A Business at a Glance
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LAS VEGAS SANDS CORP
LVS
$31.9B
Mkt Cap
$46.08
+0.11%
LAS VEGAS SANDS CORP (LVS) has a current P/E ratio of 19.6, compared to its historical median P/E of 19.6. The stock is currently considered Fair based on its historical valuation range.
LAS VEGAS SANDS CORP (LVS) has a 5-year average return on invested capital (ROIC) of 10.6%. This indicates solid capital allocation.
LAS VEGAS SANDS CORP (LVS) has a market capitalization of $30.6B. It is classified as a large-cap stock.
Yes, LAS VEGAS SANDS CORP (LVS) pays a dividend with a trailing twelve-month yield of 2.80%. The company also returns capital through share buybacks, with a buyback yield of 8.36%.
Based on historical P/E analysis, LAS VEGAS SANDS CORP (LVS) appears fair. The current P/E of 19.6 is 0% below its historical median of 19.6. The estimated fair value CAGR (P/E method) is -8.9%.
LAS VEGAS SANDS CORP (LVS) operates in the Hotels & Motels industry, within the Consumer Cyclical sector.
LAS VEGAS SANDS CORP (LVS) reported annual revenue of $13.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
Las Vegas Sands Corp. is a Fortune 500 developer and operator of destination Integrated Resorts featuring premium accommodations, world-class gaming, entertainment, retail malls, convention facilities, and dining across Macao and Singapore. The company owns 74.80% of Sands China Ltd., which operates five properties in Macao—The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Macao, and Sands Macao—and wholly owns Marina Bay Sands in Singapore. The business model emphasizes the higher-margin mass market gaming segment alongside VIP amenities, with revenue derived from gaming, hotel accommodations, retail operations, food and beverage, entertainment, and MICE (meetings, incentives, conventions, exhibitions) facilities. The company leverages scale to achieve cost advantages through centralized operations, procurement, and marketing while maintaining distinctive branded properties that attract diverse customer segments across Asia. Competitive differentiation stems from market-leading MICE facilities spanning approximately 2.8 million square feet globally, iconic architecture and brand recognition, experienced management, and a portfolio positioned to capture long-term growth from expanding middle-class and high-net-worth populations in Asian markets.
【Revenue and margin expansion ahead】 Management is focused on delivering revenue and cash flow growth across the portfolio through targeted investments in service levels, hospitality training, and refreshed luxury room and suite products, with a product refresh targeted for completion by end of 2027. The company expects EBITDA growth as revenues increase and plans to leverage scale and product advantages to compete across all market segments, with particular emphasis on improving performance in the base mass and premium mass segments in Macao. In Singapore, Marina Bay Sands continues to benefit from high-quality product investments and world-class service, with management targeting a 20% return on invested capital across the total investment. Management expects margin improvement over time as revenue levels increase, supported by more disciplined reinvestment spending and continued focus on high-return projects, while acknowledging competitive dynamics will remain intense and that the company does not forecast specific quarterly or annual revenue targets.
