Annual Income Statements for VICI Properties
This table shows VICI Properties' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.
Quarterly Income Statements for VICI Properties
This table shows VICI Properties' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.
Metric |
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
Net Income / (Loss) Attributable to Common Shareholders |
|
604 |
519 |
691 |
556 |
748 |
590 |
741 |
733 |
615 |
544 |
865 |
Consolidated Net Income / (Loss) |
|
615 |
528 |
702 |
565 |
760 |
600 |
753 |
744 |
624 |
552 |
878 |
Net Income / (Loss) Continuing Operations |
|
615 |
528 |
702 |
565 |
760 |
600 |
753 |
744 |
624 |
552 |
878 |
Total Pre-Tax Income |
|
616 |
529 |
703 |
566 |
750 |
601 |
756 |
747 |
627 |
550 |
884 |
Total Revenue |
|
606 |
676 |
700 |
706 |
740 |
752 |
755 |
760 |
772 |
779 |
790 |
Net Interest Income / (Expense) |
|
-164 |
-201 |
-198 |
-198 |
-197 |
-200 |
-202 |
-205 |
-204 |
-206 |
-212 |
Total Interest Income |
|
5.63 |
3.05 |
5.81 |
7.34 |
7.78 |
5.29 |
3.93 |
2.80 |
4.08 |
3.70 |
2.29 |
Investment Securities Interest Income |
|
5.63 |
3.05 |
5.81 |
7.34 |
7.78 |
5.29 |
3.93 |
2.80 |
4.08 |
3.70 |
2.29 |
Total Interest Expense |
|
169 |
204 |
204 |
205 |
205 |
205 |
206 |
207 |
208 |
209 |
214 |
Long-Term Debt Interest Expense |
|
169 |
204 |
204 |
205 |
205 |
205 |
206 |
207 |
208 |
209 |
214 |
Total Non-Interest Income |
|
770 |
878 |
898 |
903 |
937 |
951 |
957 |
965 |
976 |
984 |
1,001 |
Other Service Charges |
|
38 |
28 |
19 |
18 |
47 |
29 |
31 |
27 |
42 |
29 |
31 |
Other Non-Interest Income |
|
732 |
849 |
880 |
886 |
884 |
922 |
926 |
938 |
934 |
955 |
971 |
Provision for Credit Losses |
|
- |
- |
- |
- |
- |
- |
-43 |
- |
- |
- |
-142 |
Total Non-Interest Expense |
|
12 |
149 |
-2.77 |
140 |
-10 |
151 |
42 |
13 |
145 |
229 |
48 |
Other Operating Expenses |
|
8.15 |
151 |
-1.32 |
135 |
-22 |
149 |
42 |
11 |
141 |
228 |
41 |
Depreciation Expense |
|
0.81 |
0.81 |
0.89 |
1.01 |
1.59 |
1.13 |
0.99 |
1.01 |
0.99 |
1.00 |
0.74 |
Restructuring Charge |
|
3.29 |
-0.96 |
0.78 |
3.57 |
4.63 |
0.31 |
0.26 |
1.16 |
2.84 |
0.05 |
7.43 |
Other Special Charges |
|
- |
-1.96 |
-3.11 |
- |
- |
0.16 |
-0.99 |
0.06 |
- |
- |
-0.99 |
Income Tax Expense |
|
1.03 |
1.09 |
1.90 |
0.64 |
-9.77 |
1.56 |
3.23 |
2.46 |
2.45 |
-2.46 |
5.56 |
Net Income / (Loss) Attributable to Noncontrolling Interest |
|
11 |
9.12 |
11 |
9.13 |
12 |
9.79 |
11 |
12 |
9.61 |
8.66 |
13 |
Basic Earnings per Share |
|
$0.64 |
$0.52 |
$0.69 |
$0.55 |
$0.72 |
$0.57 |
$0.71 |
$0.70 |
$0.58 |
$0.51 |
$0.82 |
Weighted Average Basic Shares Outstanding |
|
877.51M |
1.00B |
1.01B |
1.01B |
1.01B |
1.04B |
1.04B |
1.05B |
1.05B |
1.06B |
1.06B |
Diluted Earnings per Share |
|
$0.64 |
$0.52 |
$0.69 |
$0.55 |
$0.71 |
$0.57 |
$0.71 |
$0.70 |
$0.58 |
$0.51 |
$0.82 |
Weighted Average Diluted Shares Outstanding |
|
879.68M |
1.00B |
1.01B |
1.01B |
1.02B |
1.04B |
1.04B |
1.05B |
1.05B |
1.06B |
1.06B |
Weighted Average Basic & Diluted Shares Outstanding |
|
1.00B |
1.00B |
1.01B |
1.03B |
1.04B |
1.04B |
1.05B |
1.05B |
1.06B |
1.06B |
1.07B |
Cash Dividends to Common per Share |
|
- |
$0.39 |
$0.39 |
$0.42 |
- |
$0.42 |
$0.42 |
$0.43 |
- |
$0.43 |
$0.43 |
Annual Cash Flow Statements for VICI Properties
This table details how cash moves in and out of VICI Properties' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.
Metric |
|
2015 |
2016 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
Net Change in Cash & Equivalents |
|
0.00 |
0.00 |
401 |
503 |
-786 |
424 |
-531 |
314 |
2.04 |
Net Cash From Operating Activities |
|
2.89 |
2.72 |
504 |
682 |
884 |
896 |
1,943 |
2,181 |
2,381 |
Net Cash From Continuing Operating Activities |
|
2.89 |
2.72 |
504 |
682 |
884 |
896 |
1,943 |
2,181 |
2,381 |
Net Income / (Loss) Continuing Operations |
|
0.00 |
0.00 |
532 |
554 |
896 |
1,023 |
1,136 |
2,555 |
2,721 |
Consolidated Net Income / (Loss) |
|
0.00 |
0.00 |
532 |
554 |
896 |
1,023 |
1,136 |
2,555 |
2,721 |
Depreciation Expense |
|
2.88 |
3.03 |
3.69 |
3.83 |
3.73 |
3.09 |
3.18 |
4.30 |
4.13 |
Amortization Expense |
|
0.00 |
0.00 |
5.98 |
33 |
20 |
71 |
32 |
46 |
47 |
Non-Cash Adjustments to Reconcile Net Income |
|
-0.14 |
-0.11 |
-7.69 |
64 |
-329 |
-115 |
725 |
-410 |
-379 |
Changes in Operating Assets and Liabilities, net |
|
0.11 |
-0.19 |
-30 |
27 |
292 |
-87 |
46 |
-14 |
-12 |
Net Cash From Investing Activities |
|
-0.73 |
-0.87 |
-1,141 |
-1,361 |
-4,549 |
41 |
-9,304 |
-2,899 |
-923 |
Net Cash From Continuing Investing Activities |
|
-0.73 |
-0.87 |
-1,141 |
-1,361 |
-4,549 |
41 |
-9,304 |
-2,899 |
-923 |
Purchase of Property, Leasehold Improvements and Equipment |
|
-0.80 |
-0.87 |
-0.90 |
-2.72 |
-2.77 |
-2.51 |
-1.88 |
-4.04 |
-7.53 |
Purchase of Investment Securities |
|
0.00 |
0.00 |
-1,714 |
-2,253 |
-4,657 |
-40 |
-9,389 |
-3,599 |
-1,021 |
Sale and/or Maturity of Investments |
|
- |
- |
421 |
903 |
111 |
104 |
95 |
706 |
111 |
Other Investing Activities, net |
|
- |
- |
152 |
-8.70 |
-0.26 |
-21 |
-7.70 |
-1.47 |
-5.86 |
Net Cash From Financing Activities |
|
-2.03 |
-1.28 |
1,038 |
1,183 |
2,879 |
-514 |
6,830 |
1,032 |
-1,457 |
Net Cash From Continuing Financing Activities |
|
-2.03 |
-1.28 |
1,038 |
1,183 |
2,879 |
-514 |
6,830 |
1,032 |
-1,457 |
Issuance of Debt |
|
0.00 |
0.00 |
0.00 |
2,250 |
2,555 |
0.00 |
5,600 |
419 |
1,853 |
Issuance of Common Equity |
|
0.00 |
0.00 |
2,001 |
1,164 |
1,540 |
2,386 |
3,219 |
2,480 |
379 |
Repayment of Debt |
|
-0.05 |
-0.05 |
-691 |
-1,720 |
-595 |
-2,131 |
-746 |
-250 |
-1,900 |
Payment of Dividends |
|
0.00 |
0.00 |
-272 |
-512 |
-620 |
-767 |
-1,237 |
-1,612 |
-1,784 |
Other Financing Activities, Net |
|
-1.98 |
-1.23 |
0.00 |
0.00 |
-0.21 |
-1.73 |
-6.16 |
-4.97 |
-5.34 |
Effect of Exchange Rate Changes |
|
- |
- |
- |
- |
- |
0.00 |
0.00 |
-0.06 |
0.45 |
Cash Interest Paid |
|
0.02 |
0.01 |
- |
209 |
262 |
323 |
467 |
763 |
781 |
Cash Income Taxes Paid |
|
0.00 |
0.00 |
- |
2.59 |
0.56 |
1.79 |
3.02 |
4.92 |
3.34 |
Quarterly Cash Flow Statements for VICI Properties
This table details how cash moves in and out of VICI Properties' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.
