Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Las Vegas Sands Corp., solvency ratios
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).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Las Vegas Sands Corp. debt to equity ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Las Vegas Sands Corp. debt to equity ratio (including operating lease liability) deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Las Vegas Sands Corp. debt to capital ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Las Vegas Sands Corp. debt to capital ratio (including operating lease liability) deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Las Vegas Sands Corp. debt to assets ratio deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022. |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Las Vegas Sands Corp. debt to assets ratio (including operating lease liability) deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Las Vegas Sands Corp. financial leverage ratio increased from 2020 to 2021 but then decreased significantly from 2021 to 2022. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Las Vegas Sands Corp. interest coverage ratio improved from 2020 to 2021 and from 2021 to 2022. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Las Vegas Sands Corp. fixed charge coverage ratio improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Equity
Las Vegas Sands Corp., debt to equity 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) | ||||||
| Current maturities of long-term debt | 2,031) | 74) | 76) | 70) | 111) | |
| Long-term debt, excluding current maturities | 13,947) | 14,721) | 13,931) | 12,422) | 11,874) | |
| Total debt | 15,978) | 14,795) | 14,007) | 12,492) | 11,985) | |
| Total Las Vegas Sands Corp. stockholders’ equity | 3,881) | 1,996) | 2,973) | 5,187) | 5,684) | |
| Solvency Ratio | ||||||
| Debt to equity1 | 4.12 | 7.41 | 4.71 | 2.41 | 2.11 | |
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| Airbnb Inc. | 0.36 | 0.42 | 0.63 | — | — | |
| Booking Holdings Inc. | 4.51 | 1.77 | 2.46 | 1.45 | — | |
| Chipotle Mexican Grill Inc. | 0.00 | 0.00 | 0.00 | 0.00 | — | |
| McDonald’s Corp. | — | — | — | — | — | |
| Starbucks Corp. | — | — | — | — | 8.07 | |
| Debt to Equity, Sector | ||||||
| Consumer Services | — | 18.97 | — | — | — | |
| Debt to Equity, Industry | ||||||
| Consumer Discretionary | 1.54 | 1.52 | 2.37 | 2.78 | — | |
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 2022 Calculation
Debt to equity = Total debt ÷ Total Las Vegas Sands Corp. stockholders’ equity
= 15,978 ÷ 3,881 = 4.12
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Las Vegas Sands Corp. debt to equity ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
Debt to Equity (including Operating Lease Liability)
Las Vegas Sands Corp., debt to equity (including operating lease liability) 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) | ||||||
| Current maturities of long-term debt | 2,031) | 74) | 76) | 70) | 111) | |
| Long-term debt, excluding current maturities | 13,947) | 14,721) | 13,931) | 12,422) | 11,874) | |
| Total debt | 15,978) | 14,795) | 14,007) | 12,492) | 11,985) | |
| Current operating lease liabilities (included in Other accrued liabilities) | 13) | 14) | 29) | 28) | —) | |
| Noncurrent operating lease liabilities (included in Other long-term liabilities) | 157) | 154) | 294) | 305) | —) | |
| Total debt (including operating lease liability) | 16,148) | 14,963) | 14,330) | 12,825) | 11,985) | |
| Total Las Vegas Sands Corp. stockholders’ equity | 3,881) | 1,996) | 2,973) | 5,187) | 5,684) | |
| Solvency Ratio | ||||||
| Debt to equity (including operating lease liability)1 | 4.16 | 7.50 | 4.82 | 2.47 | 2.11 | |
| Benchmarks | ||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
| Airbnb Inc. | 0.42 | 0.51 | 0.80 | — | — | |
| Booking Holdings Inc. | 4.75 | 1.85 | 2.56 | 1.56 | — | |
| Chipotle Mexican Grill Inc. | 1.58 | 1.53 | 1.56 | 1.69 | — | |
