Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Las Vegas Sands Corp., EBITDA calculation

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
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)
Earnings before tax (EBT)	(1,387)	(1,474)	(2,181)	3,772)	3,326)
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: Depreciation and amortization	1,036)	1,041)	1,160)	1,165)	1,111)
Earnings before interest, tax, depreciation and amortization (EBITDA)	351)	188)	(485)	5,492)	4,883)

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).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Las Vegas Sands Corp. EBITDA increased from 2020 to 2021 and from 2021 to 2022.

Enterprise Value to EBITDA Ratio, Current

Las Vegas Sands Corp., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	44,089)
Earnings before interest, tax, depreciation and amortization (EBITDA)	351)
Valuation Ratio
EV/EBITDA	125.61
Benchmarks
EV/EBITDA, Competitors¹
Airbnb Inc.	36.94
Booking Holdings Inc.	24.28
Chipotle Mexican Grill Inc.	—
McDonald’s Corp.	17.84
Starbucks Corp.	16.25
EV/EBITDA, Sector
Consumer Services	24.09
EV/EBITDA, Industry
Consumer Discretionary	29.13

Based on: 10-K (reporting date: 2022-12-31).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Enterprise Value to EBITDA Ratio, Historical

Las Vegas Sands Corp., historical EV/EBITDA 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)
Enterprise value (EV)¹	53,831)	46,945)	54,882)	60,584)	56,136)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	351)	188)	(485)	5,492)	4,883)
Valuation Ratio
EV/EBITDA³	153.36	249.71	—	11.03	11.50
Benchmarks
EV/EBITDA, Competitors⁴
Airbnb Inc.	36.61	338.63	—	—	—
Booking Holdings Inc.	19.20	45.39	73.17	10.49	—
Chipotle Mexican Grill Inc.	29.62	40.00	79.87	34.03	—
McDonald’s Corp.	20.87	17.49	21.03	17.65	—
Starbucks Corp.	19.88	18.77	38.99	17.27	11.72
EV/EBITDA, Sector
Consumer Services	22.11	25.46	59.23	16.04	—
EV/EBITDA, Industry
Consumer Discretionary	19.55	21.16	29.01	17.75	—