Quality
Return on equity
10.0% Computed
From the FY2025 filing
ValueScreener company report
VICI Properties Inc. (VICI)
NYSE / Real Estate / REIT - Diversified
Share price
23.46 USD Market dataClose of Oct 15, 2026Market capitalisation
25.83B USD Market dataClose of Oct 15, 2026- Market data
- Oct 15, 2026
- Filed accounts
- FY2025, filed Feb 25, 2026
- Ratios computed
- Oct 15, 2026
- Filed years
- 9, FY2017 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
- SEC filingFiled with the SEC
- Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
- Company statementCompany statement
- What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
- Market dataMarket data
- Prices, market value and what analysts publish, with the date they are as of.
- ComputedComputed by ValueScreener
- Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading
1 of 10
Overview
What the business is, what it costs, and how it reads on four questions.
Market dataSEC filingComputed
Four questions, at a glance
Financial strength
Debt to equity
n/a Computed
From the FY2025 filing
Why n/a
The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
Valuation
Price to book
0.90x Computed
FY2025 accounts, priced at the latest close
Cash generation
Free cash flow yield
10.1% Computed
FY2025 accounts, priced at the latest close
Revenue and net income, by fiscal year
- Named tests met
- 3 of 30 Which tests
The business, and the score behind its five axes
The reading, in brief
- Is it good
Return on equity was 10.0% in FY2025, in the band labelled "Ordinary" (8.0% to 15.0%), on lines anchored on Damodaran's cost-of-capital data.
Today, against the Real Estate sector (221 companies), 10.0% sits at the 77th percentile; the middle half of that group runs from -4.0% to 9.5%.
- Year by year against peers
- Whether VICI Properties Inc.'s return on equity stayed above the median of the Real Estate sector, year by year. (FY2018 to FY2025, 8 fiscal years of VICI Properties Inc. with a comparable figure)
- The direction
- Which way VICI Properties Inc.'s return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of VICI Properties Inc.)
- What could explain it
- What in VICI Properties Inc.'s filed statements could explain the movements. (7 readings drawn from the statement lines VICI Properties Inc. filed)
- What to check next
- What to check next on VICI Properties Inc., and where in its filings. (3 questions for VICI Properties Inc.)
- In one paragraph
- One paragraph on VICI Properties Inc.'s returns, cash, balance sheet and price. (6 of sixteen figures read for VICI Properties Inc.)
These are VICI’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.
Research VICIPart of Serious. New accounts start with 30 days of Professional, free, no card.
2 of 10
What changed
The newest filing, what it moved, and when the next one is due.
SEC filingCompany statement
The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 25, 2026, accession 0001705696-26-000034.
3 of 10
Quality
The returns the business earns on its capital, and the margins behind them.
SEC filingComputed
| Figure | Value, source and document |
|---|---|
Return on invested capital, after taxWhy n/aThe debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one. | n/a ComputedFY2025 10-K, filed Feb 25, 2026, 0001705696-26-000034 |
| Return on equity | 10.0% ComputedFY2025 10-K, filed Feb 25, 2026, 0001705696-26-000034 |
Return on capital employed, pre-taxWhy n/aWe do not hold this figure for this company, so there is nothing to show. | n/a ComputedFY2025 10-K, filed Feb 25, 2026, 0001705696-26-000034 |
| Return on assets | 5.9% ComputedFY2025 10-K, filed Feb 25, 2026, 0001705696-26-000034 |
| Gross margin | 99.3% ComputedFY2025 10-K, filed Feb 25, 2026, 0001705696-26-000034 |
Operating marginWhy n/aNo operating income line is filed for this year. | n/a ComputedFY2025 10-K, filed Feb 25, 2026, 0001705696-26-000034 |
| Net margin | 69.3% ComputedFY2025 10-K, filed Feb 25, 2026, 0001705696-26-000034 |
VICI 69.3%
28.8%84.3%
4 of 10
Financial strength
What it owes against what it owns, and whether it can meet what falls due.
