Question 1

What is VICI Properties's P/FCF ratio?

Accepted Answer

VICI Properties (VICI) P/FCF ratio is 11.7× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for VICI Properties?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For VICI Properties specifically, the relevant sector benchmark is the current sector median of 17.0×.

Question 5

Is VICI Properties's P/FCF ratio high or low?

Accepted Answer

VICI Properties's P/FCF ratio of 11.7× is below its own 5-year average of 14.8× and below the sector median of 17.0×. That places the current reading at the 8th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is VICI Properties's historical P/FCF ratio range?

Accepted Answer

In the available daily series, VICI Properties (VICI) P/FCF ratio has ranged from a low of 6.5× in 2021 to a high of 11440.1× in 2017. The 5-year average is 14.8× and the 5-year median is 14.6×.

Question 7

What was VICI Properties's P/FCF ratio in 2025?

Accepted Answer

VICI Properties (VICI) P/FCF ratio at the end of 2025 was 11.9×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does VICI Properties's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$29.84B	$2.51B	11.9×	-1.1×	Dec 31, 2025
2024	$30.82B	$2.37B	13.0×	-2.2×	Dec 31, 2024
2023	$33.05B	$2.18B	15.2×	-0.9×	Dec 31, 2023
2022	$31.19B	$1.94B	16.1×	-5.1×	Dec 31, 2022
2021	$18.93B	$893.85M	21.2×	+5.7×	Dec 31, 2021
2020	$13.68B	$883.64M	15.5×	—	Dec 31, 2020
2019	$11.77B	−$851.14M	—	—	Dec 31, 2019
2018	$7.24B	$503.18M	14.4×	-40.0×	Dec 31, 2018
2017	$7.06B	$129.72M	54.4×	-2475.8×	Dec 31, 2017
2016	$6.69B	$2.65M	2530.2×	—	Dec 31, 2016


Kimco Realty (KIM)	19.3×
Simon Property Group (SPG)	18.5×
SBA Communications (SBAC)	17.9×
BXP (BXP)	17.7×
Equity Residential (EQR)	17.6×
Federal Realty Investment Trust (FRT)	17.3×
STAG Industrial (STAG)	17.2×
Tanger (SKT)	17.0×
Essex Property Trust (ESS)	16.2×
Extra Space Storage (EXR)	15.8×
Public Storage (PSA)	15.5×
AvalonBay Communities (AVB)	15.2×
Camden Property Trust (CPT)	14.3×
Realty Income (O)	13.6×
Invitation Homes (INVH)	13.3×
Crown Castle (CCI)	13.0×
Medical Properties Trust (MPT)	12.8×
Host Hotels & Resorts (HST)	12.7×
UDR (UDR)	12.4×
NNN REIT (NNN)	12.2×
Universal Health Realty Income Trust (UHT)	11.3×
Healthpeak Properties (DOC)	9.7×
Arbor Realty Trust (ABR)	7.6×
Alexandria Real Estate Equities (ARE)	6.2×
Opendoor Technologies (OPEN)	4.2×

P/FCF Ratio for VICI Properties (VICI)

P/FCF Ratio daily chart for VICI Properties (VICI)

Historical P/FCF Ratio for VICI Properties (VICI) from 2016 to 2025

About P/FCF Ratio at VICI Properties (VICI)

VICI Properties P/FCF Ratio by Year

VICI Properties P/FCF Ratio 2025: 11.9×

VICI Properties P/FCF Ratio 2024: 13.0×

VICI Properties P/FCF Ratio 2023: 15.2×

VICI Properties P/FCF Ratio 2022: 16.1×

VICI Properties P/FCF Ratio 2021: 21.2×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

VICI Properties (VICI) Key Financials

P/FCF Ratio daily chart for VICI Properties (VICI)

Historical P/FCF Ratio for VICI Properties (VICI) from 2016 to 2025

About P/FCF Ratio at VICI Properties (VICI)

VICI Properties P/FCF Ratio by Year

VICI Properties P/FCF Ratio 2025: 11.9×

VICI Properties P/FCF Ratio 2024: 13.0×

VICI Properties P/FCF Ratio 2023: 15.2×

VICI Properties P/FCF Ratio 2022: 16.1×

VICI Properties P/FCF Ratio 2021: 21.2×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

+What is VICI Properties's P/FCF ratio?

+How is the P/FCF ratio calculated?

+What is the P/FCF ratio?

+What is a good P/FCF ratio for VICI Properties?

+Is VICI Properties's P/FCF ratio high or low?

+What is VICI Properties's historical P/FCF ratio range?

+What was VICI Properties's P/FCF ratio in 2025?

+Why does VICI Properties's P/FCF ratio change over time?

VICI Properties (VICI) Key Financials