REIT Report Card · August 15, 2026
VICI Properties pays 6.83% after a −20.1% year. The stock is $29.0B, with about $257 million trading on an average day. On EV / EBITDA the shares are about 12.8x, toward the cheap end of this list.
| Category | Grade | What It Means |
|---|---|---|
| Liquidity | A | Plenty of daily volume |
| Balance Sheet | B+ | A fair amount of debt, still in a range these names live with |
| Debt Service | B | Coverage is fine, but not abundant |
| Operating Quality | A+ | Outstanding profit margins on this measure |
| Cash Generation | A | A lot of operating cash relative to the stock's value |
| Dividend | A- | A useful yield with solid cash-flow coverage |
| Valuation | A- | A reasonable price on EV / EBITDA |
| Recent Performance | C | A weak year for the share price |
| Overall | B+ | High yield after a rough year, and a cheaper multiple |
1. Valuation
A buyer is taking the equity and the net debt together. This multiple is the combined price.
At about 12.8x EV / EBITDA, VICI screens cheaper than a lot of large REITs.
Bottom line: Cheaper on EV / EBITDA than most of the quality-growth names here.
2. Leverage
For every $1 of annual EBITDA VICI generates, it has about $4.82 of net debt.
For a REIT, this is usually the first leverage number worth reading.
Bottom line: VICI uses a fair amount of debt, but the load looks manageable relative to earnings.
3. Debt Exposure
About 38% of VICI's total enterprise value is net debt.
That gives equity investors a thinner equity cushion than lower-debt peers.
Bottom line: A large net-debt share of EV means equity holders have less of a cushion.
4. Interest Protection
VICI generates about 4.33x of EBITDA for every $1 of estimated interest.
Higher coverage usually means a REIT can absorb higher rates, refinancing costs, or a soft patch in the properties more easily.
Bottom line: Coverage is okay, but there's less spare room than at the strongest credits here.
5. Operating Profitability
VICI turns about 89 cents of every revenue dollar into EBITDA.
Bottom line: The properties and the platform make a lot of money on this measure.
6. Cash Generation
VICI generated operating cash flow equal to about 9.1% of its current equity value.
For every $100 of current equity value, the company generated about $9.10 of trailing operating cash flow.
Bottom line: You're getting a lot of cash relative to the price you're paying.
7. Cash Conversion
About 73% of VICI's EBITDA turned into operating cash flow.
Bottom line: A larger gap between EBITDA and operating cash flow is worth a closer look at working capital and non-cash items.
8. Dividend Safety
On our standardized math, operating cash flow covers VICI's annualized dividend about 1.33x.
VICI generates roughly 1.33x of operating cash flow for every $1.00 of estimated dividends.
Bottom line: The dividend looks covered by operating cash flow, though the margin isn't huge under this conservative method.
9. Dividend Yield
VICI screens more as an income REIT.
Put $10,000 into VICI at the current indicated yield and you'd get about $683 a year if the dividend stays the same.
Bottom line: You can treat VICI as an income holding if you also accept the coverage and sector risks that come with it.
10. Market Liquidity
About $257 million of VICI stock changes hands on an average trading day.
Bottom line: VICI trades about $257 million on an ordinary day.
If you put $10,000 into VICI today, based on the numbers in this report:
VICI has $17.84B of total debt against $0.30B of cash (4.82x net debt / EBITDA). Interest coverage of 4.3x is not a full answer to that load.
At 12.8x EV / EBITDA, this is one of the cheaper EV / EBITDA figures here. Cheap can be a gift or a tell.
OCF dividend coverage is 1.33x and the indicated yield is 6.83%. The dividend looks supported, but the margin isn't huge, and capex definitions still matter.
Average daily dollar volume is $256.8M, active enough for most individual-sized trades.
The 6.83% yield showed up because the stock is −20.1%. At 12.8x EV / EBITDA the multiple is not what people should be arguing about.
Coverage is 1.33x on this OCF method, and net debt / EBITDA is 4.82x. The yield got loud because the stock fell, not because the landlord suddenly got safer.
12.8x EV / EBITDA is one of the cheaper figures here. 4.82x leverage and 1.33x coverage are acceptable. After a down year, the 6.8% yield is the argument.
| Metric | VICI |
|---|---|
| Market Capitalization | $29.02B |
| Enterprise Value | $46.57B |
| Share Price | $26.36 |
| Revenue (TTM) | $4.10B |
| EBITDA (TTM) | $3.64B |
| EBIT (TTM) | $3.64B |
| Operating Cash Flow (TTM) | $2.64B |
| CapEx (TTM) | $0.02B |
| Cash | $0.30B |
| Total Debt | $17.84B |
| Average Daily $ Volume | $256.8M |
| Daily Equity Turnover | 0.88% |
| EV / EBITDA | 12.79x |
| EBITDA Yield on EV | 7.82% |
| EBITDA Margin | 88.78% |
| Net Debt / EBITDA | 4.82x |
| Net Debt / Market Cap | 60.44% |
| Net Debt / Enterprise Value | 37.66% |
| Debt / Total Capital | 38.07% |
| Cash / Debt | 1.69% |
| EV Premium to Equity | 60.48% |
| Operating Cash Flow Yield | 9.10% |
| OCF / EBITDA Conversion | 72.53% |
| CapEx / Operating Cash Flow | 0.89% |
| CapEx / Revenue | 0.58% |
| Post-CapEx Cash Yield | 9.02% |
| Dividend / OCF Burden | 0.75x |
| OCF Dividend Coverage | 1.33x |
| Implied Interest / Revenue | 20.50% |
| EBITDA Interest Coverage | 4.33x |
| Reported Interest Coverage (source) | 4.33x |
| Dividend Yield | 6.83% |
| 52-Week Price Change | −20.12% |
| Approx. 1-Year Total Carry | −13.29% |
| Beta (5Y) | 0.69 |
We grade each REIT on several things at once. A cheap multiple next to heavy debt is a different story than a cheap multiple next to a light load.
Financial Strength looks at leverage, how much of the firm is debt, daily trading volume, and whether earnings cover interest.
Operating Quality looks at the EBITDA margin and how much of those earnings show up as cash.
Dividend Quality looks at the indicated yield, whether operating cash flow covers the payout, and how heavy the payout is versus cash.
Valuation is what you pay for the REIT's earnings: enterprise value over EBITDA.
Market Performance looks at last year's share-price change and how much stock trades on an ordinary day.
A hotel and a net-lease REIT will not look the same on these measures, and they should not. Read each name next to peers in the same property type.
Read the full methodology and the grading bands.
The numbers come from trailing financials and market data we pulled for this report. Some ratios we calculate ourselves. They are not always the figures the company highlights.
We use them so these 20 REITs can be lined up on the same math. That does not replace company-reported FFO, AFFO, same-store NOI, occupancy, lease schedules, or NAV.
Source: https://stockanalysis.com/stocks/vici/statistics/
Report date: August 15, 2026
This is for information only. It isn't investment advice, a buy or sell recommendation, or a judgment about whether any of these REITs fit your situation.