Las Vegas Sands (LVS) AI Stock Analysis

• Market Cap: $36.24B
• Dividend Yield: 1.51%
• Average Volume (3M): 4.38M
• Price to Earnings (P/E): 27.6
• Beta (1Y): 0.85
• Revenue Growth: 8.37%
• EPS Growth: 10.20%
• Country: US
• Employees: 39,900
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Gambling, Resorts & Casinos
• EPS (TTM): 0.85
• Shares Outstanding: 671,910,700
• 10 Day Avg. Volume: 3,519,553
• 30 Day Avg. Volume: 4,380,413
• PEG Ratio: 1.43
• Price to Book (P/B): 28.29
• Price to Sales (P/S): 3.46
• P/FCF Ratio: 27.19
• Enterprise Value/Market Cap: 1.35
• Enterprise Value/Revenue: 3.75
• Enterprise Value/Gross Profit: 13.32
• Enterprise Value/Ebitda: 10.86
• 1Y Price Target: $69.08
• Price Target Upside: 28.09% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 13
• EPS Forecast (FY): 3.31
• Revenue Forecast (FY): $13.78B

• Rating: 57 Neutral
• Price Target: $58.00 ▲(7.55% Upside)
• Action: Reiterated Date: 03/06/26
• Date: Action: Reiterated 03/06/26

The score is primarily held back by elevated and rising leverage alongside less-than-ideal cash conversion, despite a strong post-downturn operating recovery and solid free cash flow. Technicals are currently soft (negative MACD and price below key short-term moving averages), while valuation looks only moderately attractive given a ~27.6 P/E and modest yield. The latest call was supportive on Singapore strength and capital returns, but Macao margin pressure remains a key risk.

Positive Factors

Sustained free cash flow generation

Consistent multi-year free cash flow in absolute dollars provides durable internal funding for capex, dividends, and buybacks. Over 2–6 months this supports continued reinvestment in high-return assets and buffers near-term operational shocks despite other balance-sheet constraints.

High‑margin Marina Bay Sands franchise

MBS’s exceptional margins and accelerating mass and rolling volumes indicate a structurally advantaged, high‑return asset within the portfolio. Its scale and premium positioning support durable cash flows and portfolio diversification, underpinning company-level profitability over the medium term.

Leadership continuity via long‑term contracts

Multi‑year contracts and an internal CEO successor reduce execution and succession risk for multi‑year initiatives (MBS capex, IR2, SCL ownership). Stable senior management alignment supports consistent strategy execution and lowers governance uncertainty over the investment horizon.

Negative Factors

Elevated and rising leverage

Substantially higher leverage materially reduces financial flexibility and raises refinancing and interest-rate risk. Over the next several months this constrains aggressive capital allocation, elevates downside risk from operating volatility, and limits the firm's ability to rapidly de‑lever.

Macao margin pressure and promotional intensity

A durable shift toward lower‑margin premium/rolling business and persistent promotional spending has compressed Macao margins. Given Macao’s significant portfolio weight, weaker structural flow‑through could depress company EBITDA margins and slow margin recovery over multiple quarters.

Subpar cash conversion metrics

Although FCF is positive, conversion below earnings and OCF not fully covering EBITDA indicate working‑capital, hold, or tax variability. Weak conversion reduces effective cash available to cut leverage or expand returns, limiting structural improvement in balance‑sheet health.

Las Vegas Sands Business Overview & Revenue Model

Company Description

Las Vegas Sands Corp., together with its subsidiaries, develops, owns, and operates integrated resorts in Asia and the United States. It owns and operates The Venetian Macao Resort Hotel, the Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao, Cotai Strip, and the Sands Macao in Macao, the People's Republic of China; and Marina Bay Sands in Singapore. The company also owns and operates The Venetian Resort Hotel Casino on the Las Vegas Strip; and the Sands Expo and Convention Center in Las Vegas, Nevada. Its integrated resorts feature accommodations, gaming, entertainment and retail malls, convention and exhibition facilities, celebrity chef restaurants, and other amenities. Las Vegas Sands Corp. was founded in 1988 and is based in Las Vegas, Nevada.

How the Company Makes Money

Las Vegas Sands generates revenue primarily through its casino operations, which include gaming revenues from slot machines and table games. Additionally, the company earns significant income from hotel room bookings, food and beverage sales, retail shopping, and entertainment offerings within its integrated resorts. The growth of its revenue is also supported by high-profile conventions and meetings hosted at its facilities. Partnerships with local and international brands enhance its offerings and draw in more visitors. Furthermore, the company's strategic focus on Asian markets, particularly Macau and Singapore, has been a key driver of its earnings, leveraging the growing tourism and gaming sectors in these regions.

Las Vegas Sands Financial Statement Overview

Summary

Operating recovery is solid (2025 revenue $13.0B with strong profitability and mid-30% EBITDA margins) and free cash flow is meaningfully positive (~$1.65B). The major drag is balance-sheet risk: leverage is very high and rising (debt-to-equity ~10.1x as equity fell), and cash conversion/coverage metrics are weaker than ideal (FCF ~59% of net income; OCF/EBITDA ~0.67).

