Stock Analysis on Net
Stock Analysis on Net

Las Vegas Sands Corp. (NYSE:LVS)

This company has been moved to the archive! The financial data has not been updated since October 20, 2023.

Analysis of Income Taxes

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Income Tax Expense (Benefit)

Las Vegas Sands Corp., income tax expense (benefit), continuing operations

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Foreign 136 32 7 245 245
Federal 20 8 (11) 33 15
State — — (2) 33 2
Current 156 40 (6) 311 262
Foreign (21) (12) 3 (10) (12)
Federal 19 (33) (35) 145 135
State — — — 22 (10)
Deferred (2) (45) (32) 157 113
Income tax expense (benefit) 154 (5) (38) 468 375

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Item Description The company
Current Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Las Vegas Sands Corp. current increased from 2020 to 2021 and from 2021 to 2022.
Deferred Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Las Vegas Sands Corp. deferred decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.
Income tax expense (benefit) Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Las Vegas Sands Corp. income tax expense (benefit) increased from 2020 to 2021 and from 2021 to 2022.

Effective Income Tax Rate (EITR)

Las Vegas Sands Corp., effective income tax rate (EITR) reconciliation

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Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Statutory federal income tax rate 21.00% 21.00% 21.00% 21.00% 21.00%
Change in valuation allowance -15.80% -13.10% -9.80% 2.70% 4.50%
Foreign and U.S. tax rate differential -9.00% -6.70% -6.70% -5.60% -6.50%
Tax exempt loss of foreign subsidiary -4.50% -0.60% -2.10% -8.00% -8.30%
Other, net -2.80% -0.30% -0.70% 2.30% 0.60%
Effective tax rate -11.10% 0.30% 1.70% 12.40% 11.30%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Item Description The company
Effective tax rate Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Las Vegas Sands Corp. effective tax rate decreased from 2020 to 2021 and from 2021 to 2022.

Components of Deferred Tax Assets and Liabilities

Las Vegas Sands Corp., components of deferred tax assets and liabilities

US$ in millions

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
U.S. foreign tax credit carryforwards 3,720 4,815 4,812 4,791 4,919
Net operating loss carryforwards 481 539 466 283 271
Stock-based compensation 17 16 16 15 13
Accrued expenses 9 21 10 23 16
Provision for credit losses 1 14 14 14 16
Interest expense carryforward — 18 — — —
Deferred gain on mall sale transactions — 11 12 13 14
Pre-opening expenses — 6 7 9 11
State deferred items — — — — 10
Other 14 2 — 1 1
Deferred tax assets, gross 4,242 5,442 5,337 5,149 5,271
Valuation allowances (4,083) (5,034) (4,922) (4,786) (4,769)
Deferred tax assets 159 408 415 363 502
Property and equipment (174) (273) (274) (251) (245)
Prepaid expenses (2) (5) (4) (5) (3)
Other (4) (6) (7) (8) (77)
Deferred tax liabilities (180) (284) (285) (264) (325)
Deferred tax assets (liabilities), net (21) 124 130 99 177

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Item Description The company
Deferred tax assets, gross Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Las Vegas Sands Corp. deferred tax assets, gross increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.
Deferred tax assets Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Las Vegas Sands Corp. deferred tax assets decreased from 2020 to 2021 and from 2021 to 2022.
Deferred tax assets (liabilities), net Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. Las Vegas Sands Corp. deferred tax assets (liabilities), net decreased from 2020 to 2021 and from 2021 to 2022.

Deferred Tax Assets and Liabilities, Classification

Las Vegas Sands Corp., deferred tax assets and liabilities, classification

US$ in millions

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Deferred tax assets 131 297 318 282 368
Deferred tax liabilities 152 173 188 183 191

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Item Description The company
Deferred tax assets Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. Las Vegas Sands Corp. deferred tax assets decreased from 2020 to 2021 and from 2021 to 2022.
Deferred tax liabilities Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. Las Vegas Sands Corp. deferred tax liabilities decreased from 2020 to 2021 and from 2021 to 2022.

