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Las Vegas Sands

LVS NYSE Casinos & Gaming Financials FY2016–FY2025

Las Vegas Sands' revenue rose 15.2% to $13.0 billion in fiscal 2025. Its operating margin was 21.6%, up from 21.3% a year earlier. Free cash flow was $1.9 billion, up 13.3%. It paid out $3.0 billion in dividends and buybacks, 164% of free cash flow. The diluted share count fell 6.0%.

Last close · Oct 23, 2026

$35.68

2.3%
Value it Compare
Revenue Total sales reported in the income statement.
$13.0B
15.2% vs prior year
Operating margin Operating income as a share of revenue.
21.7%
0.4 pts
Net income Profit after all expenses, interest and tax.
$1.6B
12.5%
Free cash flow Cash from operations minus capital spending.
$1.9B
13.3%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
17.5%
1.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$22.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
14.6x
On $2.44 EPS (TTM)

What Las Vegas Sands does

Las Vegas Sands develops and operates large resort complexes that combine hotels, casinos, shopping malls, restaurants, entertainment, and convention and exhibition space. It calls them Integrated Resorts. It owns and runs them in Macao, China, and in Singapore. Its Macao resorts include The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao with the Four Seasons Macao, and the Sands Macao. In Singapore it runs Marina Bay Sands.

The company owns the Macao resorts through Sands China Ltd., in which it holds 74.80%. Management treats each resort as an operating segment, plus a small ferry operation. Revenue comes from gambling and non-gambling sources such as hotel rooms, food and drink, shopping malls, entertainment and conventions. The Macao and Singapore resorts contributed 44% and 56% of its adjusted property EBITDA, a profit measure the company defines, in 2025.

Las Vegas Sands says it focuses on the mass market, gamblers who play at regular tables and slot machines, which it says earns a higher margin than VIP play. It also serves VIP players in separate private areas. It competes with other casino operators in Macao and Singapore, and with other gaming venues, including online gaming. Its parent company relies on distributions from its subsidiaries for cash.

Legal name
LAS VEGAS SANDS CORP.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 6, 2026
Accession · CIK
0001300514-26-000013
0001300514

Revenue and margins

Las Vegas Sands had $13.0B of revenue in fiscal 2025, up 15.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 1.2% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.9B in fiscal 2025, 14.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Las Vegas Sands returned $3.1B to shareholders in fiscal 2025, 164% of free cash flow. The diluted share count fell 6.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Las Vegas Sands yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$11.9B and divides by 693.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 14.6x · peers 17.4x · sector 17.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Las Vegas Sands can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.9B$6.3B$5.1B$3.7B$3.8B
Debt incl. finance leases $14.8B$16.0B$14.0B$13.8B$15.8B
Net debt / EBITDA 36.8x39.6x2.5x2.7x2.8x
Debt / equity 7.4x4.1x3.4x4.8x9.9x
Interest coverage −1.1x−1.1x2.8x3.3x3.8x
Current ratio 2.2x1.7x1.3x0.7x1.1x
Quick ratio 2.1x1.7x1.3x0.7x1.1x
Total assets $20.1B$22.0B$21.8B$20.7B$21.9B
Total liabilities $17.8B$18.4B$17.7B$17.5B$20.0B
Shareholders' equity $2.0B$3.9B$4.1B$2.9B$1.6B
Net debt (− = net cash) $12.9B$9.7B$8.9B$10.1B$11.9B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$194M

4 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Apr 27, 2026 Charles D FormanDirector Sold 11,400 $54.09 $0.6M Form 4
Mar 17, 2026 Patrick DumontChairman & CEO, Director Sold 60,165 $54.75 $3.3M Form 4
Dec 17, 2025 Robert G GoldsteinChairman & CEO, Director Sold 1,198,650 $66.68 $79.9M Form 4
Dec 16, 2025 Miriam Adelson10% owner Sold 77,991 $67.56 $5.3M Form 4
Dec 16, 2025 Robert G GoldsteinChairman & CEO, Director Sold 51,350 $67.58 $3.5M Form 4
Dec 15, 2025 Robert G GoldsteinChairman & CEO, Director Sold 734,511 $66.80 $49.1M Form 4
Dec 12, 2025 Robert G GoldsteinChairman & CEO, Director Sold 15,489 $66.24 $1.0M Form 4
Dec 11, 2025 Robert G GoldsteinChairman & CEO, Director Sold 382,905 $66.39 $25.4M Form 4
Dec 10, 2025 Robert G GoldsteinChairman & CEO, Director Sold 17,095 $67.03 $1.1M Form 4
Dec 3, 2025 Patrick DumontPresident & COO, Director Sold 135,603 $67.97 $9.2M Form 4
Dec 2, 2025 Patrick DumontPresident & COO, Director Sold 17,352 $68.97 $1.2M Form 4
Dec 1, 2025 Patrick DumontPresident & COO, Director Sold 210,305 $69.96 $14.7M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✕ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✓
F-score 5 / 86 / 87 / 8
Accruals ratio −9.2%−8.3%−6.6%
Altman Z'' 1.751.041.80

