VICI Properties (VICI) just posted first quarter 2026 results, reporting revenue of US$1.02b and net income of US$872.39m, and raised full year AFFO guidance on the back of acquisitions and lending activity.

At a share price of US$28.79, VICI’s 30 day share price return of 3.45% contrasts with a 1 year total shareholder return of 3.24% decline. This suggests recent momentum is improving after a softer year, as investors weigh the raised AFFO guidance, Golden Entertainment acquisition and new mezzanine lending commitments.

If you are weighing VICI’s income focused profile against other opportunities in real assets and infrastructure, it can be useful to broaden the search to 36 power grid technology and infrastructure stocks

With the stock trading at US$28.79, a recent uptick in returns and an indicated intrinsic discount of about 46%, the key question now is whether VICI is genuinely undervalued or if the market is already pricing in future growth.

Most Popular Narrative: 16.1% Undervalued

VICI’s fair value in the most followed narrative sits around $34.30 compared with the last close at $28.79, putting the focus squarely on what underpins that gap.

The company's scale, access to $2.9 billion in liquidity, and disciplined internal funding position enable accretive acquisitions and partnerships without near-term dependence on capital markets; this supports earnings and AFFO per share growth while maintaining low G&A expenses and strong net margins.
Ongoing tenant reinvestment in VICI-owned properties, catalyzed by favorable tax law changes (bonus depreciation), and continued capital deployment into high-demand experiential real estate (for example, theme parks, sports facilities, convention hotels) should increase asset value and future rental income, driving long-term earnings and net asset value expansion.

Want to see what kind of revenue growth, margin trajectory, and future earnings multiple are baked into that fair value? The narrative lays out a detailed roadmap of cash flow assumptions, capital deployment, and payout capacity that goes far beyond headline AFFO guidance.

Result: Fair Value of $34.30 (UNDERVALUED)

However, there is still meaningful tenant concentration with Caesars and growing exposure to mezzanine lending, so any rent pressure or project setbacks could quickly challenge this upside story.

Next Steps

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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.