Las Vegas Sands Corp.

Hotels & Motels

LVSStrained9 of 11 basics passed

$36.28

+0.50%

Market cap $23.5B

$36.28

+0.50%

Market cap $23.5B

Las Vegas Sands is the world's largest operator of fully integrated resorts, featuring casino, hotel, entertainment, food and beverage, retail, and convention center operations.

It is a $23.5B consumer company. Revenue grew 18.1% over the last year, it keeps 13¢ of every dollar of sales as profit, and its net debt equals ~4.4 years of free cash flow. It trades at 13.6× earnings — near the lowest of its own history.

Website: sands.com
Location: Las Vegas, NV
Employees: 41 500
Sector: Consumer Cyclical

Share price · 3 years

$46.32 → $36.28-21.7%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $13.7B
Profit: keeps 13¢ of every $1 sold; $1.73B
Free cash flow: cash left after running the business; $2.70B
Net debt: debt minus cash on hand; $11.9B
P/E: years of profit in the price; 13.6
EPS: earnings per share, TTM; $2.49
Dividend: pays out 47% of profit · 30% of FCF; 3.45%
Shares: down 13% since 2016 — buybacks; 693.0M
Volatility: beta vs the market — under 1 swings less; 0.76

Revenue, last 10 years

52-week range

Low $35.81$36.28High $69.49

Today's price is 1% of the way from the year's low to its high.

P/E vs its history5y

13.6×median 22.3×

Higher than 1% of past days — near the lowest of its own history.

Valuation vs own history

P/E

13.6×

99%

P/S

1.7×

100%

EV/EBITDA

11.9×

100%

P/B

26.1×

15%

FCF yield

11.5%

100%

Share of the last ~5 years that was pricier than today (unusually cheap vs its own history). Based on the daily valuation record.

Standing in Consumer Cyclical

Size$23.5Btop 43%
Revenue growth+47%top 2%
Net margin13%top 22%
Return on equity140%top 7%
P/E13.6×top 12%
Dividend yield3.45%top 18%

Ranked against 99 Consumer Cyclical companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation, profitability and quality; Growth and Health lag behind.

Valuation100

P/E vs own history1th pct · 25/25
FCF yield11.5% · 25/25
P/S1.7x · 25/25
EV/EBITDA7.9x · 25/25

Growth37

Revenue CAGR32.4% · 25/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growth14.7% · 12/25

Profitability85

ROIC16.4% · 20/25
ROE139.8% · 25/25
Net margin12.6% · 20/25
Operating margin21.5% · 20/25

Health16

Altman Zn/a · 0/25
Current ratio1.00 · 6/25
Interest coverage4.8x · 10/25
Net cash / debtD/A 54% · 0/25

Quality81

Piotroski F8/9 · 25/25
Beneish M-2.64 · 25/25
FCF conversion157% · 25/25
Margin stabilityσ 24.0% · 6/25

Moat50

ROIC >12% years7/10 yrs · 20/25
Median gross margin44.5% · 20/25
FCF-positive years7/10 yrs · 10/25
Worst-year net marginworst -46.7% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

2018Milestone
The company's 2018 annual report anticipated "a significant and adverse effect" from the "proliferation of gaming…
FY2017Financial
Best year on record
$2.81B net income
FY2016Financial
First recorded profitable year
$1.67B net income
FY2016Financial
Revenue already above $10B
$11.4B in first reported year
2004IPO
Las Vegas Sands, Inc. went public, and its name was changed to the Las Vegas Sands Corp
1989Acquisition
Adelson and his partners Richard Katzeff, Irwin Chafetz, Ted Cutler

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$9 372 today — price return only

$13.0B revenue in FY2025

Revenue up 18.1% year over year

Profitable 4 years in a row

Positive free cash flow 3 years in a row

41 500 employees

ROIC of 16.4%

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (48.5%)
Revenue growing 18.1% year over year
Strong cash conversion — FCF is 19.7% of revenue
High returns on invested capital (ROIC 16.4%)
Piotroski F-Score 8/9 — fundamentally strong checklist

Watch-outs

Loss-making in 2 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 11 checks passed

Revenue growing — the company sells more than a year ago+18.1% YoY
Profitable — makes more than it spends$1.73B TTM
Profit growing — earnings are higher than last year-0.7% YoY
Generates cash — cash left after running and investing$2.70B TTM
Debt under control — could handle its obligations~4.4y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$23.5B market cap
Not printing shares — share count not ballooning — you keep your slice-9.3% shares over ~5y
Proven track record — years of profitability behind it8/10 profitable years
Financially stable — balance sheet not near distresshealth score 16/100
Pays a dividend — returns cash to shareholdersyield 3.45%
Valuation not extreme — price not wildly above earningsP/E 13.6

Peer comparisonLas Vegas Sands Corp. vs 6 largest consumer cyclical peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
LVS this company	$23.5B	13.6	+18.1%	12.6%	Strained
AMZN Amazon.Com Inc	$2.8T	20.9	+15.8%	17.4%	Mixed
TSLA Tesla, Inc.	$1.5T	397.1	+11.8%	3.7%	Strong
NFLX NetFlix Inc	$292.8B	21.4	+16.0%	28.2%	Solid
HD Home Depot, Inc.	$290.4B	20.4	-16.0%	8.7%	Solid
DIS The Walt Disney Company	$186.5B	21.7	+4.6%	8.7%	Solid
MCD McDonald's Corporation	$166.9B	18.9	+6.3%	31.7%	Strained

Head-to-head: LVS vs AMZN · LVS vs TSLA · LVS vs NFLX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 4Buy 14Hold 7

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $13.7B · net income $1.73B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$13.7B

YoY 18.1%

Net income (TTM)

$1.73B

Margin 12.6%

Gross margin

48.5%

Operating margin

21.5%

P/E ratio

13.6

Dividend yield

3.45%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	3.6	4.2	4.1	10.4	11.3	13.0
Gross profit	-1.7	1.6	1.6	5.2	5.5	6.5
Operating income (EBIT)	-1.7	-0.7	-0.8	2.3	2.4	2.8
Net income	-1.7	-1.0	1.8	1.2	1.4	1.6
EPS (diluted)	-2.21	-1.26	2.40	1.60	1.96	2.35

Cash flowFree cash flow $2.70B · operating cash flow $3.73B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$2.70B

Margin 19.7%

Operating cash flow (TTM)

$3.73B

FCF margin

19.7%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	-1.3	-0.2	-0.9	3.2	3.2	3.0
Capital expenditure	-1.3	-0.8	-0.7	-1.0	-1.6	-1.2
Free cash flow	-2.6	-1.1	-1.6	2.2	1.6	1.9
FCF margin	-73.1%	-25.3%	-38.8%	21.3%	14.5%	14.3%

Balance sheetAssets $21.9B · net debt $11.9B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $21.9B of assets is financed

93%

Liabilities $20.0B — borrowed moneyEquity $1.59B — owners' stake

Cash vs debt

Total debt $15.8B − cash $3.84B = net debt $11.9B

Cash on hand covers 24% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

4.8x

EBIT ÷ interest expense

ROE

139.8%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	2.1	1.9	6.3	5.1	3.6	3.8
Total assets	20.8	20.1	22.0	21.8	20.7	21.9
Total liabilities	17.3	17.8	18.4	17.7	17.5	20.0
Total debt	14.0	14.8	16.0	14.0	13.8	15.8
Equity	3.0	2.0	3.9	4.1	2.9	1.6
Net debt	11.9	12.9	9.7	8.9	10.1	11.9

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of LVS on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $36.28 · market cap $23.5B.