Explain this page
Arphra AIPlain-English read on VICI Properties Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +98.62% | +99.13% | +99.25% | +99.30% | +99.15% | +99.10% | +97.45% | +97.98% | +99.99% |
| Operating margin | +95.68% | +62.77% | +92.60% | +92.10% | +91.05% | +89.20% | +92.27% | +92.51% | +89.68% |
| EBITDA margin | +94.17% | +64.69% | +93.32% | +92.52% | +90.93% | +92.30% | +89.64% | +92.81% | +94.40% |
| EBIT margin | +93.96% | +64.56% | +93.20% | +92.41% | +90.84% | +92.99% | +90.94% | +94.04% | +92.35% |
| Pre-tax margin | +67.97% | +43.80% | +70.56% | +70.95% | +70.42% | +68.65% | +71.32% | +70.34% | +70.70% |
| Net margin | +67.16% | +42.97% | +69.59% | +69.59% | +69.28% | +67.45% | +68.34% | +68.51% | +67.78% |
| Cost structure | |||||||||
| Cost of revenue / sales | +1.38% | +0.87% | +0.75% | +0.70% | +0.85% | +0.77% | +0.77% | +0.78% | +0.77% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +2.19% | +1.86% | +1.65% | +1.80% | +1.62% | +1.66% | +1.65% | +1.65% | +1.70% |
| Effective tax rate | +0.28% | +0.25% | -0.24% | +0.36% | +0.09% | +0.07% | +0.07% | +0.07% | +0.07% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +8.32% | +5.01% | +9.80% | +9.94% | +9.83% | +9.33% | +9.82% | +9.61% | +9.53% |
| Return on assets (ROA) | +5.76% | +2.97% | +5.70% | +5.90% | +5.94% | +5.68% | +5.63% | +5.82% | +5.83% |
| Return on capital (ROC) | +8.41% | +4.43% | +7.73% | +7.95% | +12.92% | +8.65% | +9.05% | +9.06% | +8.74% |
| Return on invested capital (ROIC) | +5.90% | +3.03% | +5.81% | +6.01% | +9.83% | +6.54% | +6.70% | +6.71% | +6.61% |
| Asset turnover | +8.58% | +6.92% | +8.20% | +8.48% | +8.57% | +8.42% | +8.24% | +8.50% | +8.60% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +67.16% | +42.97% | +69.59% | +69.59% | +69.28% | +67.45% | +68.34% | +68.51% | +67.78% |
| Asset turnover (× revenue / assets) | +8.58% | +6.92% | +8.20% | +8.48% | +8.57% | +8.42% | +8.24% | +8.50% | +8.60% |
| Equity multiplier (× assets / equity) | +144.39% | +168.58% | +171.72% | +168.33% | +165.56% | +164.33% | +174.31% | +165.03% | +163.45% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.09 | 0.07 | 0.08 | 0.08 | 0.09 | 0.08 | 0.08 | 0.08 | 0.09 |
| Fixed-asset turnover | 4.20 | 2.97 | 3.79 | 3.98 | — | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 0.57 | 0.16 | 0.20 | 0.21 | — | — | — | — | — |
| Payables turnover | — | — | — | — | — | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 641.47 | 2352.17 | 1842.83 | 1749.68 | — | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | — | — | — | — | — | — | — | — | — |
| Cash conversion cycle | 641.47 | 2352.17 | 1842.83 | 1749.68 | 0.00 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 0.88 | 1.74 | 0.87 | 0.89 | 0.90 | 0.94 | 0.90 | 0.91 | 0.89 |
| FCF / Net income | 0.88 | 1.74 | 0.87 | 0.89 | 0.90 | 0.89 | 0.88 | 0.91 | 0.88 |
| FCF margin | +59.21% | +74.65% | +60.27% | +61.67% | +62.62% | +60.06% | +60.30% | +62.07% | +59.85% |
| OCF margin | +59.38% | +74.73% | +60.38% | +61.87% | +62.65% | +63.44% | +61.67% | +62.03% | +60.52% |
| CapEx / Revenue | +0.17% | +0.07% | +0.11% | +0.20% | +0.03% | +0.11% | +0.11% | +0.11% | +0.11% |
| CapEx / D&A | 0.81 | 0.59 | 0.94 | 1.82 | 0.37 | — | — | — | — |
