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Las Vegas Sands
(NYSE:LVS)
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Rating:61Neutral
Price Target:
$54.00
▼(-6.32% Downside)
Action:Reiterated
Date:05/19/26
The score is held back primarily by elevated leverage and a weaker equity cushion despite strong profitability and improving cash generation. The latest earnings call supports a constructive medium-term outlook with MBS/Macau strength and sizable buybacks, but near-term margins and volatility risks remain. Technically, the stock is in a downtrend (below key moving averages with negative MACD), partially offset by reasonable valuation and dividend support.
Positive Factors
Free cash flow acceleration
TTM operating cash flow and free cash flow are solid and accelerating versus earlier years, providing durable internal financing to fund renovations, dividends and buybacks. Strong FCF reduces reliance on markets, supporting long-term investment and liquidity flexibility despite cyclicality.
Negative Factors
High leverage and weakened equity base
Very large absolute debt and a shrunken equity base materially raise financial risk and limit strategic flexibility. Elevated leverage increases sensitivity to EBITDA swings, constrains capacity for incremental investment or debt-funded growth, and heightens refinancing and covenant exposure over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Free cash flow acceleration
TTM operating cash flow and free cash flow are solid and accelerating versus earlier years, providing durable internal financing to fund renovations, dividends and buybacks. Strong FCF reduces reliance on markets, supporting long-term investment and liquidity flexibility despite cyclicality.
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
$31.22B
Dividend Yield1.51%
Average Volume (3M)4.44M
Price to Earnings (P/E)17.1
Beta (1Y)0.83
Revenue Growth22.67%
EPS Growth50.79%
CountryUS
Employees39,900
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)2.71
Shares Outstanding662,637,300
10 Day Avg. Volume4,636,001
30 Day Avg. Volume4,435,978
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 Cap1.42
Enterprise Value/Revenue3.22
Enterprise Value/Gross Profit6.50
Enterprise Value/Ebitda9.24
Forecast
1Y Price Target
$68.59Price Target Upside19.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)3.32
Revenue Forecast (FY)$14.18B
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 generates revenue by operating integrated resorts with multiple on-property businesses. A major portion of revenue comes from casino gaming where allowed: (1) mass-market table games and slot machines, and (2) premium/VIP gaming, where the com...
Las Vegas Sands Earnings Call Summary
Earnings Call Date:Apr 22, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 22, 2026
Earnings Call Sentiment Positive
The call conveyed a positive operational and financial trajectory driven by strong results at Marina Bay Sands (EBITDA +30% to $788M) and meaningful Macau recovery (EBITDA +18% to $633M), with market share gains, robust slot/retail growth, and aggressive share buybacks. Management acknowledged near-term margin pressure from service investments, VIP volatility, a competitive promotional environment, and higher CapEx tied to renovations. On balance the company highlighted execution wins, concrete growth initiatives (IR2, Venetian refresh), and capital return activity that indicate confidence in medium- to long-term value creation despite foreseeable near-term expense and volatility headwinds.Positive Updates
Entertainment and Venue Advantage
Entertainment programming contributed to performance: the Macau calendar had 11–12 shows in Q1. The company highlighted advantages from multiple venue sizes (Venetian Arena, Londoner Arena, performance theaters) to attract diverse acts and drive visitation.
Negative Updates
Macau Margin Pressure
Adjusted Macau portfolio EBITDA margin would have been 29.6%, down 200 basis points versus 2025. Management attributes part of the margin decline to deliberate investments in service and higher operating expenses as they reposition assets.
Read all updates
Q1-2026 Updates
Positive
Negative
Entertainment and Venue Advantage
Entertainment programming contributed to performance: the Macau calendar had 11–12 shows in Q1. The company highlighted advantages from multiple venue sizes (Venetian Arena, Londoner Arena, performance theaters) to attract diverse acts and drive visitation.
