Las Vegas Sands Corp.

LVS · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000
Valuation
Market cap	$44,010	$37,237	$37,073	$36,733	$28,757	$45,534	$52,746	$39,766	$53,090	$40,805	$33,493	$46,885	$64,853	$37,223	$31,122	$30,670	$9,813	$2,325	$36,563	$31,701	$13,979	$15,671	–	$16,723	$18,331	$15,702
Enterprise value	$56,651	$47,615	$45,983	$46,175	$41,950	$58,021	$62,332	$48,164	$61,452	$49,591	$42,259	$55,178	$72,849	$46,537	$38,841	$39,042	$16,973	$9,761	$43,278	$35,375	$15,155	$16,166	–	$17,969	–	–
P/E (TTM) at period end	27.05×	25.75×	30.36×	20.05×	–	–	19.55×	16.48×	18.91×	24.30×	17.04×	16.50×	28.12×	24.42×	24.52×	75.27×	–	–	313.34×	71.72×	49.28×	31.65×	–	–	2328.00×	931.20×
P/S (TTM) at period end	3.38×	3.30×	3.57×	8.94×	6.79×	15.49×	4.35×	2.90×	4.12×	3.58×	2.87×	3.21×	4.71×	3.34×	3.31×	4.48×	2.15×	0.53×	12.39×	14.17×	8.03×	13.09×	–	26.83×	31.23×	24.49×
P/B at period end	27.68×	12.91×	9.00×	9.46×	14.41×	15.32×	10.17×	7.00×	8.19×	6.61×	4.91×	6.50×	8.46×	5.27×	3.96×	4.60×	1.68×	0.53×	16.18×	15.28×	8.68×	11.91×	–	166.59×	163.39×	151.57×
EV / EBITDA (TTM)	13.23×	12.83×	13.06×	189.24×	119.17×	–	14.21×	9.91×	13.26×	13.73×	11.01×	10.76×	16.50×	14.53×	12.20×	20.82×	30.46×	14.55×	74.26×	50.97×	25.72×	23.27×	–	86.98×	–	–
EV / Sales (TTM)	4.35×	4.21×	4.43×	11.23×	9.91×	19.73×	5.14×	3.51×	4.77×	4.35×	3.62×	3.78×	5.29×	4.18×	4.13×	5.70×	3.72×	2.22×	14.67×	15.81×	8.71×	13.51×	–	28.83×	–	–
Returns
Return on equity	102.3%	50.1%	29.7%	47.2%	(48.1%)	(56.7%)	52.0%	42.5%	43.3%	27.2%	28.8%	39.4%	30.1%	21.6%	16.2%	6.1%	(9.2%)	(4.3%)	5.2%	21.3%	17.6%	37.6%	41.1%	(11.8%)	7.0%	16.3%
Return on invested capital	16.7%	16.2%	14.3%	(5.9%)	(4.5%)	(9.0%)	20.0%	23.6%	23.3%	15.0%	16.6%	24.7%	20.5%	12.9%	13.8%	7.2%	(0.2%)	1.0%	3.1%	8.8%	17.3%	34.2%	11.8%	11.9%	116.1%	145.7%
Dividend yield	1.9%	1.6%	0.8%	–	–	2.0%	5.7%	7.5%	5.5%	7.2%	8.1%	5.1%	2.4%	9.2%	0.2%	0.3%	–	0.3%	–	–	0.2%	0.8%	–	–	–	–
Financial health
Current ratio	1.14×	0.74×	1.31×	1.73×	2.15×	2.03×	1.65×	1.76×	1.08×	1.10×	1.46×	1.92×	1.76×	1.71×	2.16×	1.56×	3.06×	2.44×	0.92×	1.49×	1.40×	2.29×	1.22×	1.31×	–	–
Debt / equity	9.93×	4.77×	3.41×	4.12×	7.41×	4.71×	2.41×	2.11×	1.49×	1.55×	1.37×	1.39×	1.27×	1.45×	1.28×	1.52×	1.88×	2.37×	3.35×	2.00×	1.01×	1.36×	9.66×	13.47×	–	–
Effective tax rate	15.7%	10.6%	19.4%	(11.1%)	0.3%	(1.3%)	12.0%	11.3%	(6.8%)	10.6%	9.0%	6.4%	6.0%	8.8%	10.1%	8.7%	1.0%	26.2%	15.6%	12.3%	1.5%	(2.9%)	–	–	–	–
Share count
Diluted shares outstanding	693	737	765	764	764	764	771	786	792	795	798	808	826	825	812	792	657	392	356	355	355	327	325	359	394	337

