Las Vegas Sands Corp.

LVS
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
Latest Q Revenue
$3.6B
Q1 2026
TTM ROIC
17%
FY2025 · NOPLAT / Invested Capital (Net Debt + Equity + NCI); NOPLAT = Adj. Property EBITDA less D&A, corporate overhead, and cash taxes · WACC ~8.8% · Moat spread +8.2pp

Financial Snapshot

ticker: LVS step: 04 generated: 2026-05-12 source: quick-research

Las Vegas Sands Corp. (LVS) — Financial Snapshot

Note: LVS sold its Las Vegas properties in Feb 2022; FY2022 reflects partial LV contribution + gain on sale. FY2023–2024 are pure Asia operations (Macau + Singapore).

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue ~$4.1B* $10.37B $11.30B +8.9%
Gross Margin ~50% ~55% ~57% +~200bp
Property EBITDA ~$1.5B* ~$3.8B ~$4.3B +~13%
Net Income ~$1.8B* ~$1.3B ~$1.5B +15%
EPS (diluted, GAAP) $2.40* $1.60 $1.96 +22.5%

*FY2022 includes ~$1.5B gain on Las Vegas property sale; underlying Asia operations generated significantly lower revenue during Macau COVID closure.

Segment EBITDA (FY2024):

  • Sands China (Macau): $2.3B EBITDA on $7.0B revenue
  • Marina Bay Sands (Singapore): $2.0B EBITDA on $4.2B revenue

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Cash Flow ~$3.5B
Free Cash Flow (after capex) ~$1.5B
Dividends & Buybacks ~$1.5B
Cash & Equivalents ~$5.0B
Total Debt ~$14B

Key Ratios (approximate)

  • EV/EBITDA: ~11x (vs. Wynn Resorts ~14x — significant discount) | P/E: ~25x
  • Revenue Growth (FY2024): +8.9% | Property EBITDA Margin: ~38%
  • Macau GGR still ~20% below pre-pandemic peak — recovery runway remains

Growth Profile

LVS delivered strong post-COVID recovery: revenue recovered from ~$4B (2022 Macau COVID restrictions) to $11.3B in FY2024, with property EBITDA recovering to ~$4.3B vs. ~$4.8B pre-pandemic. The mass-market shift (direct consumer vs. junket VIP) has improved EBITDA margins even as GGR lags peak. Singapore (MBS) has been the standout performer with gaming revenue approaching $3B/year. FY2025 Singapore showed acceleration ("stunning Singapore run"), with Q3 2025 results up sharply YoY.

Forward Estimates

  • FY2025 revenue: ~$11.8–12.2B (consensus +5–7% growth)
  • FY2026 Macau EBITDA: consensus +$435M growth from $2.3B, aided by Londoner renovation completion
  • S&P upgraded LVS and Sands China to BBB (investment grade) — lower cost of capital
  • Goldman Sachs Buy, $80 price target (from $64), raised Dec 2025
  • MBS IR2 $8B expansion: 2031 opening adds significant Singapore capacity

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $LVS.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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