Income Statement

Revenue has rebounded sharply from the 2020–2022 downturn, rising to $13.0B in 2025 (up ~6% vs. 2024) with solid profitability (about 28% gross margin and ~12.5% net margin). Operating profitability remains strong with EBITDA margin in the mid-30% range, indicating good operating leverage as volumes recovered. The key weakness is margin compression in 2025 versus 2023–2024 (gross and EBITDA margins both stepped down), suggesting higher costs and/or a less favorable mix despite higher sales.

Balance Sheet

Leverage is the major constraint: total debt is high at ~$16.1B and the debt load increased in 2025 while equity fell materially, pushing debt-to-equity to ~10.1x (vs. ~4.8x in 2024 and ~3.4x in 2023). While returns on equity appear very strong in 2025, that is amplified by the much smaller equity base and does not offset the heightened financial risk. Overall, the balance sheet looks pressured by high leverage and reduced equity cushion.

Cash Flow

Cash generation is healthy in absolute dollars, with operating cash flow of ~$2.8B and free cash flow of ~$1.65B in 2025, and free cash flow growth strong versus 2024. However, cash conversion is less robust than earnings: free cash flow is only about 59% of net income in 2025 (and ~51% in 2024), and operating cash flow is not covering EBITDA (coverage ~0.67 in 2025). The positive is consistency since 2023 (sustained positive free cash flow), but the quality of conversion bears watching.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	13.02B	11.30B	10.37B	4.11B	4.23B
Gross Profit	3.67B	4.15B	3.90B	614.00M	567.00M
EBITDA	4.50B	4.11B	3.92B	351.00M	188.00M
Net Income	1.63B	1.45B	1.22B	-1.02B	-961.00M
Balance Sheet
Total Assets	21.92B	20.67B	21.78B	22.04B	20.06B
Cash, Cash Equivalents and Short-Term Investments	3.84B	3.65B	5.11B	6.31B	1.85B
Total Debt	16.14B	13.75B	14.03B	15.98B	14.79B
Total Liabilities	19.99B	17.51B	17.67B	18.38B	17.81B
Stockholders Equity	1.59B	2.88B	4.12B	3.88B	2.00B
Cash Flow
Free Cash Flow	1.65B	1.62B	1.97B	-1.57B	-824.00M
Operating Cash Flow	2.82B	3.20B	3.23B	-795.00M	15.00M
Investing Cash Flow	-1.70B	-1.58B	-1.25B	4.16B	-895.00M
Financing Cash Flow	-959.00M	-3.06B	-3.19B	1.12B	684.00M

Las Vegas Sands Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 53.93
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LVS, the sentiment is Negative. The current price of 53.93 is below the 20-day moving average (MA) of 55.18, below the 50-day MA of 57.10, and below the 200-day MA of 55.19, indicating a bearish trend. The MACD of -1.07 indicates Negative momentum. The RSI at 39.87 is Neutral, neither overbought nor oversold. The STOCH value of 52.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for LVS.

Las Vegas Sands Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BYD	77 Outperform	$6.17B	3.78	91.87%	0.84%	5.91%	336.91%
MGM	62 Neutral	$9.30B	46.86	7.55%	―	0.05%	-94.07%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
LVS	57 Neutral	$36.24B	27.64	82.89%	1.51%	8.37%	10.20%
CZR	57 Neutral	$5.58B	-9.69	-13.18%	―	0.87%	31.28%
WYNN	54 Neutral	$10.60B	38.12	-90.44%	0.80%	-0.26%	-44.45%
MLCO	44 Neutral	$2.17B	12.19	-13.94%	―	11.32%	―

Las Vegas Sands Corporate Events

Las Vegas Sands solidifies leadership with long-term contracts

Effective March 1, 2026, Las Vegas Sands appointed Patrick Dumont as chairman, chief executive officer, president and treasurer and, on March 3, 2026, signed new employment agreements for him, CFO Randy Hyzak and global general counsel D. Zachary Hudson, all running from March 2, 2026, to March 2, 2031. The contracts lock in substantial base salaries, large cash and equity incentive opportunities, detailed severance and change-of-control protections, and post-employment non-compete and confidentiality covenants, signaling a long-term commitment to the current leadership team and adding clarity for investors and other stakeholders on executive retention and succession planning.

The most recent analyst rating on (LVS) stock is a Hold with a $59.00 price target. To see the full list of analyst forecasts on Las Vegas Sands stock, see the LVS Stock Forecast page.

Las Vegas Sands Announces Leadership Transition to Patrick Dumont

On February 13, 2026, Las Vegas Sands announced that Patrick Dumont will become chairman and chief executive officer effective March 1, 2026, succeeding Robert G. Goldstein, who will move into a senior advisor role through March 2028. Dumont will also serve as president and treasurer of Las Vegas Sands and as chairman of Sands China Ltd., consolidating leadership across the group’s U.S. and Asian operations.

Dumont, a long-time executive who has overseen transformative investments in Macao and Singapore and led an $8 billion ultra-luxury development in Singapore that broke ground in July 2025, has been president and chief operating officer since 2021 and on the board since 2017. His elevation, alongside his family’s majority ownership ties through the Adelson interests and his role as governor of the Dallas Mavericks, underscores a continuation of the founder’s legacy and signals leadership stability and strategic continuity for investors and other stakeholders, although no compensation decisions for his new role have yet been finalized.

The most recent analyst rating on (LVS) stock is a Hold with a $59.00 price target. To see the full list of analyst forecasts on Las Vegas Sands stock, see the LVS Stock Forecast page.