Las Vegas Sands

Consumer Discretionary Casinos & Gaming Las Vegas, Nevada Last filing Feb 6, 2026 · FY2025

                    Revenue
                    FY2025
                
$13.0B
                    3y CAGR +46.9%
                    
                    P100
                    
                    +15.2%
                    
                    Net income
                    FY2025
                
$1.6B
                    Net margin +12.5%
                    
                    P76
                    
                    +12.5%
                    
                    Total assets
                    FY2025
                
$21.9B
                    ROA +7.4%
                    
                    P43
                    
                    +6.1%
                    
                    Operating cash flow
                    FY2025
                
$3.0B
                    FCF margin +14.3%
                    
                    P77
                    
                    -5.6%

18 yrs · FY2008–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Running CAGR since the earliest displayed year.

Balance Sheet

Assets, liabilities, and equity

28 accounts · 10 years

Total assets $21.9B

Total liabilities $20.0B

Shareholders equity $1.6B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	+6.7%	+6.9%	+13.2%	+19.8%	-2.6%	-0.5%	+25.7%	+47.7%	+13.7%	—
Accounts Receivable	-0.5%	-7.5%	-6.5%	-16.3%	-23.6%	-24.5%	+2.8%	-3.3%	-20.7%	—
Inventory	+0.0%	-1.4%	-2.7%	-7.9%	-13.7%	-16.8%	-7.0%	-12.8%	-19.6%	—
Prepaid Expenses	+4.4%	+3.5%	+1.2%	+0.0%	-3.9%	-4.9%	+9.7%	+2.2%	-16.7%	—
Total Current Assets	+5.1%	+4.2%	+9.3%	+13.8%	+12.2%	+16.5%	+19.6%	+34.0%	+3.2%	—
Property,Plant and Equipment	-1.8%	-2.5%	-3.1%	-3.8%	-3.9%	-4.0%	+0.0%	-2.2%	-2.1%	—
Intangible Assets	+21.0%	+23.2%	+28.6%	-7.6%	-28.7%	-29.8%	-25.8%	-16.4%	-13.6%	—
Deferred Tax Assets	—	—	—	—	—	—	—	—	—	—
Other Noncurrent Assets	+31.1%	+35.0%	+39.5%	+46.3%	+7.0%	+9.3%	+43.1%	+10.4%	+0.0%	—
Total Assets	+0.8%	+0.1%	+0.9%	+1.2%	-0.4%	+0.4%	+4.3%	+5.0%	+1.1%	—
Liabilities
Accounts Payable	-4.1%	-2.2%	-6.8%	-9.7%	-9.9%	-4.5%	-1.9%	-15.3%	-36.9%	—
Accrued Liabilities	-17.3%	-24.3%	-25.9%	-36.8%	-56.8%	-55.0%	+7.9%	+12.2%	+9.9%	—
Current Portion of Long Term Debt	+23.6%	+44.4%	+41.5%	+51.6%	-15.0%	-18.1%	-25.2%	-18.5%	+77.2%	—
Other Current Liabilities	—	—	—	—	—	—	—	—	—	—
Total Current Liabilities	+4.6%	+9.5%	+6.7%	+5.6%	-1.8%	+0.1%	+4.7%	+6.1%	+5.3%	—
Long Term Debt	+5.0%	+1.5%	+3.7%	+6.7%	+9.3%	+10.2%	+9.6%	+12.2%	-0.9%	—
Deferred Tax Liabilities	-1.5%	-0.8%	-1.0%	-4.5%	-2.9%	-1.5%	-2.9%	-2.3%	+3.0%	—
Other Noncurrent Liabilities	+6.3%	+7.0%	+8.2%	-5.6%	-8.2%	-11.1%	+17.0%	+3.7%	+2.8%	—
Total Liabilities	+4.9%	+3.8%	+4.5%	+6.0%	+6.5%	+7.4%	+8.8%	+10.4%	+0.7%	—
Equity
Preferred Stock	—	—	—	—	—	—	—	—	—	—
Common Stock	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	—
Additional Paid In Capital	-0.6%	-0.5%	-0.1%	+0.4%	+0.4%	+0.4%	+0.3%	+1.3%	+1.0%	—
Retained Earnings	+7.9%	+5.7%	+2.3%	-4.5%	—	-22.2%	+11.8%	+11.7%	+21.9%	—
Treasury Stock	+15.6%	+13.6%	+10.7%	+10.6%	+12.9%	+16.4%	+22.4%	+23.5%	+15.3%	—
Accumulated Other Comprehensive Income	—	—	—	—	—	—	—	—	—	—
Total Stockholders Equity	-14.0%	-9.1%	-5.6%	-7.5%	-20.2%	-16.7%	-5.7%	-4.1%	+5.0%	—
Noncontrolling Interest	-13.9%	-17.8%	—	—	-28.2%	-19.1%	+0.0%	-10.3%	-13.5%	—
Total Liabilitiesand Equity	+0.8%	+0.1%	+0.9%	+1.2%	-0.4%	+0.4%	+4.3%	+5.0%	+1.1%	—

