Las Vegas Sands Corp.

LVS

Consumer CyclicalLarge CapUS Equities · NYSE / NASDAQ

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Company Profile

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

Valuation

Market Cap$33.6B

Current Price$48.04as of Jun 23, 2026

P/E Ratio20.66

P/B Ratio21.14

EV / EBITDA10.13

EV / Sales3.50

Profitability

Operating Margin23.7%

Net Profit Margin12.5%

EBITDA Margin34.6%

Returns

ROE102.3%

ROCE17.5%

ROIC %-

ROA7.4%

Solvency

Current Ratio1.14

Debt / Equity9.93

Debt / Assets0.72

CFO / Net Profit1.86

Price History▲ 14.52% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$13.0B▲ 15.2%

EBITDA$4.5B▲ 10.9%

Net Profit$1.6B▲ 12.5%

Cash from Ops (CFO)$3.0B▼ 5.6%

Free Cash Flow (FCF)$1.8B▲ 9.6%

Revenue CAGR 3Y46.9%

Revenue CAGR 5Y-

Net Profit CAGR 3Y-3.9%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$13.0B	$4.5B	$1.6B	$1.8B	102.3%	15.2%	12.5%
2024	$11.3B	$4.1B	$1.4B	$1.6B	50.1%	8.9%	18.4%
2023	$10.4B	$3.9B	$1.2B	$2.0B	29.7%	152.4%	-33.4%
2022	$4.1B	$406M	$1.8B	$-1.6B	47.2%	-	-
2021	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	4,110	10,372	11,298	13,017
Operating Revenue	-	4,110	10,372	11,298	13,017
Cost Of Revenue	-	2,460	5,205	5,777	6,536
Gross Profit	-	1,650	5,167	5,521	6,481
Operating Expense	-	2,420	2,812	3,055	3,392
Research And Development	-	143	205	228	269
Selling General And Administration	-	936	1,107	1,150	1,188
Total Expenses	-	4,880	8,017	8,832	9,928
Operating Income	-	-770	2,355	2,466	3,089
Total Operating Income As Reported	-	-792	2,313	2,402	2,818
EBITDA	-	406	3,859	4,055	4,499
Normalized EBITDA	-	428	3,901	4,119	4,775
EBIT	-	-685	2,593	2,687	2,959
Interest Income	-	116	288	275	161
Interest Expense	-	702	818	727	746
Net Interest Income	-	-586	-530	-452	-585
Other Non Operating Income Expenses	-	-9	-8	10	-15
Other Income Expense	-	-31	-50	-54	-291
Interest Income Non Operating	-	116	288	275	161
Interest Expense Non Operating	-	702	818	727	746
Net Non Operating Interest Income Expense	-	-586	-530	-452	-585
Pretax Income	-	-1,387	1,775	1,960	2,213
Tax Provision	-	154	344	208	347
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	-4.62	-8.15	-6.78	-43.33
Net Income Continuous Operations	-	-1,541	1,431	1,752	1,866
Net Income From Continuing And Discontinued Operation	-	1,832	1,221	1,446	1,627
Net Income From Continuing Operation Net Minority Interest	-	-1,066	1,221	1,446	1,627
Net Income	-	1,832	1,221	1,446	1,627
Net Income Common Stockholders	-	1,832	1,221	1,446	1,627
Net Income Including Noncontrolling Interests	-	1,357	1,431	1,752	1,866
Normalized Income	-	-1,048.62	1,254.85	1,503.22	1,859.67
Diluted NI Availto Com Stockholders	-	1,832	1,221	1,446	1,627
Basic Average Shares	-	764	752	735	691
Diluted Average Shares	-	764	754	737	693
Reconciled Depreciation	-	1,091	1,266	1,368	1,540
Reconciled Cost Of Revenue	-	2,460	5,205	5,777	6,536
Total Unusual Items	-	-22	-42	-64	-276
Total Unusual Items Excluding Goodwill	-	-22	-42	-64	-276
Minority Interests	-	475	-210	-306	-239
Net Income Discontinuous Operations	193	2,898	0	0	-
Special Income Charges	-	-22	-42	-64	-276
Gain On Sale Of Business	0	-	-	-	-
Other Special Charges	-	13	15	14	29
Depreciation Amortization Depletion Income Statement	-	1,091	1,266	1,368	1,540
Depreciation And Amortization In Income Statement	-	1,091	1,266	1,368	1,540
General And Administrative Expense	-	936	1,107	1,150	1,188
Other Gand A	-	936	1,107	1,150	1,188
Gain On Sale Of Ppe	-	-9	-27	-50	-247
Other Operating Expenses	-	235	230	290	310
Provision For Doubtful Accounts	-	15	4	19	85
Depreciation Income Statement	-	1,091	1,266	1,368	1,540

