VICI Properties Inc. (VICI) Stock Valuation — PE Analysis
REIT - Diversified · NYSE
Current Price
$24.83
PE Ratio (TTM)
9.6x
Intrinsic Value
$29.4
+15.6% margin of safety
COMPETITIVE MOAT
↑Long-Term Triple Net Leases
VICI's properties are leased under long-term, triple net agreements. This structure shifts property operating expenses to tenants, providing predictable revenue streams and reducing VICI's operational burden.
↑Dominant Experiential Assets
VICI owns a portfolio of high-quality, often iconic, experiential real estate. These unique properties, like casinos and entertainment venues, possess inherent barriers to entry for competitors.
↑Scale and Diversification
The company's significant scale and diversification across various tenants and property types reduce reliance on any single asset or operator. This provides financial stability and operational resilience.
INVESTMENT RISKS
↓Tenant Default or Bankruptcy
The financial health of VICI's tenants is critical. A tenant default or bankruptcy could lead to significant revenue loss and require costly re-leasing efforts for its specialized properties.
↓Regulatory and Gaming Environment
VICI's tenant base operates in highly regulated industries, particularly gaming. Changes in gaming regulations or economic downturns affecting consumer spending on entertainment can negatively impact tenant performance.
↓Property Obsolescence and Capital Expenditures
Experiential assets require ongoing investment to remain competitive and attractive. Failure to adequately invest in property upgrades could lead to obsolescence and reduced tenant demand over time.
Base case
VICI base case PE valuation
At a current price of $24.83, the base case PE valuation puts VICI fair value near $29.4 per share. That figure assumes 3.9% yearly earnings growth, a target PE multiple of 9.78x, and a 10% discount rate.
Intrinsic Value
$29.4
Margin of safety
+15.6%
Expected annual return
+3.4%
Base case assumptions: 3.9% annual earnings growth, 9.78x target PE, 10% discount rate, 5 year projection. Data as of 2026-09-11.
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)
9.6x
PEG Ratio
n/m
Earnings Yield
10.22%
ROE (TTM)
9.8%
Revenue/Share (TTM)
$3.76
Dividend Yield
7.25%
Debt/Equity
0.61x
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 - Diversified peers and the company's own historical range.
Is VICI overvalued based on PE ratio?
VICI's PE of 9.6x combined with a PEG ratio of -8.37 provides a growth-adjusted perspective. VICI has negative earnings, so its PE and PEG ratios are not meaningful here and cannot tell you whether the stock is over or undervalued. Keep in mind that PE-based valuation works best for profitable, mature companies — for high-growth or cyclical REIT - Diversified, 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 (9.6x) against the REIT - Diversified median to assess relative pricing, (2) check the PEG ratio (-8.37) 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 -8.37, calculated by dividing the PE ratio (9.6x) by the expected earnings growth rate. Because VICI has negative earnings, its PEG ratio is not meaningful and should not be read as a sign of under or overvaluation. 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 - Diversified 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 2026-09-11. Financial data from Financial Modeling Prep (trailing twelve months) · Valuation methodology by Charlie Wang.
This is an estimate, not investment advice.