Consumer Discretionary · Casinos & Gaming · US stock · price as of 22 Oct 2026
Key indicators
Price
$36.53
52-week range
$35.03 – $70.45
Market cap
$24.0B
P/E (trailing)
14.3×
EV / EBITDA
8.2×
Free-cash-flow yield
11.3%
Dividend yield
3.1%
Revenue (last 12 months)
$13.7B
Revenue growth (3y a year)
46.9%
Operating margin
21.5%
Return on invested capital
19.7%
Net debt / EBITDA
2.7×
Fair value
Fair value (average of valid models)$50.28 middle half of models $46 – $54
Versus priceUndervalued+38% to fair value
P/E multiple
$39.52
P/B multiple
$19.96
P/S multiple
$49.91
EV/EBITDA multiple
$46.01
EV/EBIT multiple
$49.72
EV/revenue multiple
$46.52
5-year DCF, EBITDA exit
$72.36
5-year DCF, growth exit
$70.33
Dividend discount, stable
$51.60
Dividend discount, multi-stage
$56.96
Earnings power value
$50.19
Model uncertainty
High
X-Ray Score
64/ 100 · Medium confidence · ahead of 91% of sector peers
Valuation90
Growth64
Profitability53
Financial health50
Dividends57
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Las Vegas Sands develops and operates integrated resorts that combine casinos, hotels, convention space, shopping and entertainment. Following the sale of its Las Vegas properties, its operations are centered on Macao and Singapore, where it runs large resorts such as The Venetian Macao and Marina Bay Sands. Revenue comes from gaming, room rentals, retail mall rents, food and beverage, and convention business, and it depends on tourism and visitor spending.
The figures show revenue of $13.7 billion for the last twelve months and three-year growth of 46.9% a year. It reports an operating margin of 21.5%. Capital is used to generate a return on invested capital of 20%. Leverage, measured as net debt to EBITDA, is 2.7 times. The company pays a dividend with a yield of 3.1%.
StocksXray gives Las Vegas Sands Corp an X-Ray Score of 64 out of 100 (medium confidence), ahead of 91% of the S&P 500 stocks in its sector. Its strongest lens is valuation (90) and its weakest is financial health (50).
Our fair value (the average of the valid models) is $50.28 (range $46.26 to $54.28). At $36.53 the stock trades 27% below that value, so the label is "Undervalued" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
Las Vegas Sands Corp (LVS)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$35.32
$45.11
$46.53
$49.42
$63.97
$36.53
Market cap
$27.0B
$34.5B
$35.6B
$36.4B
$44.3B
$24.0B
P/E
–
18.8×
29.1×
25.2×
27.2×
14.3×
EV / revenue
9.5×
10.7×
4.3×
4.1×
4.3×
2.6×
EV / EBITDA
114.1×
179.9×
12.6×
12.6×
13.2×
8.2×
Price / free cash flow
–
–
16.1×
22.2×
23.9×
8.9×
Free-cash-flow yield
–
–
6.2%
4.5%
4.2%
11.3%
Price / book
13.5×
8.9×
8.6×
12.6×
27.9×
41.2×
Dividend yield
–
–
0.86%
1.62%
1.56%
3.15%
Fundamentals checklist ● 7 Good · ● 5 Average · ● 2 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−10.1%Good
Free-cash-flow yield11.3%Good
Risk models
Altman Z score1.8×Average
Piotroski F-Score8 of 9Good
Growth
EPS growth (3y)−0.7%Average
Revenue growth (3y)46.9%Good
Growth consistency60%Bad
Balance sheet
Current ratio1.0×Average
Net debt / EBITDA2.7×Average
Interest cover3.9×Bad
Valuation
Fair value vs price1.4×Good
EBIT / EV yield8.2%Good
Profitability
Return on invested capital19.7%Average
Operating margin21.5%Good
XStocksXray
Las Vegas Sands Corp (LVS)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
4,234
4,110
10,372
11,298
13,017
13,719
Gross profit
–
–
–
–
–
–
Operating income
-689
-792
2,313
2,402
2,818
2,948
Net income
-961
1,832
1,221
1,446
1,627
1,727
Diluted EPS ($)
-1.26
2.40
1.60
1.96
2.35
2.55
Free cash flow
–
–
2,210
1,637
1,855
2,703
Gross margin
–
–
–
–
–
–
Operating margin
−16.3%
−19.3%
22.3%
21.3%
21.6%
21.5%
Net margin
−22.7%
44.6%
11.8%
12.8%
12.5%
12.6%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
20,059
22,039
21,778
20,666
21,920
19,909
Cash
1,854
6,311
5,105
3,650
3,841
3,376
Total debt
14,795
15,978
14,029
13,752
15,784
15,262
Equity
1,996
3,881
4,118
2,884
1,590
581
Dividend per share ($)
–
–
0.40
0.80
1.00
1.10
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
