CFO 3Y Avg | 1,876 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.1% |
| Rev Chg 3Y Avg | 8.6% |
| Rev Chg Q | 5.1% |
| QoQ Delta Rev Chg LTM | 1.3% |
| Op Mgn LTM | 51.3% |
| Op Mgn 3Y Avg | 50.3% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 62.6% |
| CFO/Rev 3Y Avg | 62.8% |
| FCF/Rev LTM | 57.2% |
| FCF/Rev 3Y Avg | 61.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 11.5 |
| P/S | 7.0 |
| P/EBIT | 10.7 |
| P/E | 15.8 |
| P/CFO | 10.9 |
| Total Yield | 6.6% |
| Dividend Yield | 2.5% |
| FCF Yield 3Y Avg | 7.5% |
| D/E | 0.7 |
| Net D/E | 0.6 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -0.2% |
| 3M Rtn | 6.0% |
| 6M Rtn | 9.9% |
| 12M Rtn | 12.4% |
| 3Y Rtn | 7.5% |
| 1M Excs Rtn | -5.3% |
| 3M Excs Rtn | 6.6% |
| 6M Excs Rtn | 4.1% |
| 12M Excs Rtn | -16.7% |
| 3Y Excs Rtn | -62.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Real estate investment activities | 3,849 | 3,612 | |||
| Golf revenues | 36 | 31 | |||
| Income from lease financing receivables, loans and securities | 1,041 | 283 | |||
| Income from sales-type leases | 1,464 | 1,168 | |||
| Other income | 60 | 28 | |||
| Golf Course Business | 24 | ||||
| Real Property Business | 1,202 | ||||
| Total | 3,849 | 3,612 | 2,601 | 1,510 | 1,226 |
Price Behavior
Price Behavior
| Market Price | $28.36 | |
| Market Cap ($ Bil) | 30.3 | |
| First Trading Date | 02/01/2018 | |
| Distance from 52W High | -12.5% | |
| 50 Days | 200 Days | |
| DMA Price | $28.37 | $29.50 |
| DMA Trend | down | indeterminate |
| Distance from DMA | -0.0% | -3.9% |
| 3M | 1YR | |
| Volatility | 18.9% | 16.3% |
| Downside Capture | -0.01 | 0.10 |
| Upside Capture | 23.19 | 8.45 |
| Correlation (SPY) | 13.2% | 13.4% |
VICI Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.41 | 0.29 | 0.18 | 0.11 | 0.35 | 0.42 |
| Up Beta | 0.21 | -0.36 | -0.69 | -0.24 | 0.39 | 0.40 |
| Down Beta | 0.33 | 0.58 | 0.53 | 0.28 | 0.42 | 0.41 |
| Up Capture | -10% | 30% | 13% | -8% | 12% | 14% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 9 | 21 | 30 | 55 | 119 | 369 |
| Down Capture | 81% | 30% | 23% | 33% | 44% | 74% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 12 | 20 | 32 | 69 | 128 | 367 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VICI | |
|---|---|---|---|---|
| VICI | 0.1% | 16.6% | -0.17 | - |
| Sector ETF (XLRE) | 16.4% | 13.9% | 0.86 | 66.1% |
| Equity (SPY) | 24.2% | 12.9% | 1.49 | 16.2% |
| Gold (GLD) | 53.4% | 27.6% | 1.55 | 5.2% |
| Commodities (DBC) | 26.8% | 16.2% | 1.47 | -0.4% |
| Real Estate (VNQ) | 18.7% | 13.8% | 1.00 | 64.7% |
| Bitcoin (BTCUSD) | -6.8% | 42.9% | -0.05 | 10.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VICI | |
|---|---|---|---|---|
| VICI | 4.9% | 21.1% | 0.16 | - |
| Sector ETF (XLRE) | 4.7% | 19.0% | 0.15 | 73.7% |
| Equity (SPY) | 11.1% | 17.0% | 0.50 | 50.8% |
| Gold (GLD) | 22.5% | 17.8% | 1.03 | 11.4% |
| Commodities (DBC) | 11.7% | 18.8% | 0.51 | 15.8% |
| Real Estate (VNQ) | 3.9% | 18.8% | 0.11 | 75.8% |
| Bitcoin (BTCUSD) | 5.8% | 56.5% | 0.32 | 19.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VICI | |
|---|---|---|---|---|
| VICI | 7.7% | 29.1% | 0.37 | - |
| Sector ETF (XLRE) | 6.6% | 20.4% | 0.28 | 71.8% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 58.0% |
| Gold (GLD) | 14.3% | 15.9% | 0.75 | 7.7% |
| Commodities (DBC) | 8.8% | 17.6% | 0.42 | 24.9% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 76.4% |
| Bitcoin (BTCUSD) | 67.7% | 66.9% | 1.07 | 18.1% |
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Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/30/2025 | 1.6% | 0.9% | -3.6% |
| 7/30/2025 | 0.2% | 1.5% | 3.0% |
| 2/20/2025 | 1.7% | 5.1% | 3.9% |
| 10/31/2024 | -1.0% | -2.6% | 1.4% |
| 7/31/2024 | 0.3% | 0.7% | 5.8% |
| 2/22/2024 | 1.2% | 0.8% | -1.6% |
| 10/25/2023 | -0.0% | 1.1% | 4.0% |
| 7/26/2023 | -2.5% | -4.3% | -7.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 13 |
| # Negative | 8 | 8 | 8 |
| Median Positive | 1.2% | 1.6% | 3.9% |
| Median Negative | -1.3% | -4.2% | -5.3% |
| Max Positive | 3.7% | 8.6% | 18.3% |
| Max Negative | -4.9% | -11.8% | -56.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 05/01/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/27/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Adjusted Funds From Operations (AFFO) | 2.51 Bil | 2.52 Bil | 2.52 Bil | 0.2% | Raised | Guidance: 2.51 Bil for 2025 | |
| 2025 Adjusted Funds From Operations (AFFO) per diluted share | 2.36 | 2.37 | 2.37 | 0.2% | Raised | Guidance: 2.36 for 2025 | |
Prior: Q2 2025 Earnings Reported 7/30/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Adjusted Funds From Operations (AFFO) | 2.50 Bil | 2.51 Bil | 2.52 Bil | 1.0% | Raised | Guidance: 2.48 Bil for 2025 | |
| 2025 Adjusted Funds From Operations (AFFO) per diluted share | 2.35 | 2.36 | 2.37 | 0.6% | Raised | Guidance: 2.35 for 2025 | |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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