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000
Revenue and gross profit
Revenue	$13,604	$13,017	$11,298	$10,372	$4,110	$4,234	$2,940	$12,127	$13,729	$12,882	$11,410	$11,688	$14,584	$13,770	$11,131	$9,411	$6,853	$4,563	$4,390	$2,951	$2,237	$1,741	$1,197	$692	$623	$587	$641
Cost of revenue	($7,855)	($6,536)	($5,777)	($5,205)	($2,460)	($2,626)	($2,119)	($6,099)	($6,974)	($6,329)	($5,686)	($6,117)	($7,746)	($7,516)	($6,070)	($4,923)	($3,875)	($2,877)	($2,769)	($1,746)	($1,164)	($873)	($542)	–	–	–	–
Gross profit	$5,749	$6,481	$5,521	$5,167	$1,650	$1,608	$821	$6,028	$6,755	$6,399	$5,585	$5,571	$6,838	$6,253	$5,062	$4,488	$2,978	$1,686	$1,621	$1,205	$1,073	$867	$655	–	–	–	–
Operating expenses
Research and development	–	($269)	($228)	($205)	($143)	($109)	($18)	($24)	($12)	($13)	($9)	($10)	($14)	($16)	($20)	($11)	($2)	($1)	($13)	($10)	–	–	–	–	–	–	–
Selling, general and administrative	($1,073)	($1,188)	($1,150)	($1,107)	($936)	($831)	($798)	($1,118)	($1,483)	($1,417)	($1,287)	($1,267)	($1,258)	($1,330)	($1,062)	($837)	($683)	($526)	($551)	($661)	($385)	($281)	($353)	($126)	($113)	–	–
Total operating expenses	($2,893)	($3,663)	($3,119)	($2,854)	($2,442)	($2,297)	($2,214)	($2,663)	($3,004)	($2,935)	($3,083)	($2,730)	($2,739)	($2,845)	($2,750)	($2,098)	($1,797)	($1,715)	($1,458)	($875)	($499)	($378)	($37)	–	–	–	–
Total costs and expenses	($10,748)	($10,199)	($8,896)	($8,059)	($4,902)	($4,923)	($4,333)	($8,762)	($9,978)	($9,418)	($8,908)	($8,847)	($10,485)	($10,362)	($8,820)	($7,021)	($5,673)	($4,592)	($4,226)	($2,621)	($1,663)	($1,251)	($579)	($506)	($463)	($457)	($490)
Operating income	$2,856	$2,818	$2,402	$2,313	($792)	($689)	($1,393)	$3,365	$3,751	$3,464	$2,502	$2,841	$4,099	$3,408	$2,311	$2,390	$1,181	($29)	$164	$330	$574	$489	$618	$186	$160	$130	$151
Earnings
EBITDA	–	$4,282	$3,710	$3,521	$244	$352	($396)	$4,385	$4,862	$4,635	$3,613	$3,840	$5,130	$4,416	$3,203	$3,184	$1,876	$557	$671	$583	$694	$589	$695	$240	$207	–	–
Interest income	$127	$161	$275	$288	$116	$4	$21	$74	$59	$16	$10	$15	$26	$16	$23	$14	$9	$11	$20	–	–	–	–	–	–	–	–
Interest expense	($754)	($746)	($727)	($818)	($702)	($621)	($523)	($449)	($446)	($327)	($274)	($265)	($274)	($271)	($259)	($283)	($307)	($322)	($422)	–	–	–	–	–	–	–	–
Pre-tax income	$2,214	$2,213	$1,960	$1,775	($1,387)	($1,474)	($1,876)	$3,600	$3,326	$3,054	$2,264	$2,622	$3,833	$3,144	$2,063	$2,095	$856	($373)	($228)	$138	$504	$288	$481	$67	–	$8	$17
Income tax expense	($400)	($347)	($208)	($344)	($154)	$5	($24)	($432)	($375)	$209	($239)	($236)	($245)	($189)	($181)	($212)	($74)	$4	$60	($22)	($62)	($4)	$14	–	–	–	–
Net income	$1,612	$1,627	$1,446	$1,221	$1,832	($961)	($1,685)	$2,698	$2,413	$2,808	$1,679	$1,966	$2,841	$2,306	$1,524	$1,560	$599	($354)	($164)	$117	$442	$284	$495	$67	($12)	$8	$17
Per share
Diluted EPS (GAAP)	$2.44	$2.35	$1.96	$1.60	$2.40	($1.26)	($2.21)	$3.50	$3.07	$3.55	$2.11	$2.47	$3.52	$2.79	$1.85	$1.56	$0.51	($0.82)	($0.48)	$0.33	$1.24	$0.80	$1.52	$0.20	($0.033)	$0.02	$0.05
Basic EPS (GAAP)	$2.45	$2.35	$1.97	$1.60	$2.40	($1.26)	($2.21)	$3.50	$3.07	$3.55	$2.11	$2.47	$3.52	$2.80	$1.89	$1.74	$0.61	($0.82)	($0.48)	$0.33	$1.25	$0.80	$1.52	$0.21	($0.033)	$0.02	$0.05
Basic shares outstanding	659	691	735	763	764	764	764	771	786	792	795	797	806	822	806	728	667	657	392	355	354	354	326	325	359	394	337
Margins
Gross margin	42.3%	49.8%	48.9%	49.8%	40.1%	38.0%	27.9%	49.7%	49.2%	49.7%	48.9%	47.7%	46.9%	45.4%	45.5%	47.7%	43.5%	37.0%	36.9%	40.8%	48.0%	49.8%	54.7%	–	–	–	–
Operating margin	21.0%	21.6%	21.3%	22.3%	(19.3%)	(16.3%)	(47.4%)	27.7%	27.3%	26.9%	21.9%	24.3%	28.1%	24.8%	20.8%	25.4%	17.2%	(0.6%)	3.7%	11.2%	25.7%	28.1%	51.7%	26.9%	25.7%	22.2%	23.5%
Net margin	11.8%	12.5%	12.8%	11.8%	44.6%	(22.7%)	(57.3%)	22.2%	17.6%	21.8%	14.7%	16.8%	19.5%	16.7%	13.7%	16.6%	8.7%	(7.8%)	(3.7%)	4.0%	19.8%	16.3%	41.4%	9.6%	(1.9%)	1.3%	2.6%

