Las Vegas Sands (LVS)
NYSE:LVS
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Las Vegas Sands
(NYSE:LVS)
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Rating:61Neutral
Price Target:
$55.00
▼(-4.58% Downside)
Action:ReiteratedDate:05/06/26
The score is driven primarily by improved operating results and cash generation, but is held back by balance-sheet leverage and a weakened equity base. Earnings-call updates were broadly positive (MBS/Macau momentum and capital returns), while technicals remain bearish and limit near-term confidence; valuation is reasonable with a supportive dividend.
Positive Factors
Cash generation
Recent operating cash flow and free cash flow have recovered materially versus the post‑pandemic trough, with free cash flow accelerating in the trailing twelve months. That durable cash generation supports ongoing reinvestment, dividends, and buybacks while providing buffer for cyclical volatility.
Negative Factors
High leverage
The company's balance sheet shows materially higher leverage and a shrunken equity base, amplifying financial risk. Heavy debt limits flexibility for opportunistic investments, increases refinancing exposure, and raises the stakes on sustained cash generation to meet obligations.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Recent operating cash flow and free cash flow have recovered materially versus the post‑pandemic trough, with free cash flow accelerating in the trailing twelve months. That durable cash generation supports ongoing reinvestment, dividends, and buybacks while providing buffer for cyclical volatility.
Read all positive factors
Las Vegas Sands (LVS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$34.36B
Dividend Yield1.51%
Average Volume (3M)3.34M
Price to Earnings (P/E)15.9
Beta (1Y)0.84
Revenue Growth22.67%
EPS Growth50.79%
CountryUS
Employees39,900
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)2.71
Shares Outstanding662,637,300
10 Day Avg. Volume3,040,330
30 Day Avg. Volume3,338,078
Financial Highlights & Ratios
PEG Ratio1.43
Price to Book (P/B)28.29
Price to Sales (P/S)3.46
P/FCF Ratio25.27
Enterprise Value/Market Cap1.37
Enterprise Value/Revenue3.42
Enterprise Value/Gross Profit12.82
Enterprise Value/Ebitda9.88
Forecast
1Y Price Target
$69.25Price Target Upside20.14% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)3.32
Revenue Forecast (FY)$14.18B
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...
How the Company Makes Money
LVS generates revenue by operating integrated resorts with multiple on-property businesses. A major portion of revenue comes from casino gaming where allowed: (1) mass-market table games and slot machines, and (2) premium/VIP gaming, where the com...
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 Earnings Call Summary
Earnings Call Date:Apr 24, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 22, 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
Entertainment and Venue Advantage
Entertainment programming contributed to performance: the Macau calendar had 11–12 shows in Q1. The company highlighted advantages from multiple venue sizes (Venetian Arena, Londoner Arena, performance theaters) to attract diverse acts and drive visitation.
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
Entertainment and Venue Advantage
Entertainment programming contributed to performance: the Macau calendar had 11–12 shows in Q1. The company highlighted advantages from multiple venue sizes (Venetian Arena, Londoner Arena, performance theaters) to attract diverse acts and drive visitation.
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
78
Positive
Balance Sheet
38
Negative
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 13.74B | 13.02B | 11.30B | 10.37B | 4.11B | 4.23B |
| Gross Profit | 3.67B | 3.67B | 4.15B | 3.90B | 614.00M | 567.00M |
| EBITDA | 4.76B | 4.50B | 4.11B | 3.92B | 351.00M | 188.00M |
| Net Income | 1.84B | 1.63B | 1.45B | 1.22B | -1.02B | -961.00M |
Balance Sheet | ||||||
| Total Assets | 21.18B | 21.92B | 20.67B | 21.78B | 22.04B | 20.06B |
| Cash, Cash Equivalents and Short-Term Investments | 3.33B | 3.84B | 3.65B | 5.11B | 6.31B | 1.85B |
| Total Debt | 15.72B | 16.14B | 13.75B | 14.03B | 15.98B | 14.79B |
| Total Liabilities | 19.43B | 19.99B | 17.51B | 17.67B | 18.38B | 17.81B |
| Stockholders Equity | 1.20B | 1.59B | 2.88B | 4.12B | 3.88B | 2.00B |
Cash Flow | ||||||
| Free Cash Flow | 2.32B | 1.78B | 1.62B | 1.97B | -1.57B | -824.00M |
| Operating Cash Flow | 3.23B | 3.02B | 3.20B | 3.23B | -795.00M | 15.00M |
| Investing Cash Flow | -949.00M | -1.22B | -1.58B | -1.25B | 4.16B | -895.00M |
| Financing Cash Flow | -1.99B | -1.64B | -3.06B | -3.19B | 1.12B | 684.00M |
Las Vegas Sands Technical Analysis
Positive
57.64
Price Trends
55.20
Positive
59.14
Negative
56.51
Positive
Market Momentum
0.40
Negative
64.75
Neutral
91.11
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LVS, the sentiment is Positive. The current price of 57.64 is above the 20-day moving average (MA) of 54.31, above the 50-day MA of 55.20, and above the 200-day MA of 56.51, indicating a bullish trend. The MACD of 0.40 indicates Negative momentum. The RSI at 64.75 is Neutral, neither overbought nor oversold. The STOCH value of 91.11 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LVS.
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 | $6.16B | 14.94 | 91.63% | 0.84% | 3.45% | 272.47% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | $34.36B | 15.89 | 115.99% | 1.51% | 22.67% | 50.79% | |
60 Neutral | $5.58B | -13.75 | -13.13% | ― | 2.35% | -116.00% | |
57 Neutral | $2.12B | 7.19 | -17.64% | ― | 11.74% | 315.16% | |
56 Neutral | $9.78B | 18.95 | 6.96% | ― | 3.39% | -67.21% | |
54 Neutral | $10.76B | 30.96 | -90.44% | 0.80% | 0.14% | -30.95% |
* Consumer Cyclical Sector Average
LVS
Las Vegas Sands
51.86
13.59
35.52%
BYD
Boyd Gaming
82.89
14.44
21.10%
MLCO
Melco Resorts & Entertainment
5.46
-0.04
-0.73%
MGM
MGM Resorts
38.24
6.82
21.71%
WYNN
Wynn Resorts
103.44
20.68
24.98%
CZR
Caesars Entertainment
27.41
0.56
2.09%
Las Vegas Sands Corporate Events
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...
Business Operations and StrategyExecutive/Board Changes
Las Vegas Sands solidifies leadership with long-term contracts
Positive
Mar 5, 2026
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 ...
Business Operations and StrategyExecutive/Board Changes
Las Vegas Sands Announces Leadership Transition to Patrick Dumont
Positive
Feb 13, 2026
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 ...
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.