Explain this page
Arphra AIPlain-English read on Las Vegas Sands Corp.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Headline | ||||||||
| Market cap | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — |
| Multiples | ||||||||
| P / E | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — |
| Yields | ||||||||
| Earnings yield | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin | +13.39% | +14.94% | +37.61% | +36.76% | +28.18% | +33.66% | +33.72% | +34.03% |
| Operating margin | -15.19% | -18.73% | +22.71% | +21.83% | +23.73% | +23.01% | +22.47% | +22.75% |
| EBITDA margin | +4.44% | +8.54% | +37.79% | +36.40% | +34.56% | +36.29% | +36.07% | +35.52% |
| EBIT margin | -20.15% | -16.67% | +25.00% | +23.78% | +22.73% | +24.20% | +23.93% | +23.99% |
| Pre-tax margin | -34.81% | -33.75% | +17.11% | +17.35% | +17.00% | +16.99% | +17.09% | +17.13% |
| Net margin | -22.70% | -24.82% | +11.77% | +12.80% | +12.50% | +12.24% | +12.12% | +12.12% |
| Cost structure | ||||||||
| Cost of revenue / sales | +86.61% | +85.06% | +62.39% | +63.24% | +71.82% | +64.61% | +65.94% | +63.85% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +28.58% | +33.67% | +14.91% | +14.76% | +4.45% | +11.23% | +11.09% | +11.40% |
| Effective tax rate | — | — | +19.38% | +10.61% | +15.68% | +15.55% | +15.35% | +15.32% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Returns | ||||||||
| Return on equity (ROE) | -42.75% | -27.90% | +29.75% | +45.76% | +84.13% | +44.77% | +45.63% | +44.42% |
| Return on assets (ROA) | -4.79% | -4.63% | +5.61% | +7.00% | +7.42% | +6.35% | +6.62% | +6.55% |
| Return on capital (ROC) | -3.77% | -3.92% | +12.99% | +14.58% | +17.09% | +14.95% | +14.82% | +14.82% |
| Return on invested capital (ROIC) | -2.83% | -2.94% | +6.73% | +8.55% | +9.00% | +7.95% | +8.00% | +7.89% |
| Asset turnover | +21.11% | +18.65% | +47.63% | +54.67% | +59.38% | +51.90% | +54.58% | +54.03% |
| DuPont · ROE decomposition | ||||||||
| Net margin | -22.70% | -24.82% | +11.77% | +12.80% | +12.50% | +12.24% | +12.12% | +12.12% |
| Asset turnover (× revenue / assets) | +21.11% | +18.65% | +47.63% | +54.67% | +59.38% | +51.90% | +54.58% | +54.03% |
| Equity multiplier (× assets / equity) | +892.30% | +602.82% | +530.65% | +653.99% | +1133.40% | +704.99% | +689.72% | +678.41% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Turnover | ||||||||
| Asset turnover | 0.21 | 0.19 | 0.48 | 0.55 | 0.59 | 0.52 | 0.55 | 0.54 |
| Fixed-asset turnover | 0.30 | 0.30 | 0.76 | 0.81 | 1.12 | — | — | — |
| Inventory turnover | 166.68 | 124.86 | 170.29 | 174.27 | 203.24 | — | — | — |
| Receivables turnover | 20.96 | 15.39 | 21.43 | 27.09 | 17.54 | — | — | — |
| Payables turnover | 47.62 | 39.28 | 38.75 | 43.57 | 49.21 | — | — | — |
| Days outstanding | ||||||||
| Days sales outstanding (DSO) | 17.41 | 23.71 | 17.03 | 13.47 | 20.81 | — | — | — |
| Days inventory outstanding (DIO) | 2.19 | 2.92 | 2.14 | 2.09 | 1.80 | — | — | — |
| Days payables outstanding (DPO) | 7.66 | 9.29 | 9.42 | 8.38 | 7.42 | — | — | — |
| Cash conversion cycle | 11.94 | 17.34 | 9.76 | 7.19 | 15.18 | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | -0.02 | 0.78 | 2.64 | 2.22 | 1.86 | 2.28 | 2.22 | 2.34 |
| FCF / Net income | 0.86 | 1.54 | 1.61 | 1.12 | 1.09 | 1.29 | 1.29 | 1.26 |
| FCF margin | -19.46% | -38.32% | +18.99% | +14.37% | +13.67% | +15.84% | +15.62% | +15.21% |
| OCF margin | +0.35% | -19.34% | +31.11% | +28.36% | +23.22% | +27.87% | +26.91% | +28.38% |