Income Statement

Revenue, expense, and profitability

16 accounts · 10 years

Revenue $13.0B

Operating income $2.8B

Net income $1.6B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	+1.5%	-0.1%	-1.4%	-15.6%	-18.0%	-28.8%	+2.1%	+9.7%	+11.6%	—
Expenses Research and Development	+45.9%	+49.8%	+56.3%	+58.6%	+64.7%	+18.9%	+38.7%	+15.5%	+44.4%	—
Expenses Selling,General and Administrative	-0.9%	-1.4%	-2.1%	-5.1%	-8.3%	-11.2%	-4.5%	+7.5%	+10.4%	—
Expenses Depreciation and Amortization	+3.1%	+2.1%	+1.2%	-1.2%	-1.3%	-2.7%	-2.8%	+0.0%	+5.4%	—
Expenses Other Operating Expenses	-21.4%	-28.7%	-34.6%	-39.3%	-45.4%	-50.2%	-57.5%	-75.3%	-94.9%	—
Other Income Expense Operating Income	+1.4%	-0.5%	-1.1%	—	—	—	+10.5%	+22.7%	+38.9%	—
Other Income Expense Interest Expense	+11.8%	+13.0%	+16.9%	+17.0%	+17.8%	+17.5%	+17.9%	+27.6%	+19.3%	—
Other Income Expense Other Income/expense	+16.4%	+29.5%	+34.0%	—	—	+2.7%	+166.8%	—	—	—
Other Income Expense Income Before Tax	-0.2%	-1.7%	-3.4%	—	—	—	+16.9%	+21.4%	+35.4%	—
Income Tax Income Tax Expense	+4.2%	-1.7%	+5.3%	-7.1%	—	-43.7%	+21.8%	+25.3%	—	—
net Income Other Items Below Tax	—	—	—	—	—	—	—	—	—	—
net Income net Income	-0.3%	-1.8%	-4.4%	+1.6%	—	—	+17.3%	+20.2%	+68.1%	—
net Income Comprehensive Income	+0.9%	-2.1%	-3.6%	+2.2%	—	—	+19.1%	+20.8%	+81.9%	—
Earnings Per Share Basic Eps	+1.3%	-0.8%	-3.8%	+2.3%	—	—	+18.6%	+20.9%	+69.0%	—
Earnings Per Share Diluted Eps	+1.3%	-0.9%	-3.8%	+2.3%	—	—	+18.6%	+20.9%	+69.0%	—
Earnings Per Share Weighted Average Shares Diluted	-1.5%	-0.9%	-0.5%	-0.7%	-0.8%	-1.0%	-1.0%	-0.6%	-0.4%	—

