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Las Vegas Sands
(NYSE:LVS)
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Rating:54Neutral
Price Target:
$36.00
▼(-23.84% Downside)
Action:Reiterated
Date:10/24/26
The score is held back primarily by balance-sheet risk (high leverage/negative TTM equity) and weakening recent growth/cash-flow momentum, alongside a clearly bearish technical setup (below key moving averages with negative MACD). Offsetting these, valuation is supportive (mid-teens P/E and ~3.2% yield) and the latest earnings call was net-positive on fundamentals and capital returns, despite acknowledged near-term demand/hold and cost pressures.
Positive Factors
Macao Market Share
Sands China is gaining share while operating in a competitive market, indicating that product and service improvements are translating into customer demand. A stronger share position can support durable revenue growth, improve fixed-cost absorption, and reinforce the resort portfolio’s competitive standing.
Negative Factors
High Leverage
Negative trailing equity and high leverage reduce financial flexibility despite sizable assets and current cash generation. Debt-heavy funding increases exposure to downturns, refinancing conditions, and earnings volatility, potentially constraining investment or shareholder returns if operating performance weakens.
Read all positive and negative factors
Positive Factors
Negative Factors
Macao Market Share
Sands China is gaining share while operating in a competitive market, indicating that product and service improvements are translating into customer demand. A stronger share position can support durable revenue growth, improve fixed-cost absorption, and reinforce the resort portfolio’s competitive standing.
Read all positive factors
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 (LVS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$23.11B
Dividend Yield3.22%
Average Volume (3M)6.07M
Price to Earnings (P/E)14.6
Beta (1Y)0.78
Revenue Growth10.93%
EPS Growth9.73%
CountryUS
Employees41,250
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)2.45
Shares Outstanding647,701,200
10 Day Avg. Volume6,355,833
30 Day Avg. Volume6,067,200
Financial Highlights & Ratios
PEG Ratio1.44
Price to Book (P/B)28.29
Price to Sales (P/S)3.46
P/FCF Ratio25.27
Enterprise Value/Market Cap1.60
Enterprise Value/Revenue2.72
Enterprise Value/Gross Profit5.45
Enterprise Value/Ebitda8.27
Forecast
1Y Price Target
$47.36Price Target Upside0.20% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering13
EPS Forecast (FY)2.98
Revenue Forecast (FY)$13.66B
Las Vegas Sands Business Overview & Revenue Model
Company Description
Las Vegas Sands Corporation, in conjunction with its various subsidiaries, specializes in the development, ownership, and ongoing management of comprehensive integrated resort properties across both Asian and United States markets. The company mai...
How the Company Makes Money
LVS makes money primarily by operating integrated resorts that generate revenue across multiple on-property spending categories. Its key revenue streams typically include: (1) Casino gaming: Revenue from table games and slot machines, with differe...
Las Vegas Sands Earnings Call Summary
Earnings Call Date:Oct 21, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jan 27, 2027
Earnings Call Sentiment Positive
The call was broadly constructive. Management reported strong Singapore and Macao operating metrics, market-share gains, broad-based volume growth, positive renovation feedback, continued capital investment, and substantial shareholder returns. These positives outweighed the quarter's challenges, which included softness among high-end customers, unfavorable hold, higher Macao operating expenses, competitive intensity, and contracting Macao market growth. Management characterized the high-end weakness as aberrational and remained confident in long-term demand and growth.Positive Updates
Strong Marina Bay Sands EBITDA
Marina Bay Sands generated $590 million of EBITDA in the third quarter. Management stated that, if expected rolling play had been held, EBITDA would have been $4 million higher at $594 million.
Negative Updates
High-End Customer Softness in Both Markets
Management said the high-end was softer in both Singapore and Macao during the quarter, negatively affecting reported financial results. It described the quarter as aberrational and said many high-value patrons visited less frequently.
Read all updates
Q3-2026 Updates
Positive
Negative
Strong Marina Bay Sands EBITDA
Marina Bay Sands generated $590 million of EBITDA in the third quarter. Management stated that, if expected rolling play had been held, EBITDA would have been $4 million higher at $594 million.
