How profitable is VICI Properties Inc. (VICI)?

In FY 2025 (10-K), VICI converted $4.0B of revenue into a 99.3% gross margin, 81.8% operating margin, and $2.3B in free cash flow (58.2% FCF margin).

Stock Ratings / Financials / VICI / financials

EXR (70) IRM (44) SBAC (72) CCI (70) ⌘ Pro Terminal →

VICI Properties Inc. (VICI) Revenue-to-Profit Sankey Flow & SEC XBRL Financials

$25.00 +2.21% NYSE • Live Quote vs Prior Daily Close (Synced Snapshot) EXT / AFTER-HRS: $25.05

VICI Properties Inc. (VICI) carries a Roarable Rating of C+ (Hold) with 66/100 RQD Confidence. The composite score sits in the neutral Hold band (59–69), meaning current holders don’t need to panic-sell while prospective buyers can wait for a move into the 70+ Buy zone.

ROARABLE C+ • HOLD / WATCH Cap $26.93B

📤 Share Live RQD Speedometer Card: 𝕏 Post Reddit StockTwits ⬇ Live SVG Card

⚡ INSTANT AI QUANT PREVIEW • $0 FREE TIER Click Any Pre-Computed AI Quant Specialist Briefing on VICI Below — or Connect Your Own ChatGPT / Claude

🤖 Mara Quenwick • AI Quant Lead (Click for Instant Brief) Is VICI stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

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As of 2026-11-03, VICI Properties Inc. (NYSE: VICI) is rated C+ (Hold / HOLD) by Roarable's 5-pillar RQD engine with a composite confidence score of 66/100 at a spot price of $25.00 (+2.21% 1D, market cap $26.93B). Pillar breakdown: Fundamental Cash Engine 13/20, Institutional 13F & Options Flow 11/20, SEC Balance-Sheet Forensics 15/20, FRED Macro Regime Fit 10/20, and Executive Insider Alignment 17/20. Across 1097 tracked Financials issuers, VICI ranks #192 in composite RQD confidence.

✓ Pre-computed one-to-many AI Quant brief

🤖 Ellis Vennor • AI Peer & Flow Quant (Click for Instant Brief) How does VICI compare to EXR and IRM in the Financials sector?

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Within the Financials sector (Real Estate Investment Trusts), VICI carries a Roarable C+ (66/100 RQD), trailing P/E of 9.7x, gross margin of —, and ROIC of 7.6%. By comparison, EXR (Extra Space Storage Inc) holds a B- grade (70/100 RQD, P/E 32.5x, ROIC 5.7%, cap $31.97B) and IRM (Iron Mountain Incorporated (Delaware)) posts a D grade (44/100 RQD, P/E 38.8x, ROIC 6.1%, cap $34.70B). Among the 5-stock peer group, VICI leads on earnings multiple (9.7x) while SBAC leads on capital efficiency (18.1% ROIC).

✓ Pre-computed one-to-many AI Quant brief

🤖 Gideon Ashmere • AI SEC 10-K Forensics (Click for Instant Brief) What are the biggest fundamental strengths and SEC risk factors for VICI?

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Per VICI's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0001705696), VICI Properties Inc. generated $4.01B in revenue (+4.1% YoY), $2.78B in net income, and $2.33B in free cash flow against $46.72B in total assets and $8.33B in total debt. Key quantitative strengths: Company leadership has skin in the game with net positive insider conviction. Primary risk factors monitored: Sensitive to high interest rates and tighter Federal Reserve market liquidity. Institutional options positioning shows a 50% call / 50% put premium split.

✓ Pre-computed one-to-many AI Quant brief

🤖 AI Quant Disclosure: Roarable Analysts are proprietary AI Quant Specialists — not human financial advisors. Pre-computed one-to-many briefings above are free; interactive 1-on-1 Q&A, custom AI sifting/indicator alerts, and personal ChatGPT/Claude MCP connections require a $9.95/mo Pro account (currently waitlist-only).

INTERACTIVE SCENARIO DECK:

🛡️ Portfolio Crash X-Ray

EXT / AFTER-HRS: $25.05 (+0.21%)🧬 Cannibal Buyback (-2.64% YoY Shares)⚙️ Cash Engine: 13/20 (C) • 58.2% FCF Margin

Verify 90D Bucket Audit →

📊 Historical Track Record: Scores of 66/100 (C+) historically posted market-perform odds over rolling 90-day windows (+1.4% avg 90D alpha vs SPY • 56.0% hit rate — wait for RQD ≥ 70 breakout).

