Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
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Long-term Activity Ratios (Summary)
Las Vegas Sands Corp., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
The analysis of the quarterly financial ratios reveals distinct trends and fluctuations over the indicated periods. Each ratio reflects different aspects of asset utilization and efficiency.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio began from a baseline around 0.91 to 0.95 in early periods of 2019, maintaining relative stability. A sharp decline occurred starting in the first quarter of 2020, dropping to 0.24 by the final quarter of that year, which likely signifies reduced efficiency in utilizing fixed assets during this phase. Subsequent periods showed gradual recovery beginning in early 2021 with values increasing steadily and reaching approximately 0.74 by the third quarter of 2023. Despite this rebound, turnover remains below the pre-2020 levels, indicating partial restoration of asset productivity.
- Total Asset Turnover
- The total asset turnover ratio similarly exhibits initial stability around 0.59 to 0.62 throughout 2019. A pronounced decline follows in 2020, with values dropping to a nadir near 0.15 in late 2020. This points to a period of diminished overall asset efficiency, consistent with the challenges seen in fixed asset turnover. Recovery began modestly by early 2021, with gradual upward movement reaching 0.39 by the third quarter of 2023. Nonetheless, this ratio remains well below initial levels, suggesting ongoing challenges in maximizing asset use.
- Equity Turnover
- Equity turnover started at relatively high levels in early 2019, around 2.42 to 2.65, indicating frequent turnover of equity investment relative to sales or asset base. However, a notable decrease commenced in mid-2019 and intensified through 2020, hitting a low near 0.88 in early 2022. This considerable drop reflects reduced efficiency in equity utilization over this timeframe. Encouragingly, there is a distinct upward trend beginning mid-2021 and continuing through 2023, with ratios climbing steadily to 1.88 by the third quarter of 2023. This suggests gradual improvement in the company’s ability to generate sales or returns from its equity, though not yet reaching prior performance levels.
In summary, all three turnover ratios demonstrate a pattern of stability before 2020, significant decline throughout 2020, and progressive recovery thereafter. The most severe downturn and slowest recovery were observed during the global disruptions around 2020. The subsequent improvements indicate ongoing efforts to restore operational and financial efficiency, yet the ratios as of the latest quarter remain below their pre-2020 benchmarks, highlighting areas for continued focus on asset and equity utilization.
Net Fixed Asset Turnover
Las Vegas Sands Corp., net fixed asset turnover calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Net revenues | ||||||||||||||||||||||||||||||
| Property and equipment, net | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Airbnb Inc. | ||||||||||||||||||||||||||||||
| Booking Holdings Inc. | ||||||||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | ||||||||||||||||||||||||||||||
| McDonald’s Corp. | ||||||||||||||||||||||||||||||
| Starbucks Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q3 2023 Calculation
Net fixed asset turnover
= (Net revenuesQ3 2023
+ Net revenuesQ2 2023
+ Net revenuesQ1 2023
+ Net revenuesQ4 2022)
÷ Property and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Revenues
- Net revenues exhibited a generally stable pattern from March 2018 through December 2019, fluctuating between approximately 3,250 million and 3,646 million USD. A significant decline occurred starting in the first quarter of 2020, coinciding with the onset of the global pandemic, reaching a notable low of 98 million USD in the second quarter of 2020. Following this trough, a gradual recovery trend is observable, with revenues increasing steadily through the end of 2023, culminating at 2,795 million USD in the third quarter of 2023. Despite this rebound, revenue levels as of late 2023 remain below the pre-pandemic peaks, indicating ongoing recovery but not yet achieving former highs.
- Property and Equipment, Net
- The net value of property and equipment showed a gradual but consistent decrease over the entire period. Starting from approximately 15,485 million USD in March 2018, the figure declined steadily to around 11,589 million USD by September 2023. Notably, there was a more marked reduction beginning in early 2021, with the asset base decreasing from roughly 15,109 million USD at the end of 2020 to approximately 11,589 million USD by late 2023. This trend may reflect asset disposals, impairments, or depreciation exceeding new investments.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio, measuring the efficiency in using fixed assets to generate revenue, was relatively stable around 0.91 to 0.95 from late 2018 through late 2019. A sharp decline followed beginning in early 2020, hitting a low of 0.24 in the third quarter of 2020 amid the pandemic's peak impact on revenues. Subsequently, the ratio showed a slow but steady improvement, rising to 0.74 by the third quarter of 2023. This recovery suggests enhanced asset utilization efficiency as revenues improved, although the ratio remains below pre-pandemic levels.
- Overall Insights
- The data indicates that the company experienced a pronounced negative impact from external conditions beginning in early 2020, profoundly affecting revenue streams and operational efficiency. The gradual recovery from the trough shows resilience but also highlights ongoing challenges to return to previous performance benchmarks. Concurrently, the steady reduction in net property and equipment may imply strategic asset management adjustments or market-related revaluations. Combined, these trends suggest a period of significant adjustment with a cautious but positive trajectory toward recovery.
