VICI Properties Inc. (VICI) Stock Valuation — PE Analysis
REIT - Specialty · NYSE
Current Price
$28.52
PE Ratio (TTM)
9.8x
Intrinsic Value
$33.44
+14.7% margin of safety
COMPETITIVE MOAT
↑Long-Term Leases
VICI's properties are leased under long-term agreements, providing predictable revenue streams. These contracts lock in tenants and rental income for extended periods, offering stability.
↑Prime Real Estate Portfolio
The company owns iconic entertainment and gaming properties in prime locations. This unique and irreplaceable asset base creates a significant barrier to entry for competitors.
↑Tenant Diversification
VICI's portfolio is diversified across multiple tenants, reducing reliance on any single operator. This spreads risk and enhances financial resilience.
INVESTMENT RISKS
↓Interest Rate Sensitivity
Rising interest rates can increase VICI's borrowing costs and potentially depress property valuations. This impacts profitability and the cost of capital.
↓Tenant Financial Health
The financial stability of VICI's tenants is crucial for its revenue. A downturn in the gaming or entertainment industry could negatively affect tenant performance and lease payments.
↓Lease Renewal Uncertainty
While leases are long-term, eventual renewals present a risk. Tenants may seek renegotiated terms or choose not to renew, impacting future income.
Base case
VICI base case PE valuation
A base case PE valuation for VICI estimates a fair value of about $33.44 per share, against a current price of $28.52. The model assumes 3.4% annual earnings growth, a 10x target PE multiple, and a 10% discount rate.
Intrinsic Value
$33.44
Margin of safety
+14.7%
Expected annual return
+3.2%
Base case assumptions: 3.4% annual earnings growth, 10x target PE, 10% discount rate, 5 year projection. Data as of 2026-06-12.
This base case uses default assumptions and is not financial advice. The fair value changes significantly when the target PE or earnings growth rate changes. Open the calculator to set your own assumptions and see the full sensitivity range.
Customize the VICI PE valuation
Adjust the target PE, earnings growth, and discount rate to see how the fair value and margin of safety for VICI Properties Inc. respond.
Open PE Calculator for VICICompany Overview
VICI Properties functions as a specialized real estate investment trust dedicated to experiential properties. The company boasts an extensive collection of premier gaming, hospitality, and entertainment venues, notably including the globally recognized Caesars Palace. Its diverse and nationally distributed portfolio encompasses 29 gaming facilities, spanning over 48 million square feet. These sites collectively feature approximately 19,200 hotel rooms and more than 200 distinct dining, bar, and nightlife establishments. VICI's assets are leased to leading operators in the gaming and hospitality sectors, such as Caesars Entertainment, Century Casinos, Hard Rock International, JACK Entertainment, and Penn National Gaming. Beyond its core properties, VICI also holds four championship golf courses and possesses 34 acres of undeveloped land strategically located adjacent to the Las Vegas Strip. The company's fundamental objective is to cultivate the United States' most valuable and high-performing experiential real estate portfolio.
Financial Metrics — VICI PE Stock Valuation Data
PE Ratio (TTM)
9.8x
PEG Ratio
0.58
Earnings Yield
10.19%
ROE (TTM)
11.2%
Revenue/Share (TTM)
$3.79
Dividend Yield
6.25%
Debt/Equity
0.63x
Frequently Asked Questions
What is the PE ratio of VICI?
The trailing twelve-month PE ratio of VICI reflects how much investors pay per dollar of VICI Properties Inc.'s earnings. This metric is most useful when compared to REIT - Specialty peers and the company's own historical range.
Is VICI overvalued based on PE ratio?
VICI's PE of 9.8x combined with a PEG ratio of 0.58 provides a growth-adjusted perspective. A PEG below 1.0 suggests VICI may be undervalued relative to its earnings growth rate. Keep in mind that PE-based valuation works best for profitable, mature companies — for high-growth or cyclical REIT - Specialty, a DCF analysis may be more appropriate.
How do I value VICI stock using PE ratio?
To value VICI Properties Inc. using PE: (1) Compare the current PE (9.8x) against the REIT - Specialty median to assess relative pricing, (2) check the PEG ratio (0.58) to adjust for growth expectations, (3) review the 5-year PE range to identify where the stock sits historically, and (4) estimate fair value by multiplying a target PE by forward EPS estimates. This relative approach complements DCF's absolute valuation.
What is the PEG ratio of VICI?
VICI's PEG ratio is 0.58, calculated by dividing the PE ratio (9.8x) by the expected earnings growth rate. A PEG below 1.0 is traditionally considered a sign of undervaluation — the market may not be fully pricing in the growth potential. Note that PEG accuracy depends on the reliability of growth estimates.
Should I use PE ratio or DCF for VICI stock valuation?
PE ratio gives a quick relative read — how VICI is priced versus REIT - Specialty peers. DCF provides an absolute value based on projected free cash flows. For the most reliable valuation, use PE as a quick comparability screen and DCF for a deeper fundamental analysis. Each method has blind spots: PE ignores capital structure and cash flow quality, while DCF is sensitive to growth and discount rate assumptions.
Learn More
- See VICI DCF Valuation → — Intrinsic value via Discounted Cash Flow analysis
- PE Methodology — Step-by-step guide to PE ratio stock valuation
- DCF Methodology — Guide to discounted cash flow analysis
- PE Ratio — Understanding the price-to-earnings ratio
- Intrinsic Value — How to evaluate stock fair value
Related PE Valuations
All Real Estate valuationsP/E and DCF value VICI with different methods and assumptions, so the two conclusions can differ. Compare the DCF intrinsic value.
Price as of 2026-06-12. Financial data from Financial Modeling Prep (trailing twelve months) · Valuation methodology by Charlie Wang.
This is an estimate, not investment advice.