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Side-by-side financial comparison of Primo Brands Corp (PRMB) and Vici Properties (VICI). Click either name above to swap in a different company.
Primo Brands Corp is the larger business by last-quarter revenue ($1.6B vs $1.0B, roughly 1.5× Vici Properties). Vici Properties runs the higher net margin — 87.0% vs -0.8%, a 87.8% gap on every dollar of revenue.
Primo Brands Corporation is an American-Canadian water company offering multi-gallon bottled water, water dispensers, self-service refill water machines, and water filtration appliances. The company is headquartered in Tampa, Florida, and services residential and commercial customers across the United States, Canada, Europe and Israel.
Vici Properties Inc. is an American real estate investment trust (REIT) specializing in casino and entertainment properties, based in New York City. It was formed in 2017 as a spin-off from Caesars Entertainment Corporation as part of its bankruptcy reorganization. It owns 54 casinos, hotels, and racetracks, four golf courses, and 38 bowling alleys around the United States and Canada.
PRMB vs VICI — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $1.0B |
| Net Profit | $-13.0M | $886.0M |
| Gross Margin | 27.7% | — |
| Operating Margin | 1.2% | — |
| Net Margin | -0.8% | 87.0% |
| Revenue YoY | — | 3.5% |
| Net Profit YoY | — | 60.5% |
| EPS (diluted) | $-0.03 | $0.82 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $1.0B | ||
| Q4 25 | $1.6B | $1.0B | ||
| Q3 25 | $1.8B | $1.0B | ||
| Q2 25 | $1.7B | $1.0B | ||
| Q1 25 | $1.6B | $984.2M | ||
| Q4 24 | — | $976.1M | ||
| Q3 24 | $0 | $964.7M | ||
| Q2 24 | $1.3B | $957.0M |
| Q1 26 | — | $886.0M | ||
| Q4 25 | $-13.0M | $604.8M | ||
| Q3 25 | $16.8M | $762.0M | ||
| Q2 25 | $27.6M | $865.1M | ||
| Q1 25 | $28.7M | $543.6M | ||
| Q4 24 | — | $614.6M | ||
| Q3 24 | $-2.0K | $732.9M | ||
| Q2 24 | $54.5M | $741.3M |
| Q1 26 | — | — | ||
| Q4 25 | 27.7% | 99.3% | ||
| Q3 25 | 29.9% | 99.3% | ||
| Q2 25 | 31.3% | 99.3% | ||
| Q1 25 | 32.3% | 99.4% | ||
| Q4 24 | — | 99.3% | ||
| Q3 24 | — | 99.3% | ||
| Q2 24 | 32.7% | 99.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.2% | 60.2% | ||
| Q3 25 | 8.3% | 77.2% | ||
| Q2 25 | 6.5% | 88.3% | ||
| Q1 25 | 9.5% | 55.9% | ||
| Q4 24 | — | 64.2% | ||
| Q3 24 | — | 77.4% | ||
| Q2 24 | 12.1% | 79.0% |
| Q1 26 | — | 87.0% | ||
| Q4 25 | -0.8% | 59.7% | ||
| Q3 25 | 1.0% | 75.6% | ||
| Q2 25 | 1.6% | 86.4% | ||
| Q1 25 | 1.8% | 55.2% | ||
| Q4 24 | — | 63.0% | ||
| Q3 24 | — | 76.0% | ||
| Q2 24 | 4.1% | 77.5% |
| Q1 26 | — | $0.82 | ||
| Q4 25 | $-0.03 | $0.57 | ||
| Q3 25 | $0.04 | $0.71 | ||
| Q2 25 | $0.07 | $0.82 | ||
| Q1 25 | $0.08 | $0.51 | ||
| Q4 24 | — | $0.58 | ||
| Q3 24 | $-20.00 | $0.70 | ||
| Q2 24 | $0.25 | $0.71 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $376.7M | $480.2M |
| Total DebtLower is stronger | $5.2B | — |
| Stockholders' EquityBook value | $3.0B | $28.6B |
| Total Assets | $10.6B | $47.1B |
| Debt / EquityLower = less leverage | 1.72× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $480.2M | ||
| Q4 25 | $376.7M | $608.0M | ||
| Q3 25 | — | $507.5M | ||
| Q2 25 | — | $233.0M | ||
| Q1 25 | — | $334.3M | ||
| Q4 24 | — | $524.6M | ||
