Flutter Entertainment vs Las Vegas Sands
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The short version
- 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%).
| Latest fiscal year | FLUT · FY25 | LVS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $14.0B | $22.8B |
| 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 | — | 14.6x |
| Piotroski F-score | 5 | 7 |
Revenue
FY16
FLUT $1.2B
LVS $11.3B
FY17
FLUT $1.3B
LVS $12.7B
FY18
FLUT $2.0B
LVS $13.7B
FY19
FLUT $2.5B
LVS $12.1B
FY20
FLUT —
LVS $2.9B
FY21
FLUT —
LVS $4.2B
FY22
FLUT $9.5B
LVS $4.1B
FY23
FLUT $11.8B
LVS $10.4B
FY24
FLUT $14.0B
LVS $11.3B
FY25
FLUT $16.4B
LVS $13.0B
FLUT
LVS
Operating margin
FY16
FLUT —
LVS 22.2%
FY17
FLUT 34.1%
LVS 27.2%
FY18
FLUT 12.8%
LVS 27.3%
FY19
FLUT 10.5%
LVS 27.8%
FY20
FLUT —
LVS −47.4%
FY21
FLUT —
LVS −16.3%
FY22
FLUT −0.9%
LVS −19.3%
FY23
FLUT −4.7%
LVS 22.3%
FY24
FLUT 6.2%
LVS 21.3%
FY25
FLUT 0.2%
LVS 21.7%
FLUT
LVS
Free cash flow
FY16
FLUT $343M
LVS $2.6B
FY17
FLUT $484M
LVS $3.7B
FY18
FLUT $526M
LVS $3.8B
FY19
FLUT $643M
LVS $2.0B
FY20
FLUT —
LVS −$2.5B
FY21
FLUT —
LVS −$1.1B
FY22
FLUT $1.0B
LVS −$1.6B
FY23
FLUT $778M
LVS $2.2B
FY24
FLUT $1.5B
LVS $1.6B
FY25
FLUT $1.1B
LVS $1.9B
FLUT
LVS
Return on capital
FY16
FLUT —
LVS 14.7%
FY17
FLUT 9.9%
LVS 23.3%
FY18
FLUT 3.2%
LVS 23.0%
FY19
FLUT 3.0%
LVS 20.5%
FY20
FLUT —
LVS −7.3%
FY21
FLUT —
LVS −3.6%
FY22
FLUT —
LVS −4.4%
FY23
FLUT —
LVS 14.2%
FY24
FLUT 5.8%
LVS 16.3%
FY25
FLUT 0.2%
LVS 17.5%
FLUT
LVS
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.