Las Vegas Sands Corp
LVS—
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Las Vegas Sands Corp AI Insights
Informational only. Not investment advice.Snapshot
- Debt/equity of 10x with 15.8B total debt vs 1.6B equity - highly leveraged capital structure limits flexibility[Debt to Equity]
- EPS growth 76% TTM vastly exceeds revenue growth 24% - operating leverage driving margin expansion[EPS Growth 1yr]
- Operating margin 23% TTM is 3x industry median (7.3%) - premium positioning in Asia gaming[Operating Margin TTM]
Watch Triggers
- Interest Expense TTM: Rises above 800M or interest coverage falls below 3x — Currently 3.8x coverage - deterioration signals debt service stress
- Operating Margin TTM: Falls below 20% — Margin compression would signal demand weakness or cost inflation
- Free Cash Flow TTM: Falls below 1B or turns negative — 1.2B FCF barely covers 650M dividends - decline threatens payout
Bull Case
Premium margins (23% operating, 50% gross) on asset-heavy model generate 4.4B EBITDA TTM with further upside as Asia tourism normalizes
Operating Margin TTMEBITDA TTMGross Margin TTM
ROE of 62% TTM demonstrates efficient equity deployment despite leverage - 7x industry median ROE
ROE TTMNet Income TTM
Bear Case
Debt/equity 10x with 12.4B net debt - interest expense 735M TTM consumes 26% of operating income, limiting dividend growth
Debt to EquityNet DebtInterest Expense TTM
Negative working capital (-519M) and thin equity cushion (1.6B) creates refinancing risk if Asia gaming softens
Working CapitalTotal EquityCurrent Debt
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
45%
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Forward Thesis
Macau/Singapore recovery to drive continued margin expansion as fixed costs absorbed
1-3ymed
- Operating leverage on 14.8B PPE base
- Revenue 24% 1yr growth with 76% EPS growth
- Gross margin 50% vs 28% industry median
Operating margin 23% TTM, 3x peersEBITDA 4.4B TTM on 12.3B revenue5yr revenue CAGR 49% post-COVID
Valuation Context
Caveats
Public Strategies Rankings
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LVS Fundamentals
Accommodation and Food Services → Accommodation
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$36.84B | — | ||
$48.79B | — | ||
23 | — | ||
$13.02B | +15.2% | — | |
$2.35 | +31.8% | — | |
23.7% | +1.9% | — | |
12.5% | -0.3% | — | |
$1.78B | +9.6% | — | |
72.7% | +31.4% | — | |
Beta 5Y (Monthly) | unknown | — |
LVS Dividend History
45 dividends
2026
$0.300002/09/26$0.3000
2025
$1.000011/04/25$0.2500
08/05/25$0.2500
05/06/25$0.2500
02/10/25$0.2500
2024
$0.800011/05/24$0.2000
08/06/24$0.2000
05/06/24$0.2000
02/05/24$0.2000
2023
$0.400011/06/23$0.2000
08/07/23$0.2000
2020
$0.790003/17/20$0.7900
2019
$3.080012/16/19$0.7700
09/17/19$0.7700
06/18/19$0.7700
03/19/19$0.7700
2018
$3.000012/17/18$0.7500
09/18/18$0.7500
06/19/18$0.7500
03/21/18$0.7500
2017
$2.920012/20/17$0.7300
09/20/17$0.7300
06/20/17$0.7300
03/21/17$0.7300
2016
$2.880012/19/16$0.7200
09/20/16$0.7200
06/20/16$0.7200
03/18/16$0.7200
2015
$2.600012/18/15$0.6500
09/18/15$0.6500
06/18/15$0.6500