Audit Bucket Track Record →

RQD QUANT TACHOMETERHOLD / WATCH • C+

JEV AI Jury Split (Battleground)

Cash

SEC

Whale

Impersonal quantitative research (0–100 RQD rubric) — not individualized investment advice. Past performance does not guarantee future results. Full Disclaimer

5-PILLAR SNOWFLAKE RADARRw C+ · Rk C

Each axis scored 0–20

12M PRICE TARGET CONE+3.6% Base Target

WHALE OPTIONS SNAPSHOT: — (No Active Options Snapshot on file for VICI)Realized 20D OHLCV Swing Band: ±4.2%

Deterministic 5-Pillar Attribution (66/100 Composite)

🔍 WHY VICI SCORES 66/100 (C+) — TOP 3 DRIVERS2 Bullish Pillars + #1 Risk Drag

▲ #1 Bullish Driver: Insider Conviction & Share Dilution+17/20 pts (26% of score)

SEC Form 4 / 13F Thermometer: 85% Net Buy • Cannibal Buyback (-2.64% YoY Shares)

▲ #2 Bullish Driver: SEC 10-K Forensic Risk+15/20 pts (23% of score)

Altman Z-Score 3.80 (FORTRESS SAFE (>3.0)) • Piotroski F-Score 8/9

▼ #1 Drag / Risk Factor: Macro Regime Fit10/20 pts (-10 pt drag)

Macro rate sensitivity & RSI-14 (59) create a -10 pt regime headwind

📈 PAST 4 QUARTERS RQD vs SUBSEQUENT RETURNQ1 → Q2 → Q3 → Current

Q1 (-3Q)

Grade C$22.94+0.9% Next Q

Q2 (-2Q)

Grade C$23.15+1.6% Next Q

Q3 (-1Q)

Grade C+$23.52+6.3% Next Q

Current

Grade C+$25.00+1.4% Hist 90D α

Trajectory: C (58) → C+ (66)Full Audit →

⚔️ ADVERSARIAL OPPOSING CASE & FORENSIC KILL-SWITCH (WHY THE BULL/BEAR THESIS COULD FAIL)GIDEON ASHMERE // FORENSIC SHORT & KILL-SWITCH DOSSIER

⚔️ Adversarial Opposing Case: Why the VICI Bull Thesis Could Fail

Gideon Ashmere Forensic Desk →

Even with a 66/100 (C+) score, VICI faces multiple-compression risk if 9.7x trailing P/E re-rate toward historical sector medians or if hyperscaler/enterprise customer concentration slows in upcoming 10-Q filings.

⚠️ Forensic Kill-Switch #1

Sensitive to high interest rates and tighter Federal Reserve market liquidity.

⚠️ Forensic Kill-Switch #2

Dilution & Margin Drag: Cannibal Buyback (-2.64% YoY Shares) — any gross margin slip below 96.8% triggers an automatic RQD downgrade.

⚠️ Forensic Kill-Switch #3

Technical & Forensic Kill-Switch: A daily close below the 50D SMA ($24.03) or 200D SMA ($26.90) invalidates the momentum regime and cuts Target Base ($25.90) toward Bear Floor ($20.20).

🎲 LIVE PREDICTION MARKET ODDS TIED TO $VICI• $2.4M Crowd Pool • Kalshi / Polymarket Composite

Contract: “VICI Beats Next Quarter EPS Consensus (Dec 30, 2026) & Holds Above 200D SMA”

YES 66%NO 34%Trade / Inspect Odds →

VISUAL REVENUE-TO-PROFIT SANKEY WATERFALL • FY 2025 (10-K)

How VICI Turns Every Dollar of Sales Into Real Bottom-Line Profit

Free Cash Flow:$2.33B (58.2% FCF Margin)

Multi-Year SEC EDGAR XBRL Revenue, Net Profit & Free Cash Flow Trajectory

■ Revenue■ Net Profit■ Free Cash Flow

FY23

Rev $3.61B

FY24

Rev $3.85B

FY25

Rev $4.01B

Fiscal Year	Revenue	Gross Margin	Op Margin	Net Profit	Free Cash Flow	ROIC %
FY 2025	$4.01B	99.3%	81.8%	$2.78B	$2.33B	7.3%
FY 2024	$3.85B	99.3%	82.1%	$2.68B	$2.21B	7.3%
FY 2023	$3.61B	92%	82.1%	$2.51B	$2.02B	26.1%

ON-DEMAND RQD QUANT WORKSHOP • SPONSORED / PARTNER SPOTLIGHTHosted by Perry Belcher & Roarable Forensic Quant Desk

