# Las Vegas Sands (LVS.US)

Canonical: https://gigainvestors.com/s/LVS

Analysis as of: 2026-10-16T07:29:59.282Z. Financial observations: FY2000–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $38.32 per share; close as of 2026-10-15.

Estimated value: low $33.81 per share, central $37.89 per share, high $43.33 per share. Buy at or below the central value $37.89 per share. Valuation as of 2026-10-16T07:29:59.282Z; scenarios are not confidence intervals.

Expected annual return: 9.9% at the stated quote. About 9.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 2

- Operating margin variation: 2.76×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.27×

- FY2018: 0.27×

- FY2019: 0.28×

- FY2020: -0.47×

- FY2021: -0.16×

- FY2022: -0.19×

- FY2023: 0.23×

- FY2024: 0.22×

- FY2025: 0.24×

- LTM to Jun 2026: 0.23×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 16.8%

- ROIC, second-lowest year: -4.6%

- Typical minus recent gross margin: -0.4 pp

- Typical gross margin (annual median): 49.4%

- Recent gross margin (lower of latest and 3-year median): 49.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 12.5%

- ROIC including acquisitions, ten-year median: 12.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 16.4%

- FY2017: 23.3%

- FY2018: 23.6%

- FY2019: 20.0%

- FY2020: -7.1%

- FY2021: -3.6%

- FY2022: -4.6%

- FY2023: 14.7%

- FY2024: 17.1%

- FY2025: 18.9%

### economics: pass

- Owner earnings / net income, 5-yr: 1.16×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $6.0B

- Net income, five-year total: $5.2B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -0.8 pp

- Working capital / revenue, final three-year average: 3.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.73×

- FY2022: 1.17×

- FY2023: 1.01×

- FY2024: 1.00×

- FY2025: 1.16×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 23.3% vs 17.1%

- Per-share earnings: 2.46 to 1.96 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.4%

- Ordinary dilution, 5-year annual growth: -1.9%

- Market cap gain: $1.5B

- Cumulative retained earnings: $2.2B

- Diluted shares, 10-year annual growth: -1.4%

- Diluted shares, 5-year annual growth: -1.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -2.8%

- Per-share value change: -$0.50

- Per-share value, starting three-year median: $2.46

- Per-share value, ending three-year median: $1.96

- Buybacks concentrated in cheaper years (correlation): -0.21

- Average buyback yield: 2.2%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: $638M

- Cumulative net income, 10 years: $13B

- ROIC, first three-year median: 23.3%

- ROIC, last three-year median: 17.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.11

- FY2017: $3.55

- FY2018: $3.07

- FY2019: $3.50

- FY2020: -$2.21

- FY2021: -$1.26

- FY2022: $2.40

- FY2023: $1.60

- FY2024: $1.96

- FY2025: $2.35

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -6.4%

- Receivables to sales index (DSRI): 1.54×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 1.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.86×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.36×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -11.6%

- FY2017: -8.4%

- FY2018: -10.1%

- FY2019: -1.5%

- FY2020: -1.8%

- FY2021: -4.9%

- FY2022: 11.9%

- FY2023: -9.2%

- FY2024: -8.5%

- FY2025: -6.4%

## Holders

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 44% since Nov 2025 · "Is Las Vegas Sands (LVS) Undervalued Following Weak Earnings And Heavy Resort Spending?" (finance.yahoo.com, Jul 2026) · sales +5.4%

Story as of 2026-10-16T09:59:06.636Z; price observation 2026-10-15.

Price needs cash profits to grow 1.1% a year for ten years

- 2025-07-24: Las Vegas Sands beats earnings estimates as Singapore, Macau drive revenue growth ([investing.com](https://www.investing.com/news/stock-market-news/las-vegas-sands-beats-earnings-estimates-as-singapore-macao-drive-revenue-growth-4149431))

- 2025-10-22: Las Vegas Sands Profit, Sales Jump as Macao, Singapore Investments Pay Off ([finance.yahoo.com](https://finance.yahoo.com/m/44c720ec-05a6-3da2-bf8b-46c450355bbe/las-vegas-sands-profit%2C-sales.html))

- 2026-04-23: LVS Q1 Earnings Beat Estimates, Revenues Rise 25% YoY on MBS Growth ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/lvs-q1-earnings-beat-estimates-153000739.html))

- 2026-07-26: Is Las Vegas Sands (LVS) Undervalued Following Weak Earnings And Heavy Resort Spending? ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/las-vegas-sands-lvs-undervalued-130849360.html))

### Sales · FY2025–2026

sales +5.4%; source https://www.sec.gov/Archives/edgar/data/1300514/000130051426000013/lvs-20251231.htm; observed 2026-02-06.