03/19/15$0.6500
2014
$2.000012/16/14$0.5000
09/18/14$0.5000
06/18/14$0.5000
03/19/14$0.5000
2013
$1.400012/18/13$0.3500
09/18/13$0.3500
06/18/13$0.3500
03/19/13$0.3500
2012
$3.750012/18/12$0.2500
12/06/12$2.7500
09/18/12$0.2500
06/18/12$0.2500
03/16/12$0.2500
LVS Stock Splits
No stock splits
LVS SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/06/26 | 12/31/25 | 10-K | |
10/24/25 | 09/30/25 | 10-Q | |
07/25/25 | 06/30/25 | 10-Q | |
04/25/25 | 03/31/25 | 10-Q | |
02/07/25 | 12/31/24 | 10-K | |
10/25/24 | 09/30/24 | 10-Q | |
07/26/24 | 06/30/24 | 10-Q | |
04/19/24 | 03/31/24 | 10-Q | |
02/07/24 | 12/31/23 | 10-K | |
10/20/23 | 09/30/23 | 10-Q | |
07/21/23 | 06/30/23 | 10-Q | |
04/21/23 | 03/31/23 | 10-Q | |
02/03/23 | 12/31/22 | 10-K | |
10/21/22 | 09/30/22 | 10-Q | |
07/22/22 | 06/30/22 | 10-Q | |
04/29/22 | 03/31/22 | 10-Q | |
02/04/22 | 12/31/21 | 10-K | |
10/22/21 | 09/30/21 | 10-Q | |
07/23/21 | 06/30/21 | 10-Q | |
04/23/21 | 03/31/21 | 10-Q | |
02/05/21 | 12/31/20 | 10-K | |
10/23/20 | 09/30/20 | 10-Q | |
07/24/20 | 06/30/20 | 10-Q | |
04/24/20 | 03/31/20 | 10-Q | |
02/07/20 | 12/31/19 | 10-K | |
10/25/19 | 09/30/19 | 10-Q | |
07/24/19 | 06/30/19 | 10-Q | |
04/19/19 | 03/31/19 | 10-Q | |
02/22/19 | 12/31/18 | 10-K | |
10/26/18 | 09/30/18 | 10-Q | |
07/25/18 | 06/30/18 | 10-Q | |
04/27/18 | 03/31/18 | 10-Q | |
02/23/18 | 12/31/17 | 10-K | |
11/03/17 | 09/30/17 | 10-Q | |
08/04/17 | 06/30/17 | 10-Q | |
05/05/17 | 03/31/17 | 10-Q | |
02/24/17 | 12/31/16 | 10-K | |
11/04/16 | 09/30/16 | 10-Q | |
08/05/16 | 06/30/16 | 10-Q | |
05/06/16 | 03/31/16 | 10-Q | |
02/26/16 | 12/31/15 | 10-K | |
11/05/15 | 09/30/15 | 10-Q | |
08/07/15 | 06/30/15 | 10-Q | |
05/07/15 | 03/31/15 | 10-Q | |
02/27/15 | 12/31/14 | 10-K | |
11/05/14 | 09/30/14 | 10-Q | |
08/07/14 | 06/30/14 | 10-Q | |
05/07/14 | 03/31/14 | 10-Q | |
02/28/14 | 12/31/13 | 10-K | |
11/07/13 | 09/30/13 | 10-Q | |
08/09/13 | 06/30/13 | 10-Q | |
05/10/13 | 03/31/13 | 10-Q | |
03/01/13 | 12/31/12 | 10-K | |
11/09/12 | 09/30/12 | 10-Q | |
08/09/12 | 06/30/12 | 10-Q | |
05/10/12 | 03/31/12 | 10-Q | |
02/29/12 | 12/31/11 | 10-K | |
11/09/11 | 09/30/11 | 10-Q | |
08/09/11 | 06/30/11 | 10-Q | |
05/10/11 | 03/31/11 | 10-Q | |
03/01/11 | 12/31/10 | 10-K | |
11/09/10 | 09/30/10 | 10-Q | |
08/09/10 | 06/30/10 | 10-Q | |
05/10/10 | 03/31/10 | 10-Q | |
03/01/10 | 12/31/09 | 10-K | |
11/09/09 | 09/30/09 | 10-Q | |
08/07/09 | 06/30/09 | 10-Q | |
05/11/09 | 03/30/09 | 10-Q | |
03/02/09 | 12/31/08 | 5 | |
11/10/08 | 09/30/08 | 8-K | |
08/11/08 | 06/30/08 | 10-Q | |
05/09/08 | 03/30/08 | Unknown | -- |
02/29/08 | 12/31/07 | 10-K | |
11/09/07 | 09/30/07 | 10-Q | |
08/09/07 | 06/30/07 | 10-Q | |
05/10/07 | 03/31/07 | 4 | |
02/28/07 | 12/31/06 | 5 | |
11/09/06 | 09/30/06 | 10-Q | |
08/09/06 | 06/30/06 | 10-Q | |
05/10/06 | 03/30/06 | Unknown | -- |
03/02/06 | 12/31/05 | 5 | |
11/15/05 | 09/30/05 | 10-Q | |
08/11/05 | 06/30/05 | 10-Q | |
05/16/05 | 03/30/05 | Unknown | -- |
04/01/05 | 12/31/04 | 8-K | |
11/14/05 | 09/30/04 | 10-Q | |
08/11/05 | 06/30/04 | 10-Q | |
05/16/05 | 03/30/04 | 10-Q |