Global Net Lease Inc (GNL) is overvalued and VICI Properties Inc (VICI) is undervalued.
Against our estimates of intrinsic value, VICI trades at the wider discount: a margin of safety of +72%, against -119% for GNL.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.5% (average of 2 methods) values the shares at $3.98; the price of $8.71 is 119% above that value, and 82% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
Discounting its cash flows at 7.9% (average of 3 methods) values the shares at $84.40; the price of $23.98 is 72% below that value, and 81% of that value comes from beyond year five.
Leak Score 60/100 on 9 of 12 signals
| Metric | GNL | VICI |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $8.71 | $23.98 |
| Intrinsic value | $3.98 | $84.40 |
| Margin of safety | -119% | +72% |
| Leak Score | 0/100 (2/12) | 60/100 (9/12) |
| Market cap | $2.0B | $26.4B |
| Revenue growth, 5 years | 8.6% | 26.7% |
| Operating margin | 34.9% | 88.7% |
| Net margin | -13.3% | 67.5% |
| Return on equity | -1.0% | 9.8% |
| Debt to equity | 1.63 | 0.61 |
| P/E | — | 9.3x |
| Forward P/E | — | 8.1x |
| P/B | 1.2x | 0.9x |
| Dividend yield | 8.7% | 7.6% |