VICI Properties
Through the investors’ lenses
Each of these investors has said in public what they look at before buying. Click a name to see how this company measures up — a tick where it passes one of their tests, a cross where it does not.
Warren Buffett 3/4
| Measure | VICI | Checked against | |
|---|---|---|---|
| Owner earnings | $2.78bn | positive | ✓ |
| Return on equity | 10.0% | median 11.7% | ✗ |
| Debt to equity | 0.60x | median 0.79x | ✓ |
| Operating margin | 70.4% | median 15.0% | ✓ |
Passes 3 of 4. To be clear: Warren Buffett has never said anything about VICI Properties. These are the company’s own figures put through the tests he described. What he looks at, and why →
Terry Smith 2/4
| Measure | VICI | Checked against | |
|---|---|---|---|
| Return on capital employed | 6.3% | median 10.1% | ✗ |
| Cash conversion | 0.90x | median 1.78x | ✗ |
| Operating margin | 70.4% | median 15.0% | ✓ |
| Debt to equity | 0.60x | median 0.79x | ✓ |
Passes 2 of 4. To be clear: Terry Smith has never said anything about VICI Properties. These are the company’s own figures put through the tests he described. What he looks at, and why →
Charlie Munger 1/3
| Measure | VICI | Checked against | |
|---|---|---|---|
| Return on capital employed | 6.3% | median 10.1% | ✗ |
| Return on equity | 10.0% | median 11.7% | ✗ |
| Operating margin | 70.4% | median 15.0% | ✓ |
Passes 1 of 3. To be clear: Charlie Munger has never said anything about VICI Properties. These are the company’s own figures put through the tests he described. What he looks at, and why →
Chuck Akre 1/4
| Measure | VICI | Checked against | |
|---|---|---|---|
| Return on equity | 10.0% | median 11.7% | ✗ |
| Debt to equity | 0.60x | median 0.79x | ✓ |
| Cash conversion | 0.90x | median 1.78x | ✗ |
| Return on equity, sustained | 0 of 9 | 8 of 10 above median | ✗ |
Passes 1 of 4. To be clear: Chuck Akre has never said anything about VICI Properties. These are the company’s own figures put through the tests he described. What he looks at, and why →
Philip Fisher 3/4
| Measure | VICI | Checked against | |
|---|---|---|---|
| Operating margin | 70.4% | median 15.0% | ✓ |
| Net margin | 69.3% | median 10.2% | ✓ |
| Return on capital employed | 6.3% | median 10.1% | ✗ |
| Operating margin, held or improving | 70.4% | 10-yr median 68.0% | ✓ |
Passes 3 of 4. To be clear: Philip Fisher has never said anything about VICI Properties. These are the company’s own figures put through the tests he described. What he looks at, and why →
Walter Schloss 1/1
| Measure | VICI | Checked against | |
|---|---|---|---|
| Current ratio | — | median 1.25x | — |
| Debt to equity | 0.60x | median 0.79x | ✓ |
Passes 1 of 1. To be clear: Walter Schloss has never said anything about VICI Properties. These are the company’s own figures put through the tests he described. What he looks at, and why →
Joel Greenblatt 0/1
| Measure | VICI | Checked against | |
|---|---|---|---|
| Return on capital employed | 6.3% | median 10.1% | ✗ |
Passes 0 of 1. To be clear: Joel Greenblatt has never said anything about VICI Properties. These are the company’s own figures put through the tests he described. What he looks at, and why →
Peter Lynch 2/2
| Measure | VICI | Checked against | |
|---|---|---|---|
| Debt to equity | 0.60x | median 0.79x | ✓ |
| Net margin | 69.3% | median 10.2% | ✓ |
Passes 2 of 2. To be clear: Peter Lynch has never said anything about VICI Properties. These are the company’s own figures put through the tests he described. What he looks at, and why →
| Basis | Payout | Why |
|---|---|---|
| GAAP earnings | 67.6% | whyDepressed by depreciation on buildings that are not losing value. |
| Operating cash flow | 73.8% | whyAbsorbs working-capital swings that earnings do not. |
| Free cash flow | 73.9% | whyCounts property acquisitions as though they were maintenance. |
| Funds from operations | 67.5% | whyThe industry's basis — adds that depreciation back. |
Spread between highest and lowest: 6.4 percentage points. Same filings, different denominators.
Coverage rating 77 / 100 — Adequate. ? Peer standing 39/50Direction 25/30Stability 12/20
Funds from operations payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 67.5% |
| 2024-12-31 | 66.2% |
| 2023-12-31 | 65.0% |
| 2022-12-31 | 117.7% |
| 2021-12-31 | 78.3% |
| 2020-12-31 | 71.6% |
78% of the 46 real estate here pay out more — comfortable for the sector.
The arithmetic
- GAAP earnings — dividends declared per share $1.76 ÷ diluted EPS $2.61
- Operating cash flow — dividends paid $1,853m ÷ operating cash flow $2,510m
- Free cash flow — dividends paid $1,853m ÷ (operating cash flow $2,510m − capex $1.33m)
- Funds from operations — dividends declared per share $1.76 ÷ derived FFO $2.62 per share
- FFO built NAREIT-style: net income, plus real-estate depreciation, less gains on sale, over weighted-average diluted shares
- This is an approximation. Every REIT defines its own adjusted variant in the filing text, so it will not match the earnings release exactly
Where the figures came from
- 10-K filed 2026-02-25 · accession 0001705696-26-000034
All public at sec.gov — you should not have to take our word for it.
Caveats on this company
- FFO derived (NAREIT approximation)
Computed straight from SEC XBRL. A number that looks wrong to you is more useful to us than agreement — tell us.
What the funds from operations payout ratio measures, and where every company here sits on it.
Also on: rated adequate · when it files.
When this changes
Every figure above is recomputed whenever VICI Properties files. The monthly letter carries what filed, what moved, and one finding computed across every company here.