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Las Vegas Sands
(NYSE:LVS)
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Rating:57Neutral
Price Target:
$40.00
▼(-15.38% Downside)
Action:Reiterated
Date:08/18/26
LVS scores mid-range primarily due to strong cash generation and constructive operating updates from key properties, but the overall profile is constrained by high leverage and a recent slowdown in revenue/margins. Technically, the stock remains in a downtrend below key moving averages, partially offset by a reasonable P/E and a modest dividend yield.
Positive Factors
Cash Generation
Strong operating and free cash flow provide internal funding for resort reinvestment, debt service and shareholder returns. Cash conversion covering a large portion of net income also supports financial resilience, although sustained margin or volume pressure could reduce coverage over time.
Negative Factors
High Leverage
The enlarged debt burden reduces balance-sheet flexibility and makes the company more sensitive to demand weakness or earnings volatility. Higher leverage can also compete with resort investment and capital returns for available cash, increasing the importance of sustained operating performance.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation
Strong operating and free cash flow provide internal funding for resort reinvestment, debt service and shareholder returns. Cash conversion covering a large portion of net income also supports financial resilience, although sustained margin or volume pressure could reduce coverage over time.
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
$24.82B
Dividend Yield3.04%
Average Volume (3M)5.22M
Price to Earnings (P/E)14.7
Beta (1Y)0.80
Revenue Growth18.11%
EPS Growth29.86%
CountryUS
Employees41,250
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)2.58
Shares Outstanding647,701,200
10 Day Avg. Volume6,205,266
30 Day Avg. Volume5,221,407
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$59.43Price Target Upside25.72% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering16
EPS Forecast (FY)3.1
Revenue Forecast (FY)$13.81B
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:Jul 22, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 21, 2026
Earnings Call Sentiment Positive
The call presented a mix of strong operational momentum and clear near‑term headwinds. Highlights include robust volume and share gains across Sands China segments, a very strong Marina Bay Sands quarter with high margins, active capital return via repurchases, and concrete renovation/expansion plans. Offsetting these positives were material hold volatility (an unusually low VIP hold), World Cup and seasonal visitation weakness in June, elevated reinvestment as a percent of revenue this quarter, and higher operating expenses that pressured near‑term EBITDA — leaving a gap to the company's $700 million Macau EBITDA objective. Management expressed confidence in long‑term strategy and expects reinvestment/OpEx to be optimized going forward.Positive Updates
Marina Bay Sands — Strong EBITDA and Margin
Generated $689 million of EBITDA in the quarter at Marina Bay Sands with roughly a 50% EBITDA margin; mass gaming revenues grew 5% year‑over‑year despite seasonally softer tourism and World Cup headwinds.
Negative Updates
Macau EBITDA Impacted by Exceptionally Low VIP Hold
Sands China reported $430 million of EBITDA for the quarter; an exceptionally low VIP rolling hold of 1.35% materially reduced results — management estimates EBITDA would have been $87 million higher (about $517 million) if hold had been at expected levels.
Read all updates
Q2-2026 Updates
Positive
Negative
Marina Bay Sands — Strong EBITDA and Margin
Generated $689 million of EBITDA in the quarter at Marina Bay Sands with roughly a 50% EBITDA margin; mass gaming revenues grew 5% year‑over‑year despite seasonally softer tourism and World Cup headwinds.