Metric |
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
Net Change in Cash & Equivalents |
|
-309 |
39 |
491 |
-228 |
12 |
-37 |
-138 |
8.51 |
169 |
-190 |
-101 |
Net Cash From Operating Activities |
|
488 |
522 |
530 |
552 |
576 |
544 |
615 |
579 |
644 |
592 |
640 |
Net Cash From Continuing Operating Activities |
|
488 |
522 |
530 |
552 |
576 |
544 |
615 |
579 |
644 |
592 |
640 |
Net Income / (Loss) Continuing Operations |
|
615 |
528 |
702 |
565 |
760 |
600 |
753 |
744 |
624 |
552 |
878 |
Consolidated Net Income / (Loss) |
|
615 |
528 |
702 |
565 |
760 |
600 |
753 |
744 |
624 |
552 |
878 |
Depreciation Expense |
|
0.81 |
0.81 |
0.89 |
1.01 |
1.59 |
1.13 |
0.99 |
1.01 |
0.99 |
1.00 |
0.74 |
Amortization Expense |
|
4.26 |
14 |
11 |
11 |
11 |
10 |
11 |
13 |
12 |
12 |
12 |
Non-Cash Adjustments to Reconcile Net Income |
|
-132 |
-7.86 |
-170 |
-196 |
-36 |
-22 |
-169 |
-161 |
-28 |
56 |
-320 |
Changes in Operating Assets and Liabilities, net |
|
-0.01 |
-12 |
-12 |
171 |
-160 |
-46 |
19 |
-18 |
34 |
-29 |
68 |
Net Cash From Investing Activities |
|
-415 |
-1,469 |
258 |
-734 |
-954 |
-109 |
-312 |
-242 |
-260 |
-386 |
-330 |
Net Cash From Continuing Investing Activities |
|
-415 |
-1,469 |
258 |
-734 |
-954 |
-109 |
-312 |
-242 |
-260 |
-386 |
-330 |
Purchase of Property, Leasehold Improvements and Equipment |
|
-0.72 |
-0.99 |
-0.33 |
-0.58 |
-2.14 |
-2.41 |
-2.67 |
-1.37 |
-1.08 |
-0.16 |
-0.67 |
Purchase of Investment Securities |
|
-507 |
-1,685 |
-148 |
-733 |
-1,033 |
-107 |
-420 |
-238 |
-255 |
-385 |
-339 |
Sale and/or Maturity of Investments |
|
94 |
217 |
406 |
0.10 |
82 |
1.10 |
110 |
0.15 |
0.01 |
0.05 |
9.46 |
Other Investing Activities, net |
|
-0.90 |
-0.22 |
-0.32 |
-0.22 |
-0.71 |
-0.44 |
0.37 |
-2.02 |
-3.77 |
-0.12 |
0.05 |
Net Cash From Financing Activities |
|
-382 |
985 |
-297 |
-46 |
389 |
-472 |
-441 |
-329 |
-215 |
-397 |
-412 |
Net Cash From Continuing Financing Activities |
|
-382 |
985 |
-297 |
-46 |
389 |
-472 |
-441 |
-329 |
-215 |
-397 |
-412 |
Issuance of Debt |
|
- |
353 |
- |
56 |
11 |
1,029 |
- |
82 |
743 |
248 |
1,459 |
Repayment of Debt |
|
-0.01 |
-250 |
- |
- |
-0.11 |
-1,053 |
-0.24 |
-86 |
-760 |
-171 |
-1,406 |
Payment of Dividends |
|
-382 |
-385 |
-399 |
-400 |
-429 |
-443 |
-441 |
-440 |
-461 |
-467 |
-465 |
Other Financing Activities, Net |
|
-0.04 |
-4.60 |
-0.36 |
-0.01 |
- |
-5.00 |
-0.34 |
-0.01 |
- |
-7.18 |
-0.04 |
Effect of Exchange Rate Changes |
|
- |
0.07 |
0.12 |
-0.31 |
0.06 |
-0.05 |
0.26 |
0.32 |
-0.08 |
0.19 |
0.18 |
Cash Interest Paid |
|
177 |
178 |
199 |
187 |
199 |
218 |
163 |
214 |
186 |
278 |
103 |
Cash Income Taxes Paid |
|
0.72 |
0.00 |
3.75 |
1.15 |
0.02 |
0.00 |
3.34 |
- |
- |
0.00 |
3.31 |
Annual Balance Sheets for VICI Properties
This table presents VICI Properties' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.
Metric |
|
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
Total Assets |
|
90 |
9,740 |
11,333 |
13,266 |
17,064 |
17,597 |
37,576 |
44,060 |
45,369 |
Cash and Due from Banks |
|
0.92 |
184 |
578 |
1,102 |
316 |
740 |
209 |
523 |
525 |
Loans and Leases, Net of Allowance |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Premises and Equipment, Net |
|
89 |
148 |
96 |
95 |
158 |
154 |
154 |
151 |
151 |
Other Assets |
|
0.72 |
9,394 |
10,639 |
12,069 |
16,589 |
16,704 |
35,753 |
43,387 |
44,694 |
Total Liabilities & Shareholders' Equity |
|
90 |
9,740 |
11,333 |
13,266 |
17,064 |
17,597 |
37,576 |
44,060 |
45,369 |
Total Liabilities |
|
6.33 |
4,963 |
4,432 |
5,217 |
7,570 |
5,410 |
15,286 |
18,402 |
18,417 |
Long-Term Debt |
|
0.00 |
4,786 |
4,122 |
4,865 |
6,766 |
4,695 |
13,740 |
16,724 |
16,733 |
Other Long-Term Liabilities |
|
5.31 |
160 |
183 |
194 |
804 |
716 |
1,546 |
1,678 |
1,684 |
Commitments & Contingencies |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Total Equity & Noncontrolling Interests |
|
84 |
4,776 |
6,901 |
8,049 |
9,494 |
12,187 |
22,290 |
25,658 |
26,952 |
Total Preferred & Common Equity |
|
84 |
4,691 |
6,817 |
7,965 |
9,416 |
12,108 |
21,934 |
25,256 |
26,538 |
Preferred Stock |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Total Common Equity |
|
84 |
4,691 |
6,817 |
7,965 |
9,416 |
12,108 |
21,934 |
25,256 |
26,538 |
Common Stock |
|
0.00 |
4,649 |
6,652 |
7,822 |
9,369 |
11,761 |
21,655 |
24,136 |
24,526 |
Retained Earnings |
|
0.05 |
43 |
187 |
208 |
139 |
346 |
93 |
966 |
1,867 |
Accumulated Other Comprehensive Income / (Loss) |
|
0.00 |
0.00 |
-22 |
-65 |
-93 |
0.88 |
185 |
154 |
145 |
Noncontrolling Interest |
|
0.00 |
85 |
84 |
84 |
78 |
79 |
356 |
402 |
414 |
Quarterly Balance Sheets for VICI Properties
This table presents VICI Properties' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.