- FY2017: $13B 

- FY2018: $14B 

- FY2019: $12B 

- FY2020: $2.9B 

- FY2021: $4.2B 

- FY2022: $4.1B 

- FY2023: $10B 

- FY2024: $11B 

- FY2025: $13B 

- FY2026: $14B 

### Gross margin · FY2025

gross margin 49.8%; source https://www.sec.gov/Archives/edgar/data/1300514/000130051426000013/lvs-20251231.htm; observed 2026-02-06.

- FY2016: 49.6% 

- FY2017: 50.3% 

- FY2018: 49.2% 

- FY2019: 49.7% 

- FY2020: 27.9% 

- FY2021: 38.0% 

- FY2022: 40.1% 

- FY2023: 49.8% 

- FY2024: 48.9% 

- FY2025: 49.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in resorts & casinos; annual sales are USD 13 billion.

- Source: https://eodhd.com/api/fundamentals/LVS.US.json#2025-12-31 (filed 2026-02-06); FY2025: revenue 13017000000; grossProfit 6481000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LVS.US: 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.

### Why customers stay

Margins ranged from 48.9% to 49.8% during 2023–25; it earns 16.8% on its capital.

- Source: https://eodhd.com/api/fundamentals/LVS.US.json#2023-12-31 (filed 2026-02-06); FY2023: grossProfit / revenue = 49.8%.

- Source: https://eodhd.com/api/fundamentals/LVS.US.json#2024-12-31 (filed 2026-02-06); FY2024: grossProfit / revenue = 48.9%.

- Source: https://eodhd.com/api/fundamentals/LVS.US.json#2025-12-31 (filed 2026-02-06); FY2025: grossProfit / revenue = 49.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); 10-year return on capital observations [[2016,0.1640190150759391],[2017,0.23329741379310345],[2018,0.23633589551038703],[2019,0.20044676098287417],[2020,-0.07116794929832504],[2021,-0.03583580222529462],[2022,-0.04569218057537745],[2023,0.14673424269241697],[2024,0.1710883297746295],[2025,0.1889613005405981]]; median 0.1675536724252843. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 10 years; bought back USD 2.2 billion of shares.

- Source: https://eodhd.com/api/fundamentals/LVS.US.json#2016-12-31 (filed 2026-02-06); FY2016: growth capex 0; upkeep 1445000000; owner earnings 1432480158.7301588. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/LVS.US.json#2017-12-31 (filed 2026-02-06); FY2017: growth capex 0; upkeep 837000000; owner earnings 3127462741.49034. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/LVS.US.json#2018-12-31 (filed 2026-02-06); FY2018: growth capex 0; upkeep 949000000; owner earnings 2574084717.0450697. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/LVS.US.json#2019-12-31 (filed 2026-02-06); FY2019: growth capex 0; upkeep 1018000000; owner earnings 2741279055.6900725. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/LVS.US.json#2022-12-31 (filed 2026-02-06); FY2022: growth capex 0; upkeep 780000000; owner earnings 2143000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/LVS.US.json#2023-12-31 (filed 2026-02-06); FY2023: growth capex 0; upkeep 1257000000; owner earnings 1230000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/LVS.US.json#2024-12-31 (filed 2026-02-06); FY2024: growth capex 212000000; upkeep 1368000000; owner earnings 1446000000. Growth capex / owner earnings = 0.14661134163208853.

- Source: https://eodhd.com/api/fundamentals/LVS.US.json#2025-12-31 (filed 2026-02-06); FY2025: growth capex 0; upkeep 1243000000; owner earnings 1885959807.073955. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); Dividend observations: [[2016,2924000000],[2017,2311000000],[2018,2352000000],[2019,2367000000],[2020,603000000],[2021,0],[2022,0],[2023,305000000],[2024,590000000],[2025,833000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/LVS.US.json#2025-12-31 (filed 2026-02-06); FY2025: cash repurchases 2217000000 USD.

### Are managers owners

Insiders own 61.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LVS.US SharesStats.PercentInsiders = 61.711000000000006 percentage points; cache date 2026-10-16.

### What could break it

"Our business is sensitive to the willingness of our customers to travel" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1300514/000130051426000013/lvs-20251231.htm (filed 2026-02-06); Our business is sensitive to the willingness of our customers to travel

### What the price says

The price assumes cash profits grow 1.1% yearly over ten years; actual growth was 3.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); Ten-year compound average after fade. Initial solved rate 0.0022466925549980976. Price 38.32; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.956613768006259 → FY2025 2.72144272305044. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $57.88 per share