SEC filingComputedCompany statement
| Figure | Value, source and document |
|---|---|
Debt to equityWhy n/aThe debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one. | n/a ComputedFY2025 10-K, filed Feb 25, 2026, 0001705696-26-000034 |
Current ratioWhy n/mA property trust presents an unclassified balance sheet: buildings are long-lived assets and mortgage debt is drawn against them, so there is no split between current and non-current for a current ratio to divide. Look at net debt to EBITDA and interest coverage instead. | n/m ComputedFY2025 10-K, filed Feb 25, 2026, 0001705696-26-000034 |
Quick ratioWhy n/mA property trust presents an unclassified balance sheet: buildings are long-lived assets and mortgage debt is drawn against them, so there is no split between current and non-current for a current ratio to divide. Look at net debt to EBITDA and interest coverage instead. | n/m ComputedFY2025 10-K, filed Feb 25, 2026, 0001705696-26-000034 |
Interest coverageWhy n/aNo operating income line is filed for this year. | n/a ComputedFY2025 10-K, filed Feb 25, 2026, 0001705696-26-000034 |
Altman Z-scoreWhy n/mAltman's Z-Score rewards working capital and asset turnover, neither of which a property trust has. It reads distress for healthy REITs by construction, so we do not show it. | n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 25, 2026, 0001705696-26-000034 |
Net debtWhy n/aThe FY2025 balance sheet carries no net debt we could read. | n/a ComputedFY2025 10-K, filed Feb 25, 2026, 0001705696-26-000034 |
The balance sheet, line by line
Financial health
What VICI Properties Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 25, 2026, 0001705696-26-000034).
| Total assets | 46.72B FiledFY2025 10-K, filed Feb 25, 2026 |
|---|---|
| Total liabilities | 18.50B FiledFY2025 10-K, filed Feb 25, 2026 |
| Shareholders' equity | 27.80B FiledFY2025 10-K, filed Feb 25, 2026 |
| Cash | 608.0M FiledFY2025 10-K, filed Feb 25, 2026 |
| Total debt | n/a FiledFY2025 10-K, filed Feb 25, 2026 |
| Net debt | n/a |
| Current ratio | n/m |
| Debt to equity | n/a |
- Debt to equity: FY2025: The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
- Current ratio: FY2025: A property trust presents an unclassified balance sheet: buildings are long-lived assets and mortgage debt is drawn against them, so there is no split between current and non-current for a current ratio to divide. Look at net debt to EBITDA and interest coverage instead.
- Interest cover: FY2025: No operating income line is filed for this year.
Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.
5 of 10
Valuation context
What the market charges for it, against its own record and companies like it.
Market dataSEC filingComputed
| Figure | Value, source and document |
|---|---|
Price to earningsWhy n/mGAAP earnings for a property trust are charged with depreciation on buildings that are generally appreciating, so a P/E built on them overstates how expensive the trust is. Use price to FFO. | n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 25, 2026, 0001705696-26-000034 |
| P/E on trailing twelve months | 8.93x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings |
| Price to book | 0.90x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 25, 2026, 0001705696-26-000034 |
| Price to sales | 6.22x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 25, 2026, 0001705696-26-000034 |
Enterprise value to EBITWhy n/aThe debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one. | n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 25, 2026, 0001705696-26-000034 |
Enterprise value to EBITDAWhy n/aThe debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one. | n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 25, 2026, 0001705696-26-000034 |
Price to earnings over growthWhy n/mGAAP earnings for a property trust are charged with depreciation on buildings that are generally appreciating, so a P/E built on them overstates how expensive the trust is. Use price to FFO. | n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 25, 2026, 0001705696-26-000034 |
| Diluted earnings per share | 2.61 USD FiledFY2025 10-K, filed Feb 25, 2026, 0001705696-26-000034 |
| Graham number | 39.19 USD ComputedFY2025 10-K, filed Feb 25, 2026, 0001705696-26-000034 |
We publish no fair value or price target of our own. Value VICI on your own assumptions in the DCF workbench, starting from the filed figures.
Its own record, and companies like it
Valuation
What the market charges for VICI Properties Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.
| Share price | 23.46 USD |
|---|---|
| Market capitalisation | 25.83B USD |
| Enterprise value to EBITDA | n/a |
| Graham number | 39.19 USD |
| Diluted earnings per share, FY2025 | 2.61 USD |
Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Feb 14, 2019: low 8.73x, median 14.28x, high 35.18x, latest 8.93x. 1,925 trading days with a meaningful ratio. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.
Companies like VICI Properties Inc
- SBA Communications Corporation (SBAC)Market cap 19.49B USD
- Essex Property Trust, Inc. (ESS)Market cap 17.33B USD
- Simon Property Group, Inc. (SPG)Market cap 65.81B USD
- Public Storage (PSA)Market cap 55.18B USD
- Extra Space Storage Inc. (EXR)Market cap 29.09B USD
Same sector (Real Estate) and size band (Large, 10B to 200B), nearest in market value and net margin. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.