Metric |
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
Total Assets |
|
37,576 |
41,853 |
42,251 |
42,832 |
44,060 |
44,158 |
44,511 |
44,918 |
45,369 |
45,526 |
46,054 |
Cash and Due from Banks |
|
209 |
248 |
739 |
511 |
523 |
485 |
347 |
356 |
525 |
334 |
233 |
Loans and Leases, Net of Allowance |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Premises and Equipment, Net |
|
154 |
154 |
151 |
151 |
151 |
151 |
151 |
151 |
151 |
151 |
150 |
Other Assets |
|
35,753 |
41,452 |
41,361 |
42,171 |
43,387 |
43,522 |
44,013 |
44,412 |
44,694 |
45,041 |
45,671 |
Total Liabilities & Shareholders' Equity |
|
37,576 |
41,853 |
42,251 |
42,832 |
44,060 |
44,158 |
44,511 |
44,918 |
45,369 |
45,526 |
46,054 |
Total Liabilities |
|
15,286 |
18,178 |
18,166 |
18,296 |
18,402 |
18,339 |
18,385 |
18,395 |
18,417 |
18,503 |
18,610 |
Long-Term Debt |
|
13,740 |
16,606 |
16,624 |
16,693 |
16,724 |
16,712 |
16,727 |
16,744 |
16,733 |
16,847 |
16,922 |
Other Long-Term Liabilities |
|
1,546 |
1,572 |
1,542 |
1,604 |
1,678 |
1,628 |
1,658 |
1,651 |
1,684 |
1,656 |
1,688 |
Commitments & Contingencies |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Total Equity & Noncontrolling Interests |
|
22,290 |
23,675 |
24,085 |
24,536 |
25,658 |
25,819 |
26,126 |
26,523 |
26,952 |
27,023 |
27,444 |
Total Preferred & Common Equity |
|
21,934 |
23,311 |
23,717 |
24,165 |
25,256 |
25,415 |
25,719 |
26,111 |
26,538 |
26,609 |
27,024 |
Preferred Stock |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Total Common Equity |
|
21,934 |
23,311 |
23,717 |
24,165 |
25,256 |
25,415 |
25,719 |
26,111 |
26,538 |
26,609 |
27,024 |
Common Stock |
|
21,655 |
22,921 |
23,025 |
23,326 |
24,136 |
24,135 |
24,139 |
24,258 |
24,526 |
24,523 |
24,526 |
Retained Earnings |
|
93 |
220 |
518 |
652 |
966 |
1,123 |
1,431 |
1,711 |
1,867 |
1,954 |
2,362 |
Accumulated Other Comprehensive Income / (Loss) |
|
185 |
170 |
174 |
186 |
154 |
157 |
148 |
142 |
145 |
132 |
136 |
Noncontrolling Interest |
|
356 |
363 |
368 |
371 |
402 |
404 |
407 |
412 |
414 |
413 |
420 |
Annual Metrics And Ratios for VICI Properties
This table displays calculated financial ratios and metrics derived from VICI Properties' official financial filings.
Metric |
|
2015 |
2016 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
Revenue Growth |
|
0.00% |
3.98% |
0.00% |
2.69% |
45.44% |
24.52% |
87.92% |
36.33% |
7.68% |
EBITDA Growth |
|
0.00% |
5.14% |
0.00% |
9.14% |
-0.94% |
87.40% |
1.30% |
132.99% |
7.09% |
EBIT Growth |
|
0.00% |
0.00% |
0.00% |
4.20% |
1.39% |
82.02% |
5.20% |
135.99% |
7.21% |
NOPAT Growth |
|
0.00% |
0.00% |
0.00% |
4.17% |
1.60% |
81.68% |
5.23% |
137.16% |
6.58% |
Net Income Growth |
|
0.00% |
0.00% |
0.00% |
4.17% |
61.69% |
14.17% |
11.05% |
124.83% |
6.52% |
EPS Growth |
|
0.00% |
0.00% |
0.00% |
-13.29% |
41.13% |
0.57% |
-27.84% |
94.49% |
3.64% |
Operating Cash Flow Growth |
|
0.00% |
-5.78% |
0.00% |
35.33% |
29.54% |
1.44% |
116.81% |
12.23% |
9.19% |
Free Cash Flow Firm Growth |
|
0.00% |
0.00% |
0.00% |
0.00% |
-108.14% |
114.40% |
-4,609.54% |
78.98% |
137.34% |
Invested Capital Growth |
|
0.00% |
0.00% |
0.00% |
17.15% |
25.90% |
3.83% |
113.43% |
17.63% |
3.07% |
Revenue Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
3.35% |
24.87% |
1.58% |
16.52% |
4.98% |
1.22% |
EBITDA Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
-4.90% |
43.81% |
0.93% |
35.64% |
6.72% |
-4.21% |
EBIT Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
-7.31% |
50.65% |
-0.61% |
40.18% |
6.54% |
-4.33% |
NOPAT Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
-7.34% |
-20.29% |
-0.64% |
33.71% |
6.99% |
-4.74% |
Net Income Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
-7.34% |
26.85% |
-0.64% |
41.11% |
6.01% |
-4.74% |
EPS Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
-12.68% |
29.63% |
-7.85% |
18.69% |
2.92% |
-4.83% |
Operating Cash Flow Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
11.32% |
12.64% |
-6.15% |
11.63% |
4.23% |
2.92% |
Free Cash Flow Firm Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
0.00% |
15.67% |
-97.59% |
47.44% |
-24.59% |
73.30% |
Invested Capital Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
5.86% |
0.34% |
2,686.16% |
0.66% |
2.80% |
0.97% |
Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBITDA Margin |
|
15.96% |
16.14% |
91.71% |
97.46% |
66.38% |
99.90% |
53.85% |
92.04% |
91.53% |
EBIT Margin |
|
0.00% |
0.00% |
90.08% |
91.40% |
63.71% |
93.13% |
52.14% |
90.25% |
89.86% |
Profit (Net Income) Margin |
|
0.00% |
0.00% |
89.83% |
91.12% |
101.30% |
92.87% |
54.88% |
90.51% |
89.54% |
Tax Burden Percent |
|
0.00% |
0.00% |
99.73% |
99.69% |
99.91% |
99.72% |
99.75% |
100.24% |
99.64% |
Interest Burden Percent |