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Las Vegas Sands LVS $22.8B 15.2% 21.7% 14.3% 17.5% 14.6x 7
Caesars Entertainment CZR $5.9B 2.1% 16.2% 4.3% 9.6% — 6 Compare →
Flutter Entertainment FLUT $14.0B 16.6% 0.2% 6.6% 0.2% — 5 Compare →
MGM Resorts MGM $7.2B 1.7% 5.7% 8.3% 12.8% 17.3x 6 Compare →
Wynn Resorts WYNN $7.5B 0.1% 15.7% 9.7% 11.6% 17.4x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $11.3B $12.7B $13.7B $12.1B $2.9B $4.2B $4.1B $10.4B $11.3B $13.0B
Research and development $9.0M $13.0M $12.0M $24.0M $18.0M $109M $143M $205M $228M $269M
Operating income $2.5B $3.5B $3.8B $3.4B −$1.4B −$689M −$792M $2.3B $2.4B $2.8B
Interest expense $274M $327M $446M $449M $523M $621M $702M $818M $727M $746M
Pretax income $2.3B $3.1B $3.3B $3.6B −$1.9B −$1.5B −$1.4B $1.8B $2.0B $2.2B
Income tax $239M −$209M $375M $432M $24.0M −$5.0M $154M $344M $208M $347M
Net income $1.7B $2.8B $2.4B $2.7B −$1.7B −$961M $1.8B $1.2B $1.4B $1.6B
Diluted EPS $2.11 $3.55 $3.07 $3.50 −$2.21 −$1.26 $2.40 $1.60 $1.96 $2.35
Diluted shares 0.80B 0.79B 0.79B 0.77B 0.76B 0.76B 0.76B 0.77B 0.74B 0.69B
Cash flow
Cash from operations $4.0B $4.5B $4.7B $3.0B −$1.3B −$243M −$944M $3.2B $3.2B $3.0B
Capital expenditure $1.4B $837M $949M $1.0B $1.2B $828M $651M $1.0B $1.6B $1.2B
Free cash flow $2.6B $3.7B $3.8B $2.0B −$2.5B −$1.1B −$1.6B $2.2B $1.6B $1.9B
Depreciation and amortization $1.1B $1.2B $1.1B $1.0B $997M $1.0B $1.0B $1.2B $1.3B $1.5B
Stock-based compensation $34.0M $34.0M $30.0M $35.0M $22.0M $22.0M $39.0M $44.0M $55.0M $54.0M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $375M $905M $754M $0.0M $0.0M $0.0M $505M $1.8B $2.2B
Dividends paid $2.9B $2.9B $3.0B $3.0B $911M $0.0M $0.0M $305M $590M $833M
Dividends and buybacks $2.9B $3.3B $3.9B $3.8B $911M $0.0M $0.0M $810M $2.3B $3.1B
Balance sheet
Cash and short-term investments $2.1B $2.4B $4.6B $4.2B $2.1B $1.9B $6.3B $5.1B $3.7B $3.8B
Total debt $9.6B $9.6B $12.0B $12.5B $14.0B $14.8B $16.0B $14.0B $13.8B $15.8B
Finance lease liabilities $0.0M $0.0M $0.0M $17.0M $25.0M $25.0M $21.0M $18.0M $128M $157M
Current assets $3.1B $3.2B $5.6B $5.3B $5.7B $5.5B $6.7B $5.8B $4.3B $4.8B
Current liabilities $2.8B $3.0B $3.2B $3.2B $2.8B $2.6B $3.9B $4.4B $5.8B $4.2B
Inventory $46.0M $37.0M $35.0M $37.0M $22.0M $22.0M $28.0M $38.0M $41.0M $46.0M