Read all positive updates
Company Guidance
Management framed 2026 guidance as a focus on revenue and cash‑flow growth funded by targeted investments in service and product that will pressure near‑term margins but drive higher returns over time: Q1 results showed Marina Bay Sands EBITDA of $788M (53% margin) and Macau EBITDA of $633M (up >18%), with Macau mass market revenue share at 25.7% and the Macau portfolio adjusted EBITDA margin at 29.6% (down 200 bps YoY after adjusting for higher‑than‑expected hold; Macau EBITDA would have been ~$15M lower and MBS ~$6M higher at expected hold). Management reiterated a multi‑quarter goal of reaching $700M quarterly EBITDA in Macau, a >20% target return on invested capital for IR2, cited $18B of rolling volume and a 3.6% theoretical hold at MBS (vs 4.2% at $9.1B in 2025), highlighted slot/ETG growth of 31% YoY (10% sequential) and retail tenant sales +37% Q/Q record, and noted capital returns of $740M in buybacks this quarter, a $0.30 quarterly dividend, 14.3% share reduction over ten quarters, and 74.8% SCL ownership.Las Vegas Sands Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
38
Negative
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 13.74B | 13.02B | 11.30B | 10.37B | 4.11B | 4.23B |
| Gross Profit | 6.81B | 6.48B | 5.52B | 5.17B | 1.65B | 1.61B |
| EBITDA | 4.79B | 4.50B | 4.05B | 3.86B | 406.00M | 244.00M |
| Net Income | 1.84B | 1.63B | 1.45B | 1.22B | 1.83B | -961.00M |
Balance Sheet | ||||||
| Total Assets | 21.18B | 21.92B | 20.67B | 21.78B | 22.04B | 20.06B |
| Cash, Cash Equivalents and Short-Term Investments | 3.33B | 3.84B | 3.65B | 5.11B | 6.31B | 1.85B |
| Total Debt | 15.72B | 16.14B | 13.75B | 14.03B | 15.98B | 14.79B |
| Total Liabilities | 19.43B | 19.99B | 17.51B | 17.67B | 18.38B | 17.81B |
| Stockholders Equity | 1.20B | 1.59B | 2.88B | 4.12B | 3.88B | 2.00B |
Cash Flow | ||||||
| Free Cash Flow | 2.32B | 1.78B | 1.62B | 1.97B | -1.57B | -824.00M |
| Operating Cash Flow | 3.23B | 3.02B | 3.20B | 3.23B | -795.00M | 15.00M |
| Investing Cash Flow | -949.00M | -1.22B | -1.58B | -1.25B | 4.16B | -895.00M |
| Financing Cash Flow | -1.99B | -1.64B | -3.06B | -3.19B | 1.12B | 684.00M |
Las Vegas Sands Technical Analysis
Negative
57.64
Price Trends
51.45
Negative
53.16
Negative
56.12
Negative
Market Momentum
-1.19
Positive
35.95
Neutral
13.14
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 57.64 is above the 20-day moving average (MA) of 49.68, above the 50-day MA of 51.45, and above the 200-day MA of 56.12, indicating a bearish trend. The MACD of -1.19 indicates Positive momentum. The RSI at 35.95 is Neutral, neither overbought nor oversold. The STOCH value of 13.14 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $6.67B | 3.93 | 79.86% | 0.84% | 3.45% | 272.47% | |
63 Neutral | $6.15B | -12.58 | -13.29% | ― | 2.35% | -116.00% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | $31.22B | 17.11 | 115.99% | 1.51% | 22.67% | 50.79% | |
55 Neutral | $12.59B | 68.07 | 6.96% | ― | 3.39% | -67.21% | |
54 Neutral | $2.08B | 9.25 | -17.64% | ― | 11.54% | 313.70% | |
53 Neutral | $10.42B | 27.31 | -115.50% | 0.80% | 4.72% | -8.26% |
* Consumer Cyclical Sector Average
LVS
Las Vegas Sands
46.19
-0.26
-0.56%
BYD
Boyd Gaming
88.33
8.62
10.81%
MLCO
Melco Resorts & Entertainment
5.27
-2.79
-34.62%
MGM
MGM Resorts
47.81
10.92
29.60%
WYNN
Wynn Resorts
97.09
-3.94
-3.90%
CZR
Caesars Entertainment
30.18
0.57
1.93%
Las Vegas Sands Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Las Vegas Sands Shareholders Back Board, Pay and Auditor
Positive
May 18, 2026
At its Annual Meeting of Stockholders held on May 14, 2026, Las Vegas Sands shareholders re-elected directors Mark Besca, Irwin Chafetz, Micheline Chau, Patrick Dumont, Charles D. Forman, Lewis Kramer, Alain Li and Micky Pant to serve on the Board...
Business Operations and StrategyPrivate Placements and Financing
Las Vegas Sands Completes $1 Billion Senior Notes Offering
Positive
May 13, 2026
On May 13, 2026, Las Vegas Sands completed a $1 billion underwritten public debt offering, issuing $500 million of 5.300% senior notes due 2031 and $500 million of 5.650% senior notes due 2033 as unsecured, senior obligations ranking pari passu wi...
Private Placements and Financing
Las Vegas Sands Announces $1 Billion Senior Notes Offering
Positive
May 5, 2026
On May 4, 2026, Las Vegas Sands Corp. entered into an underwriting agreement with a group of major investment banks to issue and sell $500 million of 5.300% Senior Notes due 2031 and $500 million of 5.650% Senior Notes due 2033, both priced slight...
Business Operations and StrategyExecutive/Board Changes
Las Vegas Sands solidifies leadership with long-term contracts
Positive
Mar 5, 2026
Effective March 1, 2026, Las Vegas Sands appointed Patrick Dumont as chairman, chief executive officer, president and treasurer and, on March 3, 2026, signed new employment agreements for him, CFO Randy Hyzak and global general counsel D. Zachary ...
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.