Caesars Entertainment
CZR · Casinos & Gaming
$28.80
0.9%Las Vegas Sands
LVS · Casinos & Gaming
$35.68
2.3%The short version
- Las Vegas Sands is the larger business, with $13.0B of revenue in fiscal 2025 against $11.5B for Caesars Entertainment.
- Las Vegas Sands grew revenue faster (15.2%, against 2.1%).
- Las Vegas Sands kept more of each dollar of sales as operating profit (21.7% operating margin, against 16.2% operating margin).
- Las Vegas Sands turned more of its sales into free cash flow (14.3% FCF margin, against 4.3% FCF margin).
- Las Vegas Sands earned a higher return on the capital invested in it (17.5%, against 9.6%).
| Latest fiscal year | CZR · FY25 | LVS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.9B | $22.8B |
| Revenue | $11.5B | $13.0B |
| Free cash flow | $497M | $1.9B |
| Net income | −$502M | $1.6B |
| Growth | ||
| Revenue growth | 2.1% | 15.2% |
| 5-year growth | 25.9% | 34.7% |
| Share count change | −3.3% | −6.0% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 16.2% | 21.7% |
| Net margin | −4.4% | 12.5% |
| FCF margin | 4.3% | 14.3% |
| Return on capital | 9.6% | 17.5% |
| Return on equity | −13.1% | 72.7% |
| Balance sheet | ||
| Net debt | $11.2B | $11.9B |
| Net debt / EBITDA | 3.4x | 2.8x |
| Dividends and buybacks | $229M | $3.1B |
| Valuation & quality | ||
| P/E | — | 14.6x |
| Piotroski F-score | 6 | 7 |
FY16
CZR $893M
LVS $11.3B
FY17
CZR $1.5B
LVS $12.7B
FY18
CZR $2.1B
LVS $13.7B
FY19
CZR $2.5B
LVS $12.1B
FY20
CZR $3.6B
LVS $2.9B
FY21
CZR $9.6B
LVS $4.2B
FY22
CZR $10.8B
LVS $4.1B
FY23
CZR $11.5B
LVS $10.4B
FY24
CZR $11.2B
LVS $11.3B
FY25
CZR $11.5B
LVS $13.0B
CZR
LVS
FY16
CZR 9.9%
LVS 22.2%
FY17
CZR 6.4%
LVS 27.2%
FY18
CZR 15.1%
LVS 27.3%
FY19
CZR 16.2%
LVS 27.8%
FY20
CZR −10.6%
LVS −47.4%
FY21
CZR 15.3%
LVS −16.3%
FY22
CZR 16.1%
LVS −19.3%
FY23
CZR 21.4%
LVS 22.3%
FY24
CZR 20.5%
LVS 21.3%
FY25
CZR 16.2%
LVS 21.7%
CZR
LVS
FY16
CZR $52.2M
LVS $2.6B
FY17
CZR $46.7M
LVS $3.7B
FY18
CZR $176M
LVS $3.8B
FY19
CZR $142M
LVS $2.0B
FY20
CZR −$725M
LVS −$2.5B
FY21
CZR $679M
LVS −$1.1B
FY22
CZR $41.0M
LVS −$1.6B
FY23
CZR $545M
LVS $2.2B
FY24
CZR −$221M
LVS $1.6B
FY25
CZR $497M
LVS $1.9B
CZR
LVS
FY16
CZR 5.5%
LVS 14.7%
FY17
CZR 3.7%
LVS 23.3%
FY18
CZR 6.2%
LVS 23.0%
FY19
CZR 6.6%
LVS 20.5%
FY20
CZR −2.7%
LVS −7.3%
FY21
CZR 6.4%
LVS −3.6%
FY22
CZR 8.2%
LVS −4.4%
FY23
CZR 12.2%
LVS 14.2%
FY24
CZR 11.3%
LVS 16.3%
FY25
CZR 9.6%
LVS 17.5%
CZR
LVS
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