| Stock-based comp / Revenue | +0.62% | +0.50% | +0.43% | +0.45% | +0.40% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 1.76 | 1.27 | 2.47 | 2.56 | 2.61 | 2.93 | 2.94 | 3.03 | 0.00 |
| EPS · basic | 1.80 | 1.27 | 2.48 | 2.56 | 2.61 | 2.96 | 2.90 | 3.04 | 0.00 |
| Book value / share | 21.12 | 25.34 | 25.26 | 25.73 | 26.56 | 28.30 | 28.05 | 29.69 | 31.27 |
| Tangible BV / share | 21.12 | 25.34 | 25.26 | 25.73 | 26.56 | 28.30 | 28.05 | 29.69 | 31.27 |
| Sales / share | 2.62 | 2.96 | 3.56 | 3.67 | 3.77 | 3.91 | 4.03 | 4.17 | 4.40 |
| Operating CF / share | 1.55 | 2.21 | 2.15 | 2.27 | 2.36 | 2.48 | 2.48 | 2.58 | 2.66 |
| Free cash flow / share | 1.55 | 2.21 | 2.14 | 2.27 | 2.36 | 2.35 | 2.43 | 2.59 | 2.63 |
| Dividends / share | 1.31 | 1.39 | 1.56 | 1.67 | 1.74 | 1.80 | 1.80 | 1.93 | 2.00 |
| Payout ratio | +74.84% | +109.08% | +63.01% | +65.44% | +66.78% | +68.13% | +65.20% | +67.78% | +66.99% |
| Retention ratio | +25.16% | -9.08% | +36.99% | +34.56% | +33.22% | +31.87% | +34.80% | +32.22% | +33.01% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +72.28% | +38.89% | +6.57% | +4.08% | +3.74% | +2.75% | +4.37% | +4.69% | +15.15% |
| Gross profit · YoY | — | +73.17% | +39.05% | +6.62% | +3.92% | +3.68% | +1.04% | +4.94% | +6.85% | +15.35% |
| Profit | ||||||||||
| Operating income · YoY | — | +13.02% | +104.90% | +5.98% | +2.90% | +1.63% | +6.28% | +4.65% | +1.49% | +14.22% |
| EBITDA · YoY | — | +18.34% | +100.37% | +5.65% | +2.29% | +5.30% | -0.21% | +8.06% | +6.49% | +15.18% |
| Net income · YoY | — | +10.24% | +124.90% | +6.58% | +3.61% | +0.99% | +4.10% | +4.65% | +3.57% | +15.28% |
| Operating | ||||||||||
| EBIT · YoY | — | +18.38% | +100.50% | +5.66% | +2.31% | +6.20% | +0.48% | +7.94% | +2.81% | +14.90% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -27.84% | +94.49% | +3.64% | +1.95% | +12.07% | +0.61% | +2.94% | -100.00% | — |
| EPS · basic · YoY | — | -29.44% | +95.28% | +3.23% | +1.95% | +13.48% | -1.98% | +4.59% | -100.00% | — |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $4.99B | $14.57B | $17.63B | $17.65B | $0 | $12.8B | $13.79B | $13.75B | $14.66B |
| Net debt | $4.25B | $14.36B | $17.11B | $17.13B | -$563.48M | $12.23B | $13.21B | $13.12B | $14.01B |
| Net debt / EBITDA | 2.99 | 8.54 | 5.07 | 4.81 | -0.15 | 3.19 | 3.45 | 3.17 | 3.18 |
| Debt / equity | 0.41 | 0.65 | 0.69 | 0.65 | 0.00 | 0.43 | 0.46 | 0.43 | 0.44 |
| Debt / assets | +28.37% | +38.77% | +40.01% | +38.90% | 0.00% | +25.93% | +26.62% | +26.23% | +27.02% |
| Equity / assets | +69.26% | +59.32% | +58.23% | +59.41% | +60.40% | +60.85% | +57.37% | +60.59% | +61.18% |
| Coverage | |||||||||
| EBITDA / interest expense | 3.62 | 3.12 | 4.12 | 4.31 | 4.45 | 4.26 | 4.26 | 4.41 | 4.40 |
| Operating income / interest | 3.68 | 3.02 | 4.09 | 4.29 | 4.46 | 4.12 | 4.39 | 4.40 | 4.18 |
| Interest expense | $392.39M | $539.95M | $818.06M | $826.1M | $818.11M | $899.96M | $898.46M | $937.9M | $1B |
| Liquidity | |||||||||
| Current ratio | 9.99 | 28.97 | 28.22 | 27.92 | 2.55 | — | — | — | — |
| Quick ratio | 9.98 | 28.95 | 28.22 | 27.91 | 2.55 | — | — | — | — |
| Cash ratio | 2.18 | 0.35 | 0.79 | 0.77 | 2.36 | — | — | — | — |
| Working capital | $3.06B | $16.6B | $18.1B | $18.3B | $369.25M | — | — | — | — |
| Working capital / revenue | +202.47% | +638.28% | +501.08% | +475.45% | +9.22% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).