Company Analysis

VICI Properties Inc. (VICI)

NYSE: VICI · Real Estate Investment Trusts · New York, NY · filing with the SEC since 2017
Grade6.8
◀ Past 6.7● Present 7.5▶ Future 5.9

The grade of VICI Properties Inc.

Nine metrics read from its own filings, by tense
Headline grade
6.8/10
◀ Past6.725% of the headline
● Present7.545% of the headline
▶ Future5.930% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

All nine metrics read as filed from the record.

◀ Past

What did they actually do?

6.7/1025% of the headline grade · 3 of 3 filed

Surviving crises

as filed
7.0/10

Has it survived what it has been through?

No warning events in its filings since 2017.

weight 45% of this tense · 70th percentile among 174 sector filers · read for itself

From the record

VICI Properties Inc.'s filings since 2017 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed
7.7/10

What has it actually done, year after year?

+23.8% a year over 8 filed years; profitable in 8 of 8.

weight 33% of this tense · 77th percentile among 156 sector filers · read for its customers

From the record

VICI Properties Inc.'s 8 filed years say what it did: revenue went from $898 million in fiscal 2018 to $4.0 billion in fiscal 2025, up 23.8% a year; it rose in 6 of 7 years; the deepest fall was 0% from fiscal 2018 to fiscal 2019; net income was positive in 8 of 8 of those years (its annual reports).

What it rests on

  • revenue growth over the filed span23.8%top 9% of its family
  • the share of years revenue rosetop 40% of its family
  • the share of filed years with a profittop 20% of its family
  • the deepest fall from a revenue peak0.4%top 23% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

as filed
4.3/10

How has it treated the people who own it?

Share count grew 6.5% a year. 73% of cash flow returned. Insiders: 0 sales, 0 purchases.

weight 22% of this tense · 44th percentile among 156 sector filers · read for its shareholders

From the record

Over the 3 fiscal years to 2025-12-31, VICI Properties Inc.'s diluted share count grew about 6.5% a year, and dividends and buybacks returned about 73% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 0 sales and 0 purchases of their own stock on the open market in the year to 2026-10-05 (their Form 4 filings).

What it rests on

  • the share count over the yearsbottom 27% of its family
  • cash returned against operating cash flowtop 39% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

● Present

What are they doing right now?

7.5/1045% of the headline grade · 3 of 3 filed

Financial health

as filed
6.8/10

Is it financially healthy right now?

ROE 10%: 10¢ of profit per shareholder dollar. Leverage 40%: owes 40¢ per asset dollar.

weight 45% of this tense · 68th percentile among 171 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, VICI Properties Inc. earned about 10 cents of profit for every dollar of shareholders' money, and gross profitability: its products earned about 9 cents per dollar of everything the company owns (revenue less the cost of revenue). Leverage: it owed about 40 cents per dollar of assets, and net share issuance: its share count grew 1.4% over the year (the filed statements).

What it rests on

  • what it owes per dollar of assetstop 12% of its family
  • return on equitytop 23% of its family
  • gross profit against assetstop 39% of its family
  • the share count against the year beforebottom 45% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed
9.0/10

How strong is its position in its industry?

top 10% of 157 in its family; net margin 69.3%.

weight 33% of this tense · 90th percentile among 157 sector filers · read for its customers

From the record

VICI Properties Inc.'s standing among 157 graded names in its industry family: revenue of $4.0 billion in fiscal 2025 ranks in the top 10% by size; a net margin of 69.3% ranks in the top 4%; revenue growth of 15.5% a year over the last 3 filed years ranks in the top 16% (its annual reports).

What it rests on

  • revenue against the family$4.01Btop 10% of its family
  • net margin69.3%top 4% of its family
  • three-year revenue growth15.5%top 16% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

as filed
6.7/10

What are the people in charge doing?

top 33% of 160 in its family for leadership; chief executive since 2017.

weight 22% of this tense · 67th percentile among 160 sector filers · read for its shareholders

From the record

VICI Properties Inc.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Pitoniak, Edward Baltazar (Chief Executive Officer, as filed), filing under that title since 2017-10-06, 9.1 years (top 44% of its family); the 13 officers and directors filing in the last fifteen months have been on the record a median of 8.8 years (top 39%); 2 officer or director changes were reported on Form 8-K since 2023-11-13, against the 13 people in charge now (top 15%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

What it rests on

  • officer and director changes on Form 8-K, against the people in charge2 in three years among 13 peopletop 15% of its family
  • the median years the people in charge have filed8.8 yearstop 39% of its family
  • the chief executive's years on the record9.1 yearstop 44% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

▶ Future

What are they set up to do next?

5.9/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed
7.6/10

How much room does it have to grow?

top 24% of 146 in its family for room to expand.

weight 22% of this tense · 76th percentile among 146 sector filers · read for itself

From the record

VICI Properties Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $563 million against debt of $17 billion leaves -34.7% of its assets as net cash, bottom 46% of its family; cash from operations less capital spending is 62.7% of revenue (top 14%); a gross margin of 99.3% (top 4%) (its annual report).

What it rests on

  • cash less debt against assets-34.7%bottom 46% of its family
  • cash from operations less capital spending against revenue62.7%top 14% of its family
  • gross margin99.3%top 4% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed
5.7/10

What could actually drive growth from here?

top 43% of 153 in its family for growth drivers.

weight 33% of this tense · 57th percentile among 153 sector filers · read for its customers

From the record

VICI Properties Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 15.5% a year over the last three filed years against 23.8% over all 8, slowing (bottom 26% of its family); the newest year grew 4.1% (top 46%); capital spending grew 203.2% a year (top 8%) (its annual reports). VICI Properties Inc. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

  • three-year growth against the whole span-8.3 points a yearbottom 26% of its family
  • the newest year's revenue growth4.1%top 46% of its family
  • three-year growth of capital spending203.2%top 8% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed
5.1/10

Did its newest year beat what its own record pointed to?

top 49% of 150 in its family for expectations against reality.

weight 45% of this tense · 51st percentile among 150 sector filers · read for its shareholders

From the record

VICI Properties Inc.'s newest year against its own record: revenue of $4.0 billion in fiscal 2025 came in 14.4% below the $4.7 billion its prior three years' pace pointed to (bottom 16% of its family); net income of $2.8 billion against a prior three-year average of $2.1 billion (top 38%); a net margin of 69.3% against 60.7% before (top 24%) (its annual reports).

What it rests on

  • revenue against the prior three years' pace-14.4%bottom 16% of its family
  • net income against the prior three years' average+32%top 38% of its family
  • net margin against its prior average+8.6 pointstop 24% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton VICI · research, not advice