Vici Properties Inc. (VICI) intrinsic value & 10-year financials
Vici Properties Inc. (VICI) has a Graham intrinsic value of $59.58 per share. At $23.60 on Oct 17, 2026, the stock trades 60% below that value. Over the last 10 fiscal years revenue grew 46.6% a year to $4.0B, with an average return on invested capital of 5.5%.
- Graham intrinsic value
- $59.58
- Share price (Oct 17, 2026)
- $23.60
- Price vs Graham value
- 60% below
- Market cap
- $25.1B
- Revenue (FY2025)
- $4.0B
- Revenue growth (10-yr CAGR)
- 46.6%
- ROIC (10-yr avg)
- 5.5%
- Free cash flow (FY2025)
- —
VICI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $4.0B | $2.8B | $2.61 | — | — | 6.4% |
| FY2024 | $3.8B | $2.7B | $2.56 | — | — | 6.4% |
| FY2023 | $3.6B | $2.5B | $2.47 | — | — | 6.5% |
| FY2022 | $2.6B | $1.1B | $1.27 | — | — | 4.3% |
| FY2021 | $1.5B | $1.0B | $1.76 | — | — | 6.4% |
| FY2020 | $1.2B | $891.7M | $1.75 | — | 26.2% | 2.3% |
| FY2019 | $894.8M | $546.0M | $1.24 | $679.4M | 94.2% | 7.6% |
| FY2018 | $898.0M | $523.6M | $1.43 | $503.2M | 84.4% | 7.7% |
| FY2017 | $187.6M | $44.5M | — | — | 76.9% | 1.5% |
| FY2016 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Vici Properties revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Vici Properties has historically struggled to out-earn its cost of capital, averaging just 5.5% ROIC.
Vici Properties capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Vici Properties is modeled at 9.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $59.58 per share.