6 of 10
Cash generation
Whether profit arrives as cash, and what is paid back to shareholders.
SEC filingComputed
| Figure | Value, source and document |
|---|---|
| Free cash flow yield | 10.1% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 25, 2026, 0001705696-26-000034 |
| Free cash flow | 2.51B USD ComputedFY2025 10-K, filed Feb 25, 2026, 0001705696-26-000034 |
| Free cash flow margin | 62.6% ComputedFY2025 10-K, filed Feb 25, 2026, 0001705696-26-000034 |
| Dividend yield | 7.7% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 25, 2026, 0001705696-26-000034 |
Payout ratioWhy n/mA REIT pays out of funds from operations, not GAAP earnings. A payout ratio on earnings reads far above 100% for a perfectly safe distribution. Use the FFO payout ratio. | n/m ComputedFY2025 10-K, filed Feb 25, 2026, 0001705696-26-000034 |
7 of 10
Filings
Every figure, the year it is for and the document it was read from.
SEC filingMarket data
The filed figures
Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.
| Figure | Value | Year | As of |
|---|---|---|---|
| n/m | FY2025 | Oct 15, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaShare price / earnings per share. Where the filing states no earnings per share this listing can be priced on, which is every 20-F and 40-F filer because theirs is stated per ordinary share, it is market capitalisation / net income: the same multiple, undiluted. As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 25, 2026PeriodFY2025Accession0001705696-26-000034What we read from itIncome statementFY2025Open on SEC.gov, accession 0001705696-26-000034, leaves this page and opens in a new tab | |||
| 0.90x | FY2025 | Oct 15, 2026 | |
FormulaMarket capitalisation / shareholders equity As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 25, 2026PeriodFY2025Accession0001705696-26-000034What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001705696-26-000034, leaves this page and opens in a new tab | |||
| n/a | FY2025 | Oct 15, 2026 | |
| n/a The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one. | |||
Formula(Market capitalisation + total debt - cash) / operating income, or over the filing's own EBIT (income before tax + interest expense) where the filer tags no operating line, as Johnson & Johnson does not in any of its ten filed years. As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 25, 2026PeriodFY2025Accession0001705696-26-000034What we read from itIncome statementFY2025Open on SEC.gov, accession 0001705696-26-000034, leaves this page and opens in a new tabForm10-KFiledFeb 25, 2026PeriodFY2025Accession0001705696-26-000034What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001705696-26-000034, leaves this page and opens in a new tab | |||
| 10.1% | FY2025 | Oct 15, 2026 | |
FormulaFree cash flow per share / share price x 100 As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 25, 2026PeriodFY2025Accession0001705696-26-000034What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001705696-26-000034, leaves this page and opens in a new tab | |||
| n/a | FY2025 | Feb 25, 2026 | |
| n/a The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one. | |||
FormulaVendor trailing-twelve-month return on invested capital where one is published, which uses after-tax operating profit over total assets less current liabilities. Otherwise our own recompute: NOPAT / (shareholders equity + total debt - cash) x 100, where NOPAT is the filed operating profit after tax, or the filing's own EBIT after tax where the filer tags no operating line. As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 25, 2026PeriodFY2025Accession0001705696-26-000034What we read from itIncome statementFY2025Open on SEC.gov, accession 0001705696-26-000034, leaves this page and opens in a new tabForm10-KFiledFeb 25, 2026PeriodFY2025Accession0001705696-26-000034What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001705696-26-000034, leaves this page and opens in a new tab | |||
| 7.7% | FY2025 | Oct 15, 2026 | |
FormulaCommon dividends paid in the latest filed year / market capitalisation x 100. n/a where the filing cannot support it: a special or first-year payment, a total that mixes preferred dividends, or a cash-flow statement over 15 months old. As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 25, 2026PeriodFY2025Accession0001705696-26-000034What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001705696-26-000034, leaves this page and opens in a new tab | |||
| n/a | FY2025 | Feb 25, 2026 | |
| n/a The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one. | |||
FormulaTotal debt / shareholders equity As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 25, 2026PeriodFY2025Accession0001705696-26-000034What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001705696-26-000034, leaves this page and opens in a new tab | |||
| n/m | FY2025 | Feb 25, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaCurrent assets / current liabilities As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 25, 2026PeriodFY2025Accession0001705696-26-000034What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001705696-26-000034, leaves this page and opens in a new tab | |||