|
0.00% |
0.00% |
100.00% |
100.00% |
159.14% |
100.00% |
105.54% |
100.05% |
100.00% |
Effective Tax Rate |
|
0.00% |
0.00% |
0.27% |
0.31% |
0.09% |
0.28% |
0.25% |
-0.24% |
0.36% |
Return on Invested Capital (ROIC) |
|
0.00% |
0.00% |
4.83% |
4.63% |
3.86% |
6.17% |
4.07% |
6.51% |
6.32% |
ROIC Less NNEP Spread (ROIC-NNEP) |
|
0.00% |
0.00% |
4.83% |
4.63% |
9.59% |
6.17% |
4.72% |
6.52% |
6.32% |
Return on Net Nonoperating Assets (RNNOA) |
|
0.00% |
0.00% |
2.88% |
2.78% |
6.36% |
3.26% |
2.52% |
4.14% |
4.02% |
Return on Equity (ROE) |
|
0.00% |
0.00% |
7.71% |
7.42% |
10.22% |
9.44% |
6.59% |
10.66% |
10.35% |
Cash Return on Invested Capital (CROIC) |
|
0.00% |
-200.00% |
0.00% |
-11.17% |
-19.07% |
2.42% |
-68.31% |
-9.69% |
3.30% |
Operating Return on Assets (OROA) |
|
0.00% |
0.00% |
5.06% |
4.52% |
3.72% |
5.92% |
3.91% |
6.24% |
6.11% |
Return on Assets (ROA) |
|
0.00% |
0.00% |
5.05% |
4.51% |
5.91% |
5.90% |
4.12% |
6.26% |
6.09% |
Return on Common Equity (ROCE) |
|
0.00% |
0.00% |
7.60% |
7.33% |
10.12% |
9.37% |
6.51% |
10.49% |
10.18% |
Return on Equity Simple (ROE_SIMPLE) |
|
0.00% |
0.00% |
7.81% |
6.96% |
9.52% |
8.45% |
5.18% |
10.11% |
10.25% |
Net Operating Profit after Tax (NOPAT) |
|
0.00 |
0.00 |
532 |
554 |
563 |
1,023 |
1,077 |
2,553 |
2,721 |
NOPAT Margin |
|
0.00% |
0.00% |
89.83% |
91.12% |
63.66% |
92.87% |
52.01% |
90.47% |
89.54% |
Net Nonoperating Expense Percent (NNEP) |
|
0.00% |
0.00% |
0.00% |
0.00% |
-5.73% |
0.00% |
-0.65% |
-0.01% |
0.00% |
SG&A Expenses to Revenue |
|
17.35% |
16.71% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Operating Expenses to Revenue |
|
100.00% |
100.00% |
9.92% |
8.60% |
36.29% |
6.87% |
47.86% |
9.75% |
10.14% |
Earnings before Interest and Taxes (EBIT) |
|
0.00 |
0.00 |
534 |
556 |
564 |
1,026 |
1,079 |
2,547 |
2,731 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
2.88 |
3.03 |
543 |
593 |
587 |
1,101 |
1,115 |
2,598 |
2,782 |
Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
Price to Book Value (P/BV) |
|
0.00 |
1.49 |
0.76 |
1.17 |
1.22 |
1.37 |
1.28 |
1.23 |
1.16 |
Price to Tangible Book Value (P/TBV) |
|
0.00 |
1.49 |
0.76 |
1.17 |
1.22 |
1.37 |
1.28 |
1.23 |
1.16 |
Price to Revenue (P/Rev) |
|
6.92 |
6.66 |
8.80 |
15.28 |
12.96 |
15.10 |
13.53 |
11.05 |
10.13 |
Price to Earnings (P/E) |
|
0.00 |
0.00 |
9.95 |
17.02 |
12.86 |
16.41 |
25.07 |
12.40 |
11.49 |
Dividend Yield |
|
0.00% |
0.00% |
7.09% |
5.80% |
5.87% |
5.22% |
5.16% |
5.34% |
5.80% |
Earnings Yield |
|
0.00% |
0.00% |
10.05% |
5.87% |
7.78% |
6.09% |
3.99% |
8.06% |
8.70% |
Enterprise Value to Invested Capital (EV/IC) |
|
0.00 |
1.47 |
0.80 |
1.02 |
1.11 |
1.22 |
1.16 |
1.13 |
1.09 |
Enterprise Value to Revenue (EV/Rev) |
|
0.00 |
6.62 |
14.89 |
21.60 |
20.34 |
18.76 |
20.24 |
16.93 |
15.60 |
Enterprise Value to EBITDA (EV/EBITDA) |
|
0.00 |
41.06 |
16.23 |
22.17 |
30.64 |
18.78 |
37.59 |
18.39 |
17.04 |
Enterprise Value to EBIT (EV/EBIT) |
|
0.00 |
0.00 |
16.53 |
23.63 |
31.93 |
20.14 |
38.83 |
18.76 |
17.36 |
Enterprise Value to NOPAT (EV/NOPAT) |
|
0.00 |
0.00 |
16.57 |
23.71 |
31.95 |
20.20 |
38.92 |
18.71 |
17.42 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
|
0.00 |
45.72 |
17.49 |
19.26 |
20.37 |
23.06 |
21.56 |
21.91 |
19.91 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
51.58 |
0.00 |
0.00 |
33.43 |
Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
Debt to Equity |
|
0.00 |
0.00 |
0.60 |
0.60 |
0.71 |
0.39 |
0.62 |
0.65 |
0.62 |
Long-Term Debt to Equity |
|
0.00 |
0.00 |
0.60 |
0.60 |
0.71 |
0.39 |
0.62 |
0.65 |
0.62 |
Financial Leverage |
|
0.00 |
0.00 |
0.60 |
0.60 |
0.66 |
0.53 |
0.53 |
0.64 |
0.64 |
Leverage Ratio |
|
0.00 |
1.08 |
1.80 |
1.65 |
1.73 |
1.60 |
1.60 |
1.70 |
1.70 |
Compound Leverage Factor |
|
0.00 |
0.00 |
1.80 |
1.65 |
2.75 |
1.60 |
1.69 |
1.70 |
1.70 |
Debt to Total Capital |
|
0.00% |
0.38% |
37.40% |
37.67% |
41.61% |
27.81% |
38.13% |
39.46% |
38.30% |
Short-Term Debt to Total Capital |
|
0.00% |
0.38% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Long-Term Debt to Total Capital |
|
0.00% |
0.00% |
37.40% |
37.67% |
41.61% |
27.81% |
38.13% |
39.46% |
38.30% |
Preferred Equity to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Noncontrolling Interests to Total Capital |
|
0.00% |
0.00% |
0.76% |
0.65% |
0.48% |
0.47% |
0.99% |
0.95% |
0.95% |
Common Equity to Total Capital |
|
0.00% |
99.62% |
61.85% |
61.68% |
57.91% |
71.72% |
60.88% |
59.59% |
60.75% |
Debt to EBITDA |
|
0.00 |
0.11 |
7.59 |
8.21 |
11.52 |
4.27 |
12.32 |
6.44 |
6.02 |
Net Debt to EBITDA |
|
0.00 |
-0.20 |
6.49 |
6.35 |
10.98 |
3.59 |
12.14 |
6.24 |
5.83 |
Long-Term Debt to EBITDA |
|
0.00 |
0.00 |
7.59 |
8.21 |
11.52 |
4.27 |
12.32 |
6.44 |
6.02 |
Debt to NOPAT |
