On 12 Nov 2026 our base value for Vici Properties is $33.61 a share, 35.5% above its $24.80 close; 1 of 1 valuation methods put it above the price.
| Method | Value | vs price | Basis |
|---|---|---|---|
| Discounted cash flow | — | — | not used for REITs: depreciation of property makes earnings and free cash flow understate what a REIT earns; see price to FFO |
| Exit multiple (P/E) | — | — | not used for REITs: depreciation of property makes earnings and free cash flow understate what a REIT earns; see price to FFO |
| Sum of the parts | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Price to sales | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Tangible book | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Price to FFO (REITs) | $33.61 | +35.5% | funds from operations $2.66 a share (FY2025) at its own 5-year median of 12.7× (today 9.3×) |
Each working is rebuilt by code from the valuation's own figures and checked against the published value.
| Fiscal year | Net income | Depreciation | FFO | Shares | FFO per share | Year-end close | P/FFO |
|---|---|---|---|---|---|---|---|
| 2021 | $1.02bn | $3.09m | $1.03bn | 577.07m | $1.78 | $30.11 | 16.9× |
| 2022 | $1.14bn | $3.18m | $1.14bn | 879.68m | $1.30 | $32.40 | 25.0× |
| 2023 | $2.55bn | $4.30m | $2.56bn | 1.02bn | $2.52 | $31.88 | 12.7× |
| 2024 | $2.72bn | $4.12m | $2.73bn | 1.05bn | $2.60 | $29.21 | 11.2× |
| 2025 | $2.82bn | $3.64m | $2.82bn | 1.06bn | $2.66 | $28.12 | 10.6× |
| Median P/FFO | 12.7× |
| Latest FFO per share (FY2025) | $2.66 |
| Value per share = median × latest FFO per share | $33.61 |
For a REIT the base value is the price-to-FFO value: $33.61 a share.
Bear $29.82 · Base $33.61 · Bull $44.96 (the REIT's own lower and upper quartile price-to-FFO)
One-year price simulation: a 62% chance the price is higher than today's $24.80 in a year, from 21.33% volatility. The simulation assumes the price drifts up at our discount rate of 8.87% a year.
| Week | Price | Base value |
|---|---|---|
| 2 Oct 2026 | $22.65 | $33.61 |
| 9 Oct 2026 | $22.88 | $33.61 |
| 16 Oct 2026 | $23.60 | $33.61 |
| 23 Oct 2026 | $23.76 | $33.61 |
| 30 Oct 2026 | $24.46 | $33.61 |
| 6 Nov 2026 | $24.79 | $33.61 |
| 12 Nov 2026 | $24.80 | $33.61 |
Data as of 12 Nov 2026; financials to 30 Sep 2026. Sources: company filings via EODHD, SEC EDGAR, US Treasury. How these values are computed. Not investment advice.
Run a full Desk Run on VICI · Vici Properties company page · Call and put prices