SBA Communications Corporation (SBAC) vs VICI Properties Inc. (VICI)
A side-by-side comparison of SBA Communications 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 — SBAC vs VICI
growth of $100 · dividends reinvested · last 9ySBAC vs VICI: by the numbers
- •VICI is the larger company ($27.58B vs $19.46B market cap).
- •VICI converts more revenue to profit (67.50% vs 34.51% net margin).
- •VICI grew revenue faster over the past five years (22.87% vs 5.63% CAGR).
- •VICI pays the higher dividend yield (7.13% vs 2.54%).
Metrics side by side
Valuation
| Metric | SBAC | VICI |
|---|---|---|
| P/E ratio | 19.75 | 9.71 |
| Forward P/E | 23.83 | 8.99 |
| P/S ratio | 6.78 | 6.73 |
| P/B ratio | N/A | 0.95 |
| EV / EBITDA | 18.47 | 12.40 |
| FCF yield | 5.40% | 9.56% |
For REITs like SBA Communications 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 | SBAC | VICI |
|---|---|---|
| Gross margin | 41.61% | 99.33% |
| Operating margin | 50.79% | 88.77% |
| Net margin | 34.51% | 67.50% |
| ROE | N/A | 9.48% |
| ROIC | 11.87% | 7.64% |
Dividends
| Metric | SBAC | VICI |
|---|---|---|
| Dividend yield | 2.54% | 7.13% |
| Payout ratio | 50.81% | 69.77% |
SBA Communications 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 | SBAC | VICI |
|---|---|---|
| Revenue CAGR (5Y) | 5.63% | 22.87% |
| EPS CAGR (5Y) | 115.83% | 8.20% |
| FCF CAGR (5Y) | 1.35% | 22.01% |
| Total return CAGR (5Y) | -10.57% | 2.05% |
Frequently asked
- Which has grown faster, SBAC or VICI?
- Over the past five years, VICI grew revenue faster — SBAC at a 5.63% CAGR versus VICI at 22.87%.
- Does SBAC or VICI pay a bigger dividend?
- SBAC yields 2.54% and VICI yields 7.13% based on trailing dividends and the latest price.
- Is SBAC or VICI more profitable?
- VICI runs the higher net margin — SBAC at 34.51% versus VICI at 67.50%.
- How have SBAC and VICI total returns compared?
- Over the past 5 years, SBAC delivered -10.57% and VICI delivered 2.05% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
SBA Communications & 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.