|
0.00 |
0.00 |
7.75 |
8.78 |
12.01 |
4.59 |
12.76 |
6.55 |
6.15 |
Net Debt to NOPAT |
|
0.00 |
0.00 |
6.62 |
6.79 |
11.45 |
3.87 |
12.57 |
6.35 |
5.96 |
Long-Term Debt to NOPAT |
|
0.00 |
0.00 |
7.75 |
8.78 |
12.01 |
4.59 |
12.76 |
6.55 |
6.15 |
Noncontrolling Interest Sharing Ratio |
|
0.00% |
0.00% |
1.44% |
1.12% |
0.92% |
0.72% |
1.26% |
1.58% |
1.55% |
Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
|
0.00 |
-84 |
0.00 |
-1,337 |
-2,782 |
401 |
-18,071 |
-3,799 |
1,418 |
Operating Cash Flow to CapEx |
|
394.54% |
313.12% |
70,698.74% |
25,042.55% |
31,923.41% |
35,782.44% |
103,592.54% |
54,052.27% |
31,643.61% |
Free Cash Flow to Firm to Interest Expense |
|
0.00 |
-12,066.00 |
0.00 |
-5.38 |
-9.01 |
1.02 |
-33.47 |
-4.64 |
1.72 |
Operating Cash Flow to Interest Expense |
|
160.44 |
388.71 |
2.37 |
2.75 |
2.86 |
2.28 |
3.60 |
2.67 |
2.88 |
Operating Cash Flow Less CapEx to Interest Expense |
|
119.78 |
264.57 |
2.37 |
2.74 |
2.85 |
2.28 |
3.60 |
2.66 |
2.87 |
Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
Asset Turnover |
|
0.00 |
0.21 |
0.06 |
0.05 |
0.06 |
0.06 |
0.08 |
0.07 |
0.07 |
Fixed Asset Turnover |
|
0.00 |
0.21 |
4.86 |
6.39 |
7.00 |
7.07 |
13.48 |
18.55 |
20.16 |
Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
Invested Capital |
|
0.00 |
84 |
11,023 |
12,914 |
16,259 |
16,882 |
36,030 |
42,382 |
43,685 |
Invested Capital Turnover |
|
0.00 |
0.44 |
0.05 |
0.05 |
0.06 |
0.07 |
0.08 |
0.07 |
0.07 |
Increase / (Decrease) in Invested Capital |
|
0.00 |
84 |
0.00 |
1,891 |
3,345 |
622 |
19,148 |
6,352 |
1,303 |
Enterprise Value (EV) |
|
0.00 |
124 |
8,818 |
13,141 |
17,996 |
20,669 |
41,908 |
47,780 |
47,415 |
Market Capitalization |
|
125 |
125 |
5,211 |
9,293 |
11,468 |
16,635 |
28,021 |
31,177 |
30,792 |
Book Value per Share |
|
$0.00 |
$13.46 |
$18.41 |
$17.28 |
$17.54 |
$19.25 |
$22.77 |
$24.41 |
$25.17 |
Tangible Book Value per Share |
|
$0.00 |
$13.46 |
$18.41 |
$17.28 |
$17.54 |
$19.25 |
$22.77 |
$24.41 |
$25.17 |
Total Capital |
|
0.00 |
84 |
11,023 |
12,914 |
16,259 |
16,882 |
36,030 |
42,382 |
43,685 |
Total Debt |
|
0.00 |
0.32 |
4,122 |
4,865 |
6,766 |
4,695 |
13,740 |
16,724 |
16,733 |
Total Long-Term Debt |
|
0.00 |
0.00 |
4,122 |
4,865 |
6,766 |
4,695 |
13,740 |
16,724 |
16,733 |
Net Debt |
|
0.00 |
-0.60 |
3,524 |
3,763 |
6,450 |
3,955 |
13,531 |
16,202 |
16,208 |
Capital Expenditures (CapEx) |
|
0.73 |
0.87 |
0.71 |
2.72 |
2.77 |
2.51 |
1.88 |
4.04 |
7.53 |
Net Nonoperating Expense (NNE) |
|
0.00 |
0.00 |
0.00 |
0.00 |
-333 |
0.00 |
-60 |
-1.28 |
0.00 |
Net Nonoperating Obligations (NNO) |
|
0.00 |
0.32 |
4,122 |
4,865 |
6,766 |
4,695 |
13,740 |
16,724 |
16,733 |
Total Depreciation and Amortization (D&A) |
|
2.88 |
3.03 |
9.66 |
37 |
24 |
75 |
36 |
50 |
51 |
Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
Adjusted Basic Earnings per Share |
|
$0.00 |
$0.00 |
$1.43 |
$1.25 |
$1.76 |
$1.80 |
$1.27 |
$2.48 |
$2.56 |
Adjusted Weighted Average Basic Shares Outstanding |
|
0.00 |
0.00 |
367.23M |
435.07M |
506.14M |
564.47M |
877.51M |
1.01B |
1.05B |
Adjusted Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$1.43 |
$1.24 |
$1.75 |
$1.76 |
$1.27 |
$2.47 |
$2.56 |
Adjusted Weighted Average Diluted Shares Outstanding |
|
0.00 |
0.00 |
367.32M |
439.15M |
510.91M |
577.07M |
879.68M |
1.02B |
1.05B |
Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$1.43 |
$1.25 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
0.00 |
0.00 |
404.73M |
468.49M |
536.66M |
748.39M |
1.00B |
1.04B |
1.06B |
Normalized Net Operating Profit after Tax (NOPAT) |
|
0.00 |
0.00 |
545 |
559 |
572 |
1,034 |
1,099 |
1,789 |
2,725 |
Normalized NOPAT Margin |
|
0.00% |
0.00% |
91.98% |
91.94% |
64.64% |
93.81% |
53.10% |
63.37% |
89.67% |
Pre Tax Income Margin |
|
0.00% |
0.00% |
90.08% |
91.40% |
101.39% |
93.13% |
55.02% |
90.30% |
89.86% |
Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBIT to Interest Expense |
|
0.00 |
0.00 |
2.51 |
2.24 |
1.83 |
2.61 |
2.00 |
3.11 |
3.31 |
NOPAT to Interest Expense |
|
0.00 |
0.00 |
2.50 |
2.23 |
1.82 |
2.61 |
1.99 |
3.12 |
3.29 |
EBIT Less CapEx to Interest Expense |
|
-40.67 |
-124.14 |
2.51 |
2.23 |
1.82 |
2.61 |
2.00 |
3.11 |
3.30 |
NOPAT Less CapEx to Interest Expense |
|
-40.67 |
-124.14 |
2.50 |
2.22 |
1.82 |
2.60 |
1.99 |
3.12 |
3.29 |
Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dividend Payout Ratio |
|
0.00% |
0.00% |
51.21% |
92.38% |
69.22% |
74.97% |
108.85% |
63.12% |
65.57% |
Augmented Payout Ratio |
|
0.00% |
0.00% |
51.21% |
92.38% |
69.22% |
74.97% |
108.85% |
63.12% |
65.57% |
Quarterly Metrics And Ratios for VICI Properties
This table displays calculated financial ratios and metrics derived from VICI Properties' official financial filings.