| McDonald’s Corp. | — | — | — | — | — | |
| Starbucks Corp. | — | — | — | — | 8.07 | |
| Debt to Equity (including Operating Lease Liability), Sector | ||||||
| Consumer Services | — | 27.13 | — | — | — | |
| Debt to Equity (including Operating Lease Liability), Industry | ||||||
| Consumer Discretionary | 1.94 | 1.90 | 2.84 | 3.08 | — | |
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 2022 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Las Vegas Sands Corp. stockholders’ equity
= 16,148 ÷ 3,881 = 4.16
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Las Vegas Sands Corp. debt to equity ratio (including operating lease liability) deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
Debt to Capital
Las Vegas Sands Corp., debt to capital 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) | ||||||
| Current maturities of long-term debt | 2,031) | 74) | 76) | 70) | 111) | |
| Long-term debt, excluding current maturities | 13,947) | 14,721) | 13,931) | 12,422) | 11,874) | |
| Total debt | 15,978) | 14,795) | 14,007) | 12,492) | 11,985) | |
| Total Las Vegas Sands Corp. stockholders’ equity | 3,881) | 1,996) | 2,973) | 5,187) | 5,684) | |
| Total capital | 19,859) | 16,791) | 16,980) | 17,679) | 17,669) | |
| Solvency Ratio | ||||||
| Debt to capital1 | 0.80 | 0.88 | 0.82 | 0.71 | 0.68 | |
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| Airbnb Inc. | 0.26 | 0.29 | 0.39 | — | — | |
| Booking Holdings Inc. | 0.82 | 0.64 | 0.71 | 0.59 | — | |
| Chipotle Mexican Grill Inc. | 0.00 | 0.00 | 0.00 | 0.00 | — | |
| McDonald’s Corp. | 1.19 | 1.15 | 1.26 | 1.32 | — | |
| Starbucks Corp. | 2.41 | 1.57 | 1.96 | 2.26 | 0.89 | |
| Debt to Capital, Sector | ||||||
| Consumer Services | 1.06 | 0.95 | 1.09 | 1.14 | — | |
| Debt to Capital, Industry | ||||||
| Consumer Discretionary | 0.61 | 0.60 | 0.70 | 0.74 | — | |
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 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 15,978 ÷ 19,859 = 0.80
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Las Vegas Sands Corp. debt to capital ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
Debt to Capital (including Operating Lease Liability)
Las Vegas Sands Corp., debt to capital (including operating lease liability) 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) | ||||||
| Current maturities of long-term debt | 2,031) | 74) | 76) | 70) | 111) | |
| Long-term debt, excluding current maturities | 13,947) | 14,721) | 13,931) | 12,422) | 11,874) | |
| Total debt | 15,978) | 14,795) | 14,007) | 12,492) | 11,985) | |
| Current operating lease liabilities (included in Other accrued liabilities) | 13) | 14) | 29) | 28) | —) | |
| Noncurrent operating lease liabilities (included in Other long-term liabilities) | 157) | 154) | 294) | 305) | —) | |
| Total debt (including operating lease liability) | 16,148) | 14,963) | 14,330) | 12,825) | 11,985) | |
| Total Las Vegas Sands Corp. stockholders’ equity | 3,881) | 1,996) | 2,973) | 5,187) | 5,684) | |
| Total capital (including operating lease liability) | 20,029) | 16,959) | 17,303) | 18,012) | 17,669) | |
| Solvency Ratio | ||||||
| Debt to capital (including operating lease liability)1 | 0.81 | 0.88 | 0.83 | 0.71 | 0.68 | |
| Benchmarks | ||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
| Airbnb Inc. | 0.30 | 0.34 | 0.44 | — | — | |
| Booking Holdings Inc. | 0.83 | 0.65 | 0.72 | 0.61 | — | |
| Chipotle Mexican Grill Inc. | 0.61 | 0.61 | 0.61 | 0.63 | — | |
| McDonald’s Corp. | 1.14 | 1.10 | 1.18 | 1.21 | — | |
| Starbucks Corp. | 1.58 | 1.29 | 1.46 | 2.26 | 0.89 | |
| Debt to Capital (including Operating Lease Liability), Sector | ||||||
| Consumer Services | 1.05 | 0.96 | 1.07 | 1.11 | — | |
| Debt to Capital (including Operating Lease Liability), Industry | ||||||
| Consumer Discretionary | 0.66 | 0.65 | 0.74 | 0.76 | — | |
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 2022 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 16,148 ÷ 20,029 = 0.81
