Flutter Entertainment vs Las Vegas Sands
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KIRA’s take AI analyst
I put Flutter Entertainment and Las Vegas Sands side by side, using each one’s latest annual report. Here is what stands out:
- Flutter Entertainment is the larger business, with $16.4B of revenue in fiscal 2025 against $13.0B for Las Vegas Sands.
- Flutter Entertainment grew revenue faster (16.6%, against 15.2%).
- Las Vegas Sands kept more of each dollar of sales as operating profit (21.7% operating margin, against 0.2%).
- Las Vegas Sands turned more of its sales into free cash flow (14.3% FCF margin, against 6.6%).
- Las Vegas Sands earned a higher return on the capital invested in it (17.5%, against 0.2%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Flutter Entertainment
FLUT
2/10
Revenue growth5-year growth
Las Vegas Sands
LVS
8/10
Operating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | FLUT FY25 | LVS FY25 |
|---|---|---|
| Size | ||
| Market cap | $14.0B | $23.4B |
| Revenue | $16.4B | $13.0B |
| Free cash flow | $1.1B | $1.9B |
| Net income | −$310M | $1.6B |
| Growth | ||
| Revenue growth | 16.6% | 15.2% |
| 5-year growth | 51.9% | 34.7% |
| Share count change | −1.7% | −6.0% |
| Profitability | ||
| Gross margin | 45.2% | — |
| Operating margin | 0.2% | 21.7% |
| Net margin | −1.9% | 12.5% |
| FCF margin | 6.6% | 14.3% |
| Return on capital | 0.2% | 17.5% |
| Return on equity | −3.4% | 72.7% |
| Balance sheet | ||
| Net debt | $10.4B | $11.9B |
| Net debt / EBITDA | 6.7x | 2.8x |
| Dividends and buybacks | $1.1B | $3.1B |
| Valuation & quality | ||
| P/E | — | 15.0x |
| Piotroski F-score | 5 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.