Read all positive updates
Company Guidance
In the Q2 FY2026 call management reiterated its multi‑year reinvestment and product strategy and provided numerous metrics: Marina Bay Sands generated $689M of EBITDA (hold‑adjusted ~$652M) with mass gaming revenue +5% YoY and ~50% EBITDA margin; Sands China (Macau) reported $430M of EBITDA (hold‑adjusted ~$517M) after an exceptionally low VIP rolling hold of 1.35%, with rolling volume +73% YoY, non‑rolling drop +15% YoY, slot/ETG handle +30% YoY (slot revenue +21%), mass GGR +8% YoY vs. market +4% and total GGR +4% vs. market flat (would be +14% on a hold‑adjusted basis), and VIP rolling chip share reached 26%; management reiterated a $700M quarterly EBITDA target for Macau over time, said the MBS expansion remains on track to open early 2031, Venetian room renovations (2,900 rooms) target full reintroduction by Chinese New Year 2028 with ~400 keys out of inventory in Q2 (400–500 keys expected out per quarter into 2027), repurchased $787M of LVS stock and paid a $0.30 quarterly dividend, has repurchased 16.3% of shares over 11 quarters, raised buyback authorization to $6B, holds 74.8% of SCL as of 6/30/2026, noted reinvestment as a percentage of revenue rose this quarter due to mix and lower hold but will be optimized, and expects operating expense growth to moderate in H2 2026.Las Vegas Sands Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
34
Negative
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 13.72B | 13.02B | 11.30B | 10.37B | 4.11B | 4.23B |
| Gross Profit | 6.98B | 6.48B | 5.52B | 5.17B | 1.65B | 1.61B |
| EBITDA | 4.62B | 4.50B | 4.05B | 3.86B | 406.00M | 244.00M |
| Net Income | 1.75B | 1.63B | 1.45B | 1.22B | 1.83B | -961.00M |
Balance Sheet | ||||||
| Total Assets | 19.91B | 21.92B | 20.67B | 21.78B | 22.04B | 20.06B |
| Cash, Cash Equivalents and Short-Term Investments | 3.38B | 3.84B | 3.65B | 5.11B | 6.31B | 1.85B |
| Total Debt | 15.26B | 16.14B | 13.75B | 14.03B | 15.98B | 14.79B |
| Total Liabilities | 19.01B | 19.99B | 17.51B | 17.67B | 18.38B | 17.81B |
| Stockholders Equity | 581.00M | 1.59B | 2.88B | 4.12B | 3.88B | 2.00B |
Cash Flow | ||||||
| Free Cash Flow | 2.79B | 1.78B | 1.62B | 1.97B | -1.57B | -824.00M |
| Operating Cash Flow | 3.74B | 3.02B | 3.20B | 3.23B | -795.00M | 15.00M |
| Investing Cash Flow | 283.00M | -1.22B | -1.58B | -1.25B | 4.16B | -895.00M |
| Financing Cash Flow | -3.76B | -1.64B | -3.06B | -3.19B | 1.12B | 684.00M |
Las Vegas Sands Technical Analysis
Negative
47.27
Price Trends
44.18
Negative
46.33
Negative
51.52
Negative
Market Momentum
-1.80
Positive
21.37
Positive
9.75
Positive
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 41.16, above the 50-day MA of 44.18, and below the 200-day MA of 51.52, indicating a bearish trend. The MACD of -1.80 indicates Positive momentum. The RSI at 21.37 is Positive, neither overbought nor oversold. The STOCH value of 9.75 is Positive, 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $4.87B | 2.93 | 70.49% | 1.17% | 1.75% | 249.96% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
58 Neutral | $1.73B | 7.48 | -17.37% | 3.75% | 6.01% | 338.84% | |
57 Neutral | $24.82B | 14.66 | 141.97% | 3.04% | 18.11% | 29.86% | |
56 Neutral | $7.93B | 18.59 | 16.96% | 0.03% | 3.19% | -8.14% | |
56 Neutral | $8.06B | 18.18 | -174.87% | 1.26% | 6.36% | 21.32% | |
50 Neutral | $6.04B | -13.00 | -12.62% | ― | 2.41% | -146.70% |
* Consumer Cyclical Sector Average
LVS
Las Vegas Sands
37.81
-15.80
-29.47%
BYD
Boyd Gaming
66.57
-19.64
-22.78%
MLCO
Melco Resorts & Entertainment
4.48
-4.84
-51.93%
MGM
MGM Resorts
31.05
-3.64
-10.49%
WYNN
Wynn Resorts
79.43
-51.38
-39.28%
CZR
Caesars Entertainment
29.65
3.70
14.26%
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.