Las Vegas Sands Corp. (LVS) 10-Year Financial Performance & Capital Metrics

LVS • • Industrial / General

Consumer CyclicalCasinos & GamingIntegrated Casino ResortsGlobal Integrated Resort Operators

AboutLas Vegas Sands Corp., together with its subsidiaries, develops, owns, and operates integrated resorts in Asia and the United States. It owns and operates The Venetian Macao Resort Hotel, the Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao, Cotai Strip, and the Sands Macao in Macao, the People's Republic of China; and Marina Bay Sands in Singapore. The company also owns and operates The Venetian Resort Hotel Casino on the Las Vegas Strip; and the Sands Expo and Convention Center in Las Vegas, Nevada. Its integrated resorts feature accommodations, gaming, entertainment and retail malls, convention and exhibition facilities, celebrity chef restaurants, and other amenities. Las Vegas Sands Corp. was founded in 1988 and is based in Las Vegas, Nevada.Show more

Revenue $11.3B +8.9%
EBITDA $3.89B +5.7%
Net Income $1.45B +18.4%
EPS (Diluted) 1.96 +22.5%
Gross Margin 36.76% -2.3%
EBITDA Margin 34.44% -3.0%
Operating Margin 21.83% -3.9%
Net Margin 12.8% +8.7%
ROE 39.81% +26.5%
ROIC 14.07% +5.0%
Debt/Equity 4.35 +27.3%
Interest Coverage 3.39 +17.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 3.7% through buybacks

✗Weaknesses

✗High debt to equity ratio of 4.4x
✗Profits declining 11.7% over 5 years
✗Expensive at 14.1x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-2.52%

5Y-1.41%

3Y38.7%

TTM8.37%

Profit (Net Income) CAGR

10Y-6.53%

5Y-11.73%

3Y-

TTM3.46%

EPS CAGR

10Y-5.69%

5Y-10.95%

3Y-

TTM9.31%

ROCE

10Y Avg10.44%

5Y Avg2.76%

3Y Avg8.08%

Latest15.31%

Peer Comparison

Global Integrated Resort Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HGVHilton Grand Vacations Inc.	4.12B	48.19	104.76	25.21%	1.76%	5.71%	4.44%	3.70
LVSLas Vegas Sands Corp.	40.98B	60.61	30.92	8.93%	12.69%	83.34%	3.96%	4.35
WYNNWynn Resorts, Limited	12.2B	117.37	26.98	9.13%	7.09%		8.22%
MLCOMelco Resorts & Entertainment Limited	2.63B	6.73	22.43	22.86%	2.06%		12.38%
MTNVail Resorts, Inc.	4.98B	139.17	18.48	2.73%	8.94%	56.85%	6.42%	4.57
MGMMGM Resorts International	9.68B	35.41	14.75	6.66%	0.4%	2.02%	12.51%	8.56
VACMarriott Vacations Worldwide Corporation	2.16B	62.48	11.14	5.08%	3.77%	7.02%	6.84%	2.14
MSCStudio City International Holdings Limited	635.54M	3.30	-1.65	43.45%	-9.61%	-11.09%	16.23%	3.37

