Las Vegas Sands Corp.LVS
NYSE•Consumer Cyclical•Resorts & Casinos
Las Vegas Sands Corp., together with its subsidiaries, owns, develops, and operates integrated resorts in Macao and Singapore. It owns and operates The Venetian Macao Resort Hotel, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao, and The Sands Macao in Macao, the People's Republic of China; and Marina Bay Sands in Singapore. The company's integrated resorts feature accommodations, gaming, entertainment and retail malls, convention and exhibition facilities, celebrity chef restaurants, and other amenities. The company was founded in 1988 and is based in Las Vegas, Nevada.
Las Vegas Sands Corp. (LVS) reported trailing twelve months revenue of $13.74B as of March 2026, a 22.7% increase year-over-year. Quarterly revenue reached $3.58B, reflecting continued top-line momentum.
Las Vegas Sands Corp. generated $1.84B in TTM net income, with quarterly EBITDA of $1.26B. The operating margin expanded from 21.3% to 25.2%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (25.2%) and net margin (15.8%) indicates moderate non-operating costs. Net margin has improved from 12.3% a year ago, signaling stronger bottom-line efficiency.
LVS trades at a P/E of 18.7x (in line with broad market averages) and a P/S of 2.5x. The price-to-book ratio of 28.8x indicates a significant premium over book value.
The company generated $537.00M in free cash flow over the trailing twelve months, a 265.3% increase year-over-year, indicating cash generation ability. The balance sheet shows $21.18B in total assets with $13.90B in long-term debt against $1.20B in stockholders equity for a debt-to-equity ratio of 11.6, a relatively leveraged position. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~21.6%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 76.4% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue shows resilience with 4 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~22.7% — no sign of cost or pricing stress.
FCF covers net income by 1.1x on average — earnings are well-supported by cash generation.
D/E ratio is 11.6 — dangerously high. The company is heavily leveraged and vulnerable to rising rates or cash flow dips.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 9.6% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation