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Las Vegas Sands
(NYSE:LVS)
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Rating:63Neutral
Price Target:
$49.00
▲(6.34% Upside)
Action:Reiterated
Date:07/25/26
The score is driven primarily by solid cash generation and a positive operating update (strong MBS and improving Macau with ongoing buybacks), tempered by high leverage and weakening recent revenue/margin trends. Technically, the stock remains in a downtrend (below key moving averages with negative MACD), which further limits the near-term outlook despite reasonable valuation support from a mid-range P/E and a ~2.4% dividend.
Positive Factors
Free cash flow generation
Consistent trailing‑twelve‑month operating and free cash flow provides durable internal funding for debt service, maintenance and targeted reinvestment. Strong FCF underpins capacity for opportunistic buybacks and dividend sustainment, improving resilience through industry cycles.
Negative Factors
High leverage
A materially elevated debt load versus shrinking equity reduces financial flexibility and increases sensitivity to downturns. High leverage constrains ability to fund capex or absorb hold volatility, raises refinancing risk and limits margin for error on multi‑year renovation timelines.
Read all positive and negative factors
Positive Factors
Negative Factors
Free cash flow generation
Consistent trailing‑twelve‑month operating and free cash flow provides durable internal funding for debt service, maintenance and targeted reinvestment. Strong FCF underpins capacity for opportunistic buybacks and dividend sustainment, improving resilience through industry cycles.
Read all positive factors
Las Vegas Sands Key Performance Indicators (KPIs)
Any
Revenue by Segment
Highlights the income generated from different business segments, providing insight into which areas are driving growth and which may need strategic adjustments.
Highlights the income generated from different business segments, providing insight into which areas are driving growth and which may need strategic adjustments.
Data provided by:
The Fly
The FlyLas Vegas Sands (LVS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$31.67B
Dividend Yield2.25%
Average Volume (3M)4.84M
Price to Earnings (P/E)18.9
Beta (1Y)0.83
Revenue Growth18.11%
EPS Growth29.86%
CountryUS
Employees41,500
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)2.58
Shares Outstanding647,701,200
10 Day Avg. Volume5,460,452
30 Day Avg. Volume4,838,188
Financial Highlights & Ratios
PEG Ratio1.44
Price to Book (P/B)28.29
Price to Sales (P/S)3.46
P/FCF Ratio25.27
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$59.86Price Target Upside29.90% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering15
EPS Forecast (FY)3.13
Revenue Forecast (FY)$13.83B
Las Vegas Sands Business Overview & Revenue Model
Company Description
Las Vegas Sands Corporation, in conjunction with its various subsidiaries, specializes in the development, ownership, and ongoing management of comprehensive integrated resort properties across both Asian and United States markets. The company mai...
How the Company Makes Money
LVS generates revenue primarily by operating integrated resorts where multiple on-property businesses drive spending per visitor. Key revenue streams include: (1) Casino gaming: revenue from table games and slot machines, including mass-market pla...
Las Vegas Sands Earnings Call Summary
Earnings Call Date:Apr 22, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Oct 21, 2026
Earnings Call Sentiment Positive
The call conveyed a positive operational and financial trajectory driven by strong results at Marina Bay Sands (EBITDA +30% to $788M) and meaningful Macau recovery (EBITDA +18% to $633M), with market share gains, robust slot/retail growth, and aggressive share buybacks. Management acknowledged near-term margin pressure from service investments, VIP volatility, a competitive promotional environment, and higher CapEx tied to renovations. On balance the company highlighted execution wins, concrete growth initiatives (IR2, Venetian refresh), and capital return activity that indicate confidence in medium- to long-term value creation despite foreseeable near-term expense and volatility headwinds.Positive Updates
Marina Bay Sands Strong Financial Performance
MBS EBITDA increased over 30% to $788 million for the quarter, with a margin of 53%. Rolling volume reached ~$18 billion and theoretical rolling hold was ~3.6%; management noted mass win and slots as the primary drivers of profitability. Management expects IR2 to expand high-end inventory and target project returns in excess of 20% ROIC.
Negative Updates
Macau Margin Pressure
Adjusted Macau portfolio EBITDA margin would have been 29.6%, down 200 basis points versus 2025. Management attributes part of the margin decline to deliberate investments in service and higher operating expenses as they reposition assets.
Read all updates
Q1-2026 Updates
Positive
Negative
Marina Bay Sands Strong Financial Performance
MBS EBITDA increased over 30% to $788 million for the quarter, with a margin of 53%. Rolling volume reached ~$18 billion and theoretical rolling hold was ~3.6%; management noted mass win and slots as the primary drivers of profitability. Management expects IR2 to expand high-end inventory and target project returns in excess of 20% ROIC.
