WallStSmart

Global Net Lease, Inc. (GNL)vsVICI Properties Inc (VICI)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

VICI Properties Inc generates 768% more annual revenue ($4.10B vs $472.16M). VICI leads profitability with a 67.5% profit margin vs -8.7%. VICI earns a higher WallStSmart Score of 59/100 (C).

GNL

Hold

49

out of 100

Grade: D+

Growth: 6.0Profit: 4.5Value: 6.7Quality: 4.0
Piotroski: 4/9Altman Z: -0.31

VICI

Buy

59

out of 100

Grade: C

Growth: 5.3Profit: 8.0Value: 8.3Quality: 6.5
Piotroski: 3/9Altman Z: 1.82
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

GNLUndervalued (+30.1%)

Margin of Safety

+30.1%

Fair Value

$14.14

Current Price

$8.57

$5.57 discount

UndervaluedFair: $14.14Overvalued
VICIUndervalued (+38.7%)

Margin of Safety

+38.7%

Fair Value

$47.60

Current Price

$26.54

$21.06 discount

UndervaluedFair: $47.60Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

GNL3 strengths · Avg: 10.0/10
Price/BookValuation
1.2x10/10

Reasonable price relative to book value

Operating MarginProfitability
31.3%10/10

Strong operational efficiency at 31.3%

EPS GrowthGrowth
333.0%10/10

Earnings expanding 333.0% YoY

VICI4 strengths · Avg: 10.0/10
P/E RatioValuation
10.2x10/10

Attractively priced relative to earnings

Price/BookValuation
1.0x10/10

Reasonable price relative to book value

Profit MarginProfitability
67.5%10/10

Keeps 68 of every $100 in revenue as profit

Operating MarginProfitability
70.2%10/10

Strong operational efficiency at 70.2%

Areas to Watch

GNL4 concerns · Avg: 2.5/10
Market CapQuality
$1.84B3/10

Smaller company, higher risk/reward

Debt/EquityHealth
1.603/10

Elevated debt levels

Return on EquityProfitability
-2.6%2/10

ROE of -2.6% — below average capital efficiency

Revenue GrowthGrowth
-17.5%2/10

Revenue declined 17.5%

VICI3 concerns · Avg: 3.0/10
Altman Z-ScoreHealth
1.824/10

Grey zone — moderate risk

Piotroski F-ScoreQuality
3/93/10

Weak financial health signals

EPS GrowthGrowth
-41.4%2/10

Earnings declined 41.4%

Comparative Analysis Report

WallStSmart Research

Bull Case : GNL

The strongest argument for GNL centers on Price/Book, Operating Margin, EPS Growth.

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 : GNL

The primary concerns for GNL are Market Cap, Debt/Equity, Return on Equity. Debt-to-equity of 1.60 is elevated, increasing financial risk.

Bear Case : VICI

The primary concerns for VICI are Altman Z-Score, Piotroski F-Score, EPS Growth.

Key Dynamics to Monitor

GNL profiles as a turnaround stock while VICI is a mature play — different risk/reward profiles.

GNL carries more volatility with a beta of 1.00 — expect wider price swings.

VICI is growing revenue faster at 5.7% — sustainability is the question.

VICI generates stronger free cash flow (631M), providing more financial flexibility.

Bottom Line

VICI scores higher overall (59/100 vs 49/100), backed by strong 67.5% margins. GNL offers better value entry with a 30.1% margin of safety. Both earn "Buy" and "Hold" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

Global Net Lease, Inc.

REAL ESTATE · REIT - DIVERSIFIED · USA

Global Net Lease, Inc. (GNL) is a prominent real estate investment trust (REIT) dedicated to the acquisition and management of a diversified portfolio of commercial properties under long-term net lease agreements, primarily to high-quality tenants. The company emphasizes reliability and risk-adjusted returns, operating across multiple sectors and geographies to enhance income stability and capitalize on capital appreciation opportunities. With a proficient management team boasting deep industry expertise, GNL is strategically positioned to adapt to market dynamics, making it an attractive investment option for institutional investors seeking consistent, sustainable income streams coupled with growth potential.

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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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