Stock Analysis on Net

Las Vegas Sands Corp. (NYSE:LVS)

$22.49

This company has been moved to the archive! The financial data has not been updated since October 20, 2023.

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

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Historical Valuation Ratios (Summary)

Las Vegas Sands Corp., historical price multiples (quarterly data)

Microsoft Excel
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
Price to earnings (P/E)
Price to operating profit (P/OP)
Price to sales (P/S)
Price to book value (P/BV)

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).


Price to earnings (P/E) ratio
The P/E ratio shows significant variability over the observed periods. In 2018, data is largely missing, but from early 2019 it begins around 19.79, rising sharply to 33.56 in mid-2019 before gradually declining to 15.81 by mid-2020. This drop is followed by a spike to 99.36 in late 2020, indicating a substantial increase in price relative to earnings, possibly due to earnings declines or price volatility. The ratio then stabilizes somewhat, with values generally ranging between approximately 14.66 and 24.23 from early 2022 through late 2022. A notable anomaly occurs in mid-2023, where the P/E reaches an extremely high value of 838.94 before dropping back to 51.71. This suggests a period of significant earnings volatility or market revaluation.
Price to operating profit (P/OP) ratio
The P/OP ratio is available starting in early 2019, with initial values around 12.73 rising slightly to 14.49 and 13.65 in subsequent quarters. It then gradually decreases to 12.02 by mid-2020, followed by a sharp increase to 35.07, which may indicate temporary earnings pressure or market fluctuations. After this peak, data is missing for a period, then reappears in 2023 with values of 74.8 and 24.11, reflecting continued volatility and higher market pricing relative to operating profit in recent quarters.
Price to sales (P/S) ratio
The P/S ratio displays a generally upward trend from 2019 through early 2021. Starting around 3.48 in early 2019, the ratio increases consistently, reaching values as high as 15.09 and 11.75 in 2021. This indicates that the market placed progressively higher value on sales over this period, possibly reflecting growth expectations or improved sales performance. From late 2021 onwards, the ratio declines to around 6.31 by late 2023, suggesting a normalization or correction in valuation relative to sales.
Price to book value (P/BV) ratio
The P/BV ratio exhibits fluctuations but generally remains within a broad range between approximately 5.98 and 17.08. Early data from 2018 shows values between 5.98 and 8.40, with a gradual increase into the range of 9.35 to 17.08 by 2021. There is a noticeable dip back to around 5.98 in early 2022, followed by moderate increases reaching approximately 11.88 in mid-2023 and decreasing to 7.61 by late 2023. This pattern suggests varying investor sentiment about the company's net asset value, influenced by market conditions or book value changes over time.

Price to Earnings (P/E)

Las Vegas Sands Corp., historical P/E calculation (quarterly data)

Microsoft Excel
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
No. shares of common stock outstanding1
Selected Financial Data (US$)
Net income (loss) attributable to Las Vegas Sands Corp. (in millions)
Earnings per share (EPS)2
Share price1, 3
Valuation Ratio
P/E ratio4
Benchmarks
P/E Ratio, Competitors5
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 Data adjusted for splits and stock dividends.

2 Q3 2023 Calculation
EPS = (Net income (loss) attributable to Las Vegas Sands Corp.Q3 2023 + Net income (loss) attributable to Las Vegas Sands Corp.Q2 2023 + Net income (loss) attributable to Las Vegas Sands Corp.Q1 2023 + Net income (loss) attributable to Las Vegas Sands Corp.Q4 2022) ÷ No. shares of common stock outstanding
= ( + + + ) ÷ =

