Enterprise Value to EBITDA (EV/EBITDA)
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Las Vegas Sands Corp. pages available for free this week:
- Balance Sheet: Assets
- Cash Flow Statement
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Las Vegas Sands Corp., EBITDA calculation
US$ in millions
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).
- Net income (loss) attributable to Las Vegas Sands Corp.
- The net income showed growth from 2018 to 2019, increasing from 2,413 million USD to 2,698 million USD. However, there was a sharp decline in 2020, resulting in a loss of 1,685 million USD, continuing with losses in 2021 at 961 million USD. In 2022, net income rebounded to a positive 1,832 million USD, indicating partial recovery.
- Earnings before tax (EBT)
- The earnings before tax followed a similar pattern to net income. There was an increase from 3,326 million USD in 2018 to 3,772 million USD in 2019. This was followed by significant losses in 2020, 2021, and 2022, with values of -2,181 million USD, -1,474 million USD, and -1,387 million USD respectively. Despite the sustained losses, the negative amounts decreased slightly after 2020, suggesting some improvement but not a full recovery by 2022.
- Earnings before interest and tax (EBIT)
- EBIT rose from 3,772 million USD in 2018 to 4,327 million USD in 2019 before declining steeply to -1,645 million USD in 2020. Losses persisted in the following years, but at decreasing levels: -853 million USD in 2021 and -685 million USD in 2022. The trend indicates ongoing operational challenges with gradual improvement after the initial downturn.
- Earnings before interest, tax, depreciation and amortization (EBITDA)
- EBITDA exhibited a strong positive trend from 2018 through 2019, increasing from 4,883 million USD to 5,492 million USD. In 2020, it turned negative to -485 million USD but recovered to positive values in 2021 and 2022 with 188 million USD and 351 million USD, respectively. Although EBITDA remained below pre-2020 levels, the positive figures from 2021 onwards suggest some operational resilience and improvement.
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) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | |
| Valuation Ratio | |
| EV/EBITDA | |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Airbnb Inc. | |
| Booking Holdings Inc. | |
| Chipotle Mexican Grill Inc. | |
| McDonald’s Corp. | |
| Starbucks Corp. | |
| EV/EBITDA, Sector | |
| Consumer Services | |
| EV/EBITDA, Industry | |
| Consumer Discretionary | |
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 | ||||||
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | ||||||
| Valuation Ratio | ||||||
| EV/EBITDA3 | ||||||
| Benchmarks | ||||||
| EV/EBITDA, Competitors4 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| EV/EBITDA, Sector | ||||||
| Consumer Services | ||||||
| EV/EBITDA, 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).
3 2022 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV) Trends
- The enterprise value experienced fluctuations over the five-year period. It increased from $56,136 million in 2018 to a peak of $60,584 million in 2019, followed by a decline to $54,882 million in 2020. In 2021, it decreased further to $46,945 million before rising again to $53,831 million in 2022. This pattern suggests volatility in market valuation or changes in the company’s capital structure.
- EBITDA Trends
- The earnings before interest, tax, depreciation, and amortization showed a notable decline over the period. Starting from $4,883 million in 2018, it increased modestly to $5,492 million in 2019. However, a significant downturn occurred in 2020, with EBITDA turning negative to -$485 million. Although positive EBITDA resumed in 2021 at $188 million, the figure remained substantially lower than pre-2020 levels. A slight improvement to $351 million was observed in 2022, indicating ongoing recovery but still far from prior performance.
- EV/EBITDA Ratio Analysis
- The EV/EBITDA ratio maintained relatively stable values around 11.5 to 11.03 in 2018 and 2019, which reflects consistent valuation metrics during years of positive earnings. From 2020 onwards, the ratio became highly distorted due to the negative and very low EBITDA figures. In 2021, an extraordinary increase to 249.71 was recorded, coinciding with near breakeven EBITDA, making the ratio less meaningful as a valuation measure. In 2022, a decrease to 153.36 was observed, still significantly elevated compared to earlier years, reflecting ongoing earnings weakness relative to enterprise value.
- Summary of Financial Conditions
- The data reveals a period of financial stress starting in 2020, as indicated by the sharp drop in EBITDA and the corresponding extreme EV/EBITDA ratios. Despite some recovery in EBITDA in subsequent years, the company had not returned to its previous earnings levels by 2022. Enterprise value fluctuations suggest market or operational challenges, while the ratio metrics indicate that valuation multiples became less reliable due to earnings volatility. Overall, the trends point to a challenging operating environment with partial recovery underway.