Red-Light Warning Desk: Spotting SEC Cash-Flow & Dilution Risks Before Downgrades (Featuring VICI)

✓Walkthrough of VICI's RQD Radar, SEC cash-conversion gap & downside invalidation levels
✓3 asymmetric Bear/Hedge frameworks when 10-year Treasury yields stay elevated
✓Includes nightly RQD rating-change & forensic signal email alerts on your tracked stocks

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VICI // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -11.00%⚡ TESTING RESISTANCE

2026-11-03O $24.52H $25.00L $24.46C $25.00VOL 11.86M

RES: $25.56SUP: $21.19SMA50: $24.03SMA200: $26.90

PRIMARY-SOURCE FORENSICS, SECOND-ORDER LINKS & AI ANALYST DESK

VICI Dilution Monitor, Expectations Hurdle, Butterfly Connections & Policy Exposure

🦋 VICI Butterfly Map → + Track VICI →

Share Count & Dilution Monitor

Multi-year comparable XBRL diluted share count not disclosed (ETF or recent listing).

Reverse-DCF Expectations Hurdle

-1.8%/yr Implied 5Y Growth

vs. +4.1% actual YoY revenue growth (assuming 9.25% cost of equity & 16.5x terminal multiple).

Ellis Vennor Setup Ledger

No active Ellis Vennor swing setup published on VICI today. View full Setup Ledger →

🦋 Documented & Second-Order Butterfly Connections Open Graph →

No direct multi-tier Butterfly edges indexed yet for VICI. Explore sector supply chains on /butterfly.

AI Analyst Theses, Washington Policy & Company Video

🎬 No recent verified company-specific video clip queued for VICI today (we never pad ticker pages with unrelated generic clips). Browse Macro Video Desk →

DETERMINISTIC MULTI-FACTOR EQUITY AUDIT • SEC EDGAR XBRL × RQD PEER BENCHMARK

📊 Quantitative Sector Peer Comparison, SEC Filing Delta & Investment FAQ (VICI)

Financials Rank #192 of 1097 ⚔️ EXR vs VICI Full Matrix →

1. Head-to-Head Financials Peer Comparison (VICI vs. EXR, IRM, SBAC, CCI)

Industry: Real Estate Investment Trusts (172 Tracked Issuers)

Across 1097 tracked Financials securities in the Roarable RQD universe, VICI Properties Inc. (VICI) ranks #192 by composite RQD confidence (66/100, grade C+) and #102 by equity capitalization ($26.93B). Within this direct 5-issuer industry benchmark cohort, VICI leads on earnings valuation at 9.7x trailing P/E, while SBAC leads on capital efficiency and profitability with 18.1% ROIC and — gross margin. SBAC currently holds the highest overall quantitative score in the immediate peer group at 72/100 (B) compared with VICI at 66/100 (C+).

Ticker / Company	Roarable Grade	RQD Score	Trailing P/E	Gross Margin	ROIC	1D Change	Market Cap	Head-to-Head
VICI ACTIVE VICI Properties Inc.	C+	66/100	9.7x	—	7.6%	+2.21%	$26.93B	Benchmark Subject
EXR Extra Space Storage Inc	B-	70/100	32.5x	—	5.7%	+3.08%	$31.97B	/exr-vs-vici →
IRM Iron Mountain Incorporated (Delaware)	D	44/100	38.8x	—	6.1%	-1.17%	$34.70B	/irm-vs-vici →
SBAC SBA Communications Corporation	B	72/100	18.6x	—	18.1%	-1.22%	$19.85B	/sbac-vs-vici →
CCI Crown Castle Inc.	B-	70/100	85.1x	—	11.9%	-1.87%	$37.73B	/cci-vs-vici →

2. Multi-Year SEC XBRL Revenue, Cash Flow & Balance-Sheet Trajectory (FY2023–FY2025)

SEC EDGAR 10-K • FILED 2025-12-31 • CIK 0001705696 ↗

In its most recent audited fiscal period (FY2025, filed 2025-12-31), VICI Properties Inc. (VICI) reported GAAP revenue of $4.01B (+4.1% vs. FY2024 revenue of $3.85B , and +10.9% cumulative change since FY2023) , GAAP net income of $2.78B, operating cash flow of $2.51B, and free cash flow of $2.33B (+5.5% YoY). On the balance sheet, VICI closed FY2025 with $46.72B in total assets against $8.33B in total debt (Altman Z-Score: N/A, Piotroski F-Score: 8/9).

