Las Vegas SandsLVS

Is the price high or low right now, compared to what the market usually pays?

→At 17.8x earnings, the market is paying about what it has typically paid LVS's own 9-year median of 18.6x. Neither a bargain nor a stretch by its own standard.

What has the market paid for LVS over the years?

→At 17.8x earnings, the market is paying about what it has typically paid LVS's own 9-year median of 18.6x. Neither a bargain nor a stretch by its own standard.

What cash return does the business throw off per dollar of market value?

9.4%FCF yield today

→At 9.4%, the business is throwing off more cash per dollar of market value than its own 11-year median of 5.6% - the cheaper end of its history.

Revenue: is the business selling more than it used to?

→Revenue reached $13.0B in 2025, compounding +47% a year since 2022 and the pace is picking up. The last twelve months (+18%) ran below that pace, so growth is slowing. The trailing twelve months are already running at $13.7B, ahead of the last full year.

Net income: how much of that revenue becomes profit?

→Net income was $1.6B in 2025, compounding -4% a year over three years. Trailing twelve-month profit stands at $1.7B.

How fast is it growing, year by year?

+15%revenue growth, FY 2025

→In 2025 revenue grew +15% while earnings moved +13% - when the earnings line runs above revenue, each new dollar of sales is arriving more profitably.

Revenue per share: is your slice growing as fast as the company?

$18.78revenue per share, FY 2025

→Revenue per share reached $18.78 in 2025, compounding +52% a year against +47% for LVS as a whole. Buybacks added roughly 4.9 points to your per-share result. Free cash flow per share stands at $2.68.

Margins: of every $1 of sales, how much survives each cost layer?

→Operating margin widened 41 points to 22% since 2022. After everything, 12 cents of each sales dollar reaches net profit. LVS doesn't tag a gross-profit line in its filings, so the chart starts at operating margin.

Earnings quality: do the reported profits turn into real cash?

→Operating cash flow runs at 216% of reported profit, so the earnings are more than backed by cash - depreciation and other non-cash charges are understating what the business actually collects.

What does it earn on the money it uses?

→ROE of 102% but ROCE of only 16% - a chunk of those shareholder returns is manufactured with leverage, not operations.

How much of every sales dollar ends up as free cash?

→14 cents of every sales dollar became free cash in 2025, up 53 points since 2022.

What does staying competitive cost, per dollar of sales?

→The biggest claim on each sales dollar is capital spending, at 9% of revenue (research and development 2%, stock compensation 0%). That share has fallen since 2022, so the cost of competing is easing.

When sales grow, do profits grow faster?

→Operating profit outgrew revenue in 3 of the last 5 years, most recently +17% against +15%. Each additional dollar of sales is landing more profitably than the last - the definition of operating leverage.

Does LVS earn more on its capital than that capital costs?

→LVS earns 15.9% on the capital it employs, comfortably above the 10% most investors treat as the cost of capital.

Could it handle its debt if things went wrong?

→Debt of $13.7B sits against $3.4B of cash, or 23.6x shareholders' equity. Earnings cover interest 3.9 times - adequate, with less room than it looks in a downturn.

Is the company's own capital growing or shrinking?

→The company's own capital shrank from $4.1B in 2023 to $581M (-86%). Buybacks or losses are drawing the buffer down - the distinction matters.

How much goes back to shareholders - and how much leaks out as stock compensation?

→$3.0B returned last year against $54M of stock issued to employees - the returns outweigh the dilution 56.5-to-1.

How fast is your ownership being diluted - or concentrated?

→The count shrank 6.0% last year - buybacks are outrunning stock compensation.

Is the dividend cheque itself growing?

→Down from $3.79 to $1.20 per share - the cheque has shrunk.

What does the payout earn you at each year's prices?

→At today's price the yield is 2.9%.

Can it actually afford the dividend?

→Comfortable: 51% of profits and 45% of free cash flow go out as dividends - well inside what the business generates.

LVS has issued or retired shares - did shareholders end up better off?

→LVS has shrunk its share count -15% from 2011 to 2025, so each remaining share owns more of the business. Revenue per share is +62% over the same years.

How is LVS's trend actually behaving right now?

→LVS is in a downtrend. The price is below the band where recent trading settled and that band is still falling, so nothing in the picture has turned yet. Both the last two weeks and the month-ago comparison point down as well, so nothing here disagrees with the downtrend.

Are the people running it buying or selling with their own money?

→No open-market buying, and $169M of selling across 4 months. Selling alone is a weak signal - much of it is pre-scheduled - but the absence of buying tells you no insider saw the price as a bargain.