Aureus
AExcellent

VICI Properties Inc.(VICI)

A

Financial data as of Dec 31, 2025Stable · Real Estate

FCF Margin62.6%Free Cash Flow / Revenue
Cash Conversion90.4%Operating CF / Net Income
Free Cash Flow$2.5B
Revenue$4.0B
Net Cash-$17.1BNet debt position
Debt / FCF7.1xElevated debt burden
Current Ratio26.68Adequate short-term liquidity
YoY FCF Growth+7.6%5 of 5 quarters positive

How This Grade Was Calculated

Base grade from FCF margin, adjusted by financial health factors

BaseA
→
-1High debt-to-FCF ratio (7.1x)
→
+0.5Healthy FCF margin with manageable debt (62.6%, 7.1x)
→
+0.5Highly consistent quarterly FCF
→
FinalA

Analysis Summary

Strengths

  • Exceptional FCF margin (62.6%)
  • Strong liquidity (current ratio: 26.68)
  • Highly consistent quarterly FCF

Concerns

  • Heavy debt position ($17.1B net debt, 7.1x FCF)
  • High debt-to-FCF ratio (7.1x)

Financial Breakdown

Key financials compared side by side

Margin Composition

FCF Margin62.6%
Net Margin69.3%
Operating CF Margin62.7%
CapEx Ratio0.0%

Balance Sheet Health

Debt, liquidity, and leverage snapshot

Net Cash-$17.1BNet debt position
Debt / FCF7.1xElevated debt burden
Current Ratio26.68Strong liquidity
Debt / Equity0.64Low leverage

Quarterly FCF Trend

+7.6% YoYStable (+7.6%)

Free cash flow per quarter

Sector Comparison — Real Estate

FCF Margin ranked against sector peers

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Detailed Metrics

Company NameVICI Properties Inc.
SectorReal Estate
Free Cash Flow$2.5B
Revenue$4.0B
Net Income$2.8B
Operating Cash Flow$2.5B
Capital Expenditure$1.3M
FCF Margin62.6%
Cash Conversion Rate90.4%
Net Margin69.3%
Total Debt$17.7B
Total Cash$563.5M
Net Cash-$17.1B
Current Ratio26.68
Debt / Equity0.64
Debt / FCF7.1x
YoY FCF Growth+7.6%
Positive Quarters5 of 5
Trend DirectionStable
Report DateDec 31, 2025
GradeA
Data SourceYahoo Finance

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