Las Vegas Sands
LVS NYSE· Casinos & Gaming
Last close · Oct 26, 2026
$36.57
KIRA · Stoqly’s AI analyst, in plain words
- Las Vegas Sands had $13.0B of revenue in fiscal 2025, up 15.2% on the year before. Over five years, revenue changed +34.7% a year on average.
- Its operating margin was 21.7%, up 0.4 pts: of every 100 in sales, about 22 is left after running the business.
- Las Vegas Sands made $1.6B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 1.2% a year.
- Free cash flow was $1.9B in fiscal 2025, 14.3% of revenue.
- Las Vegas Sands returned $3.1B to shareholders in fiscal 2025, 164% of free cash flow. The diluted share count fell 6.0%.
- Las Vegas Sands owes $11.9B more than it holds in cash, about 2.8 years of operating profit.
Market cap
$23.4B
P/E
15.0x
Revenue
$13.0B
Net income
$1.6B
Free cash flow
$1.9B
Operating margin
21.7%
Las Vegas Sands in 30 seconds · fiscal 2025
Are sales growing?
+15.2%
Yes. Sales grew 15.2% last year.
Does it make a profit?
12.5%
Yes. It keeps 12.5% of every sale as profit.
Does profit turn into cash?
14.3%
Yes. 14.3% of sales ends up as free cash.
Is debt under control?
2.8x
Keep an eye on it. Repaying its debt would take 2.8 years of operating profit.
How healthy are the accounts?
7 / 8
Solid. It passes 7 of 8 health tests.
How is the share priced?
15.0x
One share costs 15.0 times its yearly profit per share. Typical for its sector: 17.9x.
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.
Biggest risks, in its own words
- Depending on two markets, Macao and Singapore, for all of its cash flow.
- Losing or having to give up its Macao concession or Singapore casino license under certain conditions.
- A drop in visitors, especially from mainland China, from weak spending, travel limits or disruptions.
- Substantial debt and debt terms that may restrict its operations.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 6, 2026
- Legal name
- LAS VEGAS SANDS CORP.
- CIK
- 0001300514
Las Vegas Sands · LVS
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $4.2B | $4.1B | $10.4B | $11.3B | $13.0B |
| Revenue growth | 44.0% | −2.9% | 152.4% | 8.9% | 15.2% |
| Operating margin | −16.3% | −19.3% | 22.3% | 21.3% | 21.7% |
| Net income | −$961M | $1.8B | $1.2B | $1.4B | $1.6B |
| Net margin | −22.7% | 44.6% | 11.8% | 12.8% | 12.5% |
| Diluted EPS | −$1.26 | $2.40 | $1.60 | $1.96 | $2.35 |
| Cash | |||||
| Cash from operations | −$243M | −$944M | $3.2B | $3.2B | $3.0B |
| Capital expenditure | $828M | $651M | $1.0B | $1.6B | $1.2B |
| Free cash flow | −$1.1B | −$1.6B | $2.2B | $1.6B | $1.9B |
| FCF margin | −25.3% | −38.8% | 21.3% | 14.5% | 14.3% |
| Dividends paid | $0.0M | $0.0M | $305M | $590M | $833M |
| Share buybacks | $0.0M | $0.0M | $505M | $1.8B | $2.2B |
| Share count change | 0.0% | 0.0% | 0.1% | −3.7% | −6.0% |
| Debt and strength | |||||
| 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 |
| Shareholders' equity | $2.0B | $3.9B | $4.1B | $2.9B | $1.6B |
| Net debt / EBITDA | 36.8x | 39.6x | 2.5x | 2.7x | 2.8x |
| Current ratio | 2.2x | 1.7x | 1.3x | 0.7x | 1.1x |
| Interest coverage | −1.1x | −1.1x | 2.8x | 3.3x | 3.8x |
| Returns and quality | |||||
| Return on capital | −3.6% | −4.4% | 14.2% | 16.3% | 17.5% |
| Return on equity | −38.7% | 62.3% | 30.5% | 41.3% | 72.7% |
| Piotroski F-score | 5 | 4 | 5 | 6 | 7 |
| Altman Z'' | 0.8 | 1.1 | 1.8 | 1.0 | 1.8 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$319M
7 insiders
Of sales under plans
0%
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Las Vegas Sands · LVS
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| Las Vegas Sands LVS | $23.4B | 15.2% | 21.7% | 14.3% | 17.5% | 15.0x | 7 |
| Caesars Entertainment CZR | $5.9B | 2.1% | 16.2% | 4.3% | 9.6% | — | 6 |
| Flutter Entertainment FLUT | $14.0B | 16.6% | 0.2% | 6.6% | 0.2% | — | 5 |
| MGM Resorts MGM | $7.4B | 1.7% | 5.7% | 8.3% | 12.8% | 17.6x | 6 |
| Wynn Resorts WYNN | $7.6B | 0.1% | 15.7% | 9.7% | 11.6% | 17.8x | 5 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $36.57 a share, the company is worth $23.4B: 15.0 times its earnings of the last four quarters.
Las Vegas Sands grew sales faster than 3 of its 4 similar companies. Its P/E is higher than 0 of 2.
Source: SEC EDGAR XBRL filings (CIK 0001300514). Data updated October 23, 2026. For information only — not investment advice. Check the original filings before relying on any figure.