VICI Properties Inc (VICI) is undervalued and W. P. Carey Inc (WPC) is overvalued.
Against our estimates of intrinsic value, VICI trades at the wider discount: a margin of safety of +72%, against -51% for WPC.
Values as of the 22 Sept 2026 close.
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
Discounting its cash flows at 7.8% (average of 3 methods) values the shares at $44.35; the price of $66.89 is 51% above that value, and 80% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
| Metric | VICI | WPC |
|---|---|---|
| Verdict | Undervalued | Overvalued |
| Price | $23.98 | $66.89 |
| Intrinsic value | $84.40 | $44.35 |
| Margin of safety | +72% | -51% |
| Leak Score | 60/100 (9/12) | 0/100 (2/12) |
| Market cap | $26.4B | $15.2B |
| Revenue growth, 5 years | 26.7% | 7.3% |
| Operating margin | 88.7% | 53.2% |
| Net margin | 67.5% | 36.3% |
| Return on equity | 9.8% | 7.7% |
| Debt to equity | 0.61 | 1.03 |
| P/E | 9.3x | 22.9x |
| Forward P/E | 8.1x | 21.7x |
| P/B | 0.9x | 1.8x |
| Dividend yield | 7.6% | 5.6% |