Companies · VICI · R.E.I.T.
What does Vici Properties' price assume?
The margin the price assumes
Revenue grows as its record suggests; the operating margin is solved at today's price.
At $24.94 on November 11, 2026, with growth of 12.6% a year, the price assumes an operating margin of 77.1% by year 5.
The price assumes
77.1%
Operating margin by year 5, solved at the price
Its 9-year median
76.9%
Fiscal 2017–2025, adjusted for R&D and leases
Its industry
22.2%
R.E.I.T., Damodaran Online, January 2026
The price assumes a margin close to the company's own median, and above its industry's.
The numbers behind the chart
| Fiscal year | Adjusted operating margin |
|---|---|
| 2017 | 76.9% |
| 2018 | 15.8% |
| 2019 | 5.6% |
| 2020 | 26.3% |
| 2021 | 94.0% |
| 2022 | 64.2% |
| 2023 | 92.6% |
| 2024 | 92.0% |
| 2025 | 91.1% |
- Revenue growth, years 1 to 5
- 12.6% a yearIts industry's 5-year revenue growth (12.6%), which is lower than the company's own.Damodaran Online, January 2026 industry data, R.E.I.T.
- Margin path
- From today's margin to 77.1% by year 5Solved at the price. After that, the margin holds.
The growth the price assumes
Growth isn't read this way for real estate trusts and fee-based financial companies: at their industry's capital needs, the answer would describe the industry's figures more than the company.
The assumptions both views share
These are neutral settings, the same for every company. Each view holds them and solves for one driver at today's price.
- Reinvestment
- $0.15 of revenue for each $1 investedThe industry's sales-to-capital ratio: how much new capital growth needs.Damodaran Online, January 2026 industry data, R.E.I.T.
- Cost of capital
- 5.97%The return investors need for the risk: the industry's beta, the market's risk premium, and debt rated A3/A- from its median margin, with a stated 5-year debt maturity. Built by the engine from the parts listed under Sources, each with its date.
- After year 10
- Growth at the riskfree rate, foreverNew investment earns its cost of capital and no more, so growth after year 10 adds no value, and the cost of capital moves to a mature company's.
Worth knowing
- Its filings under its current registration cover fewer than eleven years, so growth uses the five-year record alone.
- Revenue grew 26.7% a year over five years, faster than 20%: a steady-company starting point fits it less well.
- Its margin moved over a range of 76.8% in ten years, so its median is a weak yardstick.
This is a mechanical starting point with neutral assumptions, not a valuation. The story decides.
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- Price: Qualuation's records, close of November 11, 2026.
- 10-K for the period ended December 31, 2025, filed February 25, 2026 (SEC EDGAR, accession 0001705696-26-000034).
- 10-Q for the period ended September 30, 2026, filed October 28, 2026 (SEC EDGAR, accession 0001705696-26-000120).
- Margin record: SEC filings, fiscal 2017-2025, operating margin adjusted for R&D and leases.
- Industry margin: Damodaran Online, January 2026 industry data, R.E.I.T., adjusted for R&D and leases.
- Sales to capital: Damodaran Online, January 2026 industry data, R.E.I.T..
- US 10-year Treasury yield (FRED), October 29, 2026.
- Less the US default spread (Damodaran Online, July 2026).
- Industry beta, R.E.I.T. (Damodaran Online, January 2026).
- Equity risk premium (Damodaran Online, October 2026).
- Debt rated A3/A- at its median margin (rating table, Damodaran Online, January 2026).
- The margin the price assumes: solved by the engine at the price on November 12, 2026, with the assumptions above.