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	11.69B	11.27B	12.73B	13.73B	12.13B	2.94B	4.23B	4.11B	10.37B	11.3B
Revenue Growth %	-0.2%	-0.04%	0.13%	0.08%	-0.12%	-0.76%	0.44%	-0.03%	1.52%	0.09%
Cost of Goods Sold+	7.12B	6.95B	7.5B	8.09B	8B	3.12B	3.67B	3.5B	6.47B	7.14B
COGS % of Revenue	0.61%	0.62%	0.59%	0.59%	0.66%	1.06%	0.87%	0.85%	0.62%	0.63%
Gross Profit+	4.57B	4.46B	5.23B	5.64B	5.74B	-176M	567M	614M	3.9B	4.15B
Gross Margin %	0.39%	0.4%	0.41%	0.41%	0.47%	-0.06%	0.13%	0.15%	0.38%	0.37%
Gross Profit Growth %	-0.21%	-0.02%	0.17%	0.08%	0.02%	-1.03%	4.22%	0.08%	5.35%	0.06%
Operating Expenses+	1.64B	1.76B	1.74B	1.74B	1.92B	1.13B	1.21B	1.38B	1.55B	1.69B
OpEx % of Revenue	0.14%	0.16%	0.14%	0.13%	0.16%	0.38%	0.29%	0.34%	0.15%	0.15%
Selling, General & Admin	1.64B	1.76B	1.74B	1.74B	1.92B	1.13B	1.21B	1.38B	1.55B	1.67B
SG&A % of Revenue	0.14%	0.16%	0.14%	0.13%	0.16%	0.38%	0.29%	0.34%	0.15%	0.15%
Research & Development	10.37M	0	0	0	0	0	0	0	0	0
R&D % of Revenue	0%	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-10.37M	0	0	0	0	0	0	0	0	19M
Operating Income+	2.93B	2.7B	3.49B	3.91B	3.82B	-1.3B	-643M	-770M	2.35B	2.47B
Operating Margin %	0.25%	0.24%	0.27%	0.28%	0.32%	-0.44%	-0.15%	-0.19%	0.23%	0.22%
Operating Income Growth %	-0.29%	-0.08%	0.29%	0.12%	-0.02%	-1.34%	0.51%	-0.2%	4.06%	0.05%
EBITDA+	3.93B	3.81B	4.66B	5.02B	4.99B	-304M	398M	266M	3.68B	3.89B
EBITDA Margin %	0.34%	0.34%	0.37%	0.37%	0.41%	-0.1%	0.09%	0.06%	0.35%	0.34%
EBITDA Growth %	-0.24%	-0.03%	0.22%	0.08%	-0.01%	-1.06%	2.31%	-0.33%	12.84%	0.06%
D&A (Non-Cash Add-back)	999M	1.11B	1.17B	1.11B	1.17B	997M	1.04B	1.04B	1.33B	1.43B
EBIT	2.9B	2.53B	3.38B	3.78B	4.35B	-1.35B	-853M	-685M	2.59B	2.69B
Net Interest Income+	-250M	-264M	-311M	-387M	-375M	-502M	-617M	-586M	-530M	-452M
Interest Income	15M	10M	16M	59M	74M	21M	4M	116M	288M	275M
Interest Expense	265M	274M	327M	446M	449M	523M	621M	702M	818M	727M
Other Income/Expense	-312M	-447M	-438M	-581M	-50M	-575M	-831M	-617M	-580M	-506M
Pretax Income+	2.62B	2.26B	3.05B	3.33B	3.6B	-1.88B	-1.47B	-1.39B	1.77B	1.96B
Pretax Margin %	0.22%	0.2%	0.24%	0.24%	0.3%	-0.64%	-0.35%	-0.34%	0.17%	0.17%
Income Tax+	236M	239M	-209M	375M	468M	24M	-5M	154M	344M	208M
Effective Tax Rate %	0.75%	0.74%	0.92%	0.73%	0.75%	0.9%	0.65%	0.74%	0.69%	0.74%
Net Income+	1.97B	1.67B	2.81B	2.41B	2.7B	-1.69B	-961M	-1.02B	1.22B	1.45B
Net Margin %	0.17%	0.15%	0.22%	0.18%	0.22%	-0.57%	-0.23%	-0.25%	0.12%	0.13%
Net Income Growth %	-0.31%	-0.15%	0.68%	-0.14%	0.12%	-1.62%	0.43%	-0.06%	2.2%	0.18%
Net Income (Continuing)	2.39B	2.02B	3.26B	2.95B	3.3B	-1.9B	-1.47B	-1.54B	1.43B	1.75B
Discontinued Operations	0	0	0	0	0	-243M	193M	46M	0	0
Minority Interest	1.6B	1.32B	1.14B	1.06B	1.32B	565M	252M	-225M	-14M	276M
EPS (Diluted)+	2.47	2.10	3.54	3.07	3.50	-1.89	-1.51	-1.40	1.60	1.96
EPS Growth %	-0.3%	-0.15%	0.69%	-0.13%	0.14%	-1.54%	0.2%	0.07%	2.14%	0.23%
EPS (Basic)	2.47	2.10	3.54	3.07	3.50	-1.89	-1.26	-1.40	1.60	1.97
Diluted Shares Outstanding	797.6M	795.21M	792M	786M	771M	764M	764M	764M	765M	737M
Basic Shares Outstanding	796.79M	794.63M	792M	786M	771M	764M	764M	764M	763M	735M
