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Las Vegas Sands (LVS) stock

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NYSE: LVS NYSE Casinos & Gaming Next results ~January 27, 2027

B Fundamentals grade

Las Vegas Sands is a US-listed company in the casinos & gaming industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$99

Cash-flow model

Base case. Range ~$69–$140 across our lower- and higher-growth cases (8.8%–18.8% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 158% above it.

Price used: $38.20, November 2, 2026

Las Vegas Sands valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 7 selling0 purchases and 24 sales by directors and officers, last 12 monthsInsider trades
  • Funds314 adding, 412 cuttingOf 77 active managers that changed their stake, 32 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Las Vegas Sands files

10-Q filed October 23: Las Vegas Sands

Model value −27.0%

Revenue for the twelve months to September 2026 reached $13.6bn, a gain of 10.9% on a year earlier. That pace cooled from 18.1% a quarter earlier. Free cash flow margin tells a brighter story, climbing to 17.7% from 10.5% over the same period. A 6.1% reduction in the diluted share count against a year earlier lifts the value attached to each remaining share. On our scoring, the fundamentals grade slips from B to C+. The model value also moves lower, falling from $132 to $96.65 a share. That figure stands against a current share price of $35.68.

Source: 10-Q filed October 23, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Las Vegas Sands stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $13.7bn, up 18.1% on a year earlier, slower than 22.7% a quarter earlier. Free-cash-flow margin rose to 19.7% from 5.4% a year earlier. The diluted share count is down 6.1% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 0 of our 3 financial-health checks. Our cash-flow model value is $129 a share, against a share price of $38.03.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 27, 2027 (estimated)

Las Vegas Sands's trailing-twelve-month revenue grew 10.9% year on year, with a free-cash-flow margin of 17.7%. Where it stands out: stock pay as % of revenue of 0.5% ranks 2 of 20 casinos & gaming companies we cover. Where it lags: change in growth rate of -7.2pp ranks 17 of 21 casinos & gaming companies we cover.

Our discounted-cash-flow model values the business at ~$99 per share in the base case (~$69–$140 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 86.1% while net income grew 3.6%: a 82pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $38.20 is 158% below our value per share of $99.
  • Shrinking share count. Diluted shares fell 6.1% in a year, so each share owns more of the business.

Things to watch

  • Growth slowing. The growth rate is 7.2 points lower than a quarter earlier.
  • Insiders selling. 7 insiders sold $243M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 71.5% ranks 13 of 17 casinos & gaming companies we cover (median 44.3%).
  • Heavily shorted. 14.9% of the shares available to trade are sold short (3.2 days of average volume to cover).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 11.4% over 90 days.

Latest results: FY2026 Q3

Filed October 23, 2026
Earnings per share
$0.54 against an average estimate of $0.68: missed by 21.0%
Revenue
$3.22bn, down 3.5% on a year earlier
Guidance given
rooms out of service due to renovations 500 (through the fourth quarter of 2027)
Next report
October 21, 2026; average EPS estimate $0.74

Las Vegas Sands' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$13.6B
Operating margin
20.9%
Net margin
11.8%
EPS (TTM, diluted)
$2.44

