LVSNYSEHotels & MotelsFiscal year ends December 31
LAS VEGAS SANDS CORP
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 24, 2026
$38.01+0.00 (0.00%)
Close on Oct 19, 2026
- Market cap
- $24.93B
- P/E (TTM)
- 14.8
- Dividend yield
- 2.63%
Margins
Share of revenue, fiscal years 2011 to 2025
Operating margin
21.6%+69.0 pts over 5 years
Net margin
12.5%+69.8 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +15.2% | +46.9% | +34.7% | +1.1% | |
| Operating income | +17.3% | – | – | -0.1% | |
| Net income | +12.5% | -3.9% | – | -1.9% | |
| EPS, diluted | +19.9% | -0.7% | – | -0.5% | |
| Free cash flow | +13.3% | – | – | -0.4% | |
| Dividend per share | +25.0% | – | +4.8% | -9.1% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 25.8% | -41.3% | 72.7% | |
| Return on assets | 8.1% | -7.7% | 7.6% | |
| Current ratio | 1.10 | 2.03 | 1.14 | |
| Debt to equity | 1.55 | 4.71 | 9.93 | |
| Net debt to EBITDA | 2.06× | -30.07× | 2.79× | |
| Interest coverage | 9.1× | -2.7× | 3.8× | |
| Capex to revenue | 12.4% | 41.7% | 9.0% | |
| Diluted shares | 795M | 764M | 693M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Las Vegas Sands generated $10.64B from operations and spent $11.43B on capital expenditure, dividends and share buybacks. 46% of that went back into the business.
Generated
$10.64B
Used
$11.43B
Capital expenditure$5.23B46%Dividends$1.73B15%Share buybacks$4.47B39%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin12.5%
×Asset turnover0.61×
×Equity multiplier9.52×
=Return on equity, FY202572.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 12.5% | 0.61× | 9.52× | 72.7% |
| FY2024 | 12.8% | 0.53× | 6.06× | 41.3% |
| FY2023 | 11.8% | 0.47× | 5.48× | 30.5% |
| FY2022 | 44.6% | 0.20× | 7.16× | 62.3% |
| FY2021 | -22.7% | 0.21× | 8.22× | -38.7% |
| FY2020 | -57.3% | 0.13× | 5.39× | -41.3% |
| FY2019 | 22.2% | 0.53× | 4.21× | 49.6% |
| FY2018 | 17.6% | 0.64× | 3.55× | 39.7% |
| FY2017 | 22.1% | 0.62× | 3.25× | 44.3% |
| FY2016 | 14.9% | 0.55× | 3.18× | 25.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$1.63B
- Cash generatingOperating cash flow above zero$3.02B
- Return on assets improvedROA up on the prior year6.6% → 7.9%
- Earnings backed by cashOperating cash flow above net income$3.02B vs $1.63B
- Less leverageLong-term debt to assets fell51.3% → 66.9%
- Better liquidityCurrent ratio rose0.74 → 1.14
- No dilutionShare count did not rise737M → 693M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.52 → 0.63