Total Asset Turnover
Las Vegas Sands Corp., total asset turnover calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Net revenues | ||||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Airbnb Inc. | ||||||||||||||||||||||||||||||
| Booking Holdings Inc. | ||||||||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | ||||||||||||||||||||||||||||||
| McDonald’s Corp. | ||||||||||||||||||||||||||||||
| Starbucks Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q3 2023 Calculation
Total asset turnover
= (Net revenuesQ3 2023
+ Net revenuesQ2 2023
+ Net revenuesQ1 2023
+ Net revenuesQ4 2022)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Revenues
- The net revenues showed variability over the reported periods with a general downward trend starting in early 2020. From March 31, 2018, through December 31, 2019, revenues mostly fluctuated between approximately $3,250 million and $3,650 million. However, beginning in March 31, 2020, there was a significant decline, reaching a low point of $98 million in June 30, 2020, followed by a gradual recovery. This rebound continued through March 31, 2023, with revenues increasing from $1,117 million to $2,795 million. Despite this partial recovery, revenues in early 2023 still remained below the pre-2020 levels.
- Total Assets
- Total assets exhibited relative stability over the period with moderate fluctuations. Beginning at $21,504 million in March 31, 2018, assets increased to a peak of approximately $23,199 million by December 31, 2019. This level was followed by a gradual decline through 2021 and early 2022, reaching near $19,892 million in March 31, 2022. Subsequently, assets increased again to approximately $22,715 million by June 30, 2023, before a slight decrease to $22,124 million in September 30, 2023. Overall, the asset base remained broadly consistent, showing resilience despite revenue volatility.
- Total Asset Turnover
- Total asset turnover ratios were only available from September 30, 2018, onward. Initially, the ratio hovered around 0.60 to 0.62 through early 2019, indicating effective utilization of assets to generate revenue. From 2020 onward, the turnover ratio declined sharply to a low of 0.15 in June 30, 2021, reflecting reduced asset efficiency, likely influenced by the steep revenue drop. After this low point, asset turnover gradually improved over the subsequent quarters, reaching 0.39 by September 30, 2023. This improvement suggests a partial recovery in utilizing assets to generate revenue but still below earlier levels.
Equity Turnover
Las Vegas Sands Corp., equity turnover calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Net revenues | ||||||||||||||||||||||||||||||
| Total Las Vegas Sands Corp. stockholders’ equity | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Airbnb Inc. | ||||||||||||||||||||||||||||||
| Booking Holdings Inc. | ||||||||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | ||||||||||||||||||||||||||||||
| McDonald’s Corp. | ||||||||||||||||||||||||||||||
| Starbucks Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q3 2023 Calculation
Equity turnover
= (Net revenuesQ3 2023
+ Net revenuesQ2 2023
+ Net revenuesQ1 2023
+ Net revenuesQ4 2022)
÷ Total Las Vegas Sands Corp. stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data exhibits several discernible trends across the analyzed periods.
- Net Revenues
- Net revenues demonstrate a generally fluctuating pattern over the years, with an initial relatively stable range around 3,300 to 3,600 million US dollars in the periods preceding 2020. There is a pronounced and sharp decline beginning in the first quarter of 2020, dropping to as low as 98 million US dollars in the second quarter of 2020, reflecting a severe contraction likely tied to market disruptions. A gradual recovery is observed starting from the third quarter of 2020 onward, with revenues increasing steadily and showing continuous improvement through 2023, reaching approximately 2,795 million US dollars by the third quarter of 2023. However, revenues in 2023 remain below the pre-2020 levels.
- Total Stockholders' Equity
- The total stockholders’ equity reveals a downward trajectory from 2018 through to 2021. It decreases from around 7,363 million US dollars at the start of 2018 to approximately 1,996 million US dollars by the end of 2021. This persistent decline may indicate accumulated losses or other equity reductions within this timeframe. Starting in early 2022, there is evidence of stabilization and gradual recovery, as equity values increase, reaching 4,553 million US dollars by the third quarter of 2023. Despite this recovery, equity remains below the levels observed in 2018.
- Equity Turnover Ratio
- The equity turnover ratio shows more variability across the reported periods. It begins at reasonably high levels around 2.4 to 2.6 in 2018 and 2019, suggesting efficient use of equity to generate revenues during these years. However, starting in 2020, the ratio declines significantly, falling below 1.5 for much of 2020 and 2021, reflecting the revenue downturn and reduced asset utilization efficiency during this period. In late 2021 and continuing through 2023, the equity turnover ratio gradually improves, climbing back above 1.5 and nearing 1.9 in the third quarter of 2023, indicating a recovering operational performance and better productivity of equity employed.
Overall, the data indicate a strong impact on financial performance beginning in early 2020, consistent with external macroeconomic or industry-specific shocks. The company has been in a phase of gradual recovery since mid-2020, as evidenced by both revenues and operational efficiency improvements. Equity levels, while recovering since 2022, highlight residual financial challenges compared to the pre-2020 baseline.