Growth

Revenue growth
+10.9%
Change in growth rate
−7.2 pts
Share count change
−6.1%

Cash

Free cash flow (TTM)
$2.4B
FCF margin
17.7%
Stock pay % of revenue
0.5%

Earnings

Last results
October 21, 2026
Next results (est.)
January 27, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Financing
  3. Announcement
  4. Financing
  5. Our research
  6. Results
  7. Guidance
  8. Results
  9. Announcement
  10. Results
  11. Results
  12. Partnership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Las Vegas Sands valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 1.1% a year for five years.That is slower than the 26.3% a year revenue growth Las Vegas Sands has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in-1.1%
  • Last 12 months10.9%
  • 3 years a year16.6%
  • 5 years a year26.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($38.02, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$99
Price used
$38.02close November 3, 2026
Implied change
▲ +159%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Las Vegas Sands's free cash flow after stock-based pay with after-tax interest added back ($2.6B, FY2026 Q3 TTM), growing 5.7% and 10.3% in the next two years (forecasts, guidance and its record), then back to 13.8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$69–~$140 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Las Vegas Sands's free cash flow after stock-based pay ( $2.6B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Las Vegas Sands as an operating company, with every model that fits that kind of business. Cost of equity 9.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.92 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$99 ~$69–$140 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$52 ~$42–$61 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$83 ~$52–$99 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Las Vegas Sands with Casinos & Gaming in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −29%
  • Revenue growth 5 points higher ▲ +38%
  • Free-cash-flow margin 1 point lower ▼ −5%
  • Last year's free-cash-flow margin change, if it persists ▲ +62%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $40$62$91$129$178$242
8.5% $26$42$62$90$125$170
10% $17$30$46$66$93$127

Valuation multiples over time Market data may be delayed

At fiscal year end Now
Share price$38.20
Market value$25.3bn
+ Net debt (− = net cash)$12.6bn
Enterprise value$37.8bn
Multiples
Price / sales 1.9x
Price / earnings 15.7x
Price / free cash flow 10.5x
EV / EBITDA 8.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

66 /100

Moderate moat

How hard Las Vegas Sands's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 12 / 20

    Net income has been a median 7.8% of total assets over 10 years.

  • Durability 7 / 20

    Operating margin has been a median 21.5%; its worst year was -19.1%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 7 of 10 years, at a median 14.8% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 13.4% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.79 −7% $13.5bn +3%
Next $3.14 +13% $14.0bn +4%

Next year's EPS estimate has moved −11.4% in 90 days, across 15 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −9.9% on 90 days ago. In the last 30 days, 0 analysts raised Las Vegas Sands's forecast and 3 cut it.

Consensus EPS forecast Las Vegas Sands, last 90 days
$2.60 $2.80 $3.00 $3.20 $3.40 $3.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.09 Current fiscal year, 60 days ago: $3.09 Current fiscal year, 30 days ago: $3.09 Current fiscal year, 7 days ago: $3.01 Current fiscal year, Now: $2.79 $2.79 Next fiscal year, 90 days ago: $3.54 Next fiscal year, 60 days ago: $3.50 Next fiscal year, 30 days ago: $3.49 Next fiscal year, 7 days ago: $3.37 Next fiscal year, Now: $3.14 $3.14

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.09$3.54
60 days ago $3.09$3.50
30 days ago $3.09$3.49
7 days ago $3.01$3.37
Now $2.79$3.14

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.68 $0.54 −21.0%
Jun 2026 $0.76 $0.59 −22.0%
Mar 2026 $0.76 $0.91 +20.1%
Dec 2025 $0.77 $0.85 +10.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 21, 2026
  • rooms out of service due to renovations · The Venetian Macao through the fourth quarter of 2027 about 500
    “We anticipate approximately 500 rooms, on average, to be out of service through the fourth quarter of 2027 due to room renovations.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Las Vegas Sands's revenue by +5.7% next year and +10.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+1.9%, weight 68%) and the company's own record (+13.8%, weight 32%) . How the weights are set.

Analyst recommendations

21 analysts, Oct 2026
Buy1467%
Hold733%
Sell00%

Monthly trend

  1. Oct 2026311721
  2. Sep 2026311721
  3. Aug 2026311620
  4. Jul 2026211720

Counts of recommendations published by analysts covering Las Vegas Sands, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
14.9%
of tradable shares
Days to cover
3.2
at average volume
Short interest, 1 month
+4%
to October 15, 2026
Held by institutions
44%
of shares
Held by insiders
63.7%
of shares
Employees
41,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Options strategies

All options ideas

How Las Vegas Sands’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look rich

Option prices imply clearly more movement than the shares have shown. That strengthens the case for selling options.