3 Closing price as at the filing date of Las Vegas Sands Corp. Quarterly or Annual Report.

4 Q3 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =

5 Click competitor name to see calculations.


Share Price Trend
The share price demonstrates significant volatility over the observed periods. Initially, from March 2018 to December 2019, the share price fluctuated between approximately $52 and $75, showing moderate variation without a clear upward or downward trend. However, from March 2020 onward, there was a marked decline, with the price falling sharply to lows around $43 to $44 during the middle of 2020, coinciding with the onset of the global pandemic. A gradual recovery phase is evident beginning in late 2020 through early 2023, with the share price increasing to a peak of about $63 in mid-2023 before declining again toward the end of the period to around $45.
Earnings Per Share (EPS) Trend
The EPS values indicate notable fluctuations and financial challenges during the period. Starting from positive values in 2019, EPS experienced a significant drop during 2020, turning negative and reaching a low near -2.57 by the end of 2020, reflecting reduced profitability or potential losses. After this trough, EPS showed signs of recovery through 2021 and early 2022, returning to positive figures around 2.4. However, volatility persisted with negative values resurfacing at certain points in 2023, specifically -0.72 in March and mild positives following, suggesting ongoing financial instability or fluctuating operational performance.
Price-to-Earnings (P/E) Ratio Analysis
The P/E ratio exhibits considerable variability aligned with the EPS and share price trends. Early observations in 2019 show ratios fluctuating between about 18 and 33, indicating varying investor sentiment or market valuation. Significant distortion is visible around 2020 and 2023, where P/E ratios reach abnormally high values (for instance, 99.36 and 838.94), often caused by very low or negative EPS values, which reduce the denominator and inflate the ratio. Notably, these extreme values coincide with periods of negative earnings, reflecting market uncertainty or volatility in assessment. Post-2020, the P/E ratio stabilizes somewhat but remains erratic, suggesting fluctuating market confidence and earnings instability.
Overall Financial Insights
The data outlines a company experiencing financial headwinds beginning in early 2020, likely impacted by adverse external factors. Share price and earnings suffered significant declines during this period, with partial recovery attempts evident in subsequent quarters. However, continued volatility in EPS and anomalous P/E ratios indicate unresolved challenges affecting profitability and investor confidence. The fluctuation patterns suggest a heightened risk environment and underline the importance of monitoring both market conditions and internal operational efficiency to achieve sustainable performance improvements going forward.

Price to Operating Profit (P/OP)

Las Vegas Sands Corp., historical P/OP calculation (quarterly data)

Microsoft Excel
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
No. shares of common stock outstanding1
Selected Financial Data (US$)
Operating income (loss) (in millions)
Operating profit per share2
Share price1, 3
Valuation Ratio
P/OP ratio4
Benchmarks
P/OP Ratio, Competitors5
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 Data adjusted for splits and stock dividends.

2 Q3 2023 Calculation
Operating profit per share = (Operating income (loss)Q3 2023 + Operating income (loss)Q2 2023 + Operating income (loss)Q1 2023 + Operating income (loss)Q4 2022) ÷ No. shares of common stock outstanding
= ( + + + ) ÷ =

3 Closing price as at the filing date of Las Vegas Sands Corp. Quarterly or Annual Report.

4 Q3 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =

5 Click competitor name to see calculations.


Share Price Trends
The share price exhibited considerable fluctuations over the observed periods. Initially, it maintained values in the range of approximately $52 to $75 between March 2018 and December 2019, peaking around mid-2018. There was a marked decline starting in early 2020, reaching a low near $43 by mid-2020, likely reflecting market challenges during that time. Subsequent recovery is noticeable from late 2020 through early 2023, with prices rising above $58. However, the latter quarters of 2023 showed a downward adjustment towards approximately $45.
Operating Profit Per Share (OPPS) Dynamics
Operating profit per share was stable and positive through the early periods, with values close to 4.7 to 4.8 US dollars until March 2020. Starting mid-2020, OPPS dropped sharply into negative territory, reaching lows around -2.4 US dollars by the end of 2020 and remaining negative throughout most of 2021 and 2022. This indicates a period of operational difficulties or increased costs affecting profitability. Recovery began in late 2022, with OPPS turning positive again by mid-2023, and continuing an upward trend thereafter.
Price to Operating Profit Ratio (P/OP)
This ratio, indicative of valuation relative to operating profitability, fluctuated significantly. Early periods saw ratios between approximately 12 and 15, consistent with stable profitability and reasonable share valuation. The ratio spiked notably to 35 in September 2020, coinciding with the nadir of operating profit and share price falls. It further escalated to 74.8 in March 2023, suggesting potentially inflated share valuation relative to recent operating earnings. A decrease to around 24.11 occurred subsequently, pointing to some normalization in market expectations or improved earnings.
Overall Insights
The data reveals a period of strong operational profitability and relatively stable share prices up to early 2020. The emergence of significant operational losses through 2020 to 2022 correlates with share price volatility and generally lower valuations. The recent trends show an operational recovery starting in 2023, although share price movements remain somewhat volatile. The elevated P/OP ratios in early 2023 suggest investor optimism that may not yet be fully supported by operating profits.

Price to Sales (P/S)

Las Vegas Sands Corp., historical P/S calculation (quarterly data)

Microsoft Excel
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
No. shares of common stock outstanding1
Selected Financial Data (US$)
Net revenues (in millions)
Sales per share2
Share price1, 3
Valuation Ratio
P/S ratio4
Benchmarks
P/S Ratio, Competitors5
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 Data adjusted for splits and stock dividends.

