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Las Vegas Sands Corp.

LVS Consumer Cyclical Resorts & Casinos

Las Vegas Sands Corp.’s revenue for fiscal 2025 (year ended December 2025) was $13.0 billion, up 15.2% from fiscal 2024.

Revenue
−3.45%
EPS
−21.3%
Free cash flow
−34.3%
Total debt
−2.08%

Quarter to September 2026, against a year earlier

40.91 0.17 +0.42%
Market cap
$25.7B
P/E
16.7×
Fwd P/E
14.5×
Dividend yield
2.93%
F-score
8/9
Altman Z
2.68
Beneish M
−2.06
Dividend safety
59/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2025

  • Casino
  • Rooms
  • Mall
  • Food and Beverage
  • Convention, Retail and Other

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 178.45
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 5 — — 1 1 — — — — — — —
Insider Ownership 59.27%

Capital & Financial Ratios $m

Size
Market Cap 25,660.00
Revenue ttm 13,604.00
Net income ttm 1,814.00
Free cash flow ttm 2,407.00
Net debt Q 12,586.00
Valuation
P/E 16.70
Forward P/E 14.50
Price / sales 1.92
Forward P/S Powerpack
Price / FCF 10.86
Price / book 0.00
Financial health
Current ratio Q 0.83 (below 1: weak)
Debt / equity Q (134.30) (negative: negative equity)
Interest coverage Q 3.32
Growth
Revenue growth Q −3.45% (below 0%: shrinking)
Operating income growth Q −14.05% (below 0%: shrinking)
EPS, this year −6.80% (below 0%: weak)
EPS, next year A +8.91%
Revenue, next year A +3.45%
EPS, past 5 yrs —
EPS, next 5 yrs A +3.01%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.8×, against a ten-year median of 4.7×; over the ten years it ranged from 2.7× in 2026 to 21.8× in 2021.
P/E against its own 10 years 17.80%
10-year low 10-year high
P/S against its own 10 years 1.28%
10-year low 10-year high
EV/Sales against its own 10 years 1.39%
10-year low 10-year high
EV/FCF against its own 10 years 14.71%
10-year low 10-year high

Dividends raised 4 years running

Yield
2.93%
Annual rate
1.20
Payout ratio
49.2%
Growth, 2018–26
−10.8%/yr
  1. 3.00 ’18
  2. 3.08 ’19 +3
  3. 0.79 ’20 −74
  4. 0.00 ’21 −100
  5. 0.00 ’22
  6. 0.40 ’23
  7. 0.80 ’24 +100
  8. 1.00 ’25 +25
  9. 1.20 ’26 +20
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 5,105 3,650 3,841 2,858
Receivables 484 417 742 664
Inventory 38 41 46 49
Other — — — —
5,777 4,290 4,832 3,819
2023 2024 2025 Q'26
Payables 167 164 190 146
ST’ Debt 1,900 3,160 1,128 1,566
Other — — — —
4,422 5,801 4,222 4,621

Compound Annual Growth %

10y 5y 3y
Sales 1.08% 34.66% 46.86%
Cash Flow (1.34%) 0.00% 0.00%
Earnings (1.87%) 0.00% (3.88%)
Book Value (13.68%) (11.38%) (19.12%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.71 Actual 0.54

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.77 0.85 Beat by 0.08
Q1 FY26 0.75 0.91 Beat by 0.16
Q2 FY26 0.77 0.59 Miss by 0.18
Q3 FY26 0.71 0.54 Miss by 0.17
Q4 FY26 0.77 — Reports 27 January 2027

EPS $

Mar Jun Sep Dec Year
’26 0.85 0.53 0.48 — —
’25 0.49 0.66 0.61 0.58 2.35
’24 0.66 0.48 0.38 0.45 1.96
’23 0.19 0.41 0.50 0.50 1.62
’22 3.31 (0.38) (0.31) (0.22) 2.40
’21 (0.36) (0.25) (0.48) (0.17) (1.26)
’20 0.00 (1.07) (0.74) (0.39) (2.21)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 3,585 3,154 3,216 — —
’25 2,862 3,175 3,331 3,649 13,017
’24 2,959 2,761 2,682 2,896 11,298
’23 2,120 2,542 2,795 2,915 10,372
’22 943 1,045 1,005 1,117 4,110
’21 1,196 1,173 857 1,008 4,234
’20 1,417 62 446 1,015 2,940
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 731 682 870 — —
’25 526 178 1,115 1,204 3,023
’24 714 814 761 915 3,204
’23 441 941 839 1,006 3,227
’22 (500) (190) (150) (104) (944)
’21 (188) 83 (240) 102 (243)
’20 (388) (568) (283) 48 (1,191)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 537 353 587 — —
’25 72 (108) 893 930 1,787
’24 514 526 220 365 1,625
’23 259 522 515 677 1,973
’22 (646) (476) (317) (276) (1,715)
’21 (476) (71) (436) (92) (1,075)
’20 (677) (920) (639) (181) (2,417)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 3.5% a year for ten years. It grew −3.3% a year over the last ten.