Adjustments to Financial Statements: Removal of Deferred Taxes

Las Vegas Sands Corp., adjustments to financial statements

US$ in millions

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Adjustment to Total Assets
Total assets (as reported) 22,039 20,059 20,807 23,199 22,547
Less: Noncurrent deferred tax assets, net 131 297 318 282 368
Total assets (adjusted) 21,908 19,762 20,489 22,917 22,179
Adjustment to Total Liabilities
Total liabilities (as reported) 18,383 17,811 17,269 16,692 15,802
Less: Noncurrent deferred tax liabilities, net 152 173 188 183 191
Total liabilities (adjusted) 18,231 17,638 17,081 16,509 15,611
Adjustment to Total Las Vegas Sands Corp. Stockholders’ Equity
Total Las Vegas Sands Corp. stockholders’ equity (as reported) 3,881 1,996 2,973 5,187 5,684
Less: Net deferred tax assets (liabilities) (21) 124 130 99 177
Total Las Vegas Sands Corp. stockholders’ equity (adjusted) 3,902 1,872 2,843 5,088 5,507
Adjustment to Net Income (loss) Attributable To Las Vegas Sands Corp.
Net income (loss) attributable to Las Vegas Sands Corp. (as reported) 1,832 (961) (1,685) 2,698 2,413
Add: Deferred income tax expense (benefit) (2) (45) (32) 157 113
Net income (loss) attributable to Las Vegas Sands Corp. (adjusted) 1,830 (1,006) (1,717) 2,855 2,526

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Las Vegas Sands Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Las Vegas Sands Corp., adjusted financial ratios

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Net Profit Margin
Reported net profit margin 44.57% -22.70% -46.65% 19.64% 17.58%
Adjusted net profit margin 44.53% -23.76% -47.54% 20.78% 18.40%
Total Asset Turnover
Reported total asset turnover 0.19 0.21 0.17 0.59 0.61
Adjusted total asset turnover 0.19 0.21 0.18 0.60 0.62
Financial Leverage
Reported financial leverage 5.68 10.05 7.00 4.47 3.97
Adjusted financial leverage 5.61 10.56 7.21 4.50 4.03
Return on Equity (ROE)
Reported ROE 47.20% -48.15% -56.68% 52.01% 42.45%
Adjusted ROE 46.90% -53.74% -60.39% 56.11% 45.87%
Return on Assets (ROA)
Reported ROA 8.31% -4.79% -8.10% 11.63% 10.70%
Adjusted ROA 8.35% -5.09% -8.38% 12.46% 11.39%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Financial ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Las Vegas Sands Corp. adjusted net profit margin ratio improved from 2020 to 2021 and from 2021 to 2022.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Las Vegas Sands Corp. adjusted total asset turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Las Vegas Sands Corp. adjusted financial leverage ratio increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Las Vegas Sands Corp. adjusted ROE improved from 2020 to 2021 and from 2021 to 2022.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Las Vegas Sands Corp. adjusted ROA improved from 2020 to 2021 and from 2021 to 2022.

Las Vegas Sands Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Las Vegas Sands Corp. 1,832 (961) (1,685) 2,698 2,413
Net revenues 4,110 4,234 3,612 13,739 13,729
Profitability Ratio
Net profit margin1 44.57% -22.70% -46.65% 19.64% 17.58%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Las Vegas Sands Corp. 1,830 (1,006) (1,717) 2,855 2,526
Net revenues 4,110 4,234 3,612 13,739 13,729
Profitability Ratio
Adjusted net profit margin2 44.53% -23.76% -47.54% 20.78% 18.40%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

1 Net profit margin = 100 × Net income (loss) attributable to Las Vegas Sands Corp. ÷ Net revenues
= 100 × 1,832 ÷ 4,110 = 44.57%

2 Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to Las Vegas Sands Corp. ÷ Net revenues
= 100 × 1,830 ÷ 4,110 = 44.53%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Las Vegas Sands Corp. adjusted net profit margin ratio improved from 2020 to 2021 and from 2021 to 2022.