  • Implied is 1.50× the last 60 days’ realised volatility , richer than 93% of the 229 stocks we screen today.
  • Why: implied is 1.50x 60-day realised, above 1-year realised, and in the top 20% of our coverage today.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Las Vegas Sands in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Las Vegas Sands
$10B $11B $12B $13B $14B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $10.4B Revenue (TTM), FY24 Q1: $11.2B Revenue (TTM), FY24 Q2: $11.4B Revenue (TTM), FY24 Q3: $11.3B Revenue (TTM), FY24 Q4: $11.3B Revenue (TTM), FY25 Q1: $11.2B Revenue (TTM), FY25 Q2: $11.6B Revenue (TTM), FY25 Q3: $12.3B Revenue (TTM), FY25 Q4: $13B Revenue (TTM), FY26 Q1: $13.7B Revenue (TTM), FY26 Q2: $13.7B Revenue (TTM), FY26 Q3: $13.6B $13.6B

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $10.4B
FY24 Q1 $11.2B
FY24 Q2 $11.4B
FY24 Q3 $11.3B
FY24 Q4 $11.3B
FY25 Q1 $11.2B
FY25 Q2 $11.6B
FY25 Q3 $12.3B
FY25 Q4 $13B
FY26 Q1 $13.7B
FY26 Q2 $13.7B
FY26 Q3 $13.6B
Revenue growth, TTM YoY Las Vegas Sands
-50% 0% 50% 100% 150% 200% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 152.4% Revenue growth, TTM YoY, FY24 Q1: 112.0% Revenue growth, TTM YoY, FY24 Q2: 68.5% Revenue growth, TTM YoY, FY24 Q3: 32.0% Revenue growth, TTM YoY, FY24 Q4: 8.9% Revenue growth, TTM YoY, FY25 Q1: -0.1% Revenue growth, TTM YoY, FY25 Q2: 1.6% Revenue growth, TTM YoY, FY25 Q3: 8.4% Revenue growth, TTM YoY, FY25 Q4: 15.2% Revenue growth, TTM YoY, FY26 Q1: 22.7% Revenue growth, TTM YoY, FY26 Q2: 18.1% Revenue growth, TTM YoY, FY26 Q3: 10.9% 10.9%

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 152.4%
FY24 Q1 112.0%
FY24 Q2 68.5%
FY24 Q3 32.0%
FY24 Q4 8.9%
FY25 Q1 -0.1%
FY25 Q2 1.6%
FY25 Q3 8.4%
FY25 Q4 15.2%
FY26 Q1 22.7%
FY26 Q2 18.1%
FY26 Q3 10.9%
Operating margin (TTM) Las Vegas Sands
20% 21% 22% 23% 24% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 22.3% Operating margin (TTM), FY24 Q1: 23.7% Operating margin (TTM), FY24 Q2: 23.7% Operating margin (TTM), FY24 Q3: 22.3% Operating margin (TTM), FY24 Q4: 21.3% Operating margin (TTM), FY25 Q1: 20.5% Operating margin (TTM), FY25 Q2: 21.4% Operating margin (TTM), FY25 Q3: 22.0% Operating margin (TTM), FY25 Q4: 21.6% Operating margin (TTM), FY26 Q1: 22.7% Operating margin (TTM), FY26 Q2: 21.5% Operating margin (TTM), FY26 Q3: 20.9% 20.9%

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 22.3%
FY24 Q1 23.7%
FY24 Q2 23.7%
FY24 Q3 22.3%
FY24 Q4 21.3%
FY25 Q1 20.5%
FY25 Q2 21.4%
FY25 Q3 22.0%
FY25 Q4 21.6%
FY26 Q1 22.7%
FY26 Q2 21.5%
FY26 Q3 20.9%
FCF margin (TTM) Las Vegas Sands
0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 21.3% FCF margin (TTM), FY24 Q1: 21.9% FCF margin (TTM), FY24 Q2: 19.6% FCF margin (TTM), FY24 Q3: 17.2% FCF margin (TTM), FY24 Q4: 14.5% FCF margin (TTM), FY25 Q1: 11.3% FCF margin (TTM), FY25 Q2: 5.4% FCF margin (TTM), FY25 Q3: 10.5% FCF margin (TTM), FY25 Q4: 14.3% FCF margin (TTM), FY26 Q1: 16.3% FCF margin (TTM), FY26 Q2: 19.7% FCF margin (TTM), FY26 Q3: 17.7% 17.7%

