VICIVici Properties

Real Estate
$23.75-19% 1Y

Is the business good?

Mixed

The checks split: margins steady and returns not propped up by debt.

2 neutral, 2 without data
Margin direction, 3 years−0.2 pts

Negative operating leverage, costs are rising faster than sales, squeezing margins as it grows.

Where ROE comes from6% ROA

Margin-driven, fat margins on slower asset turns. ROE 10% = margin × turnover × leverage.

All from derived.

Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.

Customers and suppliers

Who buys from VICI and who it buys from, as the companies report it.

38%of revenue comes from MGM Resorts, the largest of 2 disclosed customers
Customerswho buys
Supplierswho it buys from

None disclosed.

A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; VICI’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.

REIT, Diversified

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