| CapEx / Revenue | +19.82% | +18.98% | +12.12% | +13.98% | +9.55% | +11.73% | +12.01% | +11.61% |
| CapEx / D&A | 0.76 | 0.71 | 0.99 | 1.15 | 0.81 | — | — | — |
| Stock-based comp / Revenue | +0.52% | +0.95% | +0.42% | +0.49% | +0.41% | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| EPS · diluted | -1.51 | -1.40 | 1.60 | 1.96 | 2.35 | 3.32 | 3.60 | 3.91 |
| EPS · basic | -1.26 | -1.40 | 1.60 | 1.97 | 2.35 | 3.33 | 3.58 | 3.97 |
| Book value / share | 2.94 | 4.79 | 5.36 | 4.29 | 2.79 | 5.61 | 5.64 | 6.08 |
| Tangible BV / share | 2.92 | 4.70 | 4.58 | 3.55 | 1.96 | 5.61 | 5.64 | 6.08 |
| Sales / share | 5.54 | 5.38 | 13.56 | 15.33 | 18.78 | 20.54 | 21.24 | 22.30 |
| Operating CF / share | 0.02 | -1.04 | 4.22 | 4.35 | 4.36 | 5.72 | 5.72 | 6.33 |
| Free cash flow / share | -1.08 | -2.06 | 2.58 | 2.20 | 2.57 | 3.25 | 3.32 | 3.39 |
| Dividends / share | 0.00 | 0.00 | 0.40 | 0.80 | 1.20 | 0.97 | 1.02 | 1.08 |
| Payout ratio | 0.00% | 0.00% | +24.98% | +40.80% | +51.20% | +38.74% | +39.68% | +39.90% |
| Retention ratio | +100.00% | +100.00% | +75.02% | +59.20% | +48.80% | +61.26% | +60.32% | +60.10% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 7y CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Top-line | |||||||||
| Revenue · YoY | — | -2.93% | +152.36% | +8.93% | +15.22% | +8.90% | +4.22% | +3.82% | +20.19% |
| Gross profit · YoY | — | +8.29% | +535.34% | +6.46% | -11.68% | +30.08% | +4.42% | +4.77% | +37.32% |
| Profit | |||||||||
| Operating income · YoY | — | -19.75% | +405.84% | +4.71% | +25.26% | +5.58% | +1.79% | +5.11% | — |
| EBITDA · YoY | — | +86.70% | +1016.81% | +4.90% | +9.41% | +14.34% | +3.61% | +2.23% | +61.76% |
| Net income · YoY | — | -6.14% | +219.71% | +18.43% | +12.52% | +6.61% | +3.24% | +3.81% | — |
| Operating | |||||||||
| EBIT · YoY | — | +19.70% | +478.54% | +3.63% | +10.12% | +15.95% | +3.03% | +4.08% | — |
| R&D · YoY | — | — | — | — | — | — | — | — | — |
| Per-share | |||||||||
| EPS · diluted · YoY | — | +7.28% | +214.29% | +22.50% | +19.90% | +41.24% | +8.45% | +8.73% | — |
| EPS · basic · YoY | — | -11.31% | +214.29% | +23.12% | +19.29% | +41.61% | +7.66% | +10.79% | — |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Leverage | ||||||||
| Total debt | $14.8B | $15.98B | $14.03B | $13.75B | $16.14B | $17.94B | $18.47B | $19.37B |
| Net debt | $12.94B | $9.67B | $8.92B | $10.1B | $12.3B | $12.71B | $13.04B | $13.77B |
| Net debt / EBITDA | 68.84 | 27.54 | 2.28 | 2.46 | 2.73 | 2.47 | 2.45 | 2.53 |
| Debt / equity | 6.58 | 4.37 | 3.42 | 4.35 | 8.34 | 4.63 | 4.71 | 4.63 |
| Debt / assets | +73.76% | +72.50% | +64.42% | +66.54% | +73.62% | +65.67% | +68.25% | +68.22% |
| Equity / assets | +11.21% | +16.59% | +18.84% | +15.29% | +8.82% | +14.18% | +14.50% | +14.74% |
| Coverage | ||||||||
| EBITDA / interest expense | 0.30 | 0.50 | 4.79 | 5.66 | 6.03 | 5.37 | 5.55 | 5.37 |
| Operating income / interest | -1.04 | -1.10 | 2.88 | 3.39 | 4.14 | 3.40 | 3.46 | 3.44 |
| Interest expense | $621M | $702M | $818M | $727M | $746M | $957.93M | $960.65M | $1.02B |
| Liquidity | ||||||||
| Current ratio | 2.15 | 1.73 | 1.31 | 0.74 | 1.14 | — | — | — |
| Quick ratio | 0.80 | 1.69 | 1.26 | 0.70 | 1.09 | — | — | — |
| Cash ratio | 0.72 | 1.62 | 1.15 | 0.63 | 0.91 | — | — | — |
| Working capital | $2.95B | $2.84B | $1.36B | -$1.51B | $610M | — | — | — |
| Working capital / revenue | +69.56% | +69.15% | +13.06% | -13.37% | +4.69% | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).