2 Q3 2023 Calculation
Sales per share = (Net revenuesQ3 2023 + Net revenuesQ2 2023 + Net revenuesQ1 2023 + Net revenuesQ4 2022) ÷ No. shares of common stock outstanding
= ( + + + ) ÷ =

3 Closing price as at the filing date of Las Vegas Sands Corp. Quarterly or Annual Report.

4 Q3 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =

5 Click competitor name to see calculations.


The share price exhibited significant fluctuations over the observed periods. From early 2018 through 2019, there was a relatively stable range between approximately $52 and $75, followed by a notable decline in the first quarters of 2020 corresponding to the onset of global economic disruptions. The price reached a low point around mid-2021, touching below $40, before recovering somewhat towards 2023, peaking near $63, and then declining again to just above $45 in the latest quarter.

Sales per share showed a generally decreasing trend from early 2019 through the end of 2020, dropping from about $18 to below $5. From 2021 onwards, this metric demonstrated a gradual recovery with some volatility, rising consistently to over $11 by the third quarter of 2023. This indicates a recovery in sales efficiency post the downturn.

The Price-to-Sales (P/S) ratio reflected notable volatility across the timeline. After a modest level around 3.5 during the early periods, the ratio dipped during the 2020 downturn but then spiked dramatically, reaching a peak above 15 by late 2020 and early 2021. Subsequent quarters saw a reduction in the P/S ratio down to around 4 by late 2023. The elevated P/S ratios during 2020-2021 suggest inflated market valuations relative to sales during the period of lowest sales per share, while recent declines hint at a normalization of valuation metrics as sales recover.

Share Price
Stable through 2018-2019, sharp decline in early 2020, lowest in mid-2021, followed by partial recovery and late decline.
Sales per Share
High in early 2019, steady decline through 2020, recovery beginning in 2021, reaching highest levels in 2023.
Price-to-Sales Ratio
Relatively stable pre-2020, sharp increase during 2020-2021 peak periods, significant decrease towards the end of 2023.

Overall, the data indicates a strong impact of external conditions during 2020 on share price and sales performance, with initial declines followed by a recovery phase. The volatility in valuation multiples during this period suggests market uncertainty and changing investor sentiment. The recent trends suggest cautious optimism with sales recovering and valuation ratios aligning closer to historical norms.


Price to Book Value (P/BV)

Las Vegas Sands Corp., historical P/BV calculation (quarterly data)

Microsoft Excel
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
No. shares of common stock outstanding1
Selected Financial Data (US$)
Total Las Vegas Sands Corp. stockholders’ equity (in millions)
Book value per share (BVPS)2
Share price1, 3
Valuation Ratio
P/BV ratio4
Benchmarks
P/BV Ratio, Competitors5
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 Data adjusted for splits and stock dividends.

2 Q3 2023 Calculation
BVPS = Total Las Vegas Sands Corp. stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =

3 Closing price as at the filing date of Las Vegas Sands Corp. Quarterly or Annual Report.

4 Q3 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =

5 Click competitor name to see calculations.


The share price of the company exhibited notable fluctuations over the reported quarters. Initially, from March 2018 to December 2018, the share price varied between approximately $52 and $75, showing moderate volatility but generally maintaining a higher range. During 2019, the price remained relatively stable around the mid-$60s but experienced a significant decline at the beginning of 2020, reaching a low around $44 during the mid and end of 2020 quarters. From 2021 onwards, the share price demonstrated increased instability, with a general downward trend in the first three quarters to lows around $38-$44, followed by a recovery toward over $58 by early 2023, and then a moderate decline by September 2023 to approximately $45.

Book value per share (BVPS) showed a consistent and marked downward trend from March 2018 through December 2021. Starting near $9.33, the BVPS steadily declined to about $2.61, indicating a significant reduction in the net asset value per share over this period. However, from early 2022 onward, there was a recovery trend with BVPS increasing to nearly $6 by the third quarter of 2023, signaling possible asset base improvement or retained earnings growth during this latter period.

The price-to-book value ratio (P/BV) highlighted notable volatility and shifting market valuation relative to book value. From early 2018 to the end of 2019, the P/BV ratio oscillated broadly, reaching peaks near 9.8 and troughs around 6, reflecting varying investor sentiment. In 2020, this ratio increased substantially, peaking over 14 by the end of that year, despite a declining BVPS and lower share prices, indicating market pricing above book value possibly due to expectations of recovery or other intangible assets. During 2021, the P/BV ratio remained elevated, nearing 17 at its peak, but then declined sharply in early 2022 in line with the rebound in book value per share, dropping to under 6. In the final reported quarters, the ratio showed moderate recovery, stabilizing between approximately 7.6 and 12, signaling a more balanced valuation relative to book value as both share price and book value adjusted.

Overall, the data reflect periods of financial and market stress accompanied by declines in underlying asset values per share, followed by phases of recovery in book value and moderation in share price valuation multiples. The volatility in the price-to-book ratio suggests fluctuating investor expectations and market sentiment towards the company’s assets and profitability potential across the observed periods.