LAS VEGAS SANDS CORP LVS
Las Vegas Sands Corp. ("LVSC," or together with its subsidiaries "we" or the "Company") is a Fortune 500 company and the leading global developer and operator of destination properties ("Integrated Resorts") that feature premium accommodations, world-class gaming, entertainment and retail malls, convention and exhibition facilities, celebrity chef restaurants and other amenities.
We currently own and operate Integrated Resorts in Macao and Singapore. We believe our geographic diversity, best-in-class properties and meeting and convention facilities provide us with the best platform in the hospitality and gaming industry to attract leisure and business tourism to our markets and continue generating growth and cash flow while simultaneously pursuing new development opportunities.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.02B | $11.30B | $10.37B | $4.11B | $4.23B | $2.94B | $12.13B | $13.73B | $12.73B | $11.27B |
| R&D | $269.0M | $228.0M | $205.0M | $143.0M | $109.0M | — | — | — | — | — |
| SG&A | $1.19B | $1.15B | $1.11B | $936.0M | $831.0M | $798.0M | $1.12B | $1.48B | $1.42B | $1.29B |
| Total operating expenses | $10.20B | $8.90B | $8.06B | $4.90B | $4.92B | $4.33B | $8.76B | $9.98B | $9.26B | $8.77B |
| Operating income | $2.82B | $2.40B | $2.31B | -$792.0M | -$689.0M | -$1.39B | $3.37B | $3.75B | $3.46B | $2.50B |
| Interest expense | $746.0M | $727.0M | $818.0M | $702.0M | $621.0M | $523.0M | $449.0M | $446.0M | $327.0M | $274.0M |
| Pre-tax income | $2.21B | $1.96B | $1.77B | -$1.39B | -$1.47B | -$1.88B | $3.60B | $3.33B | $3.05B | $2.26B |
| Income tax | $347.0M | $208.0M | $344.0M | $154.0M | $5.0M | $24.0M | $432.0M | $375.0M | $209.0M | $239.0M |
| Net income | $1.63B | $1.45B | $1.22B | $1.83B | -$961.0M | -$1.69B | $2.70B | $2.41B | $2.81B | $1.68B |
| EPS, basic | 2.35 | 1.97 | 1.60 | 2.40 | -1.26 | -2.21 | 3.50 | 3.07 | 3.55 | 2.11 |
| EPS, diluted | 2.35 | 1.96 | 1.60 | 2.40 | -1.26 | -2.21 | 3.50 | 3.07 | 3.55 | 2.11 |
| Shares, diluted (wtd. avg.) | $693.0M | $737.0M | $765.0M | $764.0M | $764.0M | $764.0M | $771.0M | $786.0M | $792.0M | $795.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $3.84B | $3.65B | $5.23B | $6.44B | $1.87B | $2.10B | $4.18B | $4.66B | $2.43B | $2.14B |
| Receivables | $742.0M | $417.0M | $484.0M | $267.0M | $202.0M | $252.0M | $844.0M | $726.0M | $615.0M | $776.0M |
| Inventory | $46.0M | $41.0M | $38.0M | $28.0M | $22.0M | $22.0M | $37.0M | $35.0M | $37.0M | $46.0M |
| Total current assets | $4.83B | $4.29B | $5.78B | $6.74B | $5.51B | $5.71B | $5.30B | $5.57B | $3.20B | $3.10B |
| Property, plant and equipment | $11.67B | $11.99B | $11.44B | $11.45B | $11.85B | $12.28B | $14.84B | $15.15B | $15.52B | $15.90B |
| Goodwill | $103.0M | $102.0M | $103.0M | $10.0M | — | — | — | — | — | — |
| Other intangibles | $470.0M | $443.0M | $495.0M | $54.0M | $19.0M | $25.0M | $42.0M | $72.0M | $89.0M | $103.0M |
| Total assets | $21.92B | $20.67B | $21.78B | $22.04B | $20.06B | $20.81B | $23.20B | $22.55B | $20.69B | $20.47B |
| Accounts payable | $190.0M | $164.0M | $167.0M | $89.0M | $77.0M | $89.0M | $149.0M | $178.0M | $171.0M | $128.0M |
| Total current liabilities | $4.22B | $5.80B | $4.42B | $3.90B | $2.56B | $2.82B | $3.22B | $3.16B | $2.96B | $2.81B |
| Total liabilities | $19.99B | $17.51B | $17.67B | $18.38B | $17.81B | $17.27B | $16.69B | $15.80B | $13.06B | $12.97B |
| Retained earnings | $4.39B | $3.46B | $2.60B | $1.68B | -$148.0M | $813.0M | $3.10B | $2.77B | $2.71B | $2.22B |
| Total equity | $1.59B | $2.88B | $4.10B | $3.66B | $2.25B | $3.54B | $6.51B | $6.75B | $7.63B | $7.49B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.02B | $3.20B | $3.23B | -$944.0M | -$243.0M | -$1.19B | $2.80B | $4.70B | $4.54B | $4.04B |
| Stock-based compensation | $54.0M | $55.0M | $44.0M | $39.0M | $22.0M | $22.0M | $35.0M | $30.0M | $34.0M | $34.0M |
| Capital expenditure | $1.17B | $1.57B | $1.02B | $651.0M | $828.0M | $1.23B | $1.02B | $949.0M | $837.0M | $1.40B |
| Investing cash flow | -$1.22B | -$1.58B | -$1.25B | -$721.0M | -$832.0M | -$1.23B | $95.0M | -$930.0M | -$822.0M | -$1.44B |
| Financing cash flow | -$1.64B | -$3.06B | -$3.19B | $6.15B | $863.0M | $355.0M | -$3.33B | -$1.52B | -$3.49B | -$2.63B |
| Dividends paid | $833.0M | $590.0M | $305.0M | $0 | $0 | $911.0M | $3.00B | $2.98B | $2.94B | $2.92B |
| Buybacks | $2.22B | $1.75B | $505.0M | $0 | $0 | $0 | $754.0M | $905.0M | $375.0M | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001300514-26-000013.
Others in SIC 7011
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| MAR | MARRIOTT INTERNATIONAL INC /MD/ | $87.75B | 35.4x | 4.3% |
| HLT | Hilton Worldwide Holdings Inc. | $70.04B | 50.8x | 7.7% |
| H | Hyatt Hotels Corp | $15.64B | — | 6.8% |
| MGM | MGM Resorts International | $10.37B | 54.2x | 1.7% |
| WYNN | WYNN RESORTS LTD | $9.43B | 29.2x | 0.1% |
| CZR | Caesars Entertainment, Inc. | $6.05B | — | 2.1% |
| BYD | BOYD GAMING CORP | $5.67B | 3.5x | 4.1% |
| WH | WYNDHAM HOTELS & RESORTS, INC. | $5.33B | 28.7x | 1.8% |