# Las Vegas Sands Corp. (LVS) — Stock CV

Las Vegas Sands Corp. 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.

> 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.

## Identity

- **Ticker**: LVS
- **Sector**: Consumer Cyclical
- **Industry**: Hotels & Motels
- **Headquarters**: LAS VEGAS, NV
- **Employees**: 41 500
- **Website**: https://www.sands.com
- **Market cap**: $23.5B
- **Last price**: $36.28
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $13.7B
- **Net income**: $1.73B
- **Free cash flow**: $2.70B
- **Net debt**: $11.9B
- **P/E**: 13.6
- **Revenue growth (YoY)**: 18.1%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 100 |
| Growth | 37 |
| Profitability | 85 |
| Health | 16 |
| Quality | 81 |
| Moat | 50 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +18.1% YoY
- [x] Profitable — $1.73B TTM
- [ ] Profit growing — -0.7% YoY
- [x] Generates cash — $2.70B TTM
- [x] Debt under control — ~4.4y of cash flow to repay
- [x] Established company — $23.5B market cap
- [x] Not printing shares — -9.3% shares over ~5y
- [x] Proven track record — 8/10 profitable years
- [ ] Financially stable — health score 16/100
- [x] Pays a dividend — yield 3.45%
- [x] Valuation not extreme — P/E 13.6

## Experience (career milestones)

- **2018** — The company's 2018 annual report anticipated "a significant and adverse effect" from the "proliferation of gaming…
- **FY2017** — Best year on record: $2.81B net income
- **FY2016** — First recorded profitable year: $1.67B net income
- **FY2016** — Revenue already above $10B: $11.4B in first reported year
- **2004** — Las Vegas Sands, Inc. went public, and its name was changed to the Las Vegas Sands Corp
- **1989** — Adelson and his partners Richard Katzeff, Irwin Chafetz, Ted Cutler

## 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

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $4.23B | -$961M | -$1.07B |
| FY2022 | $4.11B | $1.83B | -$1.59B |
| FY2023 | $10.4B | $1.22B | $2.21B |
| FY2024 | $11.3B | $1.45B | $1.64B |
| FY2025 | $13.0B | $1.63B | $1.85B |

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Source: https://stockcv.com/LVS — derived from company filings; may be delayed or incomplete. Information, not investment advice.