VICI Properties (VICI) Added New Tenants And Markets, Is The Stock Still Cheap?

Why VICI Properties Stock Is Back in Focus After Q2 Earnings

VICI Properties (VICI) drew fresh investor attention after its second quarter 2026 results combined higher revenue with lower net income, alongside ongoing portfolio expansion, new tenants, and fresh sale leaseback and acquisition activity.

See our latest analysis for VICI Properties.

Against these earnings and portfolio moves, VICI Properties’ share price has risen 2.81% over the past month but is still down 7.54% on a 3 month basis. The 1 year total shareholder return of a 13.46% decline suggests sentiment has cooled despite a modest 2.86% total shareholder return over three years and 16.77% over five years.

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The recent share price bounce for VICI Properties sits between two stories. One points to steady revenue and portfolio activity. The other hints at cooler sentiment after a weaker net income line. Which does today’s valuation reflect?

Most Popular Narrative: 36.1% Undervalued

The most followed valuation narrative for VICI Properties pegs fair value at $41.86, well above the recent $26.74 close, which naturally catches investors’ attention.

Given the heavy focus of R.E.I.T.s in rewarding their shareholders with dividend payouts, resulting in VICI paying around ~70% of its Free Cash Flow in dividends, we will value the company using a Dividend Discount Model (DDM), using a variable approach, given the ability the company still has of growing its dividends above economy growth rate.

Given this assumption and the fact that VICI has a Cost of Equity of 7.50% we can calculate its fair value using a DDM valuation method:

Read the complete narrative.

If you want to see what sits behind that fair value for VICI Properties, look at how dividend growth, cash flow payout and discount rates are stitched together in this narrative. The mix of income assumptions, capital costs and scenario testing is where the real story sits.

Result: Fair Value of $41.86 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, that 36.1% undervalued view on VICI Properties could be challenged if tourism trends weaken or if rising financing costs pressure its highly capital intensive model.

Find out about the key risks to this VICI Properties narrative.

Next Steps

Given the mix of caution and optimism around VICI Properties, it makes sense to look at the full picture yourself and move quickly to shape your own view with the 5 key rewards and 1 important warning sign.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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