Analysis of Profitability Ratios
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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Profitability Ratios (Summary)
Las Vegas Sands Corp., profitability 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).
- Gross Profit Margin
- The gross profit margin shows a decline from 49.2% in 2018 to a low of 27.8% in 2020, indicating a significant reduction in profitability at the gross level during that period. Following 2020, there is a notable recovery with the margin increasing to 37.98% in 2021 and further to 40.15% in 2022, although it remains below the initial 2018 and 2019 levels.
- Operating Profit Margin
- The operating profit margin trends downward significantly starting from 27.32% in 2018 and 26.92% in 2019 to negative figures in the years 2020 through 2022. The margin plummets to -46.73% in 2020, partially recovers but remains negative at -16.27% in 2021 and -19.27% in 2022, signaling considerable operational challenges and losses during these years.
- Net Profit Margin
- The net profit margin follows a similar pattern to the operating margin, declining from positive margins of 17.58% and 19.64% in 2018 and 2019 respectively, to a steep negative margin of -46.65% in 2020. It remains negative in 2021 (-22.7%) but then dramatically improves to a strong positive margin of 44.57% in 2022, suggesting a significant turnaround in net profitability by the latest period.
- Return on Equity (ROE)
- The return on equity shows strong positive values in 2018 and 2019, with 42.45% and 52.01% respectively, indicating effective equity utilization. However, it plunges into negative territory in 2020 (-56.68%) and remains negative in 2021 (-48.15%), reflecting substantial losses and diminished returns to shareholders. A recovery is evident in 2022, with ROE rebounding to 47.2%, approaching earlier positive levels.
- Return on Assets (ROA)
- Return on assets shows positive performance in 2018 (10.7%) and 2019 (11.63%) but turns negative in 2020 (-8.1%) and 2021 (-4.79%), suggesting less efficient use of assets during this challenging period. In 2022, ROA improves to 8.31%, signaling a return toward more effective asset utilization closer to pre-2020 levels, though still somewhat below the earliest reported values.
Return on Sales
Return on Investment
Gross Profit Margin
Las Vegas Sands Corp., gross profit margin 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) | ||||||
| Gross profit | ||||||
| Net revenues | ||||||
| Profitability Ratio | ||||||
| Gross profit margin1 | ||||||
| Benchmarks | ||||||
| Gross Profit Margin, Competitors2 | ||||||
| Airbnb Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
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
Gross profit margin = 100 × Gross profit ÷ Net revenues
= 100 × ÷ =
2 Click competitor name to see calculations.
- Gross Profit
- The gross profit experienced a significant decline in 2020, falling sharply from $6,907 million in 2019 to $1,004 million. Following this drop, gross profit gradually increased in 2021 to $1,608 million and reached $1,650 million in 2022. Despite the recovery, the values in 2021 and 2022 remain substantially lower compared to the 2018 and 2019 figures.
- Net Revenues
- Net revenues remained relatively stable between 2018 and 2019, with amounts of $13,729 million and $13,739 million respectively. However, there was a drastic decrease in 2020 to $3,612 million. Subsequently, net revenues showed modest recovery by increasing to $4,234 million in 2021, followed by a slight decline to $4,110 million in 2022. Overall, net revenues in 2021 and 2022 are markedly lower than pre-2020 levels.
- Gross Profit Margin
- The gross profit margin was relatively high before 2020, standing at 49.2% in 2018 and increasing slightly to 50.27% in 2019. In 2020, the margin fell sharply to 27.8%. Since then, it has improved, reaching 37.98% in 2021 and climbing further to 40.15% in 2022. Despite these improvements, the margin in 2021 and 2022 remains below the pre-2020 figures.
- Summary
- The data reveals a pronounced downward trend in both gross profit and net revenues starting in 2020, likely reflecting significant operational or market disruptions during that period. While there is evidence of recovery in 2021 and 2022, key profitability and revenue metrics have not returned to levels observed in 2018 and 2019. The gross profit margin, although rebounding, similarly reflects this partial recovery. The overall pattern suggests a challenging environment with gradual improvement but continuing shortfalls relative to prior performance.