Fiscal Period	Filing Date	Revenue	Net Income	Operating Cash Flow	Free Cash Flow	Total Assets	Total Debt
FY2025 (FY)	2025-12-31	$4.01B	$2.78B	$2.51B	$2.33B	$46.72B	$8.33B
FY2024 (FY)	2024-12-31	$3.85B	$2.68B	$2.38B	$2.21B	$45.37B	$8.29B
FY2023 (FY)	2023-12-31	$3.61B	$2.51B	$2.18B	$2.02B	$14.85B	$3.47B

3. VICI Data-Verified Investor FAQ (RQD Rating, Sector Peers, SEC Forensics & Technicals)

✓ SCHEMA.ORG FAQPAGE JSON-LD ENABLED

Is VICI stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

How does VICI compare to EXR and IRM in the Financials sector?

What are the biggest fundamental strengths and SEC risk factors for VICI?

Where is VICI trading relative to its 50-day, 200-day, and 52-week technical levels?

VICI last traded at $25.00 (+2.21% on volume of 12,092,832 shares), positioning the stock +4.04% above its 50-day simple moving average ($24.03) and -7.06% below its 200-day simple moving average ($26.90). Across its 52-week range of $22.42 to $30.83, VICI sits at the 30.7% percentile with a 14-day RSI of 59.0 (BULLISH MOMENTUM) and an implied next-earnings move of ±4.2% ($23.95 to $26.05).

Direct Sub-Reports: VICI RQD Cockpit VICI 12M Forecast VICI Earnings & Move VICI Dividends & DRIP VICI Insiders & 13F VICI Whale Options VICI Profit Sankey VICI News & Why

ROARABLE RATING BRIEF • RQD 66/100 (C+) ✓ SEC XBRL & RQD VERIFIED

VICI — VICI Properties Inc.: What the Facts Mean to a Prospective Investor

Methodology: RQD v6.2 Deterministic 5-Pillar & SEC XBRL Audit

Updated: 2025-12-31

1. Roarable Rating Brief: What This Means to a Prospective Investor

VICI Properties Inc. (VICI) earns a live Roarable RQD composite score of 66/100, corresponding to a C+ letter grade (Roarable Hold) at a spot price of $25.00 (+2.21% 1D, market capitalization $26.93B).

Fundamental Cash Engine (13/20): Anchored by return on invested capital (ROIC) of 7.6%, gross margin of —, operating margin of 75.0%, and free cash flow yield of 8.63%.
Whale 13F & Options Flow (11/20) + Insider Conviction (17/20): Tracks institutional 13F accumulation, CBOE options call/put positioning, and SEC Form 4 / Congressional PTR filings.
Macro Regime Fit (10/20) + Forensic Balance Sheet (15/20): Incorporates a 1.05x equity beta, Altman Z-Score of N/A, Piotroski F-Score of 8/9, and Debt/Equity of N/A.

2. Business Model, Unit Margins & SEC Financial Trajectory

VICI Properties Inc. Is a NYSE-listed issuer in the Financials sector, operating in the Real Estate Investment Trusts industry, . The profile does not describe its tenants, property types, or revenue model. The company reports revenue of $4.01B for FY 2025 and operating margin of 75% per the market data.

In its latest audited SEC EDGAR 10-K filing for FY2025 (filed 2025-12-31), VICI Properties Inc. (VICI) reported $4.01B in annual revenue (up from $3.85B in FY2024, +4.1% YoY) and $2.78B in GAAP net income. Over the multi-year SEC filing window from FY2023 ($3.61B revenue, $2.51B net income) through FY2025, VICI scaled operating cash flow to $2.51B and free cash flow to $2.33B, backed by $46.72B in total assets against $8.33B in total debt.

3. Institutional Bull vs. Bear Thesis & Valuation Tradeoff

🐂 Primary Bull Case (C+ • RQD 66/100): Company leadership has skin in the game with net positive insider conviction. Clean SEC annual filing review with no major hidden accounting time-bombs. With Fundamental Cash Engine at 13/20 and Institutional Whale Flow at 11/20, sustained execution supports upside toward the upper end of the $22.42 – $30.83 52-week range.
🐻 Primary Bear Case & Valuation Risk: Sensitive to high interest rates and tighter Federal Reserve market liquidity. Investors must weigh 9.7x trailing P/E and 9.7x EV/EBITDA against 75.0% operating margins and a 1.05x macro beta.