Analyst consensus

Buy49 analysts

Bearish · 0 · Hold · 20 · Bullish · 29

Earnings history

	EPS	Estimate
Q4 2024	$0.54	$0.57	Miss
Q1 2025	$0.59	$0.57	Beat
Q2 2025	$0.79	$0.53	Beat
Q3 2025	$0.78	$0.62	Beat
Q4 2025	$0.85	$0.77	Beat
Q1 2026	$0.91	$0.76	Beat
Q2 2026	$0.59	$0.76	Miss
Q3 2026	$0.54	$0.68	Miss

Peers

Company overview

IPO dateDec 15, 2004

CEOPatrick Sydney Dumont

Employees41,250

SectorConsumer Cyclical

IndustryGambling, Resorts & Casinos

CountryUS

ExchangeNew York Stock Exchange

Websitewww.sands.com

Las Vegas Sands Corporation, in conjunction with its various subsidiaries, specializes in the development, ownership, and ongoing management of comprehensive integrated resort properties across both Asian and United States markets. The company maintains a significant portfolio of establishments in Macao, People's Republic of China, including The Venetian Macao Resort Hotel, the Londoner Macao, The Parisian Macao, The Plaza Macao (which encompasses the Four Seasons Hotel Macao, Cotai Strip), and the Sands Macao. Furthermore, its Asian operations extend to Singapore, where it presides over the iconic Marina Bay Sands. Domestically, Las Vegas Sands also operates key assets within Las Vegas, Nevada: The Venetian Resort Hotel Casino, prominently situated on the renowned Las Vegas Strip, and the Sands Expo and Convention Center. These expansive integrated resorts are meticulously designed to offer a full spectrum of guest experiences, boasting luxurious accommodations, extensive gaming facilities, diverse entertainment venues, high-end retail shopping complexes, state-of-the-art convention and exhibition spaces, gourmet restaurants helmed by celebrity chefs, and numerous other guest conveniences. Established in 1988, Las Vegas Sands Corp. maintains its corporate headquarters in Las Vegas, Nevada.

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