Operating Profit Margin
Las Vegas Sands Corp., operating profit margin calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income (loss) | ||||||
| Net revenues | ||||||
| Profitability Ratio | ||||||
| Operating profit margin1 | ||||||
| Benchmarks | ||||||
| Operating Profit Margin, Competitors2 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| Operating Profit Margin, Sector | ||||||
| Consumer Services | ||||||
| Operating Profit Margin, Industry | ||||||
| Consumer Discretionary | ||||||
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
Operating profit margin = 100 × Operating income (loss) ÷ Net revenues
= 100 × ÷ =
2 Click competitor name to see calculations.
This financial analysis summarizes the operating performance of the company over a five-year period, reflecting significant fluctuations in profitability and revenue generation.
- Operating Income (Loss)
- Operating income was relatively stable and strong in 2018 and 2019, with values of approximately 3.75 billion and 3.7 billion US dollars respectively. However, there was a sharp decline starting in 2020, where the operating income turned into a loss of nearly 1.7 billion US dollars. The losses continued in the following years, with operating losses of approximately 689 million and 792 million US dollars for 2021 and 2022 respectively. This reflects considerable operating challenges beginning in 2020 that persisted through 2022.
- Net Revenues
- Net revenues were stable and comparatively high in 2018 and 2019, around 13.7 billion US dollars each year. Starting in 2020, revenues declined sharply to about 3.6 billion US dollars and saw a slight increase in 2021 to 4.2 billion US dollars. In 2022, revenues decreased marginally to approximately 4.1 billion US dollars. This reduction in revenue signals significant disruptions impacting the company's top-line performance starting in 2020 and continuing through 2022.
- Operating Profit Margin
- The operating profit margin mirrored the trends in operating income, with strong positive margins of 27.32% and 26.92% in the years 2018 and 2019 respectively. The margin sharply declined into negative territory in 2020, reaching -46.73%. Although the margin improved somewhat in the subsequent years, it remained negative at -16.27% in 2021 and -19.27% in 2022, indicating ongoing operational difficulties and inability to maintain profitability despite revenue stabilization efforts.
In summary, the company's financial performance was robust through 2018 and 2019 but experienced a severe downturn starting in 2020. Both operating income and net revenues dropped significantly, leading to substantial operating losses and negative profit margins. Despite some recovery in 2021, the financial metrics indicate continuing challenges in restoring operating profitability by 2022.
Net Profit Margin
Las Vegas Sands Corp., net profit margin 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. | ||||||
| Net revenues | ||||||
| Profitability Ratio | ||||||
| Net profit margin1 | ||||||
| Benchmarks | ||||||
| Net Profit Margin, Competitors2 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| Net Profit Margin, Sector | ||||||
| Consumer Services | ||||||
| Net Profit Margin, Industry | ||||||
| Consumer Discretionary | ||||||
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
Net profit margin = 100 × Net income (loss) attributable to Las Vegas Sands Corp. ÷ Net revenues
= 100 × ÷ =
2 Click competitor name to see calculations.
- Net Income (Loss) Attributable to Las Vegas Sands Corp.
- The net income showed a positive trend in 2018 and 2019, with values of 2,413 and 2,698 million USD respectively. However, there was a substantial decline in 2020 and 2021, resulting in net losses of 1,685 million USD and 961 million USD respectively. A recovery occurred in 2022, with net income returning to a positive value of 1,832 million USD.
- Net Revenues
- Net revenues remained relatively stable in 2018 and 2019, recorded at approximately 13,729 million USD and 13,739 million USD. There was a sharp decline in revenues in 2020 to 3,612 million USD, followed by a modest increase in 2021 to 4,234 million USD. Revenues slightly decreased again in 2022, totaling 4,110 million USD. Overall, the revenue figures in 2021 and 2022 are significantly lower than the pre-2020 levels.
- Net Profit Margin
- The net profit margin displayed a positive trend in 2018 and 2019, increasing from 17.58% to 19.64%. The margin turned negative in 2020 and 2021, with significant losses of -46.65% and -22.7% respectively. In 2022, the net profit margin showed a strong positive rebound, reaching 44.57%, which is notably higher than the margins observed in 2018 and 2019.