Metric |
|
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Revenue Growth |
|
93.82% |
94.03% |
32.08% |
20.57% |
22.08% |
11.15% |
7.82% |
7.73% |
4.34% |
3.54% |
4.59% |
EBITDA Growth |
|
95.73% |
108.64% |
1,222.95% |
80.90% |
27.30% |
13.06% |
7.47% |
31.51% |
-16.04% |
-8.12% |
16.78% |
EBIT Growth |
|
108.73% |
117.07% |
1,073.23% |
79.96% |
26.32% |
13.97% |
7.49% |
31.94% |
-16.46% |
-8.57% |
16.92% |
NOPAT Growth |
|
108.94% |
116.98% |
1,487.25% |
79.98% |
28.12% |
13.90% |
7.29% |
31.66% |
-17.84% |
-7.93% |
16.69% |
Net Income Growth |
|
116.65% |
117.51% |
1,306.69% |
67.85% |
23.56% |
13.63% |
7.29% |
31.66% |
-17.84% |
-7.93% |
16.69% |
EPS Growth |
|
45.45% |
48.57% |
1,250.00% |
61.76% |
10.94% |
9.62% |
2.90% |
27.27% |
-18.31% |
-10.53% |
15.49% |
Operating Cash Flow Growth |
|
70.94% |
75.08% |
-18.77% |
9.47% |
18.15% |
4.16% |
15.88% |
4.88% |
11.73% |
8.85% |
4.11% |
Free Cash Flow Firm Growth |
|
-5,379.60% |
-363.26% |
78.40% |
86.03% |
69.86% |
91.31% |
66.62% |
73.43% |
87.87% |
52.29% |
54.43% |
Invested Capital Growth |
|
113.43% |
93.84% |
13.60% |
15.19% |
17.63% |
5.58% |
5.27% |
4.94% |
3.07% |
3.15% |
3.53% |
Revenue Q/Q Growth |
|
3.59% |
11.57% |
3.55% |
0.75% |
4.88% |
2.20% |
0.45% |
0.66% |
1.58% |
0.82% |
1.45% |
EBITDA Q/Q Growth |
|
87.38% |
-9.50% |
31.82% |
-19.07% |
31.87% |
-19.63% |
25.31% |
-0.98% |
-15.81% |
-12.05% |
59.30% |
EBIT Q/Q Growth |
|
88.81% |
-11.16% |
33.25% |
-19.49% |
32.54% |
-19.85% |
25.69% |
-1.18% |
-16.08% |
-12.28% |
60.77% |
NOPAT Q/Q Growth |
|
88.73% |
-11.19% |
33.23% |
-19.40% |
34.35% |
-21.05% |
25.50% |
-1.10% |
-16.16% |
-11.53% |
59.05% |
Net Income Q/Q Growth |
|
82.51% |
-14.15% |
32.91% |
-19.40% |
34.35% |
-21.05% |
25.50% |
-1.10% |
-16.16% |
-11.53% |
59.05% |
EPS Q/Q Growth |
|
88.24% |
-18.75% |
32.69% |
-20.29% |
29.09% |
-19.72% |
24.56% |
-1.41% |
-17.14% |
-12.07% |
60.78% |
Operating Cash Flow Q/Q Growth |
|
-3.26% |
6.99% |
1.60% |
4.10% |
4.42% |
-5.68% |
13.03% |
-5.79% |
11.23% |
-8.11% |
8.12% |
Free Cash Flow Firm Q/Q Growth |
|
46.79% |
-2.25% |
78.02% |
-16.77% |
-14.83% |
70.50% |
15.61% |
7.07% |
47.55% |
-15.99% |
19.41% |
Invested Capital Q/Q Growth |
|
0.66% |
11.80% |
1.06% |
1.28% |
2.80% |
0.35% |
0.76% |
0.96% |
0.97% |
0.42% |
1.13% |
Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBITDA Margin |
|
98.82% |
80.16% |
102.03% |
81.96% |
103.05% |
81.53% |
101.70% |
100.05% |
82.92% |
72.34% |
113.58% |
EBIT Margin |
|
97.98% |
78.02% |
100.39% |
80.23% |
101.39% |
80.00% |
100.09% |
98.26% |
81.18% |
70.62% |
111.91% |
Profit (Net Income) Margin |
|
101.42% |
78.05% |
100.17% |
80.14% |
102.66% |
79.79% |
99.68% |
97.94% |
80.84% |
70.94% |
111.21% |
Tax Burden Percent |
|
99.83% |
99.79% |
99.73% |
99.89% |
101.30% |
99.74% |
99.57% |
99.67% |
99.61% |
100.45% |
99.37% |
Interest Burden Percent |
|
103.69% |
100.24% |
100.05% |
100.00% |
99.95% |
100.00% |
100.02% |
100.00% |
99.98% |
100.00% |
100.00% |
Effective Tax Rate |
|
0.17% |
0.21% |
0.27% |
0.11% |
-1.30% |
0.26% |
0.43% |
0.33% |
0.39% |
-0.45% |
0.63% |
Return on Invested Capital (ROIC) |
|
7.65% |
6.12% |
6.72% |
5.59% |
7.39% |
5.58% |
7.03% |
6.96% |
5.71% |
5.03% |
7.91% |
ROIC Less NNEP Spread (ROIC-NNEP) |
|
7.89% |
6.13% |
6.72% |
5.59% |
7.39% |
5.58% |
7.03% |
6.96% |
5.71% |
5.03% |
7.91% |
Return on Net Nonoperating Assets (RNNOA) |
|
4.22% |
3.43% |
4.42% |
3.65% |
4.70% |
3.75% |
4.67% |
4.56% |
3.63% |
3.20% |
4.97% |
Return on Equity (ROE) |
|
11.87% |
9.54% |
11.14% |
9.25% |
12.09% |
9.33% |
11.71% |
11.52% |
9.34% |
8.23% |
12.87% |
Cash Return on Invested Capital (CROIC) |
|
-68.31% |
-59.41% |
-7.15% |
-7.92% |
-9.69% |
0.91% |
1.28% |
1.94% |
3.30% |
3.09% |
2.95% |
Operating Return on Assets (OROA) |
|
7.35% |
5.88% |
6.48% |
5.38% |
7.01% |
5.38% |
6.80% |
6.72% |
5.52% |
4.83% |
7.66% |
Return on Assets (ROA) |
|
7.61% |
5.89% |
6.47% |
5.38% |
7.10% |
5.37% |
6.77% |
6.70% |
5.49% |
4.85% |
7.61% |
Return on Common Equity (ROCE) |
|
11.72% |
9.43% |
10.96% |
9.10% |
11.89% |
9.18% |
11.52% |
11.34% |
9.20% |
8.10% |
12.67% |
Return on Equity Simple (ROE_SIMPLE) |
|
0.00% |
6.10% |
9.20% |
9.97% |
0.00% |
10.33% |
10.41% |
10.94% |
0.00% |
10.05% |
10.36% |
Net Operating Profit after Tax (NOPAT) |
|
593 |
527 |
702 |
565 |
760 |
600 |
753 |
744 |
624 |
552 |
878 |
NOPAT Margin |
|
97.81% |
77.86% |
100.17% |
80.14% |
102.66% |
79.79% |
99.68% |
97.94% |
80.84% |
70.94% |
111.21% |
Net Nonoperating Expense Percent (NNEP) |
|
-0.24% |
-0.01% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
SG&A Expenses to Revenue |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Operating Expenses to Revenue |
|
2.02% |
21.98% |
-0.39% |
19.77% |
-1.39% |
20.00% |
-0.09% |
1.74% |
18.82% |
29.38% |
6.06% |
Earnings before Interest and Taxes (EBIT) |
|
594 |
528 |
703 |
566 |
750 |
601 |
756 |
747 |
627 |
550 |
884 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
599 |
542 |
715 |
578 |
763 |
613 |
768 |
761 |
640 |
563 |
897 |
Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Price to Book Value (P/BV) |
|
1.28 |
1.31 |
1.26 |
1.15 |
1.23 |
1.19 |
1.16 |
1.34 |
1.16 |
1.30 |
1.27 |
Price to Tangible Book Value (P/TBV) |
|
1.28 |
1.31 |
1.26 |
1.15 |
1.23 |
1.19 |
1.16 |
1.34 |
1.16 |
1.30 |
1.27 |
Price to Revenue (P/Rev) |
|
13.53 |
12.75 |
11.62 |
10.38 |
11.05 |
10.50 |
