Empire State Realty Trust Inc (ESRT) is undervalued and VICI Properties Inc (VICI) is undervalued.
Against our estimates of intrinsic value, VICI trades at the wider discount: a margin of safety of +67%, against +62% for ESRT.
Values as of the 19 Oct 2026 close.
Discounting its cash flows at 11.6% (average of 3 methods) values the shares at $12.06; the price of $4.61 is 62% below that value, and 67% of that value comes from beyond year five.
Leak Score 67/100 on 9 of 12 signals
Discounting its cash flows at 8.0% (average of 3 methods) values the shares at $69.17; the price of $23.10 is 67% below that value, and 81% of that value comes from beyond year five.
Leak Score 59/100 on 11 of 12 signals
| Metric | ESRT | VICI |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $4.61 | $23.10 |
| Intrinsic value | $12.06 | $69.17 |
| Margin of safety | +62% | +67% |
| Leak Score | 67/100 (9/12) | 59/100 (11/12) |
| Market cap | $798M | $25.4B |
| Revenue growth, 5 years | 4.8% | 26.7% |
| Operating margin | 16.8% | 88.7% |
| Net margin | 0.4% | 67.5% |
| Return on equity | 0.7% | 9.8% |
| Debt to equity | 2.18 | 0.61 |
| P/E | 256.1x | 9.0x |
| Forward P/E | — | 7.8x |
| P/B | 0.8x | 0.9x |
| Dividend yield | 3.0% | 7.9% |