Las Vegas Sands vs Wynn Resorts
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KIRA’s take AI analyst
I put Las Vegas Sands and Wynn Resorts side by side, using each one’s latest annual report. Here is what stands out:
- Las Vegas Sands is the larger business, with $13.0B of revenue in fiscal 2025 against $7.1B for Wynn Resorts, about 1.8 times as much.
- Las Vegas Sands grew revenue faster (15.2%, against 0.1%).
- Las Vegas Sands kept more of each dollar of sales as operating profit (21.7% operating margin, against 15.7%).
- Las Vegas Sands turned more of its sales into free cash flow (14.3% FCF margin, against 9.7%).
- Las Vegas Sands earned a higher return on the capital invested in it (17.5%, against 11.6%).
- Investors pay more for each dollar of Wynn Resorts’s earnings: a P/E of 17.8x against 15.0x for Las Vegas Sands.
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Las Vegas Sands
LVS
9/9
Revenue growth5-year growthOperating marginNet marginFCF marginReturn on capitalPiotroski F-scoreNet debt / EBITDAShare count change
Wynn Resorts
WYNN
0/9
Side by side
Best in the row
| Latest fiscal year | LVS FY25 | WYNN FY25 |
|---|---|---|
| Size | ||
| Market cap | $23.4B | $7.6B |
| Revenue | $13.0B | $7.1B |
| Free cash flow | $1.9B | $692M |
| Net income | $1.6B | $327M |
| Growth | ||
| Revenue growth | 15.2% | 0.1% |
| 5-year growth | 34.7% | 27.8% |
| Share count change | −6.0% | −5.5% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 21.7% | 15.7% |
| Net margin | 12.5% | 4.6% |
| FCF margin | 14.3% | 9.7% |
| Return on capital | 17.5% | 11.6% |
| Return on equity | 72.7% | — |
| Balance sheet | ||
| Net debt | $11.9B | $9.2B |
| Net debt / EBITDA | 2.8x | 5.3x |
| Dividends and buybacks | $3.1B | $555M |
| Valuation & quality | ||
| P/E | 15.0x | 17.8x |
| Piotroski F-score | 7 | 5 |
Ten years
Revenue
FY16
LVS $11.3B
WYNN $4.3B
FY17
LVS $12.7B
WYNN $6.1B
FY18
LVS $13.7B
WYNN $6.7B
FY19
LVS $12.1B
WYNN $6.6B
FY20
LVS $2.9B
WYNN $2.1B
FY21
LVS $4.2B
WYNN $3.8B
FY22
LVS $4.1B
WYNN $3.8B
FY23
LVS $10.4B
WYNN $6.5B
FY24
LVS $11.3B
WYNN $7.1B
FY25
LVS $13.0B
WYNN $7.1B
LVS
WYNN
Operating margin
FY16
LVS 22.2%
WYNN 12.0%
FY17
LVS 27.2%
WYNN 17.4%
FY18
LVS 27.3%
WYNN 11.0%
FY19
LVS 27.8%
WYNN 13.3%
FY20
LVS −47.4%
WYNN −58.8%
FY21
LVS −16.3%
WYNN −10.5%
FY22
LVS −19.3%
WYNN −2.7%
FY23
LVS 22.3%
WYNN 12.9%
FY24
LVS 21.3%
WYNN 15.9%
FY25
LVS 21.7%
WYNN 15.7%
LVS
WYNN
Free cash flow
FY16
LVS $2.6B
WYNN −$255M
FY17
LVS $3.7B
WYNN $941M
FY18
LVS $3.8B
WYNN −$514M
FY19
LVS $2.0B
WYNN −$162M
FY20
LVS −$2.5B
WYNN −$1.4B
FY21
LVS −$1.1B
WYNN −$513M
FY22
LVS −$1.6B
WYNN −$371M
FY23
LVS $2.2B
WYNN $805M
FY24
LVS $1.6B
WYNN $1.0B
FY25
LVS $1.9B
WYNN $692M
LVS
WYNN
Return on capital
FY16
LVS 14.7%
WYNN 6.9%
FY17
LVS 23.3%
WYNN 13.6%
FY18
LVS 23.0%
WYNN 8.8%
FY19
LVS 20.5%
WYNN 6.0%
FY20
LVS −7.3%
WYNN −10.5%
FY21
LVS −3.6%
WYNN −3.6%
FY22
LVS −4.4%
WYNN −1.0%
FY23
LVS 14.2%
WYNN 11.5%
FY24
LVS 16.3%
WYNN 15.0%
FY25
LVS 17.5%
WYNN 11.6%
LVS
WYNN
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.