| Q3 24 | — | $355.7M | ||
| Q2 24 | — | $347.2M |
| Q1 26 | — | — | ||
| Q4 25 | $5.2B | $16.8B | ||
| Q3 25 | $5.1B | $16.8B | ||
| Q2 25 | $5.1B | $16.9B | ||
| Q1 25 | $5.0B | $16.8B | ||
| Q4 24 | — | $16.7B | ||
| Q3 24 | — | $16.7B | ||
| Q2 24 | — | $16.7B |
| Q1 26 | — | $28.6B | ||
| Q4 25 | $3.0B | $27.8B | ||
| Q3 25 | $3.2B | $27.7B | ||
| Q2 25 | $3.2B | $27.0B | ||
| Q1 25 | $3.3B | $26.6B | ||
| Q4 24 | — | $26.5B | ||
| Q3 24 | $-2.0K | $26.1B | ||
| Q2 24 | $-296.8M | $25.7B |
| Q1 26 | — | $47.1B | ||
| Q4 25 | $10.6B | $46.7B | ||
| Q3 25 | $11.0B | $46.5B | ||
| Q2 25 | $11.0B | $46.1B | ||
| Q1 25 | $11.0B | $45.5B | ||
| Q4 24 | — | $45.4B | ||
| Q3 24 | $0 | $44.9B | ||
| Q2 24 | — | $44.5B |
| Q1 26 | — | — | ||
| Q4 25 | 1.72× | 0.60× | ||
| Q3 25 | 1.61× | 0.61× | ||
| Q2 25 | 1.57× | 0.63× | ||
| Q1 25 | 1.51× | 0.63× | ||
| Q4 24 | — | 0.63× | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.65× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $203.1M | — |
| Free Cash FlowOCF − Capex | $57.3M | — |
| FCF MarginFCF / Revenue | 3.7% | — |
| Capex IntensityCapex / Revenue | 9.4% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $302.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $203.1M | $691.9M | ||
| Q3 25 | $283.4M | $586.3M | ||
| Q2 25 | $155.0M | $639.9M | ||
| Q1 25 | $38.8M | $591.9M | ||
| Q4 24 | — | $644.1M | ||
| Q3 24 | $0 | $579.1M | ||
| Q2 24 | $102.5M | $614.6M |
| Q1 26 | — | — | ||
| Q4 25 | $57.3M | — | ||
| Q3 25 | $167.7M | — | ||
| Q2 25 | $101.1M | — | ||
| Q1 25 | $-23.2M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $61.4M | — |
| Q1 26 | — | — | ||
| Q4 25 | 3.7% | — | ||
| Q3 25 | 9.5% | — | ||
| Q2 25 | 5.8% | — | ||
| Q1 25 | -1.4% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 4.7% | — |
| Q1 26 | — | 0.1% | ||
| Q4 25 | 9.4% | — | ||
| Q3 25 | 6.6% | — | ||
| Q2 25 | 3.1% | — | ||
| Q1 25 | 3.8% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 3.1% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.14× | ||
| Q3 25 | 16.87× | 0.77× | ||
| Q2 25 | 5.62× | 0.74× | ||
| Q1 25 | 1.35× | 1.09× | ||
| Q4 24 | — | 1.05× | ||
| Q3 24 | — | 0.79× | ||
| Q2 24 | 1.88× | 0.83× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PRMB
| Regional Spring Water | $765.1M | 49% |
| Purified Water | $484.5M | 31% |
| Other | $188.4M | 12% |
| Premium Water | $90.3M | 6% |
| Other Water | $25.8M | 2% |
VICI
| Other | $330.1M | 32% |
| MGM Master Lease | $193.7M | 19% |
| Caesars Las Vegas Master Lease | $126.4M | 12% |
| MGM Grand/Mandalay Bay Lease | $81.1M | 8% |
| The Venetian Resort Las Vegas Lease | $76.1M | 7% |
| Harrah's NOLA, AC, and Laughlin (3) | $44.6M | 4% |
| Mezzanine loans & preferred equity | $35.6M | 3% |
| Hard Rock Mirage Lease | $23.9M | 2% |
| PENN Master Lease (1) | $20.2M | 2% |
| JACK Entertainment Master Lease | $18.3M | 2% |
| Century Master Lease (excluding Century Canadian Portfolio) | $12.7M | 1% |
| Hard Rock Cincinnati Lease | $12.2M | 1% |
| CNE Gold Strike Lease | $10.6M | 1% |
| EBCI Southern Indiana Lease | $8.6M | 1% |
| Lucky Strike Master Lease | $8.3M | 1% |
| Foundation Master Lease | $6.4M | 1% |
| PURE Master Lease | $4.1M | 0% |
| Century Canadian Portfolio (4) | $3.3M | 0% |
| Senior secured notes | $2.4M | 0% |
