Return on Capital (ROC)
Return on capital (ROC) is after tax rate of return on net business assets. ROIC is unaffected by changes in interest rates or company debt and equity structure. It measures business productivity performance.
Return on Invested Capital (ROIC)
Las Vegas Sands Corp., ROIC calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net operating profit after taxes (NOPAT)1 | (997) | (1,040) | (1,708) | 3,870) | 3,351) | |
| Invested capital2 | 18,926) | 15,828) | 15,949) | 18,011) | 19,047) | |
| Performance Ratio | ||||||
| ROIC3 | -5.27% | -6.57% | -10.71% | 21.48% | 17.59% | |
| Benchmarks | ||||||
| ROIC, Competitors4 | ||||||
| Airbnb Inc. | 30.22% | 7.96% | -98.14% | — | — | |
| Booking Holdings Inc. | 21.73% | 4.47% | 4.60% | 46.12% | — | |
| Chipotle Mexican Grill Inc. | 19.01% | 14.35% | 12.43% | 12.20% | — | |
| McDonald’s Corp. | 15.69% | 17.77% | 13.16% | 17.62% | — | |
| Starbucks Corp. | 18.24% | 19.53% | 6.42% | 11.14% | — | |
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).
1 NOPAT. See details »
2 Invested capital. See details »
3 2022 Calculation
ROIC = 100 × NOPAT ÷ Invested capital
= 100 × -997 ÷ 18,926 = -5.27%
4 Click competitor name to see calculations.
| Performance ratio | Description | The company |
|---|---|---|
| ROIC | A measure of the periodic, after tax, cash-on-cash yield earned in the business. | Las Vegas Sands Corp. ROIC improved from 2020 to 2021 and from 2021 to 2022. |
Decomposition of ROIC
Las Vegas Sands Corp., decomposition of ROIC
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).
1 Operating profit margin (OPM). See calculations »
2 Turnover of capital (TO). See calculations »
3 Effective cash tax rate (CTR). See calculations »
Operating Profit Margin (OPM)
Las Vegas Sands Corp., OPM calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net operating profit after taxes (NOPAT)1 | (997) | (1,040) | (1,708) | 3,870) | 3,351) | |
| Add: Cash operating taxes2 | 305) | 172) | 110) | 431) | 370) | |
| Net operating profit before taxes (NOPBT) | (692) | (868) | (1,598) | 4,300) | 3,720) | |
| Net revenues | 4,110) | 4,234) | 3,612) | 13,739) | 13,729) | |
| Profitability Ratio | ||||||
| OPM3 | -16.83% | -20.50% | -44.25% | 31.30% | 27.10% | |
| Benchmarks | ||||||
| OPM, Competitors4 | ||||||
| Airbnb Inc. | 24.64% | 9.31% | -151.42% | — | — | |
| Booking Holdings Inc. | 24.15% | 13.04% | 15.18% | 40.35% | — | |
| Chipotle Mexican Grill Inc. | 16.00% | 13.23% | 8.03% | 11.18% | — | |
| McDonald’s Corp. | 40.79% | 46.68% | 41.21% | 45.99% | — | |
| Starbucks Corp. | 14.97% | 20.82% | 7.99% | 17.94% | — | |
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).
1 NOPAT. See details »
2 Cash operating taxes. See details »
3 2022 Calculation
OPM = 100 × NOPBT ÷ Net revenues
= 100 × -692 ÷ 4,110 = -16.83%
4 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| OPM | The operating profit margin (OPM) is the ratio of pretax economic earnings, or NOPBT, to sales. | Las Vegas Sands Corp. OPM improved from 2020 to 2021 and from 2021 to 2022. |
Turnover of Capital (TO)
Las Vegas Sands Corp., TO calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net revenues | 4,110) | 4,234) | 3,612) | 13,739) | 13,729) | |
| Invested capital1 | 18,926) | 15,828) | 15,949) | 18,011) | 19,047) | |
| Efficiency Ratio | ||||||
| TO2 | 0.22 | 0.27 | 0.23 | 0.76 | 0.72 | |
| Benchmarks | ||||||
| TO, Competitors3 | ||||||
| Airbnb Inc. | 1.27 | 1.11 | 0.65 | — | — | |
| Booking Holdings Inc. | 1.25 | 0.73 | 0.47 | 1.37 | — | |
| Chipotle Mexican Grill Inc. | 1.61 | 1.38 | 1.22 | 1.33 | — | |
| McDonald’s Corp. | 0.51 | 0.49 | 0.41 | 0.49 | — | |
| Starbucks Corp. | 1.57 | 1.23 | 1.03 | 1.30 | — | |
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).
1 Invested capital. See details »
2 2022 Calculation
TO = Net revenues ÷ Invested capital
= 4,110 ÷ 18,926 = 0.22
3 Click competitor name to see calculations.
| Efficiency ratio | Description | The company |
|---|---|---|
| TO | The turnover of capital (TO) is the ratio of sales to invested capital. Capital turnover is a function of the efficiency of working capital management and of net fixed assets. | Las Vegas Sands Corp. TO improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022. |
Effective Cash Tax Rate (CTR)
Las Vegas Sands Corp., CTR calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net operating profit after taxes (NOPAT)1 | (997) | (1,040) | (1,708) | 3,870) | 3,351) | |
| Add: Cash operating taxes2 | 305) | 172) | 110) | 431) | 370) | |
| Net operating profit before taxes (NOPBT) | (692) | (868) | (1,598) | 4,300) | 3,720) | |
| Tax Rate | ||||||
| CTR3 | — | — | — | 10.02% | 9.93% | |
| Benchmarks | ||||||
| CTR, Competitors4 | ||||||
| Airbnb Inc. | 3.19% | 23.04% | — | — | — | |
| Booking Holdings Inc. | 28.16% | 53.06% | 35.06% | 16.37% | — | |
| Chipotle Mexican Grill Inc. | 25.95% | 21.28% | -27.06% | 17.83% | — | |
| McDonald’s Corp. | 24.66% | 21.80% | 22.33% | 22.57% | — | |
| Starbucks Corp. | 22.36% | 23.58% | 21.57% | 52.35% | — | |
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).
1 NOPAT. See details »
2 Cash operating taxes. See details »
3 2022 Calculation
CTR = 100 × Cash operating taxes ÷ NOPBT
= 100 × 305 ÷ -692 = —
4 Click competitor name to see calculations.