Loading…
Casino and integrated resort operator focused on Asia, owning Marina Bay Sands in Singapore and casino resorts in Macau.
Casino and integrated resort operator focused on Asia, owning Marina Bay Sands in Singapore and casino resorts in Macau.
Earns from gambling on its casino floors, plus hotel rooms, shopping-mall rents and convention business at its resorts. It sold its Las Vegas properties in 2022 and is now an Asia-only operator, with Macau run through the majority-held, Hong Kong-listed Sands China.
Moat: wide (regulatory licence, scale, installed base). Scarce casino licences in Singapore and Macau, plus massive integrated-resort scale, are extremely hard to replicate.
Headquarters: Las Vegas, Nevada, US · Founded: 1988 · Employees: 41,500
Size Las Vegas Sands (LVS) is a United States Consumer Discretionary company (Casinos/Gaming) with a market value of $25.5B, the 419th largest of 3,117 United States companies the cockpit tracks. Shares closed at $40.73 on 6 Nov 2026.
Performance Over six months the shares fell 23.3%, against -16.6% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 8 in its peer set.
Growth Revenue grew 10.9% over the last twelve months (peer median +6.4%); the operating margin is 22.4% (peer median 20.9%).
Valuation It trades at 14.2× forward earnings against a peer median of 15.4× (2nd cheapest of 8).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +35%, so the hurdle is -37 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 11.5 points above its cost of capital (7.5% WACC).
Credit Las Vegas Sands has 15 bonds outstanding ($10.5B), rated BBB by the agencies and trading like BBB- at a weighted spread of 128 bp.
Short interest Short interest is 3.0% of the free float (15 Oct 2026).
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $13.6B | $13.0B | $11.3B | $10.4B | $4.11B |
| Revenue growth | — | +15% | +9% | +152% | — |
| Gross profit | $4.97B | $4.94B | $4.15B | $3.90B | $614M |
| EBITDA | $4.54B | $4.63B | $3.89B | $3.68B | $266M |
| Net income | $1.61B | $1.63B | $1.45B | $1.22B | -$1.02B |
| Free cash flow | $2.40B | $1.65B | $1.58B | $2.18B | -$1.59B |
| Capital expenditure | $1.09B | $1.24B | $1.58B | $1.26B | $780M |
| Total debt | $15.4B | $16.0B | $13.9B | $14.3B | $16.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Las Vegas Sands LVS | $25.5B | -23% | +11% | 22% | 14.2× | -2.5% |
| Wynn Resorts WYNN | $8.56B | -19% | +6% | 16% | 20.8× | 1.7% |
| MGM Resorts MGM | $8.18B | -17% | +3% | 6% | 24.0× | 16.0% |
| Melco Resorts & Entertainment Ltd. Sponsored ADR MLCO | $1.79B | -16% | +6% | 12% | 7.5× | -6.2% |
| Galaxy Ent 0027.HK | $19.4B | +8% | +8% | 32% | 14.2× | 2.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LVS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.8% | +9.2% | 3rd highest of 8 |
| 6-month return | -23.3% | -16.6% | 2nd lowest of 8 |
| Distance from 52-week high | -41.5% | -37.3% | 3rd lowest of 8 |
| Revenue growth (TTM) | +10.9% | +6.4% | 2nd highest of 8 |
| Operating margin | 22.4% | 20.9% | 4th highest of 8 |
| Forward P/E | 14.2× | 15.4× | 2nd cheapest of 8 |
| Growth the price implies (Req g, 7 yrs) | -2.5% | 2.8% | least demanding of 8 |
| Growth delivered (Del g) | +34.7% | +27.8% | 2nd highest of 8 |
| Hurdle (Req g minus delivered) | -37.1 pp | -25.9 pp | 2nd least demanding of 8 |
| ROIC minus cost of capital | +11.5 pp | +4.0 pp | highest of 8 |
| EV / EBITDA | 8.5× | 11.3× | 2nd cheapest of 8 |
| Net debt / EBITDA | 2.8× | 2.8× | 4th most indebted of 8 |
| Bond spread | 128 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Las Vegas Sands LVS | United States | $25.5B | -23% | +11% | 22% | 14.2× | -2.5% | +34.7% |
| Aristocrat Leisure ALL.AX | Australia | $26.9B | +27% | -1% | 32% | 24.8× | 9.5% | +8.8% |
| Galaxy Ent 0027.HK | Hong Kong | $19.4B | +8% | +8% | 32% | 14.2× | 2.8% | +28.7% |
| Flutter Entertainment FLUT | United States | $14.2B | -19% | +12% | 2% | 14.3× | 26.3% | +23.7% |
| Sands China 1928.HK | Hong Kong | $11.4B | -30% | +9% | 26% | 12.9× | 2.5% | +34.0% |
| Wynn Resorts WYNN | United States | $8.56B | -19% | +6% | 16% | 20.8× | 1.7% | +27.8% |
| MGM Resorts MGM | United States | $8.18B | -17% | +3% | 6% | 24.0× | 16.0% | +27.7% |
| Lottomatica LTMC.MI | Italy | $7.17B | +4% | +4% | 21% | 15.4× | -1.4% | +42.7% |
Las Vegas Sands has 15 bonds outstanding with $10.5B face value. The agencies rate it BBB; its bonds trade like BBB-. Weighted yield 5.82%, a spread of 128 bp over government bonds.