| 6.22x | FY2025 | Oct 15, 2026 | |
FormulaMarket capitalisation / revenue As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 25, 2026PeriodFY2025Accession0001705696-26-000034What we read from itIncome statementFY2025Open on SEC.gov, accession 0001705696-26-000034, leaves this page and opens in a new tab | |||
| n/m | FY2025 | Oct 15, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaPrice to earnings / the annual earnings growth rate, in percentage points As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 25, 2026PeriodFY2025Accession0001705696-26-000034What we read from itIncome statementFY2025Open on SEC.gov, accession 0001705696-26-000034, leaves this page and opens in a new tab | |||
| n/m | FY2025 | Oct 15, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
Formula1.2 x working capital/assets + 1.4 x retained earnings/assets + 3.3 x EBIT/assets + 0.6 x market value of equity/total liabilities + 1.0 x revenue/assets As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 25, 2026PeriodFY2025Accession0001705696-26-000034What we read from itIncome statementFY2025Open on SEC.gov, accession 0001705696-26-000034, leaves this page and opens in a new tabForm10-KFiledFeb 25, 2026PeriodFY2025Accession0001705696-26-000034What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001705696-26-000034, leaves this page and opens in a new tab | |||
| n/m | FY2025 | Feb 25, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaAn eight-variable index of year-on-year changes in receivables, gross margin, asset quality, revenue, depreciation, overheads, leverage and accruals As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 25, 2026PeriodFY2025Accession0001705696-26-000034What we read from itIncome statementFY2025Open on SEC.gov, accession 0001705696-26-000034, leaves this page and opens in a new tabForm10-KFiledFeb 25, 2026PeriodFY2025Accession0001705696-26-000034What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001705696-26-000034, leaves this page and opens in a new tabForm10-KFiledFeb 25, 2026PeriodFY2025Accession0001705696-26-000034What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001705696-26-000034, leaves this page and opens in a new tab | |||
| n/m | FY2025 | Feb 25, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaOne point each for: positive return on assets, positive operating cash flow, rising return on assets, operating cash flow above net income, falling leverage, rising current ratio, no new shares issued, rising gross margin, rising asset turnover. As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 25, 2026PeriodFY2025Accession0001705696-26-000034What we read from itIncome statementFY2025Open on SEC.gov, accession 0001705696-26-000034, leaves this page and opens in a new tabForm10-KFiledFeb 25, 2026PeriodFY2025Accession0001705696-26-000034What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001705696-26-000034, leaves this page and opens in a new tabForm10-KFiledFeb 25, 2026PeriodFY2025Accession0001705696-26-000034What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001705696-26-000034, leaves this page and opens in a new tab | |||
The figures are computed from the accounts for fiscal 2025, the newest full year on file. 9 filed fiscal years on record, FY2017 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.
The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.
Ten years of filed figures, year by year
Ten years of filed figures
10 fiscal years, FY2016 to FY2025. 9 read from the annual reports VICI Properties Inc filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in USD, as reported.
| Year | Revenue | Operating income | Net income | EPS, diluted | Free cash flow | Operating margin | Return on equity | Filing |
|---|---|---|---|---|---|---|---|---|
| FY2025 | 4.01B | 3.66B | 2.78B | 2.61 | 2.51B | n/a | 10.0% | 10-K, Feb 25, 20260001705696-26-000034 |
| FY2024 | 3.85B | 3.56B | 2.68B | 2.56 | 2.37B | n/a | 10.1% | 10-K, Feb 20, 20250001705696-25-000033 |
| FY2023 | 3.61B | 3.37B | 2.51B | 2.47 | 2.18B | n/a | 9.9% | 10-K, Feb 22, 20240001705696-24-000033 |
| FY2022 | 2.60B | 1.68B | 1.12B | 1.27 | 1.94B | n/a | 5.1% | 10-K, Feb 23, 20230001705696-23-000035 |
| FY2021 | 1.51B | 1.42B | 1.01B | 1.76 | 893.8M | n/a | 8.4% | 10-K, Feb 23, 20220001705696-22-000046 |
| FY2020 | 1.23B | 321.0M | 891.7M | 1.75 | 880.9M | 26.2% | 9.5% | 10-K, Feb 18, 20210001705696-21-000030 |
| FY2019 | 894.8M | 52.3M | 546.0M | 1.24 | 679.4M | 5.8% | 6.8% | 10-K, Feb 20, 20200001705696-20-000048 |
| FY2018 | 898.0M | 140.0M | 523.6M | 1.43 | 503.2M | 15.6% | 7.7% | 10-K, Feb 14, 20190001705696-19-000064 |
| FY2017 | 187.6M | 144.2M | 44.5M | n/a | n/a | 76.9% | 0.9% | 10-K, Mar 28, 20180001705696-18-000015 |
| FY2016 | 18.8M | 7.0K | 3.0M | 0.01 | 1.9M | 0.0% | 3.6% | Market data, supplied Oct 15, 2026accession n/a |
- Revenue, compound annual growth FY2016 to FY2025: 81.5%
- Earnings, compound annual growth FY2016 to FY2025: 113.4%
- Earnings per share, compound annual growth FY2016 to FY2025: 89.2%
- Free cash flow, compound annual growth FY2016 to FY2025: 122.8%
Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.