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 10 years

Operating cash flow $3.0B

Investing cash flow $-1.2B

Financing cash flow $-1.6B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	-0.9%	-1.8%	-4.8%	—	—	—	+16.1%	+20.7%	+61.1%	—
Operating Activities Depreciation and Amortization	+39.9%	+43.8%	+49.9%	+56.5%	+71.3%	+93.6%	+141.7%	+288.3%	+1497.4%	—
Operating Activities Stock Based Compensation	+5.3%	+6.2%	+3.8%	+2.3%	-8.3%	-10.3%	+1.0%	-6.1%	+0.0%	—
Operating Activities Deferred Income Taxes	—	-20.1%	+9.0%	—	—	+0.0%	+82.5%	+117.0%	—	—
Operating Activities Changes In Operating Assets and Liabilities	—	-14.3%	-6.1%	-21.5%	—	—	—	-31.4%	-39.3%	—
Operating Activities Other Non Cash Items	+4.6%	—	—	—	-4.1%	-18.1%	—	-30.4%	-27.0%	—
Operating Activities net Cash From Operating Activities	-3.2%	-2.9%	-3.2%	—	—	—	-11.5%	+7.8%	+12.3%	—
Investing Activities Capital Expenditures	—	—	—	—	—	—	—	—	—	—
Investing Activities Business Acquisitions	—	—	—	—	—	—	—	—	—	—
Investing Activities Other Investing Activities	+20.1%	-18.2%	-7.0%	+50.9%	+7.0%	-33.1%	+515.5%	+94.9%	+200.0%	—
Investing Activities net Cash From Investing Activities	—	—	—	—	—	—	—	—	—	—
Financing Activities Proceeds From Debt	+12.8%	-3.4%	—	-10.2%	+3.3%	-4.1%	+20.3%	+81.9%	-71.5%	—
Financing Activities Repayment of Debt	—	—	—	—	—	—	—	—	—	—
Financing Activities Repurchase of Common Stock	—	—	—	—	—	—	—	—	—	—
Financing Activities Dividends Paid	—	—	—	—	—	—	—	—	—	—
Financing Activities Proceeds From Stock Issuance	+35.6%	-29.8%	-18.7%	—	+2.2%	+9.0%	+47.0%	+115.6%	+135.3%	—
Financing Activities Tax Withholding On Stock Based Compensation	—	—	—	—	—	—	—	—	—	—
Financing Activities Other Financing Activities	—	—	—	—	—	—	—	—	—	—
Financing Activities net Cash From Financing Activities	—	—	—	—	—	—	—	—	—	—
Cash Reconciliation Effect of Exchange Rate On Cash	—	—	—	—	—	—	—	—	—	—
Cash Reconciliation net Change In Cash	—	—	—	—	—	—	—	—	—	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	+21.6%	+21.3%	+22.3%	-19.3%	-16.3%	-47.4%	+27.7%	+27.3%	+27.2%	+21.8%
Net margin	+12.5%	+12.8%	+11.8%	+44.6%	-22.7%	-57.3%	+22.2%	+17.6%	+22.1%	+14.6%
FCF margin	+14.3%	+14.5%	+21.3%	-38.8%	-25.3%	-82.2%	+14.7%	+27.3%	+29.1%	+23.2%
Growth
Revenue CAGR (3y)	+46.9%	+38.7%	+52.2%	-30.3%	-32.4%	-38.6%	+2.1%	+5.5%	-4.4%	-6.1%
Returns
ROE	+102.3%	+50.1%	+29.7%	+47.2%	-48.1%	-56.7%	+52.0%	+42.5%	+43.3%	+27.0%
ROA	+7.4%	+7.0%	+5.6%	+8.3%	-4.8%	-8.1%	+11.6%	+10.7%	+13.6%	+8.2%
ROIC	+17.6%	+16.5%	+14.3%	-5.8%	-4.6%	-9.4%	+22.0%	+25.6%	+25.3%	+16.3%
Liquidity
Current ratio	1.14x	0.74x	1.31x	1.73x	2.15x	2.03x	1.65x	1.76x	1.08x	1.10x
Quick ratio	1.09x	0.70x	1.26x	1.69x	0.81x	0.83x	1.58x	1.71x	1.03x	1.04x
Leverage
D/E	12.57x	6.07x	4.29x	4.74x	8.92x	5.81x	3.22x	2.78x	2.01x	2.10x
Interest coverage	3.78x	3.30x	2.83x	-1.13x	-1.11x	-2.66x	7.49x	8.41x	10.59x	9.10x
Efficiency
Asset turnover	0.59x	0.55x	0.48x	0.19x	0.21x	0.14x	0.52x	0.61x	0.62x	0.56x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

Valuation

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Las Vegas Sands

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