- 2016-11: $62.67 per share

- 2016-12: $53.41 per share

- 2017-01: $52.58 per share

- 2017-02: $52.95 per share

- 2017-03: $57.07 per share

- 2017-04: $58.99 per share

- 2017-05: $59.13 per share

- 2017-06: $63.89 per share

- 2017-07: $61.61 per share

- 2017-08: $62.21 per share

- 2017-09: $64.16 per share

- 2017-10: $63.38 per share

- 2017-11: $69.29 per share

- 2017-12: $69.49 per share

- 2018-01: $77.52 per share

- 2018-02: $72.81 per share

- 2018-03: $71.90 per share

- 2018-04: $73.33 per share

- 2018-05: $80.61 per share

- 2018-06: $76.36 per share

- 2018-07: $71.90 per share

- 2018-08: $65.42 per share

- 2018-09: $59.33 per share

- 2018-10: $51.03 per share

- 2018-11: $54.94 per share

- 2018-12: $52.05 per share

- 2019-01: $58.36 per share

- 2019-02: $61.43 per share

- 2019-03: $60.96 per share

- 2019-04: $67.05 per share

- 2019-05: $55.00 per share

- 2019-06: $59.09 per share

- 2019-07: $60.44 per share

- 2019-08: $55.47 per share

- 2019-09: $57.76 per share

- 2019-10: $61.84 per share

- 2019-11: $62.75 per share

- 2019-12: $69.04 per share

- 2020-01: $65.31 per share

- 2020-02: $58.31 per share

- 2020-03: $42.47 per share

- 2020-04: $48.02 per share

- 2020-05: $47.94 per share

- 2020-06: $45.54 per share

- 2020-07: $43.64 per share

- 2020-08: $50.71 per share

- 2020-09: $46.66 per share

- 2020-10: $48.06 per share

- 2020-11: $55.71 per share

- 2020-12: $59.60 per share

- 2021-01: $48.09 per share

- 2021-02: $62.60 per share

- 2021-03: $60.76 per share

- 2021-04: $61.26 per share

- 2021-05: $57.75 per share

- 2021-06: $52.69 per share

- 2021-07: $42.35 per share

- 2021-08: $44.61 per share

- 2021-09: $36.60 per share

- 2021-10: $38.81 per share

- 2021-11: $35.62 per share

- 2021-12: $37.64 per share

- 2022-01: $43.80 per share

- 2022-02: $42.86 per share

- 2022-03: $38.87 per share

- 2022-04: $35.43 per share

- 2022-05: $35.46 per share

- 2022-06: $33.59 per share

- 2022-07: $37.69 per share

- 2022-08: $37.63 per share

- 2022-09: $37.52 per share

- 2022-10: $38.01 per share

- 2022-11: $46.84 per share

- 2022-12: $48.07 per share

- 2023-01: $59.00 per share

- 2023-02: $57.47 per share

- 2023-03: $57.45 per share

- 2023-04: $63.85 per share

- 2023-05: $55.13 per share

- 2023-06: $58.00 per share

- 2023-07: $59.81 per share

- 2023-08: $54.86 per share

- 2023-09: $45.84 per share

- 2023-10: $47.46 per share

- 2023-11: $46.12 per share

- 2023-12: $49.21 per share

- 2024-01: $48.92 per share

- 2024-02: $54.52 per share

- 2024-03: $51.70 per share

- 2024-04: $44.36 per share

- 2024-05: $45.03 per share

- 2024-06: $44.25 per share

- 2024-07: $39.67 per share

- 2024-08: $38.99 per share

- 2024-09: $50.34 per share

- 2024-10: $51.85 per share

- 2024-11: $53.06 per share

- 2024-12: $51.36 per share

- 2025-01: $45.83 per share

- 2025-02: $44.71 per share

- 2025-03: $38.63 per share

- 2025-04: $36.67 per share

- 2025-05: $41.16 per share

- 2025-06: $43.51 per share

- 2025-07: $52.40 per share

- 2025-08: $57.63 per share

- 2025-09: $53.79 per share

- 2025-10: $59.35 per share

- 2025-11: $68.16 per share

- 2025-12: $65.09 per share

- 2026-01: $52.73 per share

- 2026-02: $56.72 per share

- 2026-03: $53.88 per share

- 2026-04: $54.61 per share

- 2026-05: $50.57 per share

- 2026-06: $46.19 per share

- 2026-07: $48.89 per share

- 2026-08: $43.81 per share

- 2026-09: $37.81 per share

- 2026-10: $38.32 per share

## Annual estimated value (USD per share)

- FY2016: low $23.21 per share, central $26.14 per share, high $30.03 per share

- FY2017: low $32.80 per share, central $37.00 per share, high $42.59 per share

- FY2018: low $44.98 per share, central $56.82 per share, high $65.66 per share

- FY2019: low $44.31 per share, central $61.49 per share, high $71.50 per share

- FY2020: low $10.17 per share, central $11.26 per share, high $12.70 per share

- FY2021: low $13.44 per share, central $15.01 per share, high $17.09 per share

- FY2022: low $19.18 per share, central $20.70 per share, high $22.72 per share

- FY2023: low $23.98 per share, central $26.40 per share, high $29.62 per share

- FY2024: low $24.52 per share, central $27.26 per share, high $30.90 per share

- FY2025: low $30.78 per share, central $34.41 per share, high $39.23 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:35:44.275Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1300514/000130051426000013/lvs-20251231.htm); period 2025-12-31, filed 2026-02-06.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.