Dividend Payout Ratio	1.38%	1.75%	0.82%	0.97%	0.88%	-	-	-	0.25%	0.41%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	3.61B	3.1B	3.2B	5.57B	5.3B	5.71B	5.51B	6.74B	5.78B	4.29B
Cash & Short-Term Investments	2.18B	2.13B	2.42B	4.65B	4.23B	2.08B	1.85B	6.31B	5.11B	3.65B
Cash Only	2.18B	2.13B	2.42B	4.65B	4.23B	2.08B	1.85B	6.31B	5.11B	3.65B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.27B	776M	615M	726M	844M	252M	202M	267M	484M	417M
Days Sales Outstanding	39.6	25.13	17.64	19.3	25.4	31.29	17.41	23.71	17.03	13.47
Inventory	43M	46M	37M	35M	37M	22M	22M	28M	38M	41M
Days Inventory Outstanding	2.21	2.42	1.8	1.58	1.69	2.58	2.19	2.92	2.14	2.09
Other Current Assets	8M	10M	11M	13M	16M	3.24B	3.32B	0	150M	182M
Total Non-Current Assets+	17.25B	17.37B	17.49B	16.98B	17.89B	15.1B	14.55B	15.29B	16B	16.38B
Property, Plant & Equipment	16.99B	17.11B	16.75B	16.35B	17.12B	14.54B	14.02B	13.58B	13.69B	13.99B
Fixed Asset Turnover	0.69x	0.66x	0.76x	0.84x	0.71x	0.20x	0.30x	0.30x	0.76x	0.81x
Goodwill	0	0	0	0	0	0	0	10M	103M	102M
Intangible Assets	71M	103M	89M	72M	42M	25M	19M	54M	495M	443M
Long-Term Investments	0	0	0	0	0	0	0	0	0	1.39B
Other Non-Current Assets	165M	155M	155M	189M	454M	221M	217M	1.52B	1.59B	325M
Total Assets+	20.86B	20.47B	20.69B	22.55B	23.2B	20.81B	20.06B	22.04B	21.78B	20.67B
Asset Turnover	0.56x	0.55x	0.62x	0.61x	0.52x	0.14x	0.21x	0.19x	0.48x	0.55x
Asset Growth %	-0.07%	-0.02%	0.01%	0.09%	0.03%	-0.1%	-0.04%	0.1%	-0.01%	-0.05%
Total Current Liabilities+	2.46B	2.81B	2.96B	3.16B	3.22B	2.82B	2.56B	3.9B	4.42B	5.8B
Accounts Payable	111M	128M	171M	178M	149M	89M	77M	89M	167M	164M
Days Payables Outstanding	5.69	6.72	8.32	8.04	6.8	10.43	7.66	9.29	9.42	8.38
Short-Term Debt	95M	167M	296M	111M	70M	75M	74M	2.03B	1.9B	3.16B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	0	0	0	0	755M	821M	0	0	0
Current Ratio	1.46x	1.10x	1.08x	1.76x	1.65x	2.03x	2.15x	1.73x	1.31x	0.74x
Quick Ratio	1.45x	1.09x	1.07x	1.75x	1.63x	2.02x	2.14x	1.72x	1.30x	0.73x
Cash Conversion Cycle	36.11	20.82	11.12	12.85	20.29	23.44	11.94	17.34	9.76	7.19
Total Non-Current Liabilities+	9.98B	10.17B	10.1B	12.64B	13.47B	14.45B	15.25B	14.48B	13.25B	11.71B
Long-Term Debt	9.25B	9.43B	9.34B	11.87B	12.42B	13.93B	14.72B	13.95B	12.13B	10.59B
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	202M	200M	206M	191M	183M	188M	173M	152M	187M	188M
Other Non-Current Liabilities	113M	126M	147M	179M	513M	-8M	352M	382M	936M	925M
Total Liabilities	12.45B	12.97B	13.06B	15.8B	16.69B	17.27B	17.81B	18.38B	17.67B	17.51B
Total Debt+	9.34B	9.6B	9.64B	11.98B	12.49B	14B	14.79B	15.98B	14.03B	13.75B
Net Debt	7.17B	7.47B	7.22B	7.34B	8.27B	11.92B	12.94B	9.67B	8.92B	10.1B
Debt / Equity	1.11x	1.28x	1.26x	1.78x	1.92x	3.96x	6.58x	4.37x	3.42x	4.35x
Debt / EBITDA	2.38x	2.52x	2.07x	2.39x	2.50x	-	37.17x	60.07x	3.81x	3.53x
Net Debt / EBITDA	1.82x	1.96x	1.55x	1.46x	1.66x	-	32.52x	36.34x	2.42x	2.60x
Interest Coverage	11.07x	9.86x	10.68x	8.76x	8.51x	-2.49x	-1.04x	-1.10x	2.88x	3.39x
Total Equity+	8.42B	7.5B	7.63B	6.75B	6.51B	3.54B	2.25B	3.66B	4.1B	3.16B
Equity Growth %	-0.07%	-0.11%	0.02%	-0.12%	-0.04%	-0.46%	-0.36%	0.63%	0.12%	-0.23%
Book Value per Share	10.55	9.43	9.63	8.58	8.44	4.63	2.94	4.79	5.36	4.29
Total Shareholders' Equity	6.82B	6.18B	6.49B	5.68B	5.19B	2.97B	2B	3.88B	4.12B	2.88B