Read all positive updates
Company Guidance
Management said Singapore is a “$2.7 billion, $2.8 billion run rate property” and remains focused on its “baseline of EBITDA range,” with the new development expected to open in early 2031, subject to the required government approvals, at a total development cost of $8 billion, including $2 billion in land premiums; the arena is expected to have about 15,000 seats. In Macao, management retains its goal of reaching $700 million in quarterly EBITDA and more over time, expects The Venetian to be refreshed and reintroduced by Chinese New Year 2028, and expects about 500 rooms to be out next quarter during renovations; fixed expenses are expected to be “essentially flat,” payroll would inflate by the cost of living adjustment allowances next year, and management does not anticipate significant increase in headcount from this point on. Macao’s fourth quarter is typically a relatively stronger quarter, with October Golden Week and December typically relatively strong, while maintenance CapEx of around $300 million was described as reasonable versus depreciation of $750 million to $800 million; the company’s gross leverage target is approximately 2 times to 3 times before development-related debt, and the quarterly dividend will increase from $0.30 per share to $0.36 per share beginning the first quarter of 2027.Las Vegas Sands Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
34
Negative
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 13.60B | 13.02B | 11.30B | 10.37B | 4.11B | 4.23B |
| Gross Profit | 6.79B | 6.48B | 5.52B | 5.17B | 1.65B | 1.61B |
| EBITDA | 4.48B | 4.50B | 4.05B | 3.86B | 406.00M | 244.00M |
| Net Income | 1.64B | 1.63B | 1.45B | 1.22B | 1.83B | -961.00M |
Balance Sheet | ||||||
| Total Assets | 19.42B | 21.92B | 20.67B | 21.78B | 22.04B | 20.06B |
| Cash, Cash Equivalents and Short-Term Investments | 2.86B | 3.84B | 3.65B | 5.11B | 6.31B | 1.85B |
| Total Debt | 15.44B | 16.14B | 13.75B | 14.03B | 15.98B | 14.79B |
| Total Liabilities | 19.53B | 19.99B | 17.51B | 17.67B | 18.38B | 17.81B |
| Stockholders Equity | -344.00M | 1.59B | 2.88B | 4.12B | 3.88B | 2.00B |
Cash Flow | ||||||
| Free Cash Flow | 2.42B | 1.78B | 1.62B | 1.97B | -1.57B | -824.00M |
| Operating Cash Flow | 3.50B | 3.02B | 3.20B | 3.23B | -795.00M | 15.00M |
| Investing Cash Flow | 221.00M | -1.22B | -1.58B | -1.25B | 4.16B | -895.00M |
| Financing Cash Flow | -3.87B | -1.64B | -3.06B | -3.19B | 1.12B | 684.00M |
Las Vegas Sands Technical Analysis
Negative
47.27
Price Trends
40.87
Negative
44.00
Negative
49.17
Negative
Market Momentum
-1.02
Negative
30.55
Neutral
40.90
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LVS, the sentiment is Negative. The current price of 47.27 is above the 20-day moving average (MA) of 37.06, above the 50-day MA of 40.87, and below the 200-day MA of 49.17, indicating a bearish trend. The MACD of -1.02 indicates Negative momentum. The RSI at 30.55 is Neutral, neither overbought nor oversold. The STOCH value of 40.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | $5.21B | 10.83 | 19.48% | 1.09% | 0.33% | -71.04% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
57 Neutral | $7.49B | 16.64 | -174.87% | 1.37% | 6.36% | 21.32% | |
56 Neutral | $7.06B | 16.80 | 16.96% | 0.03% | 3.19% | -8.14% | |
55 Neutral | $1.42B | 6.23 | -17.37% | 3.75% | 6.01% | 338.84% | |
54 Neutral | $23.11B | 14.56 | 216.58% | 3.22% | 10.93% | 9.73% | |
50 Neutral | $5.87B | -12.63 | -13.21% | ― | 2.41% | -146.70% |
* Consumer Cyclical Sector Average
LVS
Las Vegas Sands
35.68
-22.50
-38.67%
BYD
Boyd Gaming
71.69
-7.16
-9.08%
MLCO
Melco Resorts & Entertainment
3.73
-4.72
-55.86%
MGM
MGM Resorts
28.06
-4.85
-14.74%
WYNN
Wynn Resorts
72.73
-51.55
-41.48%
CZR
Caesars Entertainment
28.80
6.25
27.72%
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.