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Las Vegas Sands Corp. debt to capital ratio (including operating lease liability) deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
Debt to Assets
Las Vegas Sands Corp., debt to assets 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) | ||||||
| Current maturities of long-term debt | 2,031) | 74) | 76) | 70) | 111) | |
| Long-term debt, excluding current maturities | 13,947) | 14,721) | 13,931) | 12,422) | 11,874) | |
| Total debt | 15,978) | 14,795) | 14,007) | 12,492) | 11,985) | |
| Total assets | 22,039) | 20,059) | 20,807) | 23,199) | 22,547) | |
| Solvency Ratio | ||||||
| Debt to assets1 | 0.72 | 0.74 | 0.67 | 0.54 | 0.53 | |
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| Airbnb Inc. | 0.12 | 0.14 | 0.17 | — | — | |
| Booking Holdings Inc. | 0.49 | 0.46 | 0.55 | 0.40 | — | |
| Chipotle Mexican Grill Inc. | 0.00 | 0.00 | 0.00 | 0.00 | — | |
| McDonald’s Corp. | 0.74 | 0.66 | 0.71 | 0.72 | — | |
| Starbucks Corp. | 0.53 | 0.47 | 0.54 | 0.58 | 0.39 | |
| Debt to Assets, Sector | ||||||
| Consumer Services | 0.53 | 0.49 | 0.56 | 0.58 | — | |
| Debt to Assets, Industry | ||||||
| Consumer Discretionary | 0.35 | 0.36 | 0.41 | 0.45 | — | |
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 2022 Calculation
Debt to assets = Total debt ÷ Total assets
= 15,978 ÷ 22,039 = 0.72
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Las Vegas Sands Corp. debt to assets ratio deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022. |
Debt to Assets (including Operating Lease Liability)
Las Vegas Sands Corp., debt to assets (including operating lease liability) 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) | ||||||
| Current maturities of long-term debt | 2,031) | 74) | 76) | 70) | 111) | |
| Long-term debt, excluding current maturities | 13,947) | 14,721) | 13,931) | 12,422) | 11,874) | |
| Total debt | 15,978) | 14,795) | 14,007) | 12,492) | 11,985) | |
| Current operating lease liabilities (included in Other accrued liabilities) | 13) | 14) | 29) | 28) | —) | |
| Noncurrent operating lease liabilities (included in Other long-term liabilities) | 157) | 154) | 294) | 305) | —) | |
| Total debt (including operating lease liability) | 16,148) | 14,963) | 14,330) | 12,825) | 11,985) | |
| Total assets | 22,039) | 20,059) | 20,807) | 23,199) | 22,547) | |
| Solvency Ratio | ||||||
| Debt to assets (including operating lease liability)1 | 0.73 | 0.75 | 0.69 | 0.55 | 0.53 | |
| Benchmarks | ||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
| Airbnb Inc. | 0.15 | 0.18 | 0.22 | — | — | |
| Booking Holdings Inc. | 0.52 | 0.48 | 0.57 | 0.43 | — | |
| Chipotle Mexican Grill Inc. | 0.54 | 0.53 | 0.53 | 0.56 | — | |
| McDonald’s Corp. | 0.97 | 0.92 | 0.98 | 1.00 | — | |
| Starbucks Corp. | 0.84 | 0.75 | 0.84 | 0.58 | 0.39 | |
| Debt to Assets (including Operating Lease Liability), Sector | ||||||
| Consumer Services | 0.72 | 0.70 | 0.78 | 0.76 | — | |
| Debt to Assets (including Operating Lease Liability), Industry | ||||||
| Consumer Discretionary | 0.44 | 0.45 | 0.50 | 0.50 | — | |
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 2022 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 16,148 ÷ 22,039 = 0.73
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Las Vegas Sands Corp. debt to assets ratio (including operating lease liability) deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022. |
Financial Leverage
Las Vegas Sands Corp., financial leverage 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) | ||||||
| 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 | |
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| Airbnb Inc. | 2.88 | 2.87 | 3.62 | — | — | |
| Booking Holdings Inc. | 9.12 | 3.83 | 4.47 | 3.61 | — | |
| Chipotle Mexican Grill Inc. | 2.93 | 2.90 | 2.96 | 3.03 | — | |
| McDonald’s Corp. | — | — | — | — | — | |
| Starbucks Corp. | — | — | — | — | 20.66 | |
| Financial Leverage, Sector | ||||||