No forward guidance provided.
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q1 FY2025 Earnings Call, Q4 FY2024 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 13.7B | 13.0B | 11.3B | 10.4B | 4.1B | 4.2B |
| Net Income | 1.8B | 1.6B | 1.4B | 1.2B | 1.8B | -961M |
| EPS | $2.73 | $2.35 | $1.96 | $1.60 | $2.40 | $-1.26 |
| Free Cash Flow | 2.2B | 1.9B | 1.6B | 2.2B | -1.6B | -1.1B |
| ROIC | 18.9% | 17.8% | 16.4% | 13.9% | 10.6% | -5.7% |
| Gross Margin | - | 49.8% | 51.5% | 54.5% | 49.3% | 45.2% |
| Debt/Equity | 13.13 | 10.04 | 4.83 | 3.47 | 4.16 | 7.50 |
| Dividends/Share | $1.29 | $1.00 | $0.80 | $0.40 | $0.00 | $0.00 |
| Operating Income | 3.1B | 2.8B | 2.4B | 2.3B | -792M | -689M |
| Operating Margin | 22.7% | 21.6% | 21.3% | 22.3% | -19.3% | -16.3% |
| ROE | 153.8% | 72.7% | 41.3% | 30.5% | 62.3% | -38.7% |
| Shares Outstanding | 663M | 692M | 738M | 763M | 763M | 763M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 14.6B | 11.7B | 11.3B | 12.7B | 13.7B | 12.1B | 2.9B | 4.2B | 4.1B | 10.4B | 11.3B | 13.0B | 13.7B |
| Gross Margin | 45.8% | 46.0% | 46.0% | 50.2% | 49.6% | 49.3% | 32.1% | 45.2% | 49.3% | 54.5% | 51.5% | 49.8% | N/A |
| R&D | 14M | 10M | 9.0M | 13M | 12M | 24M | 18M | 109M | 143M | 205M | 228M | 269M | 241M |
| SG&A | 1.3B | 1.3B | 1.3B | 1.4B | 1.5B | 1.1B | 798M | 831M | 936M | 1.1B | 1.1B | 1.2B | 1.2B |
| EBIT | 4.1B | 2.8B | 2.5B | 3.5B | 3.8B | 3.4B | -1.4B | -689M | -792M | 2.3B | 2.4B | 2.8B | 3.1B |
| Op. Margin | 28.1% | 24.3% | 22.2% | 27.2% | 27.3% | 27.7% | -47.4% | -16.3% | -19.3% | 22.3% | 21.3% | 21.6% | 22.7% |
| Net Income | 2.8B | 2.0B | 1.7B | 2.8B | 2.4B | 2.7B | -1.7B | -961M | 1.8B | 1.2B | 1.4B | 1.6B | 1.8B |
| Net Margin | 19.5% | 16.8% | 14.9% | 22.1% | 17.6% | 22.2% | -57.3% | -22.7% | 44.6% | 11.8% | 12.8% | 12.5% | 13.4% |
| Non-Recurring | -7.0M | -35M | 0 | 20M | 150M | 81M | 73M | 27M | 9.0M | 27M | 50M | 191M | 191M |
| Returns on Capital | |||||||||||||
| ROIC | 27.9% | 18.7% | 16.2% | 25.3% | 24.8% | 22.1% | -9.8% | -5.7% | 10.6% | 13.9% | 16.4% | 17.8% | 18.9% |
| ROE | 38.2% | 28.0% | 25.8% | 44.3% | 39.7% | 49.6% | -41.3% | -38.7% | 62.3% | 30.5% | 41.3% | 72.7% | 153.8% |
| ROA | 12.6% | 9.1% | 8.1% | 13.6% | 11.2% | 11.8% | -7.7% | -4.7% | 8.7% | 5.6% | 6.8% | 7.6% | 8.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 4.8B | 3.5B | 4.0B | 4.5B | 4.7B | 3.0B | -1.3B | -243M | -944M | 3.2B | 3.2B | 3.0B | 3.2B |
| Free Cash Flow | 3.7B | 1.9B | 2.6B | 3.7B | 3.8B | 2.0B | -2.5B | -1.1B | -1.6B | 2.2B | 1.6B | 1.9B | 2.2B |
| Owner Earnings | 3.8B | 2.4B | 2.9B | 3.3B | 3.6B | 2.0B | -2.3B | -1.3B | -2.0B | 2.0B | 1.8B | 1.5B | -10.0B |
| CapEx | 1.2B | 1.5B | 1.4B | 837M | 949M | 1.0B | 1.2B | 828M | 651M | 1.0B | 1.6B | 1.2B | 983M |
| Maint. CapEx | 1.0B | 999M | 1.1B | 1.2B | 1.1B | 1.0B | 997M | 1.0B | 1.0B | 1.2B | 1.3B | 1.5B | 13.2B |
| Growth CapEx | 148M | 530M | 287M | 0 | 0 | 0 | 230M | 0 | 0 | 0 | 259M | 0 | 0 |