Common Stock	1M	1M	1M	1M	1M	1M	1M	1M	1M	1M
Retained Earnings	2.84B	2.22B	2.71B	2.77B	3.1B	813M	-148M	1.68B	2.6B	3.46B
Treasury Stock	-2.44B	-2.44B	-2.82B	-3.73B	-4.48B	-4.48B	-4.48B	-4.48B	-4.99B	-6.76B
Accumulated OCI	-66M	-119M	14M	-40M	-3M	29M	-22M	-7M	27M	-58M
Minority Interest	1.6B	1.32B	1.14B	1.06B	1.32B	565M	252M	-225M	-14M	276M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	3.46B	4.04B	4.54B	4.7B	3.04B	-1.31B	15M	-795M	3.23B	3.2B
Operating CF Margin %	0.3%	0.36%	0.36%	0.34%	0.25%	-0.45%	0%	-0.19%	0.31%	0.28%
Operating CF Growth %	-0.28%	0.17%	0.12%	0.03%	-0.35%	-1.43%	1.01%	-54%	5.06%	-0.01%
Net Income	2.39B	2.02B	3.26B	2.95B	3.17B	-1.9B	-1.47B	-1.54B	1.43B	1.75B
Depreciation & Amortization	1.04B	1.15B	1.21B	1.15B	1.07B	1.05B	1.1B	1.09B	1.27B	1.37B
Stock-Based Compensation	46M	34M	34M	30M	35M	22M	22M	39M	44M	55M
Deferred Taxes	19M	24M	-497M	113M	146M	24M	-45M	-752M	44M	4M
Other Non-Cash Items	211M	273M	212M	222M	-216M	27M	499M	204M	52M	6M
Working Capital Changes	-241M	539M	323M	239M	-1.17B	-537M	-89M	164M	390M	19M
Change in Receivables	49M	319M	83M	-119M	-118M	339M	43M	-78M	-217M	43M
Change in Inventory	-1.33M	0	0	0	0	0	0	0	0	0
Change in Payables	-1M	19M	40M	8M	-13M	-42M	-11M	11M	76M	-1M
Cash from Investing+	-1.53B	-1.44B	-822M	-930M	-103M	-1.33B	-895M	4.16B	-1.25B	-1.58B
Capital Expenditures	-1.53B	-1.45B	-837M	-949M	-1.02B	-1.23B	-839M	-780M	-1.26B	-1.58B
CapEx % of Revenue	0.13%	0.13%	0.07%	0.07%	0.08%	0.42%	0.2%	0.19%	0.12%	0.14%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1M	5M	15M	19M	915M	-102M	-56M	4.94B	3M	1M
Cash from Financing+	-3.22B	-2.63B	-3.49B	-1.52B	-3.37B	560M	684M	1.12B	-3.19B	-3.06B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-2.71B	-2.92B	-2.31B	-2.35B	-2.37B	-603M	0	0	-305M	-590M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	5M	-16M	-597M	-680M	-4.2B	-315M	-151M	-11M	-307M	-389M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.93B	2.6B	3.71B	3.75B	1.97B	-2.54B	-824M	-1.57B	1.97B	1.62B
FCF Margin %	0.17%	0.23%	0.29%	0.27%	0.16%	-0.86%	-0.19%	-0.38%	0.19%	0.14%
FCF Growth %	-0.47%	0.35%	0.43%	0.01%	-0.48%	-2.29%	0.68%	-0.91%	2.25%	-0.18%
FCF per Share	2.42	3.27	4.68	4.77	2.55	-3.32	-1.08	-2.06	2.58	2.20
FCF Conversion (FCF/Net Income)	1.76x	2.42x	1.62x	1.95x	1.13x	0.78x	-0.02x	0.78x	2.64x	2.22x
Interest Paid	212M	214M	269M	326M	462M	419M	591M	614M	746M	650M
Taxes Paid	226M	204M	230M	264M	253M	196M	86M	649M	176M	222M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	22.55%	20.99%	37.14%	33.58%	40.72%	-33.55%	-33.22%	-34.55%	31.47%	39.81%
Return on Invested Capital (ROIC)	14.16%	13.27%	17.57%	20.26%	19.87%	-6.45%	-3.15%	-4.05%	13.41%	14.07%
Gross Margin	39.12%	39.59%	41.07%	41.11%	47.35%	-5.99%	13.39%	14.94%	37.61%	36.76%
Net Margin	16.82%	14.82%	22.06%	17.58%	22.25%	-57.31%	-22.7%	-24.82%	11.77%	12.8%
Debt / Equity	1.11x	1.28x	1.26x	1.78x	1.92x	3.96x	6.58x	4.37x	3.42x	4.35x
Interest Coverage	11.07x	9.86x	10.68x	8.76x	8.51x	-2.49x	-1.04x	-1.10x	2.88x	3.39x
FCF Conversion	1.76x	2.42x	1.62x	1.95x	1.13x	0.78x	-0.02x	0.78x	2.64x	2.22x
Revenue Growth	-19.86%	-3.57%	12.93%	7.86%	-11.67%	-75.76%	44.01%	-2.93%	152.36%	8.93%