8 of 10
Risks and guardrails
The accounting screens, the published tests, and the lines you can set to be told.
ComputedCompany statement
| Figure | Value, source and document |
|---|---|
Beneish M-scoreWhy n/mThe Beneish M-Score is built on gross margin, receivables and asset quality indices estimated on non-financial firms. Those inputs are not defined here. | n/m ComputedFY2025 10-K, filed Feb 25, 2026, 0001705696-26-000034 |
Piotroski F-scoreWhy n/m2 of the nine Piotroski signals are undefined for an equity REIT: signal 6 (rising current ratio), signal 8 (rising gross margin). We do not publish a partial score under the full score's name. | n/m ComputedFY2025 10-K, filed Feb 25, 2026, 0001705696-26-000034 |
| Named tests met | 3 of 30 Computed |
| Beta | 0.32 ComputedClose of Oct 15, 2026 |
The named tests
Of 30 tests value investors published: 3 met, 8 not met, 19 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.
Which tests, by name(all 30)
- Meets
- P/E times P/B (Benjamin Graham); Owner earnings yield; Cheapest quarter on P/B (David Dreman)
- Does not
- Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); Dividends and buybacks; Low beta, profitable; High returns, low debt; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy)
- Not measured
- Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; EV/EBITDA and coverage; High yield, low payout; ROIC at or above WACC; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); Book or below, low debt (Walter Schloss); Cash-covered dividend; Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(16)
- Current Ratio: A property trust presents an unclassified balance sheet: buildings are long-lived assets and mortgage debt is drawn against them, so there is no split between current and non-current for a current ratio to divide. Look at net debt to EBITDA and interest coverage instead.
- Debt to Equity: The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
- Positive Earnings Streak: We hold 8 profitable filed years in a row; the test needs 10.
- Piotroski F-Score: 2 of the nine Piotroski signals are undefined for an equity REIT: signal 6 (rising current ratio), signal 8 (rising gross margin). We do not publish a partial score under the full score's name.
- P/E Ratio: GAAP earnings for a property trust are charged with depreciation on buildings that are generally appreciating, so a P/E built on them overstates how expensive the trust is. Use price to FFO.
- EV/EBIT: The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
- Return on Invested Capital: The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
- Altman Z-Score: Altman's Z-Score rewards working capital and asset turnover, neither of which a property trust has. It reads distress for healthy REITs by construction, so we do not show it.
- Beneish M-Score: The Beneish M-Score is built on gross margin, receivables and asset quality indices estimated on non-financial firms. Those inputs are not defined here.
- PEG Ratio: GAAP earnings for a property trust are charged with depreciation on buildings that are generally appreciating, so a P/E built on them overstates how expensive the trust is. Use price to FFO.
- EV/EBITDA: The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
- Interest Coverage: No operating income line is filed for this year.
- Payout Ratio: A REIT pays out of funds from operations, not GAAP earnings. A payout ratio on earnings reads far above 100% for a perfectly safe distribution. Use the FFO payout ratio.
- ROIC-WACC Spread: The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
- Price To Ncav: Net current asset value needs current assets, which an unclassified balance sheet does not report.
- Dividend Coverage Ratio: Distribution coverage for a REIT is measured against funds from operations, not against free cash flow computed after acquisition capital expenditure.
9 of 10
Declared positions
Whether anybody here owns this company.
Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.
10 of 10
Next step
What to do with what you have read.
A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.
What this cannot tell you
- 16 figures could not be read on this company, among them Current Ratio, Debt to Equity, Positive Earnings Streak. Each blank in the table above names the rest, with its reason. 19 named tests come back incomplete because of them, which is neither met nor missed.
- We hold 9 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.
And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.
Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.
No card. 30 free days, and nothing is charged unless you choose a plan.
ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.
A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.