VICI Properties (VICI) Stock Still Looks Undervalued On Its 16% Slide

VICI Properties has had a tougher run in 2026, yet its earnings story has been busy with higher revenue, more adjusted funds from operations and fresh capital decisions. That mix raises a simple question for you as a shareholder or potential buyer: whether the current price fairly reflects what the business is earning.

• The stock is down 16.4% year to date, which puts the spotlight on whether the recent share pullback lines up with the underlying earnings power.

• Recent gains in revenue and adjusted funds from operations, along with a new share repurchase authorization and refinancing of upcoming debt, can influence how sustainably VICI turns its asset base into earnings available to investors.

• Your read on VICI Properties is one view; the desks covering it have another. See what analysts think VICI Properties's shares could be worth .

The stock's next move may depend on whether today's valuation is adequately supported by VICI Properties' current earnings profile.

If you want a broader starting point while you assess VICI Properties and its recent pullback, run the same earnings question across 26 high quality undervalued stocks .

Is VICI Properties Still Cheap on Earnings?

P/E is a useful lens for VICI Properties because earnings per share already reflect the impact of interest costs and its REIT structure. On this metric, the stock trades on a P/E of 9.4x, which is well below the Specialized REITs group on 15.6x and far under the broader peer set around 36.3x. The fair value model, which blends VICI Properties' growth outlook, profitability profile, size and risk into an expected P/E range, also points to a higher ratio than where the shares change hands today, so the current earnings multiple screens as undervalued on this framework.

Because management recently reported revenue and AFFO gains for Q3 2026 and still carries a single digit P/E, the market is pricing those earnings at a lower rate than many comparable real estate vehicles. That gap gives you a concrete reference point to judge whether the recent buyback authorization and updated guidance change how attractively VICI Properties is valued on reported profits. Explore the numbers behind VICI Properties's P/E valuation .

The VICI Properties Narrative: What Would Justify Today's Price?

Narratives pick up where the valuation puzzle for VICI Properties leaves off and explain which potential paths for future growth, profitability and earnings would need to occur for the current share price to look meaningfully higher or lower. Each narrative presents VICI Properties' implied fair value as a thesis about the business that can be tracked over time, and these are available on Simply Wall St's Community page for you to explore and revisit.