Property and equipment, net $15.9B $15.5B $15.2B $14.8B $12.3B $11.9B $11.5B $11.4B $12.0B $11.7B
Total assets $20.5B $20.7B $22.5B $23.2B $20.8B $20.1B $22.0B $21.8B $20.7B $21.9B
Total liabilities $13.0B $13.1B $15.8B $16.7B $17.3B $17.8B $18.4B $17.7B $17.5B $20.0B
Shareholders' equity $6.2B $6.5B $5.7B $5.2B $3.0B $2.0B $3.9B $4.1B $2.9B $1.6B
Margins
Operating margin 22.2% 27.2% 27.3% 27.8% −47.4% −16.3% −19.3% 22.3% 21.3% 21.7%
EBITDA margin 32.1% 36.4% 35.4% 36.2% −13.5% 8.3% 5.9% 34.0% 32.8% 32.9%
Net margin 14.9% 22.1% 17.6% 22.3% −57.3% −22.7% 44.6% 11.8% 12.8% 12.5%
FCF margin 23.5% 29.1% 27.3% 16.7% −86.4% −25.3% −38.8% 21.3% 14.5% 14.3%
Returns
Return on capital 14.7% 23.3% 23.0% 20.5% −7.3% −3.6% −4.4% 14.2% 16.3% 17.5%
Return on capital employed 13.9% 19.6% 20.2% 17.1% −7.3% −3.9% −4.5% 13.0% 14.9% 17.3%
Return on equity 25.8% 44.4% 39.7% 49.6% −41.3% −38.7% 62.3% 30.5% 41.3% 72.7%
Return on assets 8.1% 13.7% 11.2% 11.8% −7.7% −4.7% 8.7% 5.6% 6.8% 7.6%
Growth
Revenue growth −3.6% 12.9% 7.9% −11.7% −75.8% 44.0% −2.9% 152.4% 8.9% 15.2%
Net income growth −14.6% 67.2% −14.1% 11.8% −162.5% — — −33.4% 18.4% 12.5%
EPS growth −14.6% 68.3% −13.5% 14.0% −163.1% — — −33.3% 22.5% 19.9%
FCF growth 37.1% 40.1% 1.2% −46.2% −225.7% — — — −25.9% 13.3%
Share count change −0.4% −0.4% −0.8% −1.9% −0.9% 0.0% 0.0% 0.1% −3.7% −6.0%
Financial health
Net debt / EBITDA 2.1x 1.6x 1.5x 1.9x — 36.8x 39.6x 2.5x 2.7x 2.8x
Debt / equity 1.6x 1.5x 2.1x 2.4x 4.7x 7.4x 4.1x 3.4x 4.8x 9.9x
Interest coverage 9.1x 10.6x 8.4x 7.5x −2.7x −1.1x −1.1x 2.8x 3.3x 3.8x
Current ratio 1.1x 1.1x 1.8x 1.7x 2.0x 2.2x 1.7x 1.3x 0.7x 1.1x
Quick ratio 1.1x 1.1x 1.8x 1.6x 2.0x 2.1x 1.7x 1.3x 0.7x 1.1x
Capital allocation
Capex / revenue 12.4% 6.6% 6.9% 8.4% 41.7% 19.6% 15.8% 9.8% 13.9% 9.0%
Stock comp / revenue 0.3% 0.3% 0.2% 0.3% 0.8% 0.5% 1.0% 0.4% 0.5% 0.4%
Payouts / FCF 110.5% 89.5% 103.5% 185.8% — — — 36.7% 142.9% 164.4%
Quality scores
Piotroski F-score 5.0 6.0 6.0 6.0 3.0 5.0 4.0 5.0 6.0 7.0
Altman Z'' 1.9 2.2 2.7 2.4 0.8 0.8 1.1 1.8 1.0 1.8
Accruals ratio −11.4% −8.4% −10.6% −1.5% −1.7% −3.5% 13.2% −9.2% −8.3% −6.6%

Source: SEC EDGAR XBRL filings (CIK 0001300514). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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