NYSE: LVS
Las Vegas Sands
Consumer Discretionary · Hotels & Motels
52-week range
$35.03$70.45
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$23.7B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $42.4B |
| FY2017, ended Dec 31, 2017 | $54.8B |
| FY2018, ended Dec 31, 2018 | $40.3B |
| FY2019, ended Dec 31, 2019 | $52.7B |
| FY2020, ended Dec 31, 2020 | $45.5B |
| FY2021, ended Dec 31, 2021 | $28.8B |
| FY2022, ended Dec 31, 2022 | $36.7B |
| FY2023, ended Dec 31, 2023 | $37.1B |
| FY2024, ended Dec 31, 2024 | $36.8B |
| FY2025, ended Dec 31, 2025 | $43.7B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $23.7B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$13.6B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $11.4B |
| FY2017, ended Dec 31, 2017 | $12.9B |
| FY2018, ended Dec 31, 2018 | $13.7B |
| FY2019, ended Dec 31, 2019 | $12.1B |
| FY2020, ended Dec 31, 2020 | $2.94B |
| FY2021, ended Dec 31, 2021 | $4.23B |
| FY2022, ended Dec 31, 2022 | $4.11B |
| FY2023, ended Dec 31, 2023 | $10.4B |
| FY2024, ended Dec 31, 2024 | $11.3B |
| FY2025, ended Dec 31, 2025 | $13.0B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $13.6B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $1.68B | $2.65B |
| FY2017, ended Dec 31, 2017 | $2.81B | $3.71B |
| FY2018, ended Dec 31, 2018 | $2.41B | $3.75B |
| FY2019, ended Dec 31, 2019 | $2.70B | $2.02B |
| FY2020, ended Dec 31, 2020 | −$1.69B | −$2.54B |
| FY2021, ended Dec 31, 2021 | −$961M | −$1.07B |
| FY2022, ended Dec 31, 2022 | $1.83B | −$1.59B |
| FY2023, ended Dec 31, 2023 | $1.22B | $2.21B |
| FY2024, ended Dec 31, 2024 | $1.45B | $1.64B |
| FY2025, ended Dec 31, 2025 | $1.63B | $1.85B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.61B | $2.41B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$2.86B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $2.13B |
| FY2017, ended Dec 31, 2017 | $2.42B |
| FY2018, ended Dec 31, 2018 | $4.65B |
| FY2019, ended Dec 31, 2019 | $4.23B |
| FY2020, ended Dec 31, 2020 | $2.08B |
| FY2021, ended Dec 31, 2021 | $1.85B |
| FY2022, ended Dec 31, 2022 | $6.31B |
| FY2023, ended Dec 31, 2023 | $5.11B |
| FY2024, ended Dec 31, 2024 | $3.65B |
| FY2025, ended Dec 31, 2025 | $3.84B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.86B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$15.4B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $9.60B |
| FY2017, ended Dec 31, 2017 | $9.64B |
| FY2018, ended Dec 31, 2018 | $12.0B |
| FY2019, ended Dec 31, 2019 | $12.5B |
| FY2020, ended Dec 31, 2020 | $14.0B |
| FY2021, ended Dec 31, 2021 | $14.8B |
| FY2022, ended Dec 31, 2022 | $16.0B |
| FY2023, ended Dec 31, 2023 | $14.0B |
| FY2024, ended Dec 31, 2024 | $13.8B |
| FY2025, ended Dec 31, 2025 | $15.8B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $15.4B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 21.0% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.627M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 794M |
| FY2017, ended Dec 31, 2017 | 789M |
| FY2018, ended Dec 31, 2018 | 775M |
| FY2019, ended Dec 31, 2019 | 764M |
| FY2020, ended Dec 31, 2020 | 764M |
| FY2021, ended Dec 31, 2021 | 764M |
| FY2022, ended Dec 31, 2022 | 764M |
| FY2023, ended Dec 31, 2023 | 754M |
| FY2024, ended Dec 31, 2024 | 716M |
| FY2025, ended Dec 31, 2025 | 672M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 627M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $2.93B more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $0 | $34.0M |
| FY2017, ended Dec 31, 2017 | $375M | $34.0M |
| FY2018, ended Dec 31, 2018 | $905M | $30.0M |
| FY2019, ended Dec 31, 2019 | $754M | $35.0M |
| FY2020, ended Dec 31, 2020 | $0 | $22.0M |
| FY2021, ended Dec 31, 2021 | $0 | $22.0M |
| FY2022, ended Dec 31, 2022 | $0 | $39.0M |
| FY2023, ended Dec 31, 2023 | $505M | $44.0M |
| FY2024, ended Dec 31, 2024 | $1.75B | $55.0M |
| FY2025, ended Dec 31, 2025 | $2.22B | $54.0M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.99B | $66.0M |
Revenue (TTM)
$13.6B
+10.9% YoY
Net income (TTM)
$1.61B
+3.6% YoY
Cash
$2.86B
−14.8% YoY
Total debt
$15.4B
−2.1% YoY
Valuation
At current price- Market Cap
- $23.2B
- P/E
- 14.4×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.7×
- Price / Book
- n/m. Market cap / shareholders' equity
- EV / EBITDA
- 8.4×
Growth
Trailing 12 months- Revenue (TTM)
- $13.6B
- Revenue Growth YoY
- 10.9%
- Revenue CAGR 3Y
- 46.9%
- Revenue CAGR 5Y
- 34.7%
- EPS Growth YoY
- 9.9%
- Net Income Growth YoY
- 3.6%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 20.9%
- Net Margin
- 11.8%
- FCF Margin
- 17.7%
- Return on Equity
- 263%
Earnings
Trailing 12 months- Net Income
- $1.61B
- EPS (diluted)
- $2.44
- EBITDA
- $4.26B
- Operating Income
- $2.85B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $2.86B
- Total Debt
- $15.4B
- Net Debt
- $12.6B
- Total Assets
- $19.4B
- Total Liabilities
- $19.5B
- Shareholders' Equity
- −$344M
Cash Flow
Trailing 12 months- Operating Cash Flow
- $3.49B
- Capital Expenditure
- $1.08B
- Free Cash Flow
- $2.41B
Dividends and risk
Last 12 months- Dividend Yield
- 3.1%
- Dividend / Share
- $1.15
- Beta (5Y)
- 0.78
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 10.9% year over year, at $13.6B.