| D&A | 1.0B | 999M | 1.1B | 1.2B | 1.1B | 1.0B | 997M | 1.0B | 1.0B | 1.2B | 1.3B | 1.5B | 13.2B |
| CapEx/OCF | 24.4% | 44.3% | 34.6% | 18.4% | 20.2% | 40.0% | N/A | N/A | N/A | 31.5% | 48.9% | 38.6% | 30.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 3.4B | 2.7B | 2.9B | 2.9B | 3.0B | 3.0B | 911M | 0 | 0 | 305M | 590M | 833M | 856M |
| Dividend Yield | 8.3% | 9.0% | 9.3% | 7.4% | 6.5% | 7.1% | 2.4% | N/A | N/A | 0.8% | 1.7% | 2.5% | 2.8% |
| Share Buybacks | 1.7B | 205M | 0 | 375M | 905M | 754M | 0 | 0 | 0 | 505M | 1.8B | 2.2B | 2.6B |
| Buyback Yield | 4.9% | 0.8% | N/A | 0.8% | 2.6% | 1.5% | N/A | N/A | N/A | 1.4% | 4.7% | 4.9% | 8.4% |
| Stock-Based Comp | 48M | 46M | 34M | 34M | 30M | 35M | 22M | 22M | 39M | 44M | 55M | 54M | 67M |
| Debt Repayment | 2.1B | 2.4B | 2.0B | 858M | 5.2B | 51M | 467M | 1.9B | 66M | 2.1B | 2.1B | 4.9B | 4.9B |
| Balance Sheet | |||||||||||||
| Net Debt | 6.5B | 7.2B | 7.5B | 7.2B | 7.4B | 8.6B | 12.1B | 13.1B | 9.8B | 9.2B | 10.3B | 12.1B | 12.4B |
| Cash & Equiv. | 3.5B | 2.2B | 2.1B | 2.4B | 4.6B | 4.2B | 2.1B | 1.9B | 6.3B | 5.1B | 3.6B | 3.8B | 3.3B |
| Long-Term Debt | 9.9B | 9.2B | 9.4B | 9.3B | 11.9B | 12.4B | 13.9B | 14.7B | 13.9B | 12.1B | 10.6B | 14.7B | 13.9B |
| Debt/Equity | 1.39 | 1.37 | 1.56 | 1.49 | 2.12 | 2.47 | 4.77 | 7.50 | 4.16 | 3.47 | 4.83 | 10.04 | 13.13 |
| Interest Coverage | 15.0 | 10.7 | 9.1 | 10.6 | 8.4 | 7.5 | -2.7 | -1.1 | -1.1 | 2.8 | 3.3 | 3.8 | 4.1 |
| Equity | 7.2B | 6.8B | 6.2B | 6.5B | 5.7B | 5.2B | 3.0B | 2.0B | 3.9B | 4.1B | 2.9B | 1.6B | 1.2B |
| Total Assets | 22.2B | 20.9B | 20.5B | 20.7B | 22.5B | 23.2B | 20.8B | 20.1B | 22.0B | 21.8B | 20.7B | 21.9B | 21.2B |
| Total Liabilities | 13.3B | 12.4B | 13.0B | 13.1B | 15.8B | 16.7B | 17.3B | 17.8B | 18.4B | 17.7B | 17.5B | 20.0B | 19.6B |
| Intangibles | 86M | 71M | 103M | 89M | 72M | 42M | 25M | 19M | 64M | 495M | 443M | 470M | 0 |
| Retained Earnings | 2.9B | 2.8B | 2.2B | 2.7B | 2.8B | 3.1B | 813M | -148M | 1.7B | 2.6B | 3.5B | 4.4B | 4.8B |
| Working Capital | 2.5B | 1.1B | 292M | 241M | 2.4B | 2.1B | 2.9B | 2.9B | 2.8B | 1.4B | -1.5B | 610M | -367M |
| Current Assets | 5.2B | 3.6B | 3.1B | 3.2B | 5.6B | 5.3B | 5.7B | 5.5B | 6.7B | 5.8B | 4.3B | 4.8B | 4.3B |
| Current Liabilities | 2.7B | 2.5B | 2.8B | 3.0B | 3.2B | 3.2B | 2.8B | 2.6B | 3.9B | 4.4B | 5.8B | 4.2B | 4.6B |
| Per Share Data | |||||||||||||
| EPS | 3.52 | 2.47 | 2.11 | 3.55 | 3.07 | 3.50 | -2.21 | -1.26 | 2.40 | 1.60 | 1.96 | 2.35 | 2.73 |
| Owner EPS | 4.65 | 3.03 | 3.64 | 4.22 | 4.53 | 2.57 | -3.06 | -1.71 | -2.64 | 2.59 | 2.50 | 2.17 | -15.15 |
| Book Value | 8.94 | 8.56 | 7.76 | 8.20 | 7.23 | 6.73 | 3.90 | 2.62 | 5.08 | 5.40 | 3.91 | 2.30 | 1.81 |
| Cash Flow/Share | 5.99 | 4.35 | 5.08 | 5.74 | 5.98 | 3.94 | -1.72 | -0.32 | -1.24 | 4.23 | 4.34 | 4.37 | 22.70 |
| Dividends/Share | 4.22 | 2.60 | 2.88 | 2.92 | 3.00 | 3.08 | 1.19 | 0.00 | 0.00 | 0.40 | 0.80 | 1.00 | 1.29 |
| Shares Out. | 807.1M | 796.0M | 795.7M | 791.0M | 786.0M | 770.9M | 762.4M | 762.7M | 763.3M | 763.1M | 737.8M | 692.3M | 663.0M |
| Valuation | |||||||||||||
| P/E Ratio | 12.0 | 13.7 | 20.7 | 16.7 | 14.7 | 18.6 | N/A | N/A | 18.3 | 29.4 | 25.8 | 28.0 | 16.9 |
