Las Vegas Sands (LVS)
Consumer Discretionary · $25.2B market cap · SEC CIK 0001300514
ahead of 63% of the S&P 500 · #18 of 48 in Consumer Discretionary
Next reports on Jan 26, 2027, after the close, with analysts expecting $0.74 in earnings per share.
52-week range $35.03 to $70.45. 42% below its 52-week high and 17% above its low.
The case for LVS
- Cheap for its growth: 15.6× earnings, where 25%+ a year of growth would justify about 46×.
- Free cash flow of 7.4% of its market value a year: a lot of cash for the price.
- Revenue growing 10.9% year over year.
- Has compounded revenue at 34.7% a year over five years.
- Moves less than the market (beta 0.75).
- Pays a modest 1.6% dividend.
The case against
- Down 38.4% over the past year.
- Growth is slowing: revenue up 10.9% this year against 34.7% a year over five.
- Current liabilities exceed current assets (ratio 0.83).
- Near the bottom of its 52-week range, 42% below the high. Falling prices usually have a reason; find it first.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Consumer Discretionary companies (momentum is judged against fixed thresholds only), and the five are blended by weight. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings and cash, against the growth you get | 92 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 77 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 55 |
| Momentumhow the price has behaved lately | 17 |
| Stabilityhow violently it moves, what it owes and what it pays you | 45 |
- Equity is a sliver of assets, so return on assets stands in for return on equity, and price-to-book and debt-to-equity are left out.
- Each factor except momentum is half fixed thresholds, half rank among the 48 Consumer Discretionary companies.
The financials
Revenue growth
Is the business growing? Yes
| Last 12 months | +10.9% |
|---|---|
| Over 5 years | +34.7% a year |
| FY2025 revenue | $13.0B (+15%) |
Free cash flow
Is it generating real cash? Yes
| FY2025 free cash flow | $1.9B |
|---|---|
| Of revenue | 14% |
| Of profit | 114% |
Profit margins
Is profitability improving? Holding steady
| Gross margin | 48% |
|---|---|
| Operating margin | 21% |
| Net margin, FY24 → FY25 → now | 12.8% → 12.5% → 11.8% |
Debt vs. cash
Is the balance sheet healthy? Mostly, with some debt to carry
| Cash | $3.8B |
|---|---|
| Long-term debt | $14.7B |
| Net debt | $10.8B |
| Years to repay | 4.8 yrs |
Valuation
Is the stock price reasonable? Yes, it looks cheap
| P/E | 15.6× |
|---|---|
| Fair P/E for its growth | 46× |
| P/FCF | 13.6× |
| Forward P/E | 12.3× |
| EV / EBITDA | 8.7× |
At 15.6× earnings it trades well below the 46× that 25%+ a year of growth would justify. At 13.6× free cash flow it trades well below that same mark.
The financials, five years deep
Pulled from Las Vegas Sands's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue growth | |||||
| Revenue | $13.0B | $11.3B | $10.4B | $4.1B | $4.2B |
| Change on the year | +15% | +9% | +152% | −3% | — |
| Free cash flow | |||||
| Free cash flow | $1.9B | $1.6B | $2.2B | −$1.6B | −$1.1B |
| Of revenue | 14% | 14% | 21% | −39% | −25% |
| Profit margins | |||||
| Operating margin | 21.6% | 21.3% | 22.3% | −19.3% | −16.3% |
| Net margin | 12.5% | 12.8% | 11.8% | 44.6% | −22.7% |
| Debt vs. cash | |||||
| Cash | $3.8B | $3.6B | $5.1B | $6.3B | $1.9B |
| Long-term debt | $14.7B | $10.6B | $12.1B | $13.9B | $14.7B |
| Net cash (debt) | −$10.8B | −$6.9B | −$7.0B | −$7.6B | −$12.9B |
Filings
The text of this 10-K could not be read automatically. The original is linked below.