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.

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin 

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Las Vegas Sands Corp., decomposition of ROE

Microsoft Excel
ROE = ROA × Financial Leverage
Dec 31, 2022 47.20% = 8.31% × 5.68
Dec 31, 2021 -48.15% = -4.79% × 10.05
Dec 31, 2020 -56.68% = -8.10% × 7.00
Dec 31, 2019 52.01% = 11.63% × 4.47
Dec 31, 2018 42.45% = 10.70% × 3.97

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).

Three-Component Disaggregation of ROE

Las Vegas Sands Corp., decomposition of ROE

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Dec 31, 2022 47.20% = 44.57% × 0.19 × 5.68
Dec 31, 2021 -48.15% = -22.70% × 0.21 × 10.05
Dec 31, 2020 -56.68% = -46.65% × 0.17 × 7.00
Dec 31, 2019 52.01% = 19.64% × 0.59 × 4.47
Dec 31, 2018 42.45% = 17.58% × 0.61 × 3.97

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).

Five-Component Disaggregation of ROE

Las Vegas Sands Corp., decomposition of ROE

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Dec 31, 2022 47.20% = 0.92 × 0.74 × 65.40% × 0.19 × 5.68
Dec 31, 2021 -48.15% = — × — × -8.15% × 0.21 × 10.05
Dec 31, 2020 -56.68% = — × — × -32.86% × 0.17 × 7.00
Dec 31, 2019 52.01% = 0.85 × 0.85 × 27.08% × 0.59 × 4.47
Dec 31, 2018 42.45% = 0.87 × 0.86 × 23.56% × 0.61 × 3.97

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).

Two-Component Disaggregation of ROA

Las Vegas Sands Corp., decomposition of ROA

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Dec 31, 2022 8.31% = 44.57% × 0.19
Dec 31, 2021 -4.79% = -22.70% × 0.21
Dec 31, 2020 -8.10% = -46.65% × 0.17
Dec 31, 2019 11.63% = 19.64% × 0.59
Dec 31, 2018 10.70% = 17.58% × 0.61

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).

Four-Component Disaggregation of ROA

Las Vegas Sands Corp., decomposition of ROA

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Dec 31, 2022 8.31% = 0.92 × 0.74 × 65.40% × 0.19
Dec 31, 2021 -4.79% = — × — × -8.15% × 0.21
Dec 31, 2020 -8.10% = — × — × -32.86% × 0.17
Dec 31, 2019 11.63% = 0.85 × 0.85 × 27.08% × 0.59
Dec 31, 2018 10.70% = 0.87 × 0.86 × 23.56% × 0.61

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).

Disaggregation of Net Profit Margin

Las Vegas Sands Corp., decomposition of net profit margin ratio

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Dec 31, 2022 44.57% = 0.92 × 0.74 × 65.40%
Dec 31, 2021 -22.70% = — × — × -8.15%
Dec 31, 2020 -46.65% = — × — × -32.86%
Dec 31, 2019 19.64% = 0.85 × 0.85 × 27.08%
Dec 31, 2018 17.58% = 0.87 × 0.86 × 23.56%

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).