Stock fact sheet · data as of
VICI Properties Inc. (VICI): fair value, margin of safety and Wheel Score
Real Estate · REIT - Diversified · United States · High Yield Income
Is VICI undervalued?
VICI has a margin of safety of 51%: the stock closed at 22.94 on 16 Oct 2026 against a GLS average fair value of 46.99. 8 of the 9 valuation models that produced a number sit above the price. Our screens treat a discount this large as a strong starting point for a cash-secured put, not as a verdict - the fair value is a model output, and a wide gap can mean the models are missing something the market knows.
There is a wide gap between Lynch (13.61) and DCF (121.33). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
The nightly engine files VICI under High Yield Income: a dividend yield above 4%.
Nine valuation models for VICI
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 121.33 | +429% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 39.08 | +70% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 47.71 | +108% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 13.61 | -41% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 35.66 | +55% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 48.44 | +111% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 62.28 | +171% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 26.63 | +16% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 28.19 | +23% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | 0.7615 | -97% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 28.90 | +26% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
VICI Properties Inc. scores only 4 of 9 on the Piotroski F-score, which fails the Sunday Scan's "6 or more" rule. A reading this low means several of the basic tests - positive earnings, positive operating cash flow, falling debt, no new share issuance - are not met. A GLS Moat score of 7.5/10 puts VICI among the more durable businesses we track: over ten years the metrics the score watches (revenue, EPS, book value, margins, cash flow, ROIC) have mostly moved the right way, year after year.
Returns on capital are moderate - ROIC 6.1%, ROE 10.0%, ROA 5.9% - with debt at 0.64 times equity and a free-cash-flow yield of 10.4%.
The dividend yield is high at 7.89% (payout ratio 69%). A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual. Revenue comes mainly from Real Property Business 100% (quarter Q3 FY2022).
Institutional ownership scores 10/10, insider activity 5/10 and Congressional trading 10/10 on the GLS smart-money scales.
| Piotroski F-score | 4 / 9 | ROIC | 6.1% |
|---|---|---|---|
| GLS Moat | 7.5 / 10 | ROE | 10.0% |
| Debt / equity | 0.64 | ROA | 5.9% |
| Free-cash-flow yield | 10.4% | Payout ratio | 69% |
| Institutions | 10 / 10 | Insiders · Congress | 5 · 10 / 10 |
Wheel Score 74: Good
With a Wheel Score of 74 - the Good band - VICI Properties Inc. clears the Sunday Scan's "70 or higher" rule. The parts: Value 25/25, Health 9/20, Moat 11/15, Premium 9/20, Stability 20/20; Health (9/20) scores lowest.
Implied volatility is 24% on the near-the-money contracts 20-60 days out: some premium, but under the 35-60% range the Wheel Score pays full marks for (9 of 20 points). The option chain is deep: 108,173 contracts of open interest across all expiries, which means tight fills at most strikes.
Volume runs at 7.9M shares a day on a market cap of $25.3B, with a beta of 0.67 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 20 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 25 / 25 | 51% margin of safety | |
| Health | 9 / 20 | Piotroski 4/9 | |
| Moat | 11 / 15 | moat 7.5/10 | |
| Premium | 9 / 20 | implied volatility 24% | |
| Stability | 20 / 20 | 7.9M shares/day, $25.3B cap, beta 0.67 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
VICI Properties Inc. reports earnings on 28 Oct 2026 (after the close) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in REIT - Diversified
The 12 companies below are the closest to VICI Properties Inc. by market cap within the REIT - Diversified industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| WPC W. P. Carey Inc. | 63.56 | 58.37 | -9% | 56Fair | $14.5B |
| JAN Janus Living, Inc. | 29.29 | 12.91 | -127% | 45Weak | $6.8B |
| EPRT Essential Properties Realty Trust, Inc. | 25.96 | 20.82 | -25% | 65Good | $5.6B |
| RITM Rithm Capital Corp. | 8.35 | 54.12 | +85% | 77Good | $4.7B |
| BNL Broadstone Net Lease, Inc. | 18.15 | 14.69 | -24% | 59Fair | $3.5B |
| RWTQ Redwood Trust, Inc. | 19.35 | 7.35 | -163% | 12No options | $2.4B |
| GNL Global Net Lease, Inc. | 7.44 | 19.02 | +61% | 45Weak | $1.7B |
| AAT American Assets Trust, Inc. | 21.45 | 16.17 | -33% | 51Fair | $1.3B |
| OGCP Empire State Realty OP, L.P. | 4.70 | 6.00 | +22% | 39No options | $1.3B |
| ESBA Empire State Realty OP, L.P. | 4.67 | 12.91 | +64% | 39No options | $1.3B |
| FISK Empire State Realty OP, L.P. | 4.51 | 13.38 | +66% | 39No options | $1.3B |
| SCCE Sachem Capital Corp. 6.00% Note | 24.50 | 19.47 | -26% | 18No options | $1.1B |
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Start free See the Sunday ScanQuestions about VICI
Is VICI undervalued right now?
By the GLS models, yes: at 22.94 the stock is 51% below the average fair value of 46.99 (data as of 16 Oct 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of VICI and what does it mean?
VICI scores 74 out of 100 (Good). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for VICI?
46.99 per share as of 16 Oct 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does VICI Properties Inc. report earnings next?
The next earnings report is due on 28 Oct 2026 (after the close), 12 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does VICI have listed options, and how liquid are they?
Yes. The nightly snapshot found 216 listed contracts with 108,173 open interest across all expiries and implied volatility of 24% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.