Las Vegas Sands

LVS · NYSE · Consumer Discretionary · Financials, fiscal 2016 to 2025

LVS · Last close · October 26, 2026

$36.57

Las Vegas Sands' revenue rose 15.2% to $13.0 billion in fiscal 2025. Its operating margin was 21.6%, up from 21.3% a year earlier. Free cash flow was $1.9 billion, up 13.3%. It paid out $3.0 billion in dividends and buybacks, 164% of free cash flow. The diluted share count fell 6.0%.

LAS VEGAS SANDS CORP. Latest fiscal year ended December 31, 2025 10-K filed February 6, 2026 · 0001300514-26-000013 Updated October 23, 2026

Revenue

$13.0B

15.2%

Operating margin

21.6%

0.4 pts

Net income

$1.6B

12.5%

Free cash flow

$1.9B

13.3%

Return on capital

17.5%

1.2 pts

Market cap

$23.4B

Oct 26 close

P/E

15.0x

On $2.44 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Las Vegas Sands does

Las Vegas Sands develops and operates large resort complexes that combine hotels, casinos, shopping malls, restaurants, entertainment, and convention and exhibition space. It calls them Integrated Resorts. It owns and runs them in Macao, China, and in Singapore. Its Macao resorts include The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao with the Four Seasons Macao, and the Sands Macao. In Singapore it runs Marina Bay Sands.

The company owns the Macao resorts through Sands China Ltd., in which it holds 74.80%. Management treats each resort as an operating segment, plus a small ferry operation. Revenue comes from gambling and non-gambling sources such as hotel rooms, food and drink, shopping malls, entertainment and conventions. The Macao and Singapore resorts contributed 44% and 56% of its adjusted property EBITDA, a profit measure the company defines, in 2025.

Las Vegas Sands says it focuses on the mass market, gamblers who play at regular tables and slot machines, which it says earns a higher margin than VIP play. It also serves VIP players in separate private areas. It competes with other casino operators in Macao and Singapore, and with other gaming venues, including online gaming. Its parent company relies on distributions from its subsidiaries for cash.

Its biggest risks, as it describes them

Depending on two markets, Macao and Singapore, for all of its cash flow.
Losing or having to give up its Macao concession or Singapore casino license under certain conditions.
A drop in visitors, especially from mainland China, from weak spending, travel limits or disruptions.
Substantial debt and debt terms that may restrict its operations.
Competition from other venues, new gaming rights granted by the Macao or Singapore governments, and online gaming.

From Las Vegas Sands's annual report on Form 10-K, filed February 6, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 1.2% a year and net income fell 0.3% a year, as buybacks cut the share count by 13%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Las Vegas Sands yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Las Vegas Sands' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Las Vegas Sands' fiscal 2025 free cash flow of $1.9B, net cash of −$11.9B at December 31, 2025 and 693 million diluted shares, from its filings. The scenarios are fitted to Las Vegas Sands: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 46.9% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 12%: 11% for a cyclical or higher-risk business (Casinos & Gaming), plus 1 point for unsteady results (a loss in fiscal 2021); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Las Vegas Sands's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 13% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 12% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 11% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $36.57
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Las Vegas Sands' earnings per share of $2.44 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 17.7×, the middle of Las Vegas Sands' own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 13%, 12% and 11%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to September 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: MGM Resorts, Wynn Resorts.

Earnings growth in the years ahead (% a year) Starts at Las Vegas Sands' revenue growth over the last 3 years, 46.9% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $36.57
Value at this multiple, against the last close: —
Las Vegas Sands' P/E at the last close: 15.0×

Company	Last close	Earnings per share	P/E today
Wynn ResortsWYNN	$74.20	$4.17	17.8×
MGM ResortsMGM	$28.54	$1.62	17.6×
Las Vegas SandsLVS	$36.57	$2.44	15.0×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,854	6,311	5,105	3,650	3,841
Debt incl. finance leases	14,795	15,978	14,029	13,752	15,784
Net debt (negative means net cash)	12,941	9,667	8,924	10,102	11,943
Net debt to EBITDA	36.8x	39.6x	2.5x	2.7x	2.8x
Debt to equity	7.4x	4.1x	3.4x	4.8x	9.9x
Interest coverage	−1.1x	−1.1x	2.8x	3.3x	3.8x
Current ratio	2.1x	1.7x	1.3x	0.7x	1.1x
Quick ratio	2.1x	1.7x	1.3x	0.7x	1.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Las Vegas Sands shares on the open market, and 7 insiders sold $337.3 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Apr 27, 2026	Charles D FormanDirector	Sold	11,400	$54.09	$616,626	Form 4
Mar 17, 2026	Patrick DumontChairman & CEO, Director	Sold	60,165	$54.75	$3.3 million	Form 4
Dec 17, 2025	Robert G GoldsteinChairman & CEO, Director	Sold	1,198,650	$66.68	$79.9 million	Form 4
Dec 16, 2025	Miriam Adelson10% owner	Sold	77,991	$67.56	$5.3 million	Form 4
Dec 16, 2025	Robert G GoldsteinChairman & CEO, Director	Sold	51,350	$67.58	$3.5 million	Form 4
Dec 15, 2025	Robert G GoldsteinChairman & CEO, Director	Sold	734,511	$66.80	$49.1 million	Form 4
Dec 12, 2025	Robert G GoldsteinChairman & CEO, Director	Sold	15,489	$66.24	$1.0 million	Form 4
Dec 11, 2025	Robert G GoldsteinChairman & CEO, Director	Sold	382,905	$66.39	$25.4 million	Form 4
Dec 10, 2025	Robert G GoldsteinChairman & CEO, Director	Sold	17,095	$67.03	$1.1 million	Form 4
Dec 3, 2025	Patrick DumontPresident & COO, Director	Sold	135,603	$67.97	$9.2 million	Form 4
Dec 2, 2025	Patrick DumontPresident & COO, Director	Sold	17,352	$68.97	$1.2 million	Form 4
Dec 1, 2025	Patrick DumontPresident & COO, Director	Sold	210,305	$69.96	$14.7 million	Form 4