10.13 |
11.62 |
10.13 |
11.24 |
11.11 |
Price to Earnings (P/E) |
|
25.07 |
21.91 |
13.92 |
11.77 |
12.40 |
11.75 |
11.34 |
12.40 |
11.49 |
13.09 |
12.50 |
Dividend Yield |
|
5.16% |
5.02% |
5.25% |
5.76% |
5.34% |
5.57% |
5.80% |
5.04% |
5.80% |
5.25% |
5.31% |
Earnings Yield |
|
3.99% |
4.56% |
7.18% |
8.49% |
8.06% |
8.51% |
8.82% |
8.06% |
8.70% |
7.64% |
8.00% |
Enterprise Value to Invested Capital (EV/IC) |
|
1.16 |
1.17 |
1.13 |
1.08 |
1.13 |
1.11 |
1.09 |
1.19 |
1.09 |
1.17 |
1.16 |
Enterprise Value to Revenue (EV/Rev) |
|
20.24 |
19.73 |
17.95 |
16.54 |
16.93 |
16.24 |
15.83 |
17.21 |
15.60 |
16.76 |
16.63 |
Enterprise Value to EBITDA (EV/EBITDA) |
|
37.59 |
33.86 |
21.19 |
18.26 |
18.39 |
17.61 |
17.14 |
17.80 |
17.04 |
18.81 |
18.67 |
Enterprise Value to EBIT (EV/EBIT) |
|
38.83 |
34.68 |
21.55 |
18.59 |
18.76 |
17.93 |
17.45 |
18.11 |
17.36 |
19.18 |
19.04 |
Enterprise Value to NOPAT (EV/NOPAT) |
|
38.92 |
34.77 |
21.59 |
18.63 |
18.71 |
17.89 |
17.43 |
18.09 |
17.42 |
19.22 |
18.42 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
|
21.56 |
21.83 |
22.55 |
21.25 |
21.91 |
21.34 |
20.40 |
22.34 |
19.91 |
21.15 |
21.00 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
124.64 |
87.58 |
63.14 |
33.43 |
38.51 |
40.07 |
Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Debt to Equity |
|
0.62 |
0.70 |
0.69 |
0.68 |
0.65 |
0.65 |
0.64 |
0.63 |
0.62 |
0.62 |
0.62 |
Long-Term Debt to Equity |
|
0.62 |
0.70 |
0.69 |
0.68 |
0.65 |
0.65 |
0.64 |
0.63 |
0.62 |
0.62 |
0.62 |
Financial Leverage |
|
0.53 |
0.56 |
0.66 |
0.65 |
0.64 |
0.67 |
0.66 |
0.65 |
0.64 |
0.64 |
0.63 |
Leverage Ratio |
|
1.60 |
1.62 |
1.72 |
1.72 |
1.70 |
1.74 |
1.73 |
1.72 |
1.70 |
1.70 |
1.69 |
Compound Leverage Factor |
|
1.66 |
1.63 |
1.72 |
1.72 |
1.70 |
1.74 |
1.73 |
1.72 |
1.70 |
1.70 |
1.69 |
Debt to Total Capital |
|
38.13% |
41.23% |
40.84% |
40.49% |
39.46% |
39.29% |
39.03% |
38.70% |
38.30% |
38.40% |
38.14% |
Short-Term Debt to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Long-Term Debt to Total Capital |
|
38.13% |
41.23% |
40.84% |
40.49% |
39.46% |
39.29% |
39.03% |
38.70% |
38.30% |
38.40% |
38.14% |
Preferred Equity to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Noncontrolling Interests to Total Capital |
|
0.99% |
0.90% |
0.90% |
0.90% |
0.95% |
0.95% |
0.95% |
0.95% |
0.95% |
0.94% |
0.95% |
Common Equity to Total Capital |
|
60.88% |
57.87% |
58.26% |
58.61% |
59.59% |
59.76% |
60.02% |
60.35% |
60.75% |
60.66% |
60.91% |
Debt to EBITDA |
|
12.32 |
11.89 |
7.64 |
6.86 |
6.44 |
6.26 |
6.15 |
5.77 |
6.02 |
6.17 |
6.13 |
Net Debt to EBITDA |
|
12.14 |
11.71 |
7.30 |
6.65 |
6.24 |
6.08 |
6.02 |
5.64 |
5.83 |
6.04 |
6.04 |
Long-Term Debt to EBITDA |
|
12.32 |
11.89 |
7.64 |
6.86 |
6.44 |
6.26 |
6.15 |
5.77 |
6.02 |
6.17 |
6.13 |
Debt to NOPAT |
|
12.76 |
12.21 |
7.79 |
6.99 |
6.55 |
6.36 |
6.25 |
5.86 |
6.15 |
6.30 |
6.05 |
Net Debt to NOPAT |
|
12.57 |
12.02 |
7.44 |
6.78 |
6.35 |
6.18 |
6.12 |
5.74 |
5.96 |
6.18 |
5.96 |
Long-Term Debt to NOPAT |
|
12.76 |
12.21 |
7.79 |
6.99 |
6.55 |
6.36 |
6.25 |
5.86 |
6.15 |
6.30 |
6.05 |
Noncontrolling Interest Sharing Ratio |
|
1.26% |
1.13% |
1.56% |
1.55% |
1.58% |
1.55% |
1.54% |
1.53% |
1.55% |
1.55% |
1.54% |
Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
|
-18,555 |
-18,973 |
-4,171 |
-4,870 |
-5,592 |
-1,650 |
-1,392 |
-1,294 |
-679 |
-787 |
-634 |
Operating Cash Flow to CapEx |
|
67,955.29% |
52,837.35% |
161,209.12% |
95,685.62% |
26,926.30% |
22,561.78% |
23,053.64% |
42,390.34% |
59,418.54% |
379,396.79% |
95,223.07% |
Free Cash Flow to Firm to Interest Expense |
|
-109.58 |
-92.84 |
-20.49 |
-23.77 |
-27.26 |
-8.05 |
-6.77 |
-6.24 |
-3.26 |
-3.76 |
-2.97 |
Operating Cash Flow to Interest Expense |
|
2.88 |
2.55 |
2.61 |
2.69 |
2.81 |
2.65 |
2.99 |
2.79 |
3.09 |
2.83 |
2.99 |
Operating Cash Flow Less CapEx to Interest Expense |
|
2.88 |
2.55 |
2.60 |
2.69 |
2.80 |
2.64 |
2.97 |
2.79 |
3.09 |
2.83 |
2.99 |
Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Asset Turnover |
|
0.08 |
0.08 |
0.06 |
0.07 |
0.07 |
0.07 |
0.07 |
0.07 |
0.07 |
0.07 |
0.07 |
Fixed Asset Turnover |
|
13.48 |
15.62 |
16.88 |
17.67 |
18.55 |
19.02 |
19.56 |
19.92 |
20.16 |
20.34 |
20.63 |
Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Invested Capital |
|
36,030 |
40,281 |
40,709 |
41,228 |
42,382 |
42,530 |
42,854 |
43,267 |
43,685 |
43,870 |
44,366 |
Invested Capital Turnover |
|
0.08 |
0.08 |
0.07 |
0.07 |
0.07 |
0.07 |
0.07 |
0.07 |
0.07 |
0.07 |
0.07 |
Increase / (Decrease) in Invested Capital |
|
19,148 |
19,500 |
4,872 |
5,436 |
6,352 |
2,250 |
2,145 |
2,038 |
1,303 |
1,339 |
1,513 |
Enterprise Value (EV) |
|
41,908 |
47,304 |
46,101 |
44,457 |
47,780 |
46,995 |
46,664 |
51,681 |
47,415 |
51,384 |
51,558 |
Market Capitalization |
|
28,021 |
30,582 |
29,848 |
27,904 |
31,177 |
30,365 |
29,877 |
34,881 |
30,792 |
34,458 |
34,449 |
Book Value per Share |
|
$22.77 |
$23.23 |
$23.62 |
$23.84 |
$24.41 |
$24.38 |
$24.65 |
$24.94 |
$25.17 |
$25.19 |
$25.57 |
Tangible Book Value per Share |
|
$22.77 |
$23.23 |
$23.62 |
$23.84 |
$24.41 |
$24.38 |
$24.65 |
$24.94 |
$25.17 |
$25.19 |
$25.57 |
Total Capital |
|
36,030 |
40,281 |
40,709 |
41,228 |
42,382 |
42,530 |
42,854 |
43,267 |
43,685 |
43,870 |
44,366 |
Total Debt |
|
13,740 |
16,606 |
16,624 |
16,693 |
16,724 |
16,712 |
16,727 |
16,744 |
16,733 |
16,847 |
16,922 |
Total Long-Term Debt |
