Invitation Homes Inc. (INVH) vs VICI Properties Inc. (VICI)
A side-by-side comparison of Invitation Homes Inc. and VICI Properties Inc. across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of September 8, 2026. Differences are shown without an overall score or investment verdict.
Total return — INVH vs VICI
growth of $100 · dividends reinvested · last 9yINVH vs VICI: by the numbers
- •VICI is the larger company ($28.03B vs $16.88B market cap).
- •VICI converts more revenue to profit (67.50% vs 23.14% net margin).
- •VICI grew revenue faster over the past five years (22.87% vs 8.60% CAGR).
- •VICI pays the higher dividend yield (7.08% vs 4.19%).
Metrics side by side
Valuation
| Metric | INVH | VICI |
|---|---|---|
| P/E ratio | 26.05 | 9.85 |
| Forward P/E | 28.22 | 9.13 |
| P/S ratio | 5.89 | 6.76 |
| P/B ratio | 1.86 | 0.95 |
| EV / EBITDA | 15.55 | 12.43 |
| FCF yield | 6.43% | 9.52% |
For REITs like Invitation Homes 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 | INVH | VICI |
|---|---|---|
| Gross margin | 3.69% | 99.33% |
| Operating margin | 30.16% | 88.77% |
| Net margin | 23.14% | 67.50% |
| ROE | 7.30% | 9.48% |
| ROIC | 4.67% | 7.64% |
Dividends
| Metric | INVH | VICI |
|---|---|---|
| Dividend yield | 4.19% | 7.08% |
| Payout ratio | 109.17% | 69.77% |
Invitation Homes 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 | INVH | VICI |
|---|---|---|
| Revenue CAGR (5Y) | 8.60% | 22.87% |
| EPS CAGR (5Y) | 22.36% | 8.20% |
| FCF CAGR (5Y) | 12.11% | 22.01% |
| Total return CAGR (5Y) | -4.48% | 0.80% |
Frequently asked
- Which has grown faster, INVH or VICI?
- Over the past five years, VICI grew revenue faster — INVH at a 8.60% CAGR versus VICI at 22.87%.
- Does INVH or VICI pay a bigger dividend?
- INVH yields 4.19% and VICI yields 7.08% based on trailing dividends and the latest price.
- Is INVH or VICI more profitable?
- VICI runs the higher net margin — INVH at 23.14% versus VICI at 67.50%.
- How have INVH and VICI total returns compared?
- Over the past 5 years, INVH delivered -4.48% and VICI delivered 0.80% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Invitation Homes & 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 8, 2026.