Las Vegas Sands Corp. (LVS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+79.0%

$68.32

vs $38.17 price

Levered DCF

-$49.03

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.25

Grey zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	27.7×	26.07×	30.76×	20.03×	-29.87×	-31.53×	19.73×	16.95×
P/B	28.29×	13.09×	9.12×	9.46×	14.41×	15.32×	10.26×	7.2×
P/S	3.46×	3.34×	3.62×	8.94×	6.79×	15.49×	4.39×	2.98×
EV / EBITDA	12.73×	11.8×	12.04×	114.27×	170.89×	-190.89×	12.01×	9.81×
Gross margin	49.8%	48.9%	49.8%	40.1%	38.0%	27.9%	49.7%	49.2%
Operating margin	23.7%	21.8%	22.7%	-18.7%	-16.3%	-47.4%	27.7%	27.3%
Net margin	12.5%	12.8%	11.8%	44.6%	-22.7%	-57.3%	22.2%	17.6%
Current ratio	1.14×	0.74×	1.31×	1.73×	2.15×	2.03×	1.65×	1.76×
Debt / equity	10.15×	4.77×	3.41×	4.12×	7.41×	4.71×	2.41×	2.11×
Interest coverage	4.14×	3.39×	2.88×	-1.1×	-1.11×	-2.66×	7.49×	8.41×
Dividend yield	1.9%	1.6%	0.8%	0.0%	0.0%	1.3%	4.4%	5.7%
Payout ratio	51.2%	40.8%	25.0%	0.0%	0.0%	-35.8%	87.7%	97.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	102.3%	50.1%	29.7%	47.2%	-48.1%	-56.7%	52.0%	42.5%
Return on invested capital	13.8%	12.2%	9.9%	-3.8%	-3.9%	-7.7%	14.8%	17.1%
Return on assets	7.4%	7.0%	5.6%	8.3%	-4.8%	-8.1%	11.6%	10.7%
Free cash flow yield	4.0%	4.3%	5.2%	-4.3%	-2.9%	-5.6%	3.7%	9.2%
Earnings yield	3.6%	3.8%	3.3%	5.0%	-3.3%	-3.7%	5.1%	5.9%
Enterprise value	$57.3B	$47.9B	$46.5B	$46.4B	$41.7B	$57.5B	$61.5B	$48.2B
Net debt / EBITDA	2.73×	2.49×	2.31×	23.81×	53.04×	-39.61×	1.61×	1.49×
Cash conversion cycle (days)	13	6	8	11	10	20	19	12