Return on Equity (ROE)
Las Vegas Sands Corp., ROE 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. | ||||||
| Total Las Vegas Sands Corp. stockholders’ equity | ||||||
| Profitability Ratio | ||||||
| ROE1 | ||||||
| Benchmarks | ||||||
| ROE, Competitors2 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| ROE, Sector | ||||||
| Consumer Services | ||||||
| ROE, Industry | ||||||
| Consumer Discretionary | ||||||
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
ROE = 100 × Net income (loss) attributable to Las Vegas Sands Corp. ÷ Total Las Vegas Sands Corp. stockholders’ equity
= 100 × ÷ =
2 Click competitor name to see calculations.
The financial analysis reveals significant fluctuations in the company's profitability and equity over the five-year period.
- Net Income (Loss) Attributable to Las Vegas Sands Corp.
- The net income showed a positive trend in 2018 and 2019, with values of 2,413 million USD and 2,698 million USD respectively. However, there was a sharp reversal in 2020 and 2021, with net losses of 1,685 million USD and 961 million USD. In 2022, the company returned to profitability with net income of 1,832 million USD, though this level did not reach the highs of 2018 and 2019.
- Total Stockholders’ Equity
- The total stockholders’ equity decreased steadily from 5,684 million USD in 2018 to 1,996 million USD in 2021, reflecting the challenging financial conditions during this period. In 2022, equity increased to 3,881 million USD, suggesting a partial recovery in the company's financial position.
- Return on Equity (ROE)
- ROE followed a similar pattern to net income, with robust returns of 42.45% in 2018 and 52.01% in 2019. The ratio then plunged drastically into negative territory in 2020 (-56.68%) and 2021 (-48.15%), indicating substantial losses relative to equity. In 2022, ROE rebounded significantly to 47.2%, reflecting improved profitability and effective use of shareholder equity.
Overall, the data depicts a pronounced impact on financial performance during 2020 and 2021, likely due to extraordinary circumstances. The recovery in 2022 is evident but equity and income levels have not yet returned to pre-2020 figures. The volatility underscores the company's sensitivity to external factors affecting its operations and profitability.
Return on Assets (ROA)
Las Vegas Sands Corp., ROA 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. | ||||||
| Total assets | ||||||
| Profitability Ratio | ||||||
| ROA1 | ||||||
| Benchmarks | ||||||
| ROA, Competitors2 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| ROA, Sector | ||||||
| Consumer Services | ||||||
| ROA, Industry | ||||||
| Consumer Discretionary | ||||||
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
ROA = 100 × Net income (loss) attributable to Las Vegas Sands Corp. ÷ Total assets
= 100 × ÷ =
2 Click competitor name to see calculations.
- Net Income (Loss) Trend
- The net income attributable to the company showed strong positive results in 2018 and 2019, with values of 2413 million USD and 2698 million USD respectively. However, there was a significant decline in 2020, resulting in a net loss of 1685 million USD. The losses persisted into 2021, though to a lesser extent, with a net loss of 961 million USD. The company returned to profitability in 2022, recording a net income of 1832 million USD, indicating a recovery phase after the losses.
- Total Assets
- Total assets showed a slight increase from 22547 million USD in 2018 to a peak of 23199 million USD in 2019. This was followed by a consistent decline over the next two years, reaching a low of 20059 million USD in 2021. In 2022, there was a noticeable increase in total assets to 22039 million USD, signaling a period of asset growth after reductions in the prior years.
- Return on Assets (ROA)
- ROA exhibited strong positive performance in 2018 and 2019 at 10.7% and 11.63% respectively. This positive trend reversed sharply in 2020, with ROA turning negative at -8.1%, followed by a smaller negative value of -4.79% in 2021. The ratio rebounded to a positive 8.31% in 2022, reflecting improved efficiency in generating profit from assets during that year.
- Overall Financial Performance Analysis
- The data reveals a challenging period during 2020 and 2021, characterized by losses and declining asset levels, likely reflecting adverse operational or external conditions during these years. Both net income and return on assets were negative, indicating reduced profitability and efficiency. The recovery observed in 2022, with a return to profitability and asset growth, suggests effective measures or improved market conditions that positively impacted financial performance.