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 $25.2B against $3.5B — 7.3× the size. Marriott Vacations Worldwide Corporation has negative trailing earnings, so its P/E is not meaningful; Las Vegas Sands Corp. trades at 15.1×. 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; Marriott Vacations Worldwide Corporation yields more (2.28% vs 1.27%). Across the 20 metrics below, Las Vegas Sands Corp. leads on 12 and Marriott Vacations Worldwide Corporation on 8.

Valuation

Metric LVS VAC Resorts & Casinos median
P/E 15.10 n/m 18.52
P/S 1.86 0.69 0.54
P/B 28.41 1.74 2.13
Price to free cash flow 9.39 35.08 13.62
EV/EBITDA 8.25 n/m 9.18
EV/Sales 2.72 1.65 1.80
Earnings yield 6.62% (9.39%) 1.69%
Free cash flow yield 10.64% 2.85% 6.51%

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%) —
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) 3.08

Dividend

Metric LVS VAC Resorts & Casinos median
Dividend yield 1.27% 2.28% 1.27%
Payout ratio 0.00 0.32 0.00

Size

Metric LVS VAC Resorts & Casinos median
Market cap 25.24b 3.47b 2.43b

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