Peer Comparison

Consumer Cyclical sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Las Vegas Sands Corp.this co.	LVS	$33.6B	20.66↓ discount	21.14	102.3%	10.13
D.R. Horton, Inc.	DHI	$41.5B	11.58	1.72	14.8%	9.85
Yum! Brands, Inc.	YUM	$40.8B	26.18	-5.57	-21.3%	19.14
Carnival Corporation & plc	CCL	$38.6B	13.98	3.14	22.5%	9.35
Chipotle Mexican Grill, Inc.	CMG	$36.1B

Learn while you research

Hand-picked academy chapters to deepen your understanding of Las Vegas Sands Corp. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Leverage Ratios

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$13.0B

$4.5B

$1.6B

$1.8B

102.3%

15.2%

12.5%

2024

$11.3B

$4.1B

$1.4B

$1.6B

50.1%

8.9%

18.4%

2023

$10.4B

$3.9B

$1.2B

$2.0B

29.7%

152.4%

-33.4%

2022

$4.1B

$406M

$1.8B

$-1.6B

47.2%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

4,110

10,372

11,298

13,017

Operating Revenue

4,110

10,372

11,298

13,017

Cost Of Revenue

2,460

5,205

5,777

6,536

Gross Profit

1,650

5,167

5,521

6,481

Operating Expense

2,420

2,812

3,055

3,392

Research And Development

143

205

228

269

Selling General And Administration

936

1,107

1,150

1,188

Total Expenses

4,880

8,017

8,832

9,928

Operating Income

-770

2,355

2,466

3,089

Total Operating Income As Reported

-792

2,313

2,402

2,818

EBITDA

406

3,859

4,055

4,499

Normalized EBITDA

428

3,901

4,119

4,775

EBIT

-685

2,593

2,687

2,959

Interest Income

116

288

275

161

Interest Expense

702

818

727

746

Net Interest Income

-586

-530

-452

-585

Other Non Operating Income Expenses

-9

-8

-15

Other Income Expense

-31

-50

-54

-291

Interest Income Non Operating

116

288

275

161

Interest Expense Non Operating

702

818

727

746

Net Non Operating Interest Income Expense

-586

-530

-452

-585

Pretax Income

-1,387

1,775

1,960

2,213

Tax Provision

154

344

208

347

Tax Rate For Calcs

Tax Effect Of Unusual Items

-4.62

-8.15

-6.78

-43.33

Net Income Continuous Operations

-1,541

1,431

1,752

1,866

Net Income From Continuing And Discontinued Operation

1,832

1,221

1,446

1,627

Net Income From Continuing Operation Net Minority Interest

-1,066

1,221

1,446

1,627

Net Income

1,832

1,221

1,446

1,627

Net Income Common Stockholders

1,832

1,221

1,446

1,627

Net Income Including Noncontrolling Interests

1,357

1,431

1,752

1,866

Normalized Income

-1,048.62

1,254.85

1,503.22

1,859.67

Diluted NI Availto Com Stockholders

1,832

1,221

1,446

1,627

Basic Average Shares

764

752

735

691

Diluted Average Shares

764

754

737

693

Reconciled Depreciation

1,091

1,266

1,368

1,540

Reconciled Cost Of Revenue

2,460

5,205

5,777

6,536

Total Unusual Items

-22

-42

-64

-276

Total Unusual Items Excluding Goodwill

-22

-42

-64

-276

Minority Interests

475

-210

-306

-239

Net Income Discontinuous Operations

193

2,898

Special Income Charges

-22

-42

-64

-276

Gain On Sale Of Business

Other Special Charges

Depreciation Amortization Depletion Income Statement

1,091

1,266

1,368

1,540

Depreciation And Amortization In Income Statement

1,091

1,266

1,368

1,540

General And Administrative Expense

936

1,107

1,150

1,188

Other Gand A

936

1,107

1,150

1,188

Gain On Sale Of Ppe

-9

-27

-50

-247

Other Operating Expenses

235

230

290

310

Provision For Doubtful Accounts

Depreciation Income Statement

1,091

1,266

1,368

1,540

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Las Vegas Sands Corp.this co.

LVS

$33.6B

20.66↓ discount

21.14

102.3%

10.13

D.R. Horton, Inc.

DHI

$41.5B

11.58

1.72

14.8%

9.85

Yum! Brands, Inc.

YUM

$40.8B

26.18

-5.57

-21.3%

19.14

Carnival Corporation & plc

CCL

$38.6B

13.98

3.14

22.5%

9.35

Chipotle Mexican Grill, Inc.

CMG

$36.1B

Las Vegas Sands Corp.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Las Vegas Sands Corp.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on