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 $25.7B against $3.7B — 7.0× the size. Marriott Vacations Worldwide Corporation has negative trailing earnings, so its P/E is not meaningful; Las Vegas Sands Corp. trades at 16.7×. Las Vegas Sands Corp. grew revenue faster over the last twelve months: 10.9% against 4.59%. Las Vegas Sands Corp. has the higher net margin (11.9% vs −4.75%) and the higher return on invested capital (14.3% vs −0.64%). Both pay a dividend; Marriott Vacations Worldwide Corporation yields more (2.99% vs 2.93%). Across the 19 metrics below, Las Vegas Sands Corp. leads on 13 and Marriott Vacations Worldwide Corporation on 6.

Valuation

Metric LVS VAC Resorts & Casinos median
P/E 16.70 n/m 16.84
P/S 1.92 0.71 0.57
P/B n/m 1.76 2.02
Price to free cash flow 10.86 22.34 10.86
EV/EBITDA 8.80 n/m 8.92
EV/Sales 2.85 1.63 1.79
Earnings yield 5.99% (6.74%) 2.61%
Free cash flow yield 9.21% 4.48% 7.35%

Profitability

Metric LVS VAC Resorts & Casinos median
Gross margin 47.52% 90.94% 47.52%
Operating margin 20.93% (1.35%) 12.21%
Net margin 11.85% (4.75%) 3.87%
Free cash flow margin 17.69% 3.17% 5.15%
Return on equity 184.02% (10.91%) 19.64%
Return on assets 7.88% (2.55%) 1.70%
Return on invested capital 14.27% (0.64%) 6.38%

Growth

Metric LVS VAC Resorts & Casinos median
Revenue growth (TTM) 10.93% 4.59% 3.08%
EPS growth (last fiscal year) 19.90% (257.58%) 3.45%
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 (134.30) 2.55 0.06
Current ratio 0.83 3.78 0.91
Net debt to EBITDA 2.70 (1,236.75) 4.00

Dividend

Metric LVS VAC Resorts & Casinos median
Dividend yield 2.93% 2.99% 1.98%
Payout ratio 0.49 — 0.49

Size

Metric LVS VAC Resorts & Casinos median
Market cap 25.66b 3.69b 3.32b

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