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 21.3%
FY24 Q1 21.9%
FY24 Q2 19.6%
FY24 Q3 17.2%
FY24 Q4 14.5%
FY25 Q1 11.3%
FY25 Q2 5.4%
FY25 Q3 10.5%
FY25 Q4 14.3%
FY26 Q1 16.3%
FY26 Q2 19.7%
FY26 Q3 17.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Las Vegas Sands took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $13B
  2. Research and development $269M · 2.1%
  3. Selling, general and admin $1.2B · 9.1%
  4. Other operating costs $8.7B · 67.2%
  5. Operating income $2.8B · 21.6%
  6. Income tax $347M · 2.7%
  7. Interest and other $844M · 6.5%
  8. Net income $1.6B · 12.5%

Shares of revenue. Source: Las Vegas Sands's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 4.6 6.9 9.4 11.1 13.8 14.6 11.7 11.3 12.7 13.7 12.1 2.9 4.2 4.1 10.4 11.3 13.0 13.6
EBITDA 0.6 1.9 3.2 3.2 4.4 5.1 3.8 3.6 4.6 4.9 4.4 −0.4 0.4 0.2 3.5 3.7 4.3 4.3
Operating income −0.0 1.2 2.4 2.3 3.4 4.1 2.8 2.5 3.5 3.8 3.4 −1.4 −0.7 −0.8 2.3 2.4 2.8 2.8
Net income −0.4 0.6 1.6 1.5 2.3 2.8 2.0 1.7 2.8 2.4 2.7 −1.7 −1.0 1.8 1.2 1.4 1.6 1.6
Diluted EPS −$0.82 $0.51 $1.56 $1.85 $2.79 $3.52 $2.47 $2.11 $3.55 $3.07 $3.50 −$2.21 −$1.26 $2.40 $1.60 $1.96 $2.35 $2.44
Growth (year on year)
Revenue +3.9% +50.2% +37.3% +18.3% +23.7% +5.9% −19.9% −3.6% +12.9% +7.9% −11.7% −75.8% +44.0% −2.9% +152.4% +8.9% +15.2% +10.9%
EBITDA −16.9% +236.5% +69.8% +0.6% +37.8% +16.2% −25.1% −5.9% +28.3% +4.9% −9.8% −109.0% — −30.7% +>999% +5.4% +15.4% +2.6%
Operating income −117.6% — +102.4% −3.3% +47.5% +20.3% −30.7% −11.9% +38.4% +8.3% −10.3% −141.4% — — — +3.8% +17.3% +5.4%
Net income — — +160.3% −2.3% +51.3% +23.2% −30.8% −14.6% +67.2% −14.1% +11.8% −162.5% — — −33.4% +18.4% +12.5% +3.6%
Diluted EPS — — +205.9% +18.6% +50.8% +26.2% −29.8% −14.6% +68.2% −13.5% +14.0% −163.1% — — −33.3% +22.5% +19.9% +10.4%
Margins
EBITDA margin 12.2% 27.4% 33.8% 28.8% 32.1% 35.2% 32.9% 32.1% 36.4% 35.4% 36.2% −13.5% 8.3% 5.9% 33.9% 32.8% 32.9% 31.3%
Operating margin −0.6% 17.2% 25.4% 20.8% 24.8% 28.1% 24.3% 22.2% 27.2% 27.3% 27.7% −47.4% −16.3% −19.3% 22.3% 21.3% 21.6% 20.9%
Net margin −7.8% 8.7% 16.6% 13.7% 16.7% 19.5% 16.8% 14.9% 22.1% 17.6% 22.2% −57.3% −22.7% 44.6% 11.8% 12.8% 12.5% 11.8%
Free-cash-flow margin −31.9% −2.2% 12.3% 14.5% 25.7% 25.1% 16.5% 23.5% 29.1% 27.3% 16.7% −86.4% −25.3% −38.8% 21.3% 14.5% 14.3% 17.7%
Cash flow
Cash from operations 0.6 1.9 2.7 3.1 4.4 4.8 3.5 4.0 4.5 4.7 3.0 −1.3 −0.2 −0.9 3.2 3.2 3.0 3.5
Capital spending 2.1 2.0 1.5 1.4 0.9 1.2 1.5 1.4 0.8 0.9 1.0 1.2 0.8 0.7 1.0 1.6 1.2 1.1
Free cash flow −1.5 −0.2 1.2 1.6 3.5 3.7 1.9 2.6 3.7 3.8 2.0 −2.5 −1.1 −1.6 2.2 1.6 1.9 2.4
Stock-based pay 0.0 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1
Free cash flow after stock pay −1.5 −0.2 1.1 1.5 3.5 3.6 1.9 2.6 3.7 3.7 2.0 −2.6 −1.1 −1.6 2.2 1.6 1.8 2.3
Balance sheet
Cash 5.0 3.0 3.9 2.5 3.6 3.5 2.2 2.1 2.4 4.6 4.2 2.1 1.9 6.3 5.1 3.7 3.8 2.9
Total debt 11.0 10.1 10.0 10.2 9.8 10.0 9.5 9.7 9.7 12.1 12.6 14.1 14.9 16.1 14.1 13.8 15.8 15.4
Net debt (negative = net cash) 6.1 7.1 6.1 7.7 6.2 6.5 7.3 7.6 7.3 7.4 8.4 12.0 13.1 9.7 9.0 10.1 11.9 12.6
Diluted shares 657m 792m 812m 825m 826m 808m 798m 795m 792m 786m 771m 764m 764m 764m 765m 737m 693m 661m
Returned to shareholders
Dividends — — — — — — 2.7 2.9 2.9 3.0 3.0 0.9 0.0 0.0 0.3 0.6 0.8 0.9
Buybacks — — 0.0 0.0 0.6 1.7 0.2 0.0 0.4 0.9 0.8 0.0 0.0 0.0 0.5 1.8 2.2 3.0
Total returned — — 0.0 0.0 0.6 1.7 2.9 2.9 3.3 3.9 3.8 0.9 0.0 0.0 0.8 2.3 3.1 3.9