Implied
3.5%
10 years, reported
−3.3%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 11,271 12,728 13,729 12,127 2,940 4,234 4,110 10,372 11,298 13,017 13,604 +1.6% 13,466 13,983 14,682 +4.1%
Gross margin, % 49.55 50.27 49.20 49.71 27.93 37.98 40.15 49.82 48.87 49.79 47.52 +0.2 pt
EBT 2,264 3,054 3,326 3,600 (1,876) (1,474) (1,387) 1,775 1,960 2,213 2,214 (0.3%)
EBT margin, % 20.09 23.99 24.23 29.69 (63.81) (34.81) (33.75) 17.11 17.35 17.00 16.27 (3.1) pt
Net income 2,025 3,263 2,951 3,168 (1,900) (1,469) (1,541) 1,431 1,752 1,866 1,814 (0.9%)
Per share, $
Per share, $ Revenue 14.18 16.07 17.47 15.73 3.85 5.54 5.38 13.59 15.37 18.84 21.29 +3.2%
Earnings 2.10 3.54 3.07 3.50 (2.21) (1.26) 2.40 1.62 1.97 2.35 2.45 +1.3%
Cash flow 5.09 5.74 5.98 3.64 (1.56) (0.32) (1.24) 4.23 4.36 4.37 5.46 (1.7%)
Capex (1.81) (1.04) (1.18) (1.38) (1.60) (1.09) (1.01) (1.64) (2.15) (1.79) (1.69) (0.1%)
Free cash flow 3.28 4.70 4.80 2.25 (3.16) (1.41) (2.24) 2.59 2.21 2.59 3.77 (2.6%)
Book value 9.43 9.63 8.58 8.44 4.63 2.94 4.79 5.38 4.30 2.80 (0.18) (12.6%)
Shares, m 795 792 786 771 764 764 764 763 735 691 663 (1.5%)
Valuation, ×
Valuation, × P/E 25.40 19.52 17.01 19.73 0.00 0.00 20.55 32.08 26.07 27.70 16.70 18.8
P/S 3.76 4.30 2.98 4.39 15.49 6.79 9.17 3.78 3.34 3.46 1.92 5.7
P/B 5.66 7.18 6.07 8.18 12.87 12.79 10.31 9.54 11.95 23.26 0.00 10.8
EV/Sales 4.42 4.87 3.51 5.07 19.54 9.84 11.52 4.64 4.24 4.37 2.85 7.2
EV/FCF 19.15 16.86 12.95 35.39 (23.26) (38.77) (27.61) 24.37 29.45 31.85 16.09 8.0
Cash, $m
Cash, $m Operating cash flow 4,044 4,543 4,701 2,803 (1,191) (243) (944) 3,227 3,204 3,023 3,487 (3.2%)
Capex (1,440) (822) (930) (1,066) (1,226) (832) (771) (1,254) (1,579) (1,236) (1,080) (1.7%)
Free cash flow 2,604 3,721 3,771 1,737 (2,417) (1,075) (1,715) 1,973 1,625 1,787 2,407 (4.1%)
Balance, $m
Balance, $m Working capital 292 241 2,409 2,081 2,891 2,945 2,842 1,355 (1,511) 610 (802) +8.5%
Net debt 7,457 7,210 7,324 8,250 11,906 12,925 9,667 8,924 10,102 11,943 12,586 +5.4%
Shareholders’ equity 7,496 7,627 6,745 6,507 3,538 2,248 3,656 4,104 3,160 1,934 (115) (14.0%)
Returns, %
Returns, % ROA 8.12 13.65 11.16 11.80 (7.66) (4.70) 8.70 5.57 6.81 7.64 7.88 (0.5) pt
ROIC 10.46 14.59 16.66 14.25 (5.64) (2.84) (3.72) 11.10 11.32 12.69 14.27 +2.2 pt
ROE 21.10 37.14 33.58 40.72 (33.55) (33.22) 62.06 31.47 39.81 63.88 184.02 +42.8 pt
People
People Employees 49,000 50,500 51,500 50,000 44,500 44,700 35,700 38,700 40,300 41,500 — (1.8%)
Revenue/emp, $m 0.23 0.25 0.27 0.24 0.07 0.09 0.12 0.27 0.28 0.31 — +3.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Las Vegas Sands is a developer and operator of destination properties known as Integrated Resorts. Its resorts combine casino gaming with hotels, restaurants, retail malls, entertainment, meeting space and convention facilities. The company sells stays, gaming access, food and beverage, shopping and event space to leisure travelers, business travelers, convention groups, mass-market casino customers, premium-mass customers and VIP patrons.