Revenue by Segment

	2011	2012	2018	2019	2020	2021	2022	2023	2024
Casino	-	-	9.82B	9.83B	2.27B	2.89B	2.63B	7.52B	8.3B
Casino Growth	-	-	-	0.09%	-76.92%	27.51%	-9.16%	186.33%	10.38%
Mall	-	-	79M	78M	381M	65M	580M	767M	755M
Mall Growth	-	-	-	-1.27%	388.46%	-82.94%	792.31%	32.24%	-1.56%
Food and Beverage	-	-	865M	897M	371M	199M	319M	584M	607M
Food and Beverage Growth	-	-	-	3.70%	-58.64%	-46.36%	60.30%	83.07%	3.94%
Occupancy	-	-	1.73B	1.75B	-	415M	-	1.2B	-
Occupancy Growth	-	-	-	1.10%	-	-	-	-	-
Product and Service, Other	-	-	622M	546M	-	79M	-	295M	-
Product and Service, Other Growth	-	-	-	-12.22%	-	-	-	-	-
M O	-	6.58B	-	-	-	-	-	-	-
M O Growth	-	-	-	-	-	-	-	-	-
Venetian Macao	-	3.04B	-	-	-	-	-	-	-
Venetian Macao Growth	-	-	-	-	-	-	-	-	-
Marina Bay Sands	1.3M	2.89B	-	-	-	-	-	-	-
Marina Bay Sands Growth	-	222252.77%	-	-	-	-	-	-	-
U S	-	1.86B	-	-	-	-	-	-	-
U S Growth	-	-	-	-	-	-	-	-	-
Las Vegas Operating Properties	128.41M	1.38B	-	-	-	-	-	-	-
Las Vegas Operating Properties Growth	-	978.33%	-	-	-	-	-	-	-
Sands Macao	1.28B	1.25B	-	-	-	-	-	-	-
Sands Macao Growth	-	-2.47%	-	-	-	-	-	-	-
Four Seasons Macao	678.29M	1.09B	-	-	-	-	-	-	-
Four Seasons Macao Growth	-	60.18%	-	-	-	-	-	-	-
Sands Bethlehem	399.9M	470.46M	-	-	-	-	-	-	-
Sands Bethlehem Growth	-	17.64%	-	-	-	-	-	-	-
Intersegment Elimination	-	-185.53M	-	-	-	-	-	-	-
Intersegment Elimination Growth	-	-	-	-	-	-	-	-	-
US	1.72B	-	-	-	-	-	-	-	-
US Growth	-	-	-	-	-	-	-	-	-
Intersegment Eliminations	170.51M	-	-	-	-	-	-	-	-
Intersegment Eliminations Growth	-	-	-	-	-	-	-	-	-
Venetian Macao Parcel One	3.92M	-	-	-	-	-	-	-	-
Venetian Macao Parcel One Growth	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Las Vegas Sands Corp. (LVS) has a price-to-earnings (P/E) ratio of 30.9x. This suggests investors expect higher future growth.

Growth & Financials

Las Vegas Sands Corp. (LVS) reported $12.26B in revenue for fiscal year 2024. This represents a 30% increase from $9.41B in 2011.

Las Vegas Sands Corp. (LVS) grew revenue by 8.9% over the past year. This is steady growth.

Yes, Las Vegas Sands Corp. (LVS) is profitable, generating $1.56B in net income for fiscal year 2024 (12.8% net margin).

Dividend & Returns

Yes, Las Vegas Sands Corp. (LVS) pays a dividend with a yield of 1.32%. This makes it attractive for income-focused investors.

Las Vegas Sands Corp. (LVS) has a return on equity (ROE) of 39.8%. This is excellent, indicating efficient use of shareholder capital.

Las Vegas Sands Corp. (LVS) generated $1.29B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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