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 5 checks passed · September 30, 2026
What it owns · $19.4bn
Short-term assets $3.8bnLonger-term assets $15.6bn
What it owes, and who funded it · $19.5bn
Short-term liabilities $4.6bnLonger-term liabilities $14.9bnShareholders' equity $-344m
  • Short-term assets cover short-term liabilities $3.8bn of assets due within a year against $4.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $3.8bn short-term assets against $14.9bn of longer-dated liabilities.
  • More cash than debt $2.9bn of cash against $13.9bn of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $3.5bn of operating cash flow against $13.9bn of debt.
  • Operating profit covers interest at least five times over Operating income of $2.8bn against $754m of interest.

From Las Vegas Sands's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$3B
Dividends (TTM)
$892M
Returned to shareholders
161%
of free cash flow
Buybacks, last 3 fiscal years
$4.5B
Diluted share count
−6.1%
year over year
Total shareholder yield
16.2%
dividends 3.7% + buybacks 12.5% of market value
Dividend payout ratio
55%
of net income paid out
R&D spending
1.3%
of revenue
Sales & admin spending
9.4%
of revenue
Days sales outstanding
18 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in casinos & gaming
Last 12 months unless stated LVS CZR MGM WYNN PENN DKNG Median
Revenue, last 12 months $13.6bn $11.7bn $17.7bn $7.4bn $7.2bn $6.2bn $2.4bn
Revenue growth, last 12 months 10.9% 3.1% 2.6% 6.4% 6.1% 15.0% 5.5%
Revenue growth, 3-year average 16.6% 0.6% 4.8% 14.7% 3.0% 27.5% 6.5%
Revenue growth, latest quarter −3.5% 2.5% −0.9% 6.9% 5.2% −4.6% 2.4%
Operating margin 20.9% 15.4% 7.0% 15.7% −7.9% −2.9% 10.1%
Operating margin, 3-year average 21.7% 18.0% 7.3% 15.1% −7.5% −6.9% 7.1%
Net margin 11.8% −4.5% 3.9% 6.1% −12.7% −2.7% 3.1%
Cash from operations / revenue 25.6% 10.6% 13.1% 19.7% 9.1% 10.8% 14.4%
Free-cash-flow margin 17.7% 5.0% 7.9% 10.7% 1.3% 10.5% 8.5%
Free-cash-flow margin, 3-year average 15.2% 2.4% 7.8% 11.6% −1.0% 7.8% 4.5%
Stock pay / revenue 0.5% 0.8% 0.5% 1.2% 0.8% 5.2% 0.9%
Change in share count −6.1% −3.0% −8.4% −3.2% −14.1% 0.5% −2.6%

Median of all 22 companies we cover in casinos & gaming. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

22 casinos & gaming companies
Measure Company Peer median Rank
Revenue growth Growth 10.9% 6.1% 5 of 21
Change in growth rate Growth -7.2pp -0.4pp 17 of 21
Operating margin Profitability 20.9% 10.1% 4 of 20
Net margin Profitability 11.8% 3.6% 4 of 22
Free-cash-flow margin Cash generation 17.7% 8.5% 3 of 21
Stock pay as % of revenue Cash generation 0.5% 0.9% 2 of 20
