Las Vegas Sands Corp. (LVS) vs Marriott Vacations Worldwide Corporation (VAC)

Las Vegas Sands Corp. and Marriott Vacations Worldwide Corporation are both Resorts & Casinos companies. Las Vegas Sands Corp. is the larger, with a market value of $24.8B against $3.9B — 6.4× the size. Marriott Vacations Worldwide Corporation has negative trailing earnings, so its P/E is not meaningful; Las Vegas Sands Corp. trades at 14.7×. Las Vegas Sands Corp. grew revenue faster over the last twelve months: 18.1% against 1.67%. Las Vegas Sands Corp. has the higher net margin (12.6% vs −6.47%) and the higher return on invested capital (14.4% vs −1.51%). Both pay a dividend; Las Vegas Sands Corp. yields more (3.03% vs 2.88%). Across the 20 metrics below, Las Vegas Sands Corp. leads on 13 and Marriott Vacations Worldwide Corporation on 7.

Valuation

Metric LVS VAC Resorts & Casinos median
P/E 14.73 n/m 17.15
P/S 1.81 0.75 0.53
P/B 27.71 1.88 2.09
Price to free cash flow 9.16 37.91 9.94
EV/EBITDA 8.11 n/m 8.87
EV/Sales 2.68 1.71 1.78
Earnings yield 6.79% (8.68%) 1.35%
Free cash flow yield 10.91% 2.64% 7.20%

Profitability

Metric LVS VAC Resorts & Casinos median
Gross margin 48.52% 90.72% 50.85%
Operating margin 21.49% (3.27%) 10.41%
Net margin 12.59% (6.47%) 1.28%
Free cash flow margin 19.78% 1.98% 4.23%
Return on equity 108.65% (14.71%) 5.28%
Return on assets 8.27% (3.45%) 0.57%
Return on invested capital 14.41% (1.51%) 5.61%

Growth

Metric LVS VAC Resorts & Casinos median
Revenue growth (TTM) 18.11% 1.67% 2.76%
EPS growth (last fiscal year) 19.90% (257.58%) 8.54%
Revenue growth, 5-year CAGR 34.66% 11.76% 24.21%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric LVS VAC Resorts & Casinos median
Debt to equity 17.01 2.65 1.94
Current ratio 1.00 3.56 0.91
Net debt to EBITDA 2.70 (1,236.75) 3.48

Dividend

Metric LVS VAC Resorts & Casinos median
Dividend yield 3.03% 2.88% 1.94%
Payout ratio 0.45 — 0.37

Size

Metric LVS VAC Resorts & Casinos median
Market cap 24.82b 3.86b 2.44b

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