VICI Properties (VICI) Lifted AFFO Guidance, Is It Still 44% Below Fair Value?

VICI Properties (VICI) just posted third quarter 2026 results, reporting revenue of US$1.07b and net income of US$342.5m. These figures place earnings quality and dividend sustainability in sharper focus for investors.

VICI Properties shares closed at US$23.52, with the 90 day share price return down 10.6% and the year to date share price return down 16.45%. The 5 year total shareholder return of 4.52% points to relatively muted longer term momentum despite the recent earnings beat, dividend increase and new tenant agreements.

Scan how VICI Properties compares on quality, income potential and balance sheet strength beside a hand picked 26 high quality undervalued stocks that are already drawing increased investor attention.

Bulls point to VICI Properties' recent AFFO guidance lift and dividend increase, while bears highlight the weaker net income trend and share price slide. Which side do the current valuation markers support next?

Most Popular Narrative: 44% Undervalued

The leading narrative on VICI Properties puts fair value at $41.86 per share, well above the latest close at $23.52. That gap is driving a valuation debate that leans heavily on long term cash flow and dividend math rather than recent share price weakness.

Now that we did all the heavy work, let's take the above and come up with the company weighted average fair value.

I basically take each valuation method used and, given my confidence in the company, apply a 20% or 10% discount (when to buy) and addition (when to sell), or use the Monte Carlo P10, P20, P80 and P90 values.

See why 19 investors see VICI Properties as 44% undervalued .

Result: Fair Value of $41.86 (UNDERVALUED)

Still, the VICI Properties story can be knocked off course if tourism sensitive tenants face pressure, or if share issuance further dilutes per share cash flows.

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

Next Steps

Mixed messages in the VICI Properties story so far, right? If you want to move fast and rely on the underlying data instead of headlines, start with the 5 key rewards and 1 important warning sign .

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