Long-term debt as % of assets Balance sheet 71.5% 44.3% 13 of 17
Change in share count Balance sheet -6.1% -3.0% 4 of 16
Days sales outstanding Balance sheet 18 days 13 days 13 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Casino $9.8B 75.2% ▲ 17.9%
Occupancy $1.4B 10.9% ▲ 11.6%
Mall $801M 6.2% ▲ 6.1%
Food and Beverage $644M 4.9% ▲ 6.1%
Other $361M 2.8% ▲ 0.6%

From Las Vegas Sands's 10-K filed February 6, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$12.5B
Institutions reporting
705
Shares held vs prior quarter
▲ 0.4%
Positions opened / closed
60 / 117

Top buyers and sellers, Q2 2026: 314 institutions bought and 412 sold ; the biggest buyer was Pacer Advisors, Inc (+2.6M shares) and the biggest seller Arga Investment Management, LP (−2.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.1B 24.8M 9.2% ▼ 5.0%
Vanguard Capital Management LLC $898M 19.4M 7.2% ▼ 1.0%
Vanguard Portfolio Management LLC $861M 18.6M 6.9% ▲ 1.4%
State Street Corp $700M 15.2M 5.6% ▲ 6.5%
Price T Rowe Associates Inc $517M 11.2M 4.1% ▲ 8.2%
D. E. Shaw & Co., Inc. $418M 9.1M 3.4% ▲ 6.0%
Invesco Ltd. $409M 8.9M 3.3% ▲ 19.4%
Geode Capital Management, LLC $378M 8.2M 3.0% ▼ 3.0%
Arrowstreet Capital, Limited Partnership $341M 7.4M 2.7% ▼ 14.0%
Bank Of New York Mellon Corp $305M 6.6M 2.5% ▼ 3.7%
AQR Capital Management LLC $268M 5.8M 2.1% ▼ 23.1%
Allianz Asset Management Gmbh $182M 3.4M 1.5% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Las Vegas Sands's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $243M 24 trades by 7 insiders · 0% under pre-set plans
Net ▼ $243M net selling
Insider Date Trade Shares Price Value
Forman Charles D Director April 27, 2026 Sell 11,400 $54.09 $616,626
Dumont Patrick Chairman & CEO March 17, 2026 Sell 60,165 $54.75 $3.3M
Goldstein Robert G Chairman & CEO December 17, 2025 Sell 10,537 $67.44 $710,615
Goldstein Robert G Chairman & CEO December 17, 2025 Sell 1,188,113 $66.67 $79.2M
Adelson Miriam 10% owner December 16, 2025 Sell 77,991 $67.56 $5.3M
Goldstein Robert G Chairman & CEO December 16, 2025 Sell 51,350 $67.58 $3.5M
Goldstein Robert G Chairman & CEO December 15, 2025 Sell 2,325 $67.28 $156,426
Goldstein Robert G Chairman & CEO December 15, 2025 Sell 732,186 $66.80 $48.9M
Goldstein Robert G Chairman & CEO December 12, 2025 Sell 15,489 $66.24 $1M
Goldstein Robert G Chairman & CEO December 11, 2025 Sell 100 $67.00 $6,700
Goldstein Robert G Chairman & CEO December 11, 2025 Sell 382,805 $66.39 $25.4M
Goldstein Robert G Chairman & CEO December 10, 2025 Sell 17,095 $67.03 $1.1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 24 trades and filings

