Vici Properties (VICI)
$26.51Dividend record not assessed — stored history is shorter than Graham's required window.
This company passes every evaluable criterion on file, but the unbroken dividend record could not be tested — we do not claim a full Graham checklist.
Classic uses stricter thresholds (current ratio 2.0×, 10 years of positive EPS, 20 years of dividends); modern relaxes those to 1.5×, 7 years, and 10 years.
This company passes every evaluable criterion on file, but the unbroken dividend record could not be tested — we do not claim a full Graham checklist.
✓1.Adequate size$4.0B revenue vs ≥ $500.0M required
Graham wanted only substantial, established companies — small firms are more fragile and volatile.
◌2.Strong financial conditionNot evaluatedNo balance-sheet data; No debt or working-capital data
Graham's second criterion has two parts: a current-ratio floor and a limit on long-term debt relative to working capital. Both must pass.
Balance-sheet fields not available in filed data — current ratio and debt tests could not be run.
—2a. Current ratio of at least 2.0No balance-sheet data
Current assets should comfortably exceed current liabilities, so the company can cover near-term obligations.
—2b. Long-term debt within net current assetsNo debt or working-capital data
Long-term debt should not exceed working capital — heavy debt loads make earnings and dividends less secure.
◌3.Earnings every yearNot evaluated8 of 8 years positive (≥10 required)
Graham required uninterrupted profitability over a full economic cycle, proof the business survives downturns.
Insufficient EPS history in filed data for the required earnings-stability window.
◌4.Unbroken dividendsNot evaluated8 years on file (≥20 required)
Graham's original 1973 test wanted 20 unbroken years; modern restatements of the rule accept a 10-year record.
Dividend history available covers 8 years; Graham's rule requires 20.
◌5.Earnings growthNot evaluatedInsufficient EPS history
Per-share earnings should grow at least a third over ten years, showing the business is expanding, not stagnant.
Insufficient EPS history in filed data to measure ten-year earnings growth.
✓6.Moderate price vs earnings10.4× vs ≤15× required (vs 3-yr avg earnings)
Paying too many multiples of earnings erodes the margin of safety, however good the company.
✓7.Moderate price overallP/E × P/B = 10.5 vs ≤22.5 required (P/E vs 3-yr avg earnings)
A combined check on both earnings and asset multiples — Graham's classic ceiling for a fairly priced stock.
✓1.Adequate size$4.0B revenue vs ≥ $500.0M required
Graham wanted only substantial, established companies — small firms are more fragile and volatile.
◌2.Strong financial conditionNot evaluatedNo balance-sheet data; No debt or working-capital data
Graham's second criterion has two parts: a current-ratio floor and a limit on long-term debt relative to working capital. Both must pass.
Balance-sheet fields not available in filed data — current ratio and debt tests could not be run.
—2a. Current ratio of at least 1.5No balance-sheet data
Current assets should comfortably exceed current liabilities, so the company can cover near-term obligations.
—2b. Long-term debt within net current assetsNo debt or working-capital data
Long-term debt should not exceed working capital — heavy debt loads make earnings and dividends less secure.
✓3.Earnings every year7 of 7 years positive (≥7 required)
Graham required uninterrupted profitability over a full economic cycle, proof the business survives downturns.
◌4.Unbroken dividendsNot evaluated8 years on file (≥10 required)
Graham's original 1973 test wanted 20 unbroken years; modern restatements of the rule accept a 10-year record.
Dividend history available covers 8 years; Graham's rule requires 10.
◌5.Earnings growthNot evaluatedInsufficient EPS history
Per-share earnings should grow at least a third over ten years, showing the business is expanding, not stagnant.
Insufficient EPS history in filed data to measure ten-year earnings growth.
✓6.Moderate price vs earnings10.4× vs ≤15× required (vs 3-yr avg earnings)
Paying too many multiples of earnings erodes the margin of safety, however good the company.
✓7.Moderate price overallP/E × P/B = 10.5 vs ≤22.5 required (P/E vs 3-yr avg earnings)
A combined check on both earnings and asset multiples — Graham's classic ceiling for a fairly priced stock.
Fair-value calculator
Graham's combined ceiling: 15× earnings · 1.5× book (defaults).
Price vs. Graham fair value, 10 years
Over the past 9 years, VICI's price has met Graham's fair value on 1236 trading days — most recently 2026-08-21.
10-year per-share record
| Year | EPS | Dividend | Book value/sh |
|---|---|---|---|
| 2017 | — | — | 15.6 |
| 2018 | 1.43 | 1.00 | 18.4 |
| 2019 | 1.24 | 1.17 | 19.7 |
| 2020 | 1.75 | 1.25 | 20.1 |
| 2021 | 1.76 | 1.38 | 22.6 |
| 2022 | 1.27 | 1.50 | 29.3 |
| 2023 | 2.47 | 1.61 | 25.2 |
| 2024 | 2.56 | 1.70 | 25.5 |
| 2025 | 2.61 | 1.76 | 26.3 |
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