What is VICI Properties Inc. (VICI) DCF Fair Value and Intrinsic Value in 2026?

VICI Properties Inc. (VICI) intrinsic value is calculated using conservative multi-stage Discounted Cash Flow (DCF) models, 5-year free cash flow trajectories, Graham Numbers, and owner earnings multiples. LocalAlpha tracks real-time margin of safety against live market prices.

What is VICI Properties Inc.'s historical Return on Invested Capital (ROIC) and Moat Rating?

VICI Properties Inc. operates in the Real Estate sector (REIT - Specialty) with an economic moat rating of NARROW. LocalAlpha tracks 5-year audited quarterly ROIC, operating margin stability, and balance sheet solvency ratios.

What is VICI Properties Inc.'s financial health rating and Piotroski F-Score?

VICI Properties Inc.'s balance sheet quality is evaluated using the 9-point Piotroski F-Score, Altman Z-Score solvency model, debt-to-equity ratio, and quick/current liquidity coverage to guard against financial distress.

How does LocalAlpha monitor VICI Properties Inc. (VICI) for quarterly SEC filing thesis breaks?

LocalAlpha audits VICI Properties Inc.'s 10-K, 10-Q, and 8-K regulatory filings on SEC EDGAR within 15 minutes of release. If reported metrics breach an investor's custom ROIC floor, operating margin boundary, or qualitative risk criteria, an autonomous breach audit is dispatched immediately.

StocksVICI

VICI

VICI Properties Inc.Real Estate / REIT - DiversifiedINTACT

VICI Properties Inc. is an S&P 500 experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality, wellness, entertainment and leisure destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties owns 103 experiential assets across a geographically diverse portfolio consisting of 63 gaming properties and 40 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 130 million square feet and features approximately 66,000 hotel rooms and over 700 restaurants, bars, nightclubs and sports books. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long-term, triple-net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading operators in other experiential sectors, including Cabot, Cain, Canyon Ranch, Chelsea Piers, Club Med, Great Wolf Resorts, Homefield, Kalahari Resorts and Lucky Strike Entertainment. VICI Properties also owns four championship golf courses and approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties' goal is to create the highest quality and most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators. VICI Properties Inc. was established on July 05, 2016, and is based in New York, United States. VICI Properties Inc. was incorporated in Maryland.

Share Price

$24.83

52W: $24.66 - $33.31

DCF Fair Value

$0.00

0% Premium

Thesis Hub

P/E (TTM)

9.6x

ROIC

52.7%

Operating Margin

70.2%

FCF Yield

Debt / Equity

0.6x

Piotroski Score

7/9

Altman Z-Score

2.22

Market Cap

$27.3B

Price vs. Intrinsic Value Corridor

Fair Value Range

Historical market price overlaid against conservative DCF Fair Value & Benjamin Graham Margin of Safety bands.

Period Return (1Y)

—()

Period Range

$— - $—

Valuation Overlays:0 Revised Graham ($91.05) Graham Number ($39.22)

2-Stage Discounted Cash Flow (DCF) Workbench

Conservative intrinsic value model based on owner cash generation over a 10-year investment horizon. Opens with LocalAlpha's baseline assumptions (matching the fair value shown above) — adjust any input to stress-test.

Current Market Price

$24.83

DCF Fair Value

$0.00

-100% Premium

Starting Free Cash Flow ($M)$267M

$100M$267M (Reported)$50,000M

Stage 1 Growth (Years 1-5)18.0%

-5%10% (Target)35%

Stage 2 Growth (Years 6-10)4.5%

0%5%20%

Discount Rate (WACC / Hurdle)9.0%

6%9% (Standard)15% (High Risk)

Terminal Perpetual Growth2.5%

1% (GDP Floor)2.5% (Inflation)4.0%

Net Debt ($M)$17,500M

-$100B CashBalance Sheet+$150B Debt

10-Yr PV of Cash Flows

$3.5B

PV of Terminal Value

$5.1B

Implied Enterprise Value

$8.5B

Implied Equity Value

$-9.0B

Year	Yr 1	Yr 2	Yr 3	Yr 4	Yr 5	Yr 6	Yr 7	Yr 8	Yr 9	Yr 10
Projected FCF ($M)	$315	$372	$439	$518	$611	$638	$667	$697	$728	$761
Present Value (PV)	$289	$313	$339	$367	$397	$381	$365	$350	$335	$322

Benjamin Graham & Buffett Value Models

Classical deep value metrics based on asset backing, normalized earnings power, and owner cash yield.

Graham Number+36.7% MoS

$39.21

Calculated as √(22.5 × EPS × BVPS). The maximum theoretical price a defensive investor should pay based purely on asset book value and current earnings.

EPS: $2.58BVPS: $26.49

Revised Graham Formula+72.7% MoS

$91.05

Formula: V = (EPS × (8.5 + 2g) × 4.4) / Y where g is the conservative 7-10 yr growth rate and Y is AAA Bond Yield.

Growth Rate (g%)

Bond Yield (Y%)

Buffett Owner Earnings0.9% Yield

$0.23 / share

True distributable cash flow: Net Income + D&A - Maintenance CapEx. Reflects the cash Buffett would extract without hurting unit volume.

Total: $0.3BYield: 0.9%

Reverse DCF: Market Growth Expectation

SPECULATIVE BARRIER

27.6% CAGR (Next 10 Yrs)

At the current price of $24.83, the market is assuming the business will compound Free Cash Flow at 27.6% per year for the next decade with a 9% hurdle rate.

Value Investor Verdict

⚠ High expectations: Leaves minimal margin of safety for operational hiccups.

Autonomous Thesis Underwriting

Surveil VICI with Mathematical Margin of Safety Rules

Set non-negotiable floor rules for VICI Properties Inc.. If a newly filed quarterly 10-Q breaks your ROIC floor, operating margin boundary, or balance sheet leverage rules, receive an autonomous breach audit within 15 minutes.

Buffett Quality

ROIC > 15% • Margin > 15% • D/E < 0.5x

Margin Floor Guard

Current Margin 70.2% • Floor > 10%

Solvency Guard

Altman-Z > 2.6 • Current Ratio > 1.5x

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Frequently Asked Questions: VICI Properties Inc. (VICI) Intrinsic Valuation

Audited fundamentals, DCF intrinsic value sensitivity, and thesis break detection parameters for VICI Properties Inc..

Based on institutional multi-stage Discounted Cash Flow (DCF) modeling on audited SEC cash flows, VICI Properties Inc. has an estimated DCF intrinsic fair value of $0.00 per share compared to its current market price of $24.83. This represents an estimated 0.0% margin of safety (trading below fair value). Additionally, its classic Benjamin Graham Number stands at $39.22.