No trades in Las Vegas Sands disclosed in the last 12 months; 24 earlier trades on record.

  • Julia Letlow(R-LA 5):Sale (full), $1,001 - $15,000, traded May 8, 2025, filed January 13, 2026
  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded April 1, 2025, filed May 14, 2025
  • Julia Letlow(R-LA 5):Purchase, $1,001 - $15,000, traded October 23, 2024, filed January 13, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 27, 2027 estimated from the company's past filing pattern, not announced

  • October 21, 2026
  • July 22, 2026
  • April 22, 2026
  • January 28, 2026
  • October 22, 2025
  • July 23, 2025

Recent SEC filings

Data status

When each part of this page on Las Vegas Sands was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Las Vegas Sands in brief

What does Las Vegas Sands do?
Las Vegas Sands is a US-listed company in the casinos & gaming industry. Its financial year ends in December.
What is Las Vegas Sands's stock ticker?
Las Vegas Sands trades under the ticker LVS on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Las Vegas Sands's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Las Vegas Sands reported revenue of $13.6B, 10.9% higher than a year earlier, according to its SEC filings.
What is Las Vegas Sands's free cash flow?
Las Vegas Sands's free-cash-flow margin is 17.7% of revenue over the trailing twelve months, ranking 3 of the 21 casinos & gaming companies we cover.
What is Las Vegas Sands's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Las Vegas Sands's free cash flow after stock-based pay gives ~$99 per share in the base case, and ~$69–$140 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Las Vegas Sands's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Las Vegas Sands buying back stock, and does it pay a dividend?
Las Vegas Sands spent $3B on share repurchases over the trailing twelve months, and its diluted share count fell 6.1% over the year.
What is Las Vegas Sands's market cap?
On November 2, 2026, Las Vegas Sands's market capitalisation was about $25.3B, with a price-to-earnings ratio of 15.7 and net debt of $12.6B. Market figures come from third-party market data and may be delayed.
Does Las Vegas Sands pay a dividend?
Yes: Las Vegas Sands paid $892M in dividends over the trailing twelve months, a dividend yield of 3.72% and a payout ratio of 55.3%.
Who are Las Vegas Sands's competitors?
In our Casinos & Gaming peer group, the companies closest to Las Vegas Sands are Caesars Entertainment, Inc., MGM Resorts, Wynn Resorts, Penn Entertainment, Inc. and Draftkings Inc. The side-by-side comparison below sets their revenue, margins and growth against Las Vegas Sands's.
Are insiders buying or selling Las Vegas Sands stock?
Over the last 12 months, Las Vegas Sands's directors and officers reported 0 open-market purchases and 24 sales on Form 4. The insider trading page charts every trade.
When is Las Vegas Sands's next earnings date?
Around January 27, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Las Vegas Sands announces its own schedule.