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Net revenues 4,110 4,234 3,612 13,739 13,729
Total assets 22,039 20,059 20,807 23,199 22,547
Activity Ratio
Total asset turnover1 0.19 0.21 0.17 0.59 0.61
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Net revenues 4,110 4,234 3,612 13,739 13,729
Adjusted total assets 21,908 19,762 20,489 22,917 22,179
Activity Ratio
Adjusted total asset turnover2 0.19 0.21 0.18 0.60 0.62

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

1 Total asset turnover = Net revenues ÷ Total assets
= 4,110 ÷ 22,039 = 0.19

2 Adjusted total asset turnover = Net revenues ÷ Adjusted total assets
= 4,110 ÷ 21,908 = 0.19

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Las Vegas Sands Corp. adjusted total asset turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Total assets 22,039 20,059 20,807 23,199 22,547
Total Las Vegas Sands Corp. stockholders’ equity 3,881 1,996 2,973 5,187 5,684
Solvency Ratio
Financial leverage1 5.68 10.05 7.00 4.47 3.97
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets 21,908 19,762 20,489 22,917 22,179
Adjusted total Las Vegas Sands Corp. stockholders’ equity 3,902 1,872 2,843 5,088 5,507
Solvency Ratio
Adjusted financial leverage2 5.61 10.56 7.21 4.50 4.03

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

1 Financial leverage = Total assets ÷ Total Las Vegas Sands Corp. stockholders’ equity
= 22,039 ÷ 3,881 = 5.68

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Las Vegas Sands Corp. stockholders’ equity
= 21,908 ÷ 3,902 = 5.61

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Las Vegas Sands Corp. adjusted financial leverage ratio increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Las Vegas Sands Corp. 1,832 (961) (1,685) 2,698 2,413
Total Las Vegas Sands Corp. stockholders’ equity 3,881 1,996 2,973 5,187 5,684
Profitability Ratio
ROE1 47.20% -48.15% -56.68% 52.01% 42.45%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Las Vegas Sands Corp. 1,830 (1,006) (1,717) 2,855 2,526
Adjusted total Las Vegas Sands Corp. stockholders’ equity 3,902 1,872 2,843 5,088 5,507
Profitability Ratio
Adjusted ROE2 46.90% -53.74% -60.39% 56.11% 45.87%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

1 ROE = 100 × Net income (loss) attributable to Las Vegas Sands Corp. ÷ Total Las Vegas Sands Corp. stockholders’ equity
= 100 × 1,832 ÷ 3,881 = 47.20%

2 Adjusted ROE = 100 × Adjusted net income (loss) attributable to Las Vegas Sands Corp. ÷ Adjusted total Las Vegas Sands Corp. stockholders’ equity
= 100 × 1,830 ÷ 3,902 = 46.90%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Las Vegas Sands Corp. adjusted ROE improved from 2020 to 2021 and from 2021 to 2022.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Las Vegas Sands Corp. 1,832 (961) (1,685) 2,698 2,413
Total assets 22,039 20,059 20,807 23,199 22,547
Profitability Ratio
ROA1 8.31% -4.79% -8.10% 11.63% 10.70%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Las Vegas Sands Corp. 1,830 (1,006) (1,717) 2,855 2,526
Adjusted total assets 21,908 19,762 20,489 22,917 22,179
Profitability Ratio
Adjusted ROA2 8.35% -5.09% -8.38% 12.46% 11.39%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

1 ROA = 100 × Net income (loss) attributable to Las Vegas Sands Corp. ÷ Total assets
= 100 × 1,832 ÷ 22,039 = 8.31%

2 Adjusted ROA = 100 × Adjusted net income (loss) attributable to Las Vegas Sands Corp. ÷ Adjusted total assets
= 100 × 1,830 ÷ 21,908 = 8.35%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Las Vegas Sands Corp. adjusted ROA improved from 2020 to 2021 and from 2021 to 2022.