Las Vegas Sands (LVS) AI Stock Analysis

• Market Cap: $38.11B
• Dividend Yield: 1.51%
• Average Volume (3M): 5.86M
• Price to Earnings (P/E): 24.2
• Beta (1Y): 0.83
• 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: 3,931,782
• 30 Day Avg. Volume: 5,861,213
• 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: 1.33
• Enterprise Value/Revenue: 3.89
• Enterprise Value/Gross Profit: 13.81
• Enterprise Value/Ebitda: 11.26
• 1Y Price Target: $69.00
• Price Target Upside: 21.65% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 14
• EPS Forecast (FY): 3.28
• Revenue Forecast (FY): $13.74B

• Rating: 56 Neutral
• Price Target: $59.00 ▲(4.02% Upside)
• Action: Reiterated Date: 02/14/26
• Date: Action: Reiterated 02/14/26

The score is held back primarily by balance-sheet risk (very high and rising leverage with a reduced equity cushion), despite strong post-downturn operating performance and meaningful free cash flow. Technical signals are currently mixed-to-weak, and valuation is only moderate for a cyclical business. The earnings call was supportive on MBS strength and EBITDA guidance, but ongoing Macao margin pressure and volatility remain key risks.

Positive Factors

Operating recovery & revenue growth

The company has delivered a durable rebound in revenue to about $13B and sustained positive free cash flow, showing the integrated-resort model can convert higher volumes into profits. This operating recovery supports continued reinvestment, service of obligations, and long-term competitiveness across cycles.

High-margin flagship asset (MBS)

MBS’s exceptional margins and record EBITDA demonstrate durable pricing power and scale in a top-tier market. A high-margin flagship provides stable cash generation, funds capital allocation, and cushions weaker markets like Macao, strengthening the company’s long-term earnings base and strategic optionality.

Management continuity and experienced succession

An internal, long-tenured successor with deep regional experience preserves strategic continuity and reduces execution risk. Dumont’s track record leading large projects and operating Asian assets supports consistent strategy execution and long-term operational stability across properties and markets.

Negative Factors

Very high and rising leverage

Extremely elevated leverage materially reduces financial flexibility and raises refinancing and interest-rate risk. With equity base diminished, the balance sheet constraint limits capital allocation, makes downturns more dangerous, and lengthens the timeline to safely fund growth or aggressive buybacks.

Macao margin pressure and mix shift

Structural mix toward premium and rolling segments yields lower margins and requires higher reinvestment and promotions. Persistent margin compression in Macau reduces portfolio profitability and increases earnings volatility, challenging sustainable margin recovery even if volumes continue to grow.

Weaker cash conversion vs. earnings

Lower cash conversion and OCF coverage of EBITDA constrain the company’s ability to rapidly deleverage or fund capex without external financing. Over time, this limits flexibility for strategic investments and raises sensitivity to operational or cyclical shocks that could impair cash flow generation.

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 healthy profitability and sustained positive free cash flow), but the balance sheet is a major risk: debt is high and rising (~$16.1B) while equity fell sharply, driving very elevated leverage (~10.1x debt-to-equity). Cash flow is positive (~$1.65B FCF) but conversion vs. earnings/EBITDA is less robust, which matters given the leverage.

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: Neutral
• Last Price: 56.72
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• 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 Neutral. The current price of 56.72 is above the 20-day moving average (MA) of 56.63, below the 50-day MA of 60.01, and above the 200-day MA of 54.29, indicating a neutral trend. The MACD of -0.92 indicates Negative momentum. The RSI at 46.07 is Neutral, neither overbought nor oversold. The STOCH value of 40.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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	$6.28B	3.69	87.98%	0.84%	5.91%	336.91%
MGM	62 Neutral	$9.43B	48.80	7.74%	―	0.05%	-94.07%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
LVS	56 Neutral	$38.11B	24.16	72.73%	1.51%	8.37%	10.20%
WYNN	53 Neutral	$11.25B	34.46	―	0.80%	-0.26%	-44.45%
CZR	50 Neutral	$5.10B	-10.30	-13.11%	―	0.87%	31.28%
MLCO	44 Neutral	$2.32B	12.78	―	―	11.32%	―

Las Vegas Sands Corporate Events

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.