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Vici Properties key statistics and ratios

In fiscal 2025, Vici Properties had return on equity of 10.2%, a net margin of 69.3% and debt equal to 61.5% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Gross margin—98.1%97.9%98.6%98.6%99.1%99.3%99.3%99.3%99.3%
Operating margin76.9%15.6%5.8%26.2%——————
Net margin23.7%58.3%61.0%72.8%67.2%43.0%69.6%69.6%69.3%56.5%
Free-cash-flow margin—56.0%75.9%71.9%59.2%74.7%60.3%61.7%62.6%65.1%
Return on equity0.9%9.1%7.4%10.3%9.4%6.6%10.7%10.3%10.2%8.3%
Return on assets0.5%5.0%4.4%5.9%5.9%4.1%6.2%6.0%6.0%5.0%
Asset turnover0.020.090.070.080.090.090.090.090.090.09
Debt to equity88.4%60.9%60.9%72.7%39.2%63.6%67.8%64.4%61.5%59.3%
Interest cover (operating income ÷ interest)2.3x0.7x0.2x1.0x——————
Effective tax rate−4.5%0.3%0.3%0.1%0.3%0.3%−0.2%0.4%0.1%0.1%
Capital spending as % of revenue—0.1%0.3%0.2%0.2%0.1%0.1%0.2%0.0%0.1%
Free cash flow ÷ net income—96.1%124.4%98.8%88.2%173.7%86.6%88.6%90.4%115.2%
Dividends ÷ net income—50.2%92.3%68.7%74.8%109.1%63.0%65.4%66.8%82.6%
Dividends and buybacks ÷ free cash flow—52.2%74.2%69.5%84.9%62.8%72.8%73.8%73.9%71.7%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

74 /100

Strong moat

How hard Vici Properties's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 6 / 20

    Net income has been a median 4.9% of total assets over 9 years.

  • Pricing power 20 / 20

    Gross margin has been a median 99.0%, moving by 0.5 percentage points (standard deviation) across 9 years.

  • Durability 18 / 20

    Net margin has been a median 66.8%; its worst year was 35.9%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 9 of 9 years, at a median 63.6% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 94.6% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Vici Properties's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Vici Properties.