# Las Vegas Sands Corp. (LVS) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/LVS/thesis · /stocks/LVS/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/LVS/fundamental

## Navigation

- Overview: /stocks/LVS
- Financials (this page): /stocks/LVS/financials
- Thesis: /stocks/LVS/thesis
- Investment Memo: /stocks/LVS/memo
- Coverage universe: /stocks