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.
Paying user area
Try for free
Las Vegas Sands Corp. pages available for free this week:
- Cash Flow Statement
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Las Vegas Sands Corp. for $22.49.
This is a one-time payment. There is no automatic renewal.
We accept:
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).
The analysis of the financial turnover ratios over the examined quarters reveals several notable trends in asset and equity utilization efficiency.
- Net Fixed Asset Turnover
- This ratio shows a generally declining trend from early 2019 through 2020, dropping considerably from 0.91 in March 2019 to a low of 0.24 by December 2020. Subsequently, a gradual recovery is observed starting in 2021, with the ratio increasing steadily through 2023, reaching 0.74 by September 2023. This pattern suggests a significant reduction in the efficiency of net fixed asset use during the pandemic period, followed by a consistent improvement potentially linked to operational normalization or asset optimization efforts.
- Total Asset Turnover
- The total asset turnover ratio also declines markedly from 0.62 in March 2019 to a low point of 0.15 by March 2021. Post that period, the ratio experiences a slow but evident recovery, rising to 0.39 by September 2023. This extended trough and subsequent recovery mirrors the trend in net fixed asset turnover, indicating a period of decreased overall asset utilization efficiency followed by gradual restoration.
- Equity Turnover
- Equity turnover displays a distinct trajectory compared to the other two ratios. It starts high at approximately 2.5 in early 2019 and remains relatively stable through the early pandemic stage, although it dips to 1.21 by December 2020. Thereafter, a pronounced rebound is observed, especially from mid-2021 onwards, with the ratio recovering to 1.88 by September 2023. Notably, there is a sharp dip in early 2022, with the lowest ratio at 0.88 in March 2022, before recovery resumes. This behavior suggests fluctuations in the efficiency with which equity is employed to generate revenue, influenced possibly by changes in equity base or revenue generation dynamics.
Overall, the data reflect a period of operational and market challenges likely within the 2020 timeframe, reflected by diminished asset and equity turnover metrics. These ratios gradually improve over subsequent years, indicative of improving operational utilization and financial performance. The most pronounced impact appears in asset turnover ratios, with equity turnover showing slightly more resilience and a stronger recovery trend after the initial downturn.
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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | |||||||||||||||||||||||||
| DoorDash, 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).
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.
The financial data reveals several distinct trends over the observed periods, reflecting fluctuations in operational activity and asset utilization.
- Net Revenues
- The net revenues exhibit a strong declining trend starting from the first quarter of 2020, with revenues dropping sharply from US$ 3,509 million in December 2019 to a low of US$ 98 million in June 2020. This significant decline suggests an impactful event, likely reducing business activity considerably. Following this trough, a gradual recovery is observed through 2020 and 2021, with revenues increasing but remaining below pre-decline levels. Starting in 2022, revenues stabilize and show a steady upward trajectory. By March 2023, revenues reach US$ 2,120 million and continue rising to US$ 2,795 million by September 2023, indicating a robust recovery nearing pre-2020 levels, though still not fully restored to earlier highs.
- Property and Equipment, Net
- The net value of property and equipment maintains relative stability throughout the periods, typically fluctuating within a narrow range around US$ 14,000 to 15,000 million until the end of 2019. Beginning in 2020 and continuing thereafter, a gradual downward trend is visible, with values declining to approximately US$ 11,500 million by the end of the most recent quarter tracked. This consistent decrease may reflect asset disposals, depreciation, or impairments, signifying potential restructuring or strategic asset management measures during and after the period of revenue decline.
- Net Fixed Asset Turnover
- This ratio, indicative of revenue generated per unit of fixed asset, declines correspondingly with the drop in revenues. It falls from a level close to 0.9 in early 2019 to a low of around 0.24 by December 2020, reflecting underutilization of fixed assets amid reduced revenues. Post this low point, the turnover ratio gradually improves, reaching approximately 0.74 by September 2023. This suggests improving efficiency and better utilization of fixed assets in line with the recovering revenue levels, although the ratio has yet to return to pre-2019 values.
Overall, the data illustrates a period of significant disruption starting in early 2020, followed by a gradual but steady recovery in revenue generation and asset utilization. The asset base contracted somewhat over time, possibly in response to the earlier decline in business activity, while improving turnover ratios in the latter periods signal enhanced operational efficiency and an ongoing rebound in company performance.
