One-glance verdict
Undervalued
$48.92 our estimate vs market $41.06
Wall Street consensus: $59.07 (20.7% higher than our fair-value estimate)
16% below our estimate, below the bear case
Fundamentals snapshot
Las Vegas Sands Corp.
LVS · NYQ · Consumer Cyclical · Resorts & Casinos
Current price
$41.06
52-week range
$40.85 - $70.45
Market cap
$26.59B
Balance sheet
Distressed
4.14x Stretched
Net debt $11.91B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 5.4% last year.
- Reward Returns 122.9% on equity, ahead of 75% of its peers.
- Reward Free cash flow was positive in 7/10 years.
- Risk Net debt grew 23.5% over 3 years.
What this company does
Las Vegas Sands Corp.
Las Vegas Sands builds and operates massive luxury resorts with casinos, but its most profitable properties are located in Macao and Singapore, not Las Vegas. The company earns revenue (money from sales) from a mix of gambling, hotel stays, high-end shopping, and business conventions all under one roof. This means its success is tied directly to the health of travel and consumer spending in Asia.
How the company got here
Las Vegas Sands was started by Sheldon Adelson, who first succeeded in the trade show business. In 1989, he bought the historic Sands Hotel in Las Vegas and built a large convention center next to it. Inspired by a honeymoon trip to Italy, he replaced the old hotel with The Venetian, a massive Venice-themed resort that opened in 1999 and focused on combining conventions with leisure. The company later expanded into Asia, opening its first property in Macao in 2004 and the Marina Bay Sands in Singapore in 2010. In 2022, the company sold its Las Vegas properties to focus entirely on its more profitable Asian operations.
What it actually does
Las Vegas Sands builds and runs enormous properties called integrated resorts, which are giant complexes that combine a luxury hotel, a casino, and a convention center all under one roof. These resorts are like mini-cities designed to attract both business travelers for meetings and tourists for vacations. Guests can stay in high-end hotel rooms, gamble in the casino, shop at luxury retail stores, dine at restaurants run by celebrity chefs, and attend live shows or events. The whole idea is to offer so many amenities in one place that guests have little reason to leave.
Macao Operations
This is the company's largest business area, operated through its subsidiary, Sands China Ltd. In Macao, a special administrative region of China known for gambling, the company owns a portfolio of massive resorts, including The Venetian Macao, The Londoner Macao, and The Parisian Macao. These properties attract a huge number of tourists, primarily from mainland China and other parts of Asia, who come for gaming, shopping, and entertainment. Revenue (money the company makes from sales) from this region comes from casino winnings, hotel stays, mall tenants, and food and beverage sales, making up the majority of the company's total income.
Marina Bay Sands, Singapore
This segment consists of a single, iconic property in the heart of Singapore. Marina Bay Sands is famous for its three hotel towers connected by a massive rooftop skypark with an infinity pool. It functions as a complete destination, offering a casino, a hotel, a convention center, a high-end shopping mall, a museum, and theaters. This property is a major driver of tourism for Singapore and generates a very large portion of the company's profits, often accounting for nearly half of its earnings.
