Las Vegas Sands (LVS)
Consumer Discretionary · $26.4B market cap · SEC CIK 0001300514
$39.70
▼-1.39% on the day
close of Sep 22, 2026
59
Screens well
fundamentals score out of 100
fundamentals score out of 100
Next reports on Oct 21, 2026, after the close, with analysts expecting $0.75 in earnings per share.
The case for LVS
- Free cash flow of 7.0% of its market value a year: a lot of cash for the price.
- Revenue growing 18.1% year over year.
- Earnings per share up 29.6%.
- Reasonably priced at 15.3× earnings.
- A PEG of 0.52: a P/E of 15.3× is low for EPS growing 30%.
- Has compounded revenue at 34.7% a year over five years.
The case against
- Down 25.3% over the past year.
- Growth is slowing: revenue up 18.1% this year against 34.7% a year over five.
- Current liabilities exceed current assets (ratio 1.00).
- Near the bottom of its 52-week range, 44% below the high. Falling prices usually have a reason; find it first.
- Stability is weak (41/100): beta 0.76, a 44% swing over the year.
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. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 77 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 89 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 58 |
| Momentumhow the price has behaved lately | 13 |
| Stabilityhow violently it moves, what it owes and what it pays you | 41 |
- 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.
Key numbers
| Price / earnings | 15.3× |
|---|---|
| Price / book | n/m (equity a sliver of assets) |
| Price / sales | 1.9× |
| Revenue growth (YoY) | +18.1% |
| EPS growth (YoY) | +29.6% |
| Gross margin | 49% |
| Operating margin | 21% |
| Net margin | 13% |
| Return on assets | 8.2% (ROE not meaningful: equity a sliver of assets) |
| Debt / equity | n/m (equity a sliver of assets) |
| Current ratio | 1.00 |
| Dividend yield | 1.64% |
| Beta | 0.76 |
| 52-week range | $39.54 – $70.45 |
| Position in that range | 1% of the way up |
| 3-month return | -17.4% |
| 1-year return | -25.3% |
Five years of financials, as filed
Pulled from Las Vegas Sands's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $13.0B | $11.3B | $10.4B | $4.1B | $4.2B |
| Operating income | $2.8B | $2.4B | $2.3B | -$792M | -$689M |
| Net income | $1.6B | $1.4B | $1.2B | $1.8B | -$961M |
| Operating cash flow | $3.0B | $3.2B | $3.2B | -$944M | -$243M |
| Capital expenditure | $1.2B | $1.6B | $1.0B | $651M | $828M |
| Total assets | $21.9B | $20.7B | $21.8B | $22.0B | $20.1B |
| Total liabilities | $20.0B | $17.5B | $17.7B | $18.4B | $17.8B |
| Shareholder equity | $1.6B | $2.9B | $4.1B | $3.9B | $2.0B |
| Cash | $3.8B | $3.6B | $5.1B | $6.3B | $1.9B |
| Free cash flow | $1.9B | $1.6B | $2.2B | -$1.6B | -$1.1B |
| Operating margin | 21.6% | 21.3% | 22.3% | -19.3% | -16.3% |
| Net margin | 12.5% | 12.8% | 11.8% | 44.6% | -22.7% |
| Diluted shares | 693M | 737M | 765M | 764M | 764M |
Share count is down 9.3% over 4 years. Buybacks have been shrinking the pie.
Risk factors LVS lists in its 10-K
- Diversified, high quality Integrated Resort offerings with substantial non-gaming amenities
- Substantial and diversified cash flow from existing operations
- Market leadership in the growing higher-margin mass market gaming segment
- Established brands with broad regional and international market awareness and appeal
- Experienced management team with a proven track record
- Unique MICE and entertainment facilities
- Developing and diversifying our Integrated Resort offerings to include a full complement of products and services to cater to different market segments
- Leveraging our scale of operations to create and maintain an absolute cost advantage
- Focusing on the higher-margin mass market gaming segment, while continuing to provide luxury amenities and high service levels to our VIP and premium players
- Identifying targeted investment opportunities to drive growth across our portfolio
- Commitment to Environmental Sustainability
- Development Agreement with Singapore Tourism Board
- Doing Business in Macao, Hong Kong and Mainland China
- Transfers of Cash to and from Our Non-U.S. Subsidiaries