AvalonBay Communities, Inc. (AVB) vs VICI Properties Inc. (VICI)
A side-by-side comparison of AvalonBay Communities, Inc. and VICI Properties Inc. across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of September 13, 2026. Differences are shown without an overall score or investment verdict.
Total return — AVB vs VICI
growth of $100 · dividends reinvested · last 9yAVB vs VICI: by the numbers
- •VICI is the larger company ($27.34B vs $26.28B market cap).
- •VICI converts more revenue to profit (67.50% vs 33.39% net margin).
- •VICI grew revenue faster over the past five years (22.87% vs 6.62% CAGR).
- •VICI pays the higher dividend yield (7.13% vs 3.84%).
Metrics side by side
Valuation
| Metric | AVB | VICI |
|---|---|---|
| P/E ratio | 9.39 | 9.62 |
| Forward P/E | 11.29 | 8.92 |
| P/S ratio | 8.53 | 6.67 |
| P/B ratio | 2.19 | 0.94 |
| EV / EBITDA | 19.60 | 12.33 |
| FCF yield | 4.83% | 9.64% |
For REITs like AvalonBay Communities, Inc., GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
For REITs like VICI Properties Inc., GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
Profitability
| Metric | AVB | VICI |
|---|---|---|
| Gross margin | 66.99% | 99.33% |
| Operating margin | 28.45% | 88.77% |
| Net margin | 33.39% | 67.50% |
| ROE | 8.56% | 9.48% |
| ROIC | 3.93% | 7.64% |
Dividends
| Metric | AVB | VICI |
|---|---|---|
| Dividend yield | 3.84% | 7.13% |
| Payout ratio | 97.25% | 69.77% |
AvalonBay Communities, Inc.'s payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
VICI Properties Inc.'s payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Growth (annualized)
| Metric | AVB | VICI |
|---|---|---|
| Revenue CAGR (5Y) | 6.62% | 22.87% |
| EPS CAGR (5Y) | 4.67% | 8.20% |
| FCF CAGR (5Y) | 9.40% | 22.01% |
| Total return CAGR (5Y) | -18.27% | 2.05% |
Frequently asked
- Which has grown faster, AVB or VICI?
- Over the past five years, VICI grew revenue faster — AVB at a 6.62% CAGR versus VICI at 22.87%.
- Does AVB or VICI pay a bigger dividend?
- AVB yields 3.84% and VICI yields 7.13% based on trailing dividends and the latest price.
- Is AVB or VICI more profitable?
- VICI runs the higher net margin — AVB at 33.39% versus VICI at 67.50%.
- How have AVB and VICI total returns compared?
- Over the past 5 years, AVB delivered -18.27% and VICI delivered 2.05% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
AvalonBay Communities & VICI Properties appear in these rankings
Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified September 13, 2026.