What management is betting on now
The company's main focus is to invest heavily in its highly profitable Asian properties. A top priority is a massive multi-billion dollar expansion of Marina Bay Sands in Singapore, which will add a new hotel tower and a 15,000-seat arena for live entertainment. In Macao, the strategy involves upgrading existing resorts, like the transformation of the Sands Cotai Central into The Londoner Macao, to attract more high-value tourists. Management is also looking for opportunities to build new integrated resorts in other major markets, such as Thailand or potentially Texas, to diversify its business geographically.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$222.00M
FY2024 Q4
$368.00M
FY2025 Q1
$147.00M
FY2025 Q2
$-108.00M
FY2025 Q3
$886.00M
FY2025 Q4
$930.00M
FY2026 Q1
$537.00M
FY2026 Q2
$350.00M
Revenue
$3.15B
Net income
$346.00M
Diluted EPS
0.53
Operating cash flow
$682.00M
Free cash flow
$350.00M
Fetching…
Sources
Revenue
$3.58B
Net income
$567.00M
Diluted EPS
0.85
Operating cash flow
$731.00M
Free cash flow
$537.00M
Fetching…
Sources
Revenue
$3.65B
Net income
$395.00M
Diluted EPS
0.58
Operating cash flow
$1.20B
Free cash flow
$930.00M
Fetching…
Sources
Revenue
$3.33B
Net income
$419.00M
Diluted EPS
0.61
Operating cash flow
$1.11B
Free cash flow
$886.00M
Fetching…
Sources
Revenue
$3.17B
Net income
$461.00M
Diluted EPS
0.66
Operating cash flow
$178.00M
Free cash flow
$-108.00M
Fetching…
Sources
Revenue
$2.86B
Net income
$352.00M
Diluted EPS
0.49
Operating cash flow
$526.00M
Free cash flow
$147.00M
Fetching…
Sources
Revenue
$2.90B
Net income
$324.00M
Diluted EPS
0.45
Operating cash flow
$915.00M
Free cash flow
$368.00M
Fetching…
Sources
Revenue
$2.68B
Net income
$275.00M
Diluted EPS
0.38
Operating cash flow
$761.00M
Free cash flow
$222.00M
Fetching…
Sources
Is it cheap or expensive?
Fair value $48.92 vs current price $41.06
Wall Street consensus is the average analyst price target: $59.07 (20.7% higher than our fair-value estimate).
Our most-likely fair value is $48.92 a share — about 19.1% above today's price of $41.06, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Distressed
Net debt $11.9B. Interest coverage 4.1x.
Net debt
$11.91B
Interest coverage
4.14x
Las Vegas Sands Corp.'s profit covers its interest bill about 4.1 times over. which is stronger than most peers shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
LVS
BASELINE
Las Vegas Sands Corp.
Total debt $15.28B Interest coverage 4.14x This is the baseline the peer rows are being compared against.
Total debt $12.34B Interest coverage 1.93x -53% vs LVS Carries about 2.1x less debt cushion than LVS.
Total debt $30.16B Interest coverage 3.19x -23% vs LVS Carries about 1.3x less debt cushion than LVS.
Total debt $7.31B Interest coverage 1.40x -66% vs LVS Carries about 3.0x less debt cushion than LVS.
Total debt $25.92B Interest coverage 0.89x -78% vs LVS Carries about 4.6x less debt cushion than LVS.
Total debt $325.96M Interest coverage 60.36x +1,358% vs LVS Carries about 14.6x more debt cushion than LVS.
What you should know
The case for and against LVS
3 Rewards
1 Risk
Rewards
-
Revenue grew 5.4% last year.
-
Returns 122.9% on equity, ahead of 75% of its peers.
-
Free cash flow was positive in 7/10 years.
Risks
-
Net debt grew 23.5% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
15.98x
Forward P/E
11.70x
P/B
45.77x
P/S
1.94x
EV/EBITDA
8.37x
PEG ratio
0.90x
Profitability
How much profit each dollar creates
Gross margin
79.3%
Operating margin
19.7%
Net margin
12.6%
ROE
122.9%
ROA
9.5%
Health
Liquidity and balance-sheet strength
Debt / equity
17.04x
Current ratio
1.00x
Quick ratio
0.93x
Total debt
$15.28B
Total cash
$3.38B
Growth
How the business has been compounding
Revenue TTM
$13.72B
Revenue 5Y CAGR
32.4%
EPS TTM
2.57
EPS 5Y CAGR
-0.7%
Cash flow
How much cash the business throws off
Operating CF TTM
$3.73B
Free CF TTM
$1.85B
FCF margin
13.5%
Dividend
Shareholder payout
Yield
2.9%
Payout ratio
42.6%
Last ex-div date
2026-08-04