Realty Income Corporation (O) vs VICI Properties Inc. (VICI)
A side-by-side comparison of Realty Income Corporation 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 — O vs VICI
growth of $100 · dividends reinvested · last 9yO vs VICI: by the numbers
- •O is the larger company ($54.75B vs $27.25B market cap).
- •VICI pays the higher dividend yield (7.13% vs 5.45%).
Metrics side by side
Valuation
| Metric | O | VICI |
|---|---|---|
| P/E ratio | 42.85 | 9.59 |
| Forward P/E | 38.61 | 8.89 |
| P/S ratio | N/A | 6.65 |
| P/B ratio | 1.38 | 0.93 |
| EV / EBITDA | N/A | 12.30 |
| FCF yield | 3.99% | 9.67% |
For REITs like Realty Income Corporation, 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 | O | VICI |
|---|---|---|
| Gross margin | N/A | 99.33% |
| Operating margin | N/A | 88.77% |
| Net margin | N/A | 67.50% |
| ROE | N/A | 9.48% |
| ROIC | N/A | 7.64% |
Dividends
| Metric | O | VICI |
|---|---|---|
| Dividend yield | 5.45% | 7.13% |
| Payout ratio | 236.57% | 69.77% |
Realty Income Corporation'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 | O | VICI |
|---|---|---|
| Revenue CAGR (5Y) | N/A | 22.87% |
| EPS CAGR (5Y) | 0.35% | 8.20% |
| FCF CAGR (5Y) | 13.20% | 22.01% |
| Total return CAGR (5Y) | 3.29% | 2.05% |
Frequently asked
- Does O or VICI pay a bigger dividend?
- O yields 5.45% and VICI yields 7.13% based on trailing dividends and the latest price.
- How have O and VICI total returns compared?
- Over the past 5 years, O delivered 3.29% and VICI delivered 2.05% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Realty Income & 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.