Las Vegas Sands Corp

Consumer Discretionary
Hotels/Resorts
www.sands.com

Earnings Score
Moat Score
Safety Score

Market Cap $39.14B
PE 26
Debt $16.74B
Cash $4.33B
EV $51.55B
FCF $1.95B

Earnings

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Sales & Net Margins

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Earnings	$1.50B
EBIT	$2.52B
ROE	41%
ROA	12%
FCF	$1.95B
Equity	$3.65B
Growth Stability	-129%
PE	26.03
PEG	6.88
PB	10.73
P/FCF	20.07
P/S	3.46
Price/Cash	0.11
Debt/Equity	4.59
Debt/FCF	8.58
Net Margins	13%
Op. Margins	22%
Earnings CAGR	-3%
Sales Growth YoY	-4%
Sales Growth QoQ	-3%
Sales CAGR	-9%
FCF CAGR	-2%
Equity CAGR	-10%
Earnings Stability	0.05
Earnings Growth YoY	-28%
Earnings Growth QoQ	-22%
Earnings CAGR 5Y	4%

Sales CAGR 5Y	8%
FCF CAGR 5Y	6%
Equity CAGR 5Y	-2%
Earnings CAGR 3Y	63%
Sales CAGR 3Y	63%
FCF CAGR 3Y	47%
Equity CAGR 3Y	6%
Market Cap	$39.14B
Revenue	$11.32B
Dividend Yield	2%
Payout Ratio	40%
Assets	$21.35B
Total Debt	$16.74B
Cash	$4.33B
Shares Outstanding	725M
EV	51.55B
Earnings Score	6%
Moat Score	94%
Safety Score	35%
Final Score	45%
Working Capital	-525M
Current Ratio	0.9
Shares Growth 3y	3%
Equity Growth QoQ	-6%
Equity Growth YoY	-20%

Assets & ROA

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Stockholders Equity & ROE

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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. The company owns the Venetian Macao, Sands Macao, Londoner, Four Seasons Hotel Macao, and Parisian in Macao, and the Marina Bay Sands resort in Singapore. Its Venetian and Palazzo Las Vegas in the U.S. asets were sold to Apollo and VICI for $6.25 billion in 2022. We expect Sands to open a fourth tower in Singapore in 2026. After the sale of its Vegas assets, the company will generate all its EBITDA from Asia, with its casino operations generating the majority of sales.

SEC Filings

Direct access to Las Vegas Sands Corp (LVS) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Las Vegas Sands Corp compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Las Vegas Sands Corp compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR -3%

Stability 5%

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Las Vegas Sands Corp Discounted Cash Flow

Fully customizable DCF calculator online for Las Vegas Sands Corp.

Years

Calculation mode

= $17B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$2B	$1.9B	$1.9B	$1.8B	$1.8B	$1.8B	$1.7B	$1.7B	$1.6B	$1.6B	$1.6B	$16B
DCF		$1.7B	$1.5B	$1.4B	$1.2B	$1.1B	$969M	$862M	$768M	$683M	$608M	$6.1B
Value	$17B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	19%	17%	15%	22%	18%	20%	-59%	-30%	33%	12%	13%
ROA	-	14%	12%	17%	17%	16%	-8%	-3%	-4%	11%	12%
ROE	-	23%	22%	37%	36%	41%	-61%	-57%	35%	30%	41%

Good Net Margins (13.35%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	4.98	3.73	2.7	3.25	6.94	-5.63	-13.98	-11.34	7.24	8.58
Debt over Equity	1.12	1.14	1.32	1.31	1.81	1.94	4.01	6.66	4.66	3.88	4.59
Growth Stability	-	-	-	100%	100%	100%	-81%	-129%	-	-	-129%

Bad Debt/FCF ratio (8.58)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Bad Debt/Equity ratio (4.59)

The company is overleveraged and has a bad balance between equity and debt.

Bad Graham’s Stability (-129%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	-20%	-4%	13%	8%	0%	-74%	17%	-3%	152%	8%
Earnings YoY growth	-	-31%	-15%	68%	-14%	12%	-179%	-40%	-206%	-10%	4%
Equity YoY growth	-	-7%	-11%	2%	-12%	-4%	-46%	-36%	73%	6%	-2%
FCF YoY growth	-	-47%	38%	40%	1%	-51%	-238%	-58%	49%	-239%	6%