| P/FCF | 9.3 | 13.9 | 13.1 | 12.6 | 9.4 | 24.8 | N/A | N/A | N/A | 16.2 | 22.8 | 24.6 | 13.6 |
| EV/EBIT | 9.1 | 11.3 | 16.1 | 15.0 | 10.2 | 14.7 | N/A | N/A | N/A | 18.0 | 19.5 | 19.5 | 13.8 |
| Price/Book | 4.7 | 3.9 | 5.6 | 7.2 | 6.2 | 9.7 | 14.4 | 13.7 | 8.6 | 8.7 | 12.9 | 28.7 | 25.5 |
| Price/Sales | 2.8 | 2.6 | 2.8 | 3.1 | 3.3 | 3.1 | 12.8 | 8.5 | 6.9 | 3.8 | 3.0 | 2.6 | 2.2 |
| FCF Yield | 10.7% | 7.2% | 7.6% | 7.9% | 10.6% | 4.0% | -5.9% | -3.9% | -4.8% | 6.2% | 4.4% | 4.1% | 7.3% |
| Market Cap | 34.1B | 26.9B | 34.6B | 46.8B | 35.4B | 50.1B | 42.7B | 27.3B | 33.5B | 35.9B | 37.3B | 45.6B | 30.6B |
| Avg. Price | 50.83 | 37.99 | 39.61 | 50.06 | 58.27 | 54.51 | 49.30 | 47.07 | 36.90 | 51.41 | 46.05 | 48.56 | 46.08 |
| Year-End Price | 42.28 | 33.78 | 43.55 | 59.20 | 45.04 | 64.95 | 56.02 | 35.76 | 43.87 | 46.98 | 50.51 | 65.86 | 46.08 |
LAS VEGAS SANDS CORP passes 5 of 9 quality checks, suggesting mixed fundamentals.
LAS VEGAS SANDS CORP trades at 19.6x trailing earnings, compared to its 15-year median P/E of 19.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 16.7x vs a median of 16.2x. The company's 5-year average ROIC is 10.6% with a gross margin of 50.0%. Total shareholder yield (dividends + buybacks) is 11.2%. At current prices, the estimated annualized return to fair value is -5.5%.
LAS VEGAS SANDS CORP (LVS) has a net profit margin of 12.5%. This is a healthy margin.
LAS VEGAS SANDS CORP (LVS) generated $1.9 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
LAS VEGAS SANDS CORP (LVS) has a debt-to-equity ratio of 10.04. This indicates higher leverage, which may increase financial risk.
LAS VEGAS SANDS CORP (LVS) reported earnings per share (EPS) of $2.35 in its most recent fiscal year.
LAS VEGAS SANDS CORP (LVS) has a return on equity (ROE) of 72.7%. This indicates the company generates strong returns for shareholders.
LAS VEGAS SANDS CORP (LVS) has a 5-year average gross margin of 50.0%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 18 years of financial data for LAS VEGAS SANDS CORP (LVS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
LAS VEGAS SANDS CORP (LVS) has a book value per share of $2.30, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is focused on delivering revenue and cash flow growth across the portfolio through targeted investments in service levels, hospitality training, and refreshed luxury room and suite products, with a product refresh targeted for completion by end of 2027. The company expects EBITDA growth as revenues increase and plans to leverage scale and product advantages to compete across all market segments, with particular emphasis on improving performance in the base mass and premium mass segments in Macao. In Singapore, Marina Bay Sands continues to benefit from high-quality product investments and world-class service, with management targeting a 20% return on invested capital across the total investment. Management expects margin improvement over time as revenue levels increase, supported by more disciplined reinvestment spending and continued focus on high-return projects, while acknowledging competitive dynamics will remain intense and that the company does not forecast specific quarterly or annual revenue targets.