4. 2nd-Order Butterfly Ripples & Key Questions to Watch

Upstream and downstream dependencies are — Sector correlation data is — Second-order bottlenecks are — For a prospective investor, the practical implication is that ripple effects cannot be mapped from the provided sources.

Key Question #1: Can VICI sustain or expand its 75.0% operating margin and 7.6% ROIC against Real Estate Investment Trusts peers over the next 4 quarters?
Key Question #2: Following FY2025 revenue of $4.01B and free cash flow of $2.33B, how will capital allocation balance growth reinvestment against $8.33B in total debt?
Key Question #3: How sensitive is VICI's 9.0x forward P/E multiple to Financials capital spending cycles and macro interest-rate shifts (Beta 1.05x)?

VICI Live News Feed, Press Releases & Catalyst Wire

Real-time company headlines, analyst actions, and sector developments for VICI Properties Inc. (VICI) • Click "Debate This Headline" to argue it in the Roar Pit below

💬 Jump to VICI Debate Forum (3) ↓

🟡 MARKET WIRE Yahoo Finance • 21h ago

VICI Properties (VICI) Stock Looks Discounted Despite Its 23% Slide

Yahoo Finance report covering VICI Properties Inc. (VICI) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE Seeking Alpha • 1d ago

VICI Properties: Why I'm Buying The Tumble (NYSE:VICI)

Seeking Alpha report covering VICI Properties Inc. (VICI) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE The Motley Fool • 1d ago

Why Isn't VICI Properties Stock Bouncing Back After Strong Earnings?

The Motley Fool report covering VICI Properties Inc. (VICI) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE TradingView • 1d ago

VICI Properties Trading at a Discount: Should You Buy the Stock Now?

TradingView report covering VICI Properties Inc. (VICI) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE Seeking Alpha • 1d ago

The Superior Alternative To VICI Properties (NYSE:VICI)

Seeking Alpha report covering VICI Properties Inc. (VICI) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE The Motley Fool • 1d ago

This Stock Pays Me Nearly 8% a Year, and I Can't Stop Buying It

The Motley Fool report covering VICI Properties Inc. (VICI) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE Yahoo Finance • 1d ago

Investors Love VICI Properties’ Juicy 8% Dividend, but Is the Stock a Buy?

Yahoo Finance report covering VICI Properties Inc. (VICI) market action, institutional positioning, and fundamental catalysts.

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🟡 MARKET WIRE Seeking Alpha • 1d ago

Cheaper Than March 2020: Why We're Buying VICI Properties At An 8% Yield (NYSE:VICI)

Seeking Alpha report covering VICI Properties Inc. (VICI) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🔥 THE ROAR PIT • LIVE COMMUNITY DEBATE 3 Active Posts & Replies

VICI Bull vs. Bear Conversation Board — What's Your Call at $25.00?

🐂 67% BULLISH CONVICTION COMMUNITY TUG-OF-WAR ON VICI 🐻 33% BEARISH CONVICTION

SI SiliconVal_Bull RQD DEBATE OPENER • Growth & Tech Investor 🐂 BULLISH 🎯 Target: $28.13 (+15.0%)

📌 Pinned Debate

Insider Conviction (17/20) and Forensic Balance Sheet (15/20) are the strongest pillars, with FCF yield of 8.63% and FY 2025 FCF of $23

Insider Conviction (17/20) and Forensic Balance Sheet (15/20) are the strongest pillars, with FCF yield of 8.63% and FY 2025 FCF of $2.33B.. When you look under the hood at VICI, Fundamental Cash Engine is 13/20 with 0.0% gross margins and 7.6% ROIC. Bears are staring in the rearview mirror while institutional 13F flow (11/20) has been quietly accumulating below $30.83. My 12M target is $28.13.

VolSurface_Trader 🐂 BULL

Both sides have a point here — VICI's 15/20 balance sheet score keeps downside contained, so the real swing factor next earnings call is backlog and FCF conversion.

SH ShortSeller_Dan RQD DEBATE OPENER • Forensic Short Bias 🐻 BEARISH 🎯 Target: $19.81 (-19.0%)

Spot @ $24.46

Macro Regime Fit (10/20) and Whale 13F Flow (11/20) are weak, and total debt rose from $3.47B in FY 2023 to $8.33B in FY 2025.

Careful chasing VICI at $24.46. Macro Regime Fit (10/20) and Whale 13F Flow (11/20) are weak, and total debt rose from $3.47B in FY 2023 to $8.33B in FY 2025.. Gross margin is 0.0%, but operating margin is 75.0%, which shows SG&A and reinvestment are eating into bottom-line EPS. Target $19.81 on multiple compression.