Read all positive updates
Company Guidance
Management framed 2026 guidance as a focus on revenue and cash‑flow growth funded by targeted investments in service and product that will pressure near‑term margins but drive higher returns over time: Q1 results showed Marina Bay Sands EBITDA of $788M (53% margin) and Macau EBITDA of $633M (up >18%), with Macau mass market revenue share at 25.7% and the Macau portfolio adjusted EBITDA margin at 29.6% (down 200 bps YoY after adjusting for higher‑than‑expected hold; Macau EBITDA would have been ~$15M lower and MBS ~$6M higher at expected hold). Management reiterated a multi‑quarter goal of reaching $700M quarterly EBITDA in Macau, a >20% target return on invested capital for IR2, cited $18B of rolling volume and a 3.6% theoretical hold at MBS (vs 4.2% at $9.1B in 2025), highlighted slot/ETG growth of 31% YoY (10% sequential) and retail tenant sales +37% Q/Q record, and noted capital returns of $740M in buybacks this quarter, a $0.30 quarterly dividend, 14.3% share reduction over ten quarters, and 74.8% SCL ownership.Las Vegas Sands Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
34
Negative
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 13.72B | 13.02B | 11.30B | 10.37B | 4.11B | 4.23B |
| Gross Profit | 6.98B | 6.48B | 5.52B | 5.17B | 1.65B | 1.61B |
| EBITDA | 4.62B | 4.50B | 4.05B | 3.86B | 406.00M | 244.00M |
| Net Income | 1.75B | 1.63B | 1.45B | 1.22B | 1.83B | -961.00M |
Balance Sheet | ||||||
| Total Assets | 19.91B | 21.92B | 20.67B | 21.78B | 22.04B | 20.06B |
| Cash, Cash Equivalents and Short-Term Investments | 3.38B | 3.84B | 3.65B | 5.11B | 6.31B | 1.85B |
| Total Debt | 15.26B | 16.14B | 13.75B | 14.03B | 15.98B | 14.79B |
| Total Liabilities | 19.01B | 19.99B | 17.51B | 17.67B | 18.38B | 17.81B |
| Stockholders Equity | 581.00M | 1.59B | 2.88B | 4.12B | 3.88B | 2.00B |
Cash Flow | ||||||
| Free Cash Flow | 2.79B | 1.78B | 1.62B | 1.97B | -1.57B | -824.00M |
| Operating Cash Flow | 3.74B | 3.02B | 3.20B | 3.23B | -795.00M | 15.00M |
| Investing Cash Flow | 283.00M | -1.22B | -1.58B | -1.25B | 4.16B | -895.00M |
| Financing Cash Flow | -3.76B | -1.64B | -3.06B | -3.19B | 1.12B | 684.00M |
Las Vegas Sands Risk Analysis
Las Vegas Sands disclosed 35 risk factors in its most recent earnings report. Las Vegas Sands reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Las Vegas Sands Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $6.18B | 3.74 | 70.49% | 0.87% | 1.75% | 249.96% | |
63 Neutral | $31.67B | 18.95 | 141.97% | 2.39% | 18.11% | 29.86% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | $10.31B | 27.28 | -176.78% | 1.03% | 4.72% | -8.26% | |
58 Neutral | $11.21B | 26.69 | 16.96% | ― | 3.19% | -8.14% | |
55 Neutral | $6.06B | -13.05 | -12.62% | ― | 2.41% | -146.70% | |
54 Neutral | $2.22B | 9.86 | -17.64% | ― | 11.55% | 313.70% |
* Consumer Cyclical Sector Average
LVS
Las Vegas Sands
46.11
-5.78
-11.13%
BYD
Boyd Gaming
84.12
2.73
3.35%
MLCO
Melco Resorts & Entertainment
5.52
-3.20
-36.70%
MGM
MGM Resorts
44.70
9.99
28.78%
WYNN
Wynn Resorts
101.50
-4.75
-4.47%
CZR
Caesars Entertainment
30.05
5.91
24.48%
Las Vegas Sands Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Las Vegas Sands Shareholders Back Board, Pay and Auditor
Positive
May 18, 2026
At its Annual Meeting of Stockholders held on May 14, 2026, Las Vegas Sands shareholders re-elected directors Mark Besca, Irwin Chafetz, Micheline Chau, Patrick Dumont, Charles D. Forman, Lewis Kramer, Alain Li and Micky Pant to serve on the Board...
Business Operations and StrategyPrivate Placements and Financing
Las Vegas Sands Completes $1 Billion Senior Notes Offering
Positive
May 13, 2026
On May 13, 2026, Las Vegas Sands completed a $1 billion underwritten public debt offering, issuing $500 million of 5.300% senior notes due 2031 and $500 million of 5.650% senior notes due 2033 as unsecured, senior obligations ranking pari passu wi...
Private Placements and Financing
Las Vegas Sands Announces $1 Billion Senior Notes Offering
Positive
May 5, 2026
On May 4, 2026, Las Vegas Sands Corp. entered into an underwriting agreement with a group of major investment banks to issue and sell $500 million of 5.300% Senior Notes due 2031 and $500 million of 5.650% Senior Notes due 2033, both priced slight...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.