WallStSmart

Safehold Inc (SAFE)vsVICI Properties Inc (VICI)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

VICI Properties Inc generates 883% more annual revenue ($4.10B vs $416.66M). VICI leads profitability with a 67.5% profit margin vs 27.4%. VICI trades at a lower P/E of 10.2x. SAFE earns a higher WallStSmart Score of 68/100 (B-).

SAFE

Strong Buy

68

out of 100

Grade: B-

Growth: 5.3Profit: 7.0Value: 9.3Quality: 5.0
Piotroski: 3/9Altman Z: 0.92

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

SAFEUndervalued (+78.3%)

Margin of Safety

+78.3%

Fair Value

$68.35

Current Price

$16.41

$51.94 discount

UndervaluedFair: $68.35Overvalued
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

SAFE5 strengths · Avg: 9.4/10
P/E RatioValuation
10.3x10/10

Attractively priced relative to earnings

Price/BookValuation
0.5x10/10

Reasonable price relative to book value

Operating MarginProfitability
72.3%10/10

Strong operational efficiency at 72.3%

Profit MarginProfitability
27.4%9/10

Keeps 27 of every $100 in revenue as profit

PEG RatioValuation
0.658/10

Growing faster than its price suggests

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

SAFE4 concerns · Avg: 3.0/10
Market CapQuality
$1.17B3/10

Smaller company, higher risk/reward

Return on EquityProfitability
4.7%3/10

ROE of 4.7% — below average capital efficiency

Debt/EquityHealth
1.903/10

Elevated debt levels

Piotroski F-ScoreQuality
3/93/10

Weak financial health signals

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 : SAFE

The strongest argument for SAFE centers on P/E Ratio, Price/Book, Operating Margin. Profitability is solid with margins at 27.4% and operating margin at 72.3%. Revenue growth of 11.9% demonstrates continued momentum.

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 : SAFE

The primary concerns for SAFE are Market Cap, Return on Equity, Debt/Equity. Debt-to-equity of 1.90 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

SAFE carries more volatility with a beta of 1.81 — expect wider price swings.

SAFE is growing revenue faster at 11.9% — sustainability is the question.

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

Monitor REIT - DIVERSIFIED industry trends, competitive dynamics, and regulatory changes.

Bottom Line

SAFE scores higher overall (68/100 vs 59/100), backed by strong 27.4% margins and 11.9% revenue growth. VICI offers better value entry with a 38.7% margin of safety. Both earn "Strong 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.

Safehold Inc

REAL ESTATE · REIT - DIVERSIFIED · USA

Safehold Inc. (SAFE) is a leading real estate investment trust (REIT) that specializes in acquiring and managing ground leases, providing property owners with a mechanism to enhance asset valuations while retaining ownership. Focused on high-quality urban properties, Safehold establishes a low-risk investment profile complemented by the potential for stable income generation. With a strong balance sheet and a commitment to sustainable income growth, the company is poised to capitalize on the rising demand for ground leases. Its innovative approach and dedication to delivering consistent returns position Safehold as a compelling opportunity for institutional investors aiming to diversify and strengthen their portfolios.

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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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