|
13,740 |
16,606 |
16,624 |
16,693 |
16,724 |
16,712 |
16,727 |
16,744 |
16,733 |
16,847 |
16,922 |
Net Debt |
|
13,531 |
16,359 |
15,885 |
16,182 |
16,202 |
16,226 |
16,380 |
16,388 |
16,208 |
16,513 |
16,689 |
Capital Expenditures (CapEx) |
|
0.72 |
0.99 |
0.33 |
0.58 |
2.14 |
2.41 |
2.67 |
1.37 |
1.08 |
0.16 |
0.67 |
Net Nonoperating Expense (NNE) |
|
-22 |
-1.28 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Net Nonoperating Obligations (NNO) |
|
13,740 |
16,606 |
16,624 |
16,693 |
16,724 |
16,712 |
16,727 |
16,744 |
16,733 |
16,847 |
16,922 |
Total Depreciation and Amortization (D&A) |
|
5.08 |
14 |
11 |
12 |
12 |
12 |
12 |
14 |
13 |
13 |
13 |
Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Adjusted Basic Earnings per Share |
|
$0.64 |
$0.52 |
$0.69 |
$0.55 |
$0.72 |
$0.57 |
$0.71 |
$0.70 |
$0.58 |
$0.51 |
$0.82 |
Adjusted Weighted Average Basic Shares Outstanding |
|
877.51M |
1.00B |
1.01B |
1.01B |
1.01B |
1.04B |
1.04B |
1.05B |
1.05B |
1.06B |
1.06B |
Adjusted Diluted Earnings per Share |
|
$0.64 |
$0.52 |
$0.69 |
$0.55 |
$0.71 |
$0.57 |
$0.71 |
$0.70 |
$0.58 |
$0.51 |
$0.82 |
Adjusted Weighted Average Diluted Shares Outstanding |
|
879.68M |
1.00B |
1.01B |
1.01B |
1.02B |
1.04B |
1.04B |
1.05B |
1.05B |
1.06B |
1.06B |
Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
1.00B |
1.00B |
1.01B |
1.03B |
1.04B |
1.04B |
1.05B |
1.05B |
1.06B |
1.06B |
1.07B |
Normalized Net Operating Profit after Tax (NOPAT) |
|
596 |
524 |
699 |
569 |
528 |
600 |
752 |
746 |
627 |
385 |
885 |
Normalized NOPAT Margin |
|
98.36% |
77.43% |
99.84% |
80.64% |
71.38% |
79.83% |
99.61% |
98.10% |
81.20% |
49.44% |
112.02% |
Pre Tax Income Margin |
|
101.59% |
78.21% |
100.44% |
80.23% |
101.34% |
80.00% |
100.11% |
98.26% |
81.16% |
70.62% |
111.91% |
Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBIT to Interest Expense |
|
3.51 |
2.58 |
3.45 |
2.76 |
3.66 |
2.94 |
3.67 |
3.60 |
3.01 |
2.63 |
4.13 |
NOPAT to Interest Expense |
|
3.50 |
2.58 |
3.45 |
2.76 |
3.70 |
2.93 |
3.66 |
3.59 |
3.00 |
2.64 |
4.11 |
EBIT Less CapEx to Interest Expense |
|
3.50 |
2.58 |
3.45 |
2.76 |
3.65 |
2.92 |
3.66 |
3.60 |
3.01 |
2.63 |
4.13 |
NOPAT Less CapEx to Interest Expense |
|
3.50 |
2.57 |
3.44 |
2.76 |
3.69 |
2.92 |
3.65 |
3.58 |
2.99 |
2.64 |
4.11 |
Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dividend Payout Ratio |
|
108.85% |
97.91% |
69.64% |
64.97% |
63.12% |
63.58% |
63.94% |
61.35% |
65.57% |
67.65% |
65.48% |
Augmented Payout Ratio |
|
108.85% |
97.91% |
69.64% |
64.97% |
63.12% |
63.58% |
63.94% |
61.35% |
65.57% |
67.65% |
65.48% |
Key Financial Trends
VICI Properties has demonstrated consistent financial growth over the past four years, marked by steadily increasing net income, revenues, and equity. The following are key positive, neutral, and negative trends based on an analysis of their most recent quarterly and annual financial statements:
- Consistent Net Income Growth: Net income increased steadily each quarter from Q1 2023 ($518.7M) to Q2 2025 ($878.4M), indicating strong operational profitability and growth momentum.
- Increasing Revenues: Total revenue grew from $676M in Q1 2023 to nearly $790M by Q2 2025, driven by stable non-interest income and continued investment income.
- Strong Operating Cash Flow: Net cash provided by operating activities has been robust, reaching $640M in Q2 2025, supporting business operations and dividends.
- Growing Equity Base: Total common equity increased from around $23.3B in Q1 2023 to $27.0B in Q2 2025, reflecting retained earnings growth and capital raising while supporting asset growth.
- Dividend Stability and Growth: Cash dividends per common share increased from $0.39 in mid-2023 to $0.4325 by mid-2025, indicating steady income returns to shareholders.
- Moderate Capital Expenditures: Capital expenditures remain modest relative to cash flow, supporting necessary property upgrades without overextending resources.
- Rising Interest Expense: Interest costs on long-term debt increased from $169M in late 2022 to over $213M by Q2 2025, reflecting either rising debt levels or interest rates, which could pressure net income going forward.
- Stable Debt Levels: Long-term debt has slowly increased from approximately $13.7B in 2022 to $16.9B by Q2 2025. This indicates controlled leverage but requires monitoring for interest coverage and repayment capacity.
- Fluctuating Investment Activity: Significant purchases and sales of investment securities occur quarterly, with large swings such as a $1.68B purchase in Q1 2023 and $338M purchase in Q2 2025. This investment activity contributes to income but adds some variability to cash flow.
- Increased Non-Interest Expense Volatility: Other operating expenses and restructuring charges have varied significantly quarter-to-quarter, occasionally rising sharply (e.g., $227M in Q1 2025 vs. $41M in Q2 2024), which could impact predictability of net earnings.
Overall, VICI Properties shows strong and consistent growth in profitability, equity, and operating cash flow, underpinned by disciplined capital management and revenue generation from its property investments. The company maintains moderate leverage with rising debt costs that investors should monitor. Stability in dividends and asset quality remain key positives for shareholders.
08/09/25 09:21 AMAI Generated. May Contain Errors.