The company owns and operates five resort properties in Macao through its 74.80% ownership of Sands China Ltd.: The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Macao, and Sands Macao. It also owns and operates Marina Bay Sands in Singapore. Gaming is the central activity, but the resorts are designed so that hotels, retail, restaurants, entertainment and meetings bring customers to the properties and add spending opportunities.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by products and services, and margins
Casino 9,789 75.20%
Rooms 1,422 10.92%
Mall 801 6.15%
Food and Beverage 644 4.95%
Convention, Retail and Other 361 2.77%
Gross margin 49.79%
Operating margin 21.65%
Pre-tax margin 17.00%

Revenue by segment since 2009

Las Vegas Sands Corp. vs peers in Resorts & Casinos (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
LVS Las Vegas Sands Corp. $25.7B 16.7× 14.5× −3.45% (below 0%: shrinking) −21.31% (below 0%: shrinking) −34.27% (below 0%: shrinking) 45.62% 19.22%
MGM MGM Resorts International $8.2B 11.2× 14.2× −0.91% (below 0%: shrinking) n/m −21.59% (below 0%: shrinking) 41.16% 2.82% Compare
WYNN Wynn Resorts, Limited $8.2B 21.6× 17.4× −7.89% (below 0%: shrinking) −80.23% (below 0%: shrinking) −160.17% (below 0%: shrinking) 0.00% 10.55% Compare
CZR Caesars Entertainment, Inc. $6.0B — (loss-making) — (loss-making) +2.47% (above 0%: growing) n/m −71.73% (below 0%: shrinking) 52.41% 15.54% Compare
MTN Vail Resorts, Inc. $5.7B 38.2× 27.1× +2.50% (above 0%: growing) n/m +29.42% (above 0%: growing) (8.85%) (75.09%) Compare
BYD Boyd Gaming Corporation $5.5B 11.7× 10.8× −1.38% (below 0%: shrinking) −90.40% (below 0%: shrinking) +6.74% (above 0%: growing) 49.14% 19.68% Compare
RRR Red Rock Resorts, Inc. $5.0B 25.6× 23.6× +2.76% (above 0%: growing) n/m +76.20% (above 0%: growing) 48.76% 5.46% Compare
VAC Marriott Vacations Worldwide Corporation $3.7B — (loss-making) 15.3× +8.23% (above 0%: growing) n/m +127.45% (above 0%: growing) 91.51% 11.19% Compare
HGV Hilton Grand Vacations Inc. $3.3B 8.1× 12.8× +50.85% (above 0%: growing) +1,279.36% (above 0%: growing) +1,400.00% (above 0%: growing) 43.55% 25.09% Compare
Median of peers $5.6B 16.6× 15.3× +2.49% −80.23% +18.08% 46.16% 10.87%

All 17 Resorts & Casinos stocks →

From the latest earnings call

Updated

  • CEO Patrick Dumont said softer high-end demand in Singapore and Macao affected quarterly results, while lower casino win percentages also hurt Marina Bay Sands.
  • Sands China CEO Grant Chum said the company gained revenue share while managing customer reinvestment, and expects payroll growth but no significant headcount increase.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 41.18%
Held by the ten largest 21.37%
Holder Shares Stake Change
Vanguard 41.41m 6.39% +91.39k
BlackRock 24.84m 3.83% −1.32m
State Street 15.16m 2.34% +919.45k
T. Rowe Price 11.18m 1.73% +844.25k
D. E. Shaw 9.05m 1.40% +514.72k
Invesco 8.85m 1.37% +1.44m
Geode Capital Management 8.20m 1.27% −249.96k
Arrowstreet Capital 7.38m 1.14% −1.20m
BNY 6.61m 1.02% −252.17k
AQR Capital Management 5.75m 0.89% −1.72m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Las Vegas Sands Corp. (LVS) Latest News

27 Oct

Impact 3 · · ACCESS Newswire

26 Oct

Impact 3 · · PR Newswire

23 Oct

Impact 4 · · Zacks
Impact 3 · · ACCESS Newswire

22 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Zacks

21 Oct

Impact 4 · · The Motley Fool
Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby
Impact 4 · · Zacks
Impact 3 · · MarketBeat
Impact 3 · · Zacks
Impact 3 · · Associated Press

16 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

15 Oct

Impact 3 · · PR Newswire

12 Oct

Impact 3 · · ACCESS Newswire

11 Oct

Impact 3 · · PR Newswire

9 Oct

Impact 3 · · Barchart

8 Oct

Impact 3 · · Simply Wall St.

7 Oct

Impact 3 · · PR Newswire

6 Oct

Impact 4 · · PR Newswire
Impact 3 · · ACCESS Newswire

15 Aug

Impact 3 ·

26 Jul

Impact 3 ·
Impact 3 ·

24 Jul

Impact 4 ·
Impact 3 ·

23 Jul

Impact 3 ·

22 Jul

Impact 3 ·

LVS metrics, ten years each

stockrow.com/LVS · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com