Las Vegas Sands (LVS)
NYSE:LVS
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Las Vegas Sands
(NYSE:LVS)
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Rating:57Neutral
Price Target:
$58.00
▲(5.65% Upside)
Action:ReiteratedDate: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.
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.
Read all positive and negative factors
Positive Factors
Negative 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.
Read all positive factors
Las Vegas Sands (LVS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$36.28B
Dividend Yield1.51%
Average Volume (3M)4.12M
Price to Earnings (P/E)27.6
Beta (1Y)0.85
Revenue Growth8.37%
EPS Growth10.20%
CountryUS
Employees39,900
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)0.85
Shares Outstanding671,910,700
10 Day Avg. Volume3,883,150
30 Day Avg. Volume4,120,832
Financial Highlights & Ratios
PEG Ratio1.43
Price to Book (P/B)28.29
Price to Sales (P/S)3.46
P/FCF Ratio27.19
Enterprise Value/Market Cap1.35
Enterprise Value/Revenue3.76
Enterprise Value/Gross Profit13.34
Enterprise Value/Ebitda10.87
Forecast
1Y Price Target
$69.08Price Target Upside25.83% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering13
EPS Forecast (FY)3.31
Revenue Forecast (FY)$13.78B
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
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, reta...
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:Jan 28, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 29, 2026
Earnings Call Sentiment Positive
The call highlights exceptionally strong results at Marina Bay Sands (record quarterly EBITDA and high margins), accelerating rolling volumes and active capital returns, which are tempered by disappointing Macao EBITDA, margin compression from mix shifts toward lower-margin premium/rolling business, elevated promotional intensity and some volatility from hold and tax impacts. Management is optimistic about trajectory and conversion to improved results in 2026 but acknowledges near-term margin pressure in Macao.Positive Updates
Record Marina Bay Sands Quarter
Marina Bay Sands (MBS) generated a record quarterly EBITDA of $806 million (margin 50.3%), described as the greatest quarter in casino-hotel history; company-level EBITDA for the year was cited at approximately $2.9 billion.
Negative Updates
Macao EBITDA Disappointment and Margin Pressure
Macao EBITDA was $608 million for the quarter and management described it as disappointing; adjusted Macao EBITDA margin was ~28.9% (down ~390 basis points versus Q4 2024), driven by mix shifts and reinvestment.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Marina Bay Sands Quarter
Marina Bay Sands (MBS) generated a record quarterly EBITDA of $806 million (margin 50.3%), described as the greatest quarter in casino-hotel history; company-level EBITDA for the year was cited at approximately $2.9 billion.
Read all positive updates
Company Guidance
Management guided to $2.9 billion of EBITDA for the year and reiterated that Marina Bay Sands will remain the growth engine after a record Q4: MBS EBITDA $806 million (50.3% margin) with mass gaming and related win >$951 million (+118% vs Q4 2019, +27% YoY) and a Q4 tax headwind of about $44 million from hitting the higher mass-tax rate; they said MBS’s hold adjustment would have reduced EBITDA by roughly $45 million. Macao saw Q4 EBITDA of $608 million (would have been ~ $26 million lower on expected rolling hold) with an adjusted portfolio margin of 28.9% (down 390 bps YoY), Venetian margin 32.3% and Londoner margin 28.8%; management characterized Macao as generally a low‑30s% margin business and said they are targeting up to about $700 million per quarter as reinvestment and promotional strategies take hold (rolling volumes were ~+60% YoY). On capital allocation they repurchased $500 million of LVS stock in the quarter, bought $66 million of SCL stock raising ownership to 74.8% (as of 12/31/25), and paid a recurring dividend of $0.25 per share, while continuing to invest in MBS CapEx and IR2.Las Vegas Sands Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
38
Negative
Cash Flow
66
Positive
| 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
Neutral
54.90
Price Trends
56.52
Negative
60.62
Negative
55.45
Negative
Market Momentum
-0.86
Negative
48.36
Neutral
52.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LVS, the sentiment is Neutral. The current price of 54.9 is above the 20-day moving average (MA) of 54.63, below the 50-day MA of 56.52, and below the 200-day MA of 55.45, indicating a neutral trend. The MACD of -0.86 indicates Negative momentum. The RSI at 48.36 is Neutral, neither overbought nor oversold. The STOCH value of 52.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $6.19B | 3.78 | 91.87% | 0.84% | 5.91% | 336.91% | |
62 Neutral | $9.45B | 46.86 | 7.55% | ― | 0.05% | -94.07% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
57 Neutral | $36.28B | 27.64 | 82.89% | 1.51% | 8.37% | 10.20% | |
57 Neutral | $5.38B | -9.69 | -13.18% | ― | 0.87% | 31.28% | |
54 Neutral | $10.72B | 38.12 | -90.44% | 0.80% | -0.26% | -44.45% | |
44 Neutral | $2.16B | 12.19 | -13.94% | ― | 11.32% | ― |
* Consumer Cyclical Sector Average
LVS
Las Vegas Sands
54.90
15.41
39.03%
BYD
Boyd Gaming
84.47
16.73
24.70%
MLCO
Melco Resorts & Entertainment
5.52
0.14
2.60%
MGM
MGM Resorts
37.11
4.99
15.54%
WYNN
Wynn Resorts
102.77
17.72
20.83%
CZR
Caesars Entertainment
26.31
-1.29
-4.67%
Las Vegas Sands Corporate Events
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.