Note
Net margin of 11.8% over the last 12 months.
Note
Net debt of $12.6B is 3.0× EBITDA.
Strength
Turns 17.7% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 23, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K53Some concerns
53Some concerns
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 6, 2026 · Read the filing on EDGAR
- Net revenue rose 15.2% to $13.02 billion and operating income rose 17.3% to $2.82 billion, but net income rose only 6.5% to $1.87 billion.
- Marina Bay Sands drove the growth, with property earnings up 42.4%. Macao, the larger share of sales, saw property earnings slip 0.7% on higher marketing and payroll costs.
- The company recorded $191 million of impairments after dropping its New York casino bid, some digital gaming work and certain Texas initiatives.
- Debt rose to $15.78 billion, partly funding $2.22 billion of buybacks, while the 2026 dividend was raised to $1.20 per share.
Business momentum
Mixed
“Our Macao operations continue to face a competitive casino operating environment, with adjusted property EBITDA having decreased $17 million, or 0.7%, compared to the year ended December 31, 2024.”
Outlook
Neutral
“We believe we are able to support our continuing operations, complete the major construction projects that are underway and maintain our share repurchase and dividend programs to continue to return excess capital to stockholders.”
Financial stress
Low
“We believe we have a strong balance sheet and sufficient liquidity in place, including unrestricted cash and cash equivalents of $3.84 billion and cash flow generated from operations”
Tone against the previous report
About the same
Red flags
- Medium
Large write-down
“We had loss on impairments of $191 million for the year ended December 31, 2025.”
Positives
Marina Bay Sands earnings jumped 42.4%
“Our Singapore operations continue to deliver exceptional results in terms of adjusted property EBITDA having increased $870 million, or 42.4%, compared to the year ended December 31, 2024”
Dividend raised for 2026
“Our Board of Directors announced a $0.20 increase in our recurring common stock dividend for the 2026 calendar year, raising the annual dividend to $1.20 per share ($0.30 per share per quarter).”
Major renovations finished in Macao and Singapore
“During the second quarter of 2025, we completed the conversion of the Sheraton Grand Macao into the Londoner Grand, which included the construction of 2,405 newly renovated rooms and suites”
Concerns
Singapore's gain leaned partly on higher casino win rates, which can swing
“Casino revenues at Marina Bay Sands increased due to overall increases in win and hold percentages, as well as an increase in table games volumes.”
Debt rose, partly to fund share buybacks, and the Macao unit's debt ratio is closer to its limit
“As of December 31, 2025, our U.S., SCL and Singapore leverage ratios, as defined per the respective credit facility agreements, were 1.34x, 3.38x and 1.37x, respectively, compared to the maximum leverage ratios allowed of 4.00x, 4.00x and 4.50x, respectively.”
Provision for unpaid casino credit more than quadrupled to $85 million
“The provision for credit losses increased due to increases of $53 million and $13 million at Marina Bay Sands and our Macao operations, respectively.”
New risks since the previous report
Macao dividend tax agreement ended in 2025 and its extension is not yet assured
“On January 19, 2026, we requested this tax agreement to be extended through December 31, 2027.”
Possible loss on the $1.26 billion loan from the Las Vegas sale
“While payments on the loan have been made, if this loan were to become impaired and could not be collected, our financial position, results of operations and cash flows could be materially adversely affected”
Tougher Macao competition is pushing up marketing and payroll costs
“we incurred higher sales and marketing costs to attract patrons to our properties and increased payroll costs due to the competitive environment in Macao”
Biggest risks named
- Reliance on Macao and Singapore for all cash flow
- Macao concession or Singapore license could be terminated or redeemed
- Chinese government policy, travel limits and legal changes affecting Macao
- $15.78 billion of debt, with covenants and refinancing needs
- Strong casino competition in Macao and across Asia
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −3 | |
| Outlook | 0 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −3 | |
| New risks | −1.5 | |
| Score | 53 | |
Written by AI (Claude Opus 5.5) from the report’s text. 13 of 13 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 23, 2026 | Pro | |||
| 10-K | Feb 6, 2026 | 53 | Mixed | 1 medium | |
| 10-K | Feb 7, 2025 | 70 | Strong improvement | None | |
| 10-K | Feb 7, 2024 | 69 | Strong improvement | 1 medium1 minor | |
| 10-K | Feb 3, 2023 | 43 | Weakening | 1 minor | |
| 10-K | Feb 4, 2022 | 54 | Improving | 1 medium | |
| 10-K | Feb 5, 2021 | 27 | Sharp deterioration | 2 medium | |
| 10-K | Feb 7, 2020 | 51 | Stable | 1 medium1 minor | |
| 10-K | Feb 22, 2019 | 54 | Mixed | 1 minor | |
| 10-K | Feb 23, 2018 | 72 | Strong improvement | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 23, 2026. View filings on SEC EDGAR