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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | |||||||||||||||||||||||||
| DoorDash, 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).
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.
The financial data demonstrates significant fluctuations in net revenues, total assets, and total asset turnover ratios across the quarterly periods analyzed.
- Net Revenues
- Net revenues experienced a notable decline starting in the first quarter of 2020, dropping sharply from prior quarterly values around 3,250 to 3,646 million US dollars to a low of 98 million US dollars in the second quarter of 2020. This decline corresponds with a period of significant operational disruptions. Following this trough, net revenues exhibited a gradual recovery trend, increasing steadily each quarter from June 2020 onward. By the first quarter of 2023, net revenues reached 2,120 million US dollars, indicating more than a twenty-fold increase from their low point, though still below peak levels seen in early 2019.
- Total Assets
- Total assets remained relatively stable across the time frame, with values fluctuating between approximately 20,382 million and 23,313 million US dollars. A minor decrease is visible during the early stages of 2020, coinciding with the sharp net revenue decline, where assets decreased from 23,199 million US dollars at the end of 2019 to about 20,807 million US dollars by the end of 2020. Assets showed a modest rebound post-2020 but did not fully return to pre-2020 levels, suggesting cautious asset management or divestitures during challenging periods.
- Total Asset Turnover
- The total asset turnover ratio, reflecting efficiency in utilizing assets to generate revenue, exhibited a declining trend during the onset of 2020, dropping from approximately 0.59 at the end of 2019 to as low as 0.17 by the fourth quarter of 2020. This decline aligns with the heavy impact on revenues while asset levels remained comparatively stable. From 2021 onwards, the ratio showed gradual improvement, increasing from around 0.15 in the first quarter to 0.39 by the third quarter of 2023, signaling enhanced operational efficiency and a recovery in revenue generation relative to asset base.
Overall, the data portrays a period of significant disruption affecting revenues and operational efficiency in early 2020, followed by a progressive recovery phase. The sustained asset base through this period indicates stability in capital resources despite revenue challenges. The improving asset turnover ratio towards the end of the period reflects a positive momentum in leveraging assets for revenue growth.
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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | |||||||||||||||||||||||||
| DoorDash, 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).
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 reveals several notable trends over the analyzed periods. Net revenues demonstrate a significant decline starting in early 2020, with a marked drop between the first quarter of 2020 and the second quarter, reaching a low point at mid-2020. This downward trend corresponds with global economic challenges during that period. However, from the fourth quarter of 2020 onward, net revenues gradually recover, exhibiting a consistent upward trajectory through 2021, 2022, and into 2023. By the third quarter of 2023, net revenues have substantially increased compared to the lows observed in 2020, though they have yet to reach the peak levels of 2019.
Total stockholders’ equity shows a gradual decline from the first quarter of 2019 through the end of 2021, indicating a reduction in the company’s net assets during that period. From early 2022 forward, however, equity levels stabilize and begin to show moderate recovery, though the figures remain below those of 2019. The decline through 2020 and part of 2021 may reflect the financial strains and equity adjustments linked to revenue drops and external economic conditions.
Equity turnover reflects operational efficiency in generating revenues relative to shareholders’ equity. Initially, this ratio remains relatively stable around 2.5 in 2019, then experiences a sharp decrease in 2020, reaching its lowest point at the end of 2020 and the start of 2021. This decline aligns with the plunge in net revenues and reduced equity base during the pandemic impacts. Starting in mid-2021, equity turnover begins to recover, trending upward gradually into 2023, suggesting improved utilization of equity to generate revenues as business conditions normalize. Despite this recovery, equity turnover has not fully returned to pre-2020 levels by the latest reported period.
Overall, the company faced significant operational and financial challenges beginning early 2020, with all key metrics reflecting impacts of external disruptions. Recovery efforts are evident starting in late 2020 and accelerating through 2023, marked by improving revenue generation and more effective use of equity capital. Still, the equity base remains lower than in 2019, indicating the need for continued focus on strengthening financial stability alongside revenue growth.
- Net Revenues
- Sharp decline beginning early 2020, reaching a low mid-2020, followed by steady recovery through 2023.
- Total Stockholders’ Equity
- Gradual decrease from 2019 into end 2021, stabilization and modest rebound from 2022 onward.
- Equity Turnover
- Stable pre-2020, sharp drop in 2020, gradual recovery starting mid-2021 but not yet at prior peak levels.