American Assets Trust Inc (AAT)vsVICI Properties Inc (VICI)
AAT
American Assets Trust Inc
$21.89
+0.14%
REAL ESTATE · Cap: $1.70B
VICI
VICI Properties Inc
$25.00
+2.21%
REAL ESTATE · Cap: $26.10B
Smart Verdict
WallStSmart Research — data-driven comparison
VICI Properties Inc generates 831% more annual revenue ($4.10B vs $440.11M). VICI leads profitability with a 67.5% profit margin vs 4.8%. VICI trades at a lower P/E of 9.2x. VICI earns a higher WallStSmart Score of 59/100 (C).
AAT
Buy56
out of 100
Grade: C
VICI
Buy59
out of 100
Grade: C
Intrinsic Value Comparison
Multi-model valuation · Graham Formula
Margin of Safety
+50.8%
Fair Value
$37.56
Current Price
$21.89
$15.67 discount
Margin of Safety
+36.8%
Fair Value
$46.14
Current Price
$25.00
$21.14 discount
Key Strengths & Concerns
Side-by-side fundamental analysis
Key Strengths
Reasonable price relative to book value
Earnings expanding 70.9% YoY
Strong operational efficiency at 25.8%
Attractively priced relative to earnings
Reasonable price relative to book value
Keeps 68 of every $100 in revenue as profit
Strong operational efficiency at 70.2%
Areas to Watch
Smaller company, higher risk/reward
ROE of 2.0% — below average capital efficiency
4.8% margin — thin
Elevated debt levels
Grey zone — moderate risk
Earnings declined 41.4%
Comparative Analysis Report
WallStSmart ResearchBull Case : AAT
The strongest argument for AAT centers on Price/Book, EPS Growth, Operating Margin.
Bull Case : VICI
The strongest argument for VICI centers on P/E Ratio, Price/Book, Profit Margin. Profitability is solid with margins at 67.5% and operating margin at 70.2%.
Bear Case : AAT
The primary concerns for AAT are Market Cap, Return on Equity, Profit Margin. A P/E of 62.5x leaves little room for execution misses. Debt-to-equity of 1.53 is elevated, increasing financial risk.
Bear Case : VICI
The primary concerns for VICI are Altman Z-Score, EPS Growth.
Key Dynamics to Monitor
AAT profiles as a value stock while VICI is a mature play — different risk/reward profiles.
AAT carries more volatility with a beta of 0.98 — expect wider price swings.
VICI is growing revenue faster at 5.7% — sustainability is the question.
VICI generates stronger free cash flow (728M), providing more financial flexibility.
Bottom Line
VICI scores higher overall (59/100 vs 56/100), backed by strong 67.5% margins. AAT offers better value entry with a 50.8% margin of safety. Both earn "Buy" and "Buy" ratings respectively — the choice depends on your investment horizon and risk tolerance.
This analysis is generated from publicly available financial data. Not financial advice.
American Assets Trust Inc
REAL ESTATE · REIT - DIVERSIFIED · USA
American Assets Trust, Inc. is a self-managed, vertically integrated, full-service real estate investment trust, or REIT, based in San Diego, California.
VICI Properties Inc
REAL ESTATE · REIT - DIVERSIFIED · USA
VICI Properties is an experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including the world-renowned Caesars Palace.
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