The latest 12 of 23 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Fail
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Fail	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Pass
F-score	5 of 8	6 of 8	7 of 8
Accruals ratio	−9.2%	−8.3%	−6.6%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Las Vegas Sands side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Las Vegas Sands	FY25	15.2%	21.6%	14.2%	17.5%	2.8x	7
Caesars Entertainment	FY25	2.1%	16.2%	4.3%	9.6%	3.4x	6	Compare
Flutter Entertainment	FY25	16.6%	0.2%	6.6%	0.2%	6.7x	5	Compare
MGM Resorts	FY25	1.7%	5.7%	8.3%	12.8%	2.2x	6	Compare
Wynn Resorts	FY25	0.1%	15.7%	9.7%	11.6%	5.3x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	11,271	12,728	13,729	12,127	2,940	4,234	4,110	10,372	11,298	13,017
Revenue growth	−3.6%	12.9%	7.9%	−11.7%	−75.8%	44.0%	−2.9%	152.4%	8.9%	15.2%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	9	13	12	24	18	109	143	205	228	269
Operating income	2,502	3,464	3,751	3,365	−1,393	−689	−792	2,313	2,402	2,818
Net income	1,679	2,808	2,413	2,698	−1,685	−961	1,832	1,221	1,446	1,627
Diluted EPS (US$)	2.11	3.55	3.07	3.50	−2.21	−1.26	2.40	1.60	1.96	2.35
Diluted shares (millions)	795	792	786	771	764	764	764	765	737	693
Cash flow
Cash from operations	4,044	4,543	4,701	3,038	−1,312	−243	−944	3,227	3,204	3,023
Capital expenditure	1,398	837	949	1,018	1,227	828	651	1,017	1,567	1,168
Free cash flow	2,646	3,706	3,752	2,020	−2,539	−1,071	−1,595	2,210	1,637	1,855
Dividends paid	2,924	2,943	2,979	3,000	911	0	0	305	590	833
Share buybacks	0	375	905	754	0	0	0	505	1,750	2,217
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	34	34	30	35	22	22	39	44	55	54
Balance sheet at fiscal year end
Cash and short-term investments	2,128	2,419	4,648	4,226	2,082	1,854	6,311	5,105	3,650	3,841
Debt incl. finance leases	9,595	9,640	11,985	12,492	14,004	14,795	15,978	14,029	13,752	15,784
Total assets	20,469	20,687	22,547	23,199	20,807	20,059	22,039	21,778	20,666	21,920
Total liabilities	12,973	13,060	15,802	16,692	17,269	17,811	18,383	17,674	17,506	19,986
Shareholders' equity	6,177	6,486	5,684	5,187	2,973	1,996	3,881	4,118	2,884	1,590
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	22.2%	27.2%	27.3%	27.8%	−47.4%	−16.3%	−19.3%	22.3%	21.3%	21.6%
Net margin	14.9%	22.1%	17.6%	22.2%	−57.3%	−22.7%	44.6%	11.8%	12.8%	12.5%
Free cash flow margin	23.5%	29.1%	27.3%	16.7%	−86.4%	−25.3%	−38.8%	21.3%	14.5%	14.2%
Return on capital	14.7%	23.2%	23.0%	20.5%	−7.3%	−3.5%	−4.4%	14.2%	16.3%	17.5%
Return on equity	25.8%	44.4%	39.6%	49.6%	−41.3%	−38.7%	62.3%	30.5%	41.3%	72.7%
Return on assets	8.1%	13.7%	11.2%	11.8%	−7.7%	−4.7%	8.7%	5.6%	6.8%	7.6%
Net debt to EBITDA	2.1x	1.6x	1.5x	1.9x	—	36.8x	39.6x	2.5x	2.7x	2.8x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Las Vegas Sands' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Las Vegas Sands.