| Consumer Services | — | 38.83 | — | — | — | |
| Financial Leverage, Industry | ||||||
| Consumer Discretionary | 4.38 | 4.26 | 5.72 | 6.22 | — | |
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 2022 Calculation
Financial leverage = Total assets ÷ Total Las Vegas Sands Corp. stockholders’ equity
= 22,039 ÷ 3,881 = 5.68
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Las Vegas Sands Corp. financial leverage ratio increased from 2020 to 2021 but then decreased significantly from 2021 to 2022. |
Interest Coverage
Las Vegas Sands Corp., interest coverage 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 income (loss) attributable to Las Vegas Sands Corp. | 1,832) | (961) | (1,685) | 2,698) | 2,413) | |
| Add: Net income attributable to noncontrolling interest | (475) | (315) | (458) | 606) | 538) | |
| Less: Income from discontinued operations, net of tax | 2,898) | 193) | —) | —) | —) | |
| Add: Income tax expense | 154) | (5) | (38) | 468) | 375) | |
| Add: Interest expense, net of amounts capitalized | 702) | 621) | 536) | 555) | 446) | |
| Earnings before interest and tax (EBIT) | (685) | (853) | (1,645) | 4,327) | 3,772) | |
| Solvency Ratio | ||||||
| Interest coverage1 | -0.98 | -1.37 | -3.07 | 7.80 | 8.46 | |
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| Airbnb Inc. | 83.88 | 0.31 | -26.27 | — | — | |
| Booking Holdings Inc. | 11.03 | 5.39 | 2.59 | 23.40 | — | |
| Chipotle Mexican Grill Inc. | — | — | — | — | — | |
| McDonald’s Corp. | 7.48 | 8.70 | 6.04 | 8.15 | — | |
| Starbucks Corp. | 9.76 | 12.40 | 3.66 | 14.49 | 34.94 | |
| Interest Coverage, Sector | ||||||
| Consumer Services | 10.10 | 7.78 | 2.60 | 12.00 | — | |
| Interest Coverage, Industry | ||||||
| Consumer Discretionary | 9.45 | 13.29 | 7.81 | 9.65 | — | |
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 2022 Calculation
Interest coverage = EBIT ÷ Interest expense
= -685 ÷ 702 = -0.98
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Las Vegas Sands Corp. interest coverage ratio improved from 2020 to 2021 and from 2021 to 2022. |
Fixed Charge Coverage
Las Vegas Sands Corp., fixed charge coverage 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 income (loss) attributable to Las Vegas Sands Corp. | 1,832) | (961) | (1,685) | 2,698) | 2,413) | |
| Add: Net income attributable to noncontrolling interest | (475) | (315) | (458) | 606) | 538) | |
| Less: Income from discontinued operations, net of tax | 2,898) | 193) | —) | —) | —) | |
| Add: Income tax expense | 154) | (5) | (38) | 468) | 375) | |
| Add: Interest expense, net of amounts capitalized | 702) | 621) | 536) | 555) | 446) | |
| Earnings before interest and tax (EBIT) | (685) | (853) | (1,645) | 4,327) | 3,772) | |
| Add: Operating lease cost | 76) | 70) | 85) | 85) | 88) | |
| Earnings before fixed charges and tax | (609) | (783) | (1,560) | 4,412) | 3,860) | |
| Interest expense, net of amounts capitalized | 702) | 621) | 536) | 555) | 446) | |
| Operating lease cost | 76) | 70) | 85) | 85) | 88) | |
| Fixed charges | 778) | 691) | 621) | 640) | 534) | |
| Solvency Ratio | ||||||
| Fixed charge coverage1 | -0.78 | -1.13 | -2.51 | 6.89 | 7.23 | |
| Benchmarks | ||||||
| Fixed Charge Coverage, Competitors2 | ||||||
| Airbnb Inc. | 20.69 | 0.42 | -16.81 | — | — | |
| Booking Holdings Inc. | 8.12 | 3.82 | 2.03 | 14.27 | — | |
| Chipotle Mexican Grill Inc. | 3.98 | 3.23 | 1.88 | 2.49 | — | |
| McDonald’s Corp. | 3.92 | 4.32 | 3.28 | 3.94 | — | |
| Starbucks Corp. | 3.08 | 3.61 | 1.58 | 3.52 | 4.62 | |
| Fixed Charge Coverage, Sector | ||||||
| Consumer Services | 4.32 | 3.66 | 1.60 | 4.59 | — | |
| Fixed Charge Coverage, Industry | ||||||
| Consumer Discretionary | 3.70 | 5.63 | 3.72 | 4.20 | — | |
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 2022 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= -609 ÷ 778 = -0.78
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Las Vegas Sands Corp. fixed charge coverage ratio improved from 2020 to 2021 and from 2021 to 2022. |