VICI Properties Inc. — Earnings Quality Grade F
VICI · Real Estate
Major red flags
Screening Summary
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 0 days, change -0 days YoY
AR growth -53.5% vs revenue growth 4.1%
Revenue 4.1%, CFFO 5.4%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -82.3% vs revenue 4.1%. Normal
SG&A/Gross Profit = 1.6%, excellent (<30%)
Gross margin 99.3%, change +0.0pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
FCF $2.5B, FCF/NI = 0.90
Accruals ratio = 0.6%. Low accruals
Cash $0.6B covers only 3% of debt $17.7B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 4.8x (>4x). Financial stress
Other assets 7.1% vs revenue 4.1%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
No goodwill
Manipulation Score
M-Score = -2.88 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score — Not Applicable
VICI Properties Inc. is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-10