Las Vegas Sands
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Las Vegas Sands Corp., together with its subsidiaries, develops, owns, and operates integrated resorts in Asia and the United States. The last earnings update was 60 days ago. More info.
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LVS Share Price and Events
7 Day Returns
1 Year Returns
LVS Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Las Vegas Sands (LVS) | 1.3% | -1.4% | 0.6% | -25% | 31.6% | -20.5% |
| US Hospitality | -0.2% | -0.6% | 0.7% | -11.2% | 39.9% | 19.2% |
| US Market | 0.1% | 0.6% | 0.9% | 1.2% | 36.7% | 37.9% |
1 Year Return vs Industry and Market
- LVS underperformed the Hospitality industry which returned -11.2% over the past year.
- LVS underperformed the Market in United States of America which returned 1.2% over the past year.
Value
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
Las Vegas Sands
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Las Vegas Sands.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity | |
| Levered Free Cash Flow | Average of 19 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 9.1% |
| Perpetual Growth Rate | 10-Year US Government Bond Rate | 2.7% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year US Govt Bond Rate | 2.7% |
| Equity Risk Premium | S&P Global | 6% |
| Hospitality Unlevered Beta | Simply Wall St/ S&P Global | 0.92 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.919 (1 + (1- 21%) (26.84%)) |
1.076 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
1.08 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.076 * 5.96%) |
9.14% |
Discounted Cash Flow Calculation for NYSE:LVS using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for Las Vegas Sands is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
| Levered FCF (USD, Millions) | Source |
Present Value Discounted (@ 9.14%) |
|
|---|---|---|---|
| 2019 | 2,526.83 | Analyst x6 | 2,315.13 |
| 2020 | 3,167.80 | Analyst x6 | 2,659.23 |
| 2021 | 3,485.00 | Analyst x2 | 2,680.40 |
| 2022 | 3,699.04 | Est @ 6.14% | 2,606.65 |
| 2023 | 3,888.36 | Est @ 5.12% | 2,510.50 |
| 2024 | 4,059.51 | Est @ 4.4% | 2,401.41 |
| 2025 | 4,217.84 | Est @ 3.9% | 2,286.03 |
| 2026 | 4,367.54 | Est @ 3.55% | 2,168.83 |
| 2027 | 4,511.82 | Est @ 3.3% | 2,052.77 |
| 2028 | 4,653.10 | Est @ 3.13% | 1,939.68 |
| Present value of next 10 years cash flows | $23,620.61 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= $4,653.10 × (1 + 2.73%) ÷ (9.14% – 2.73%) |
$74,522.25 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= $74,522.25 ÷ (1 + 9.14%)10 |
$31,065.10 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= $23,620.61 + $31,065.10 |
$54,685.71 |
| Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $54,685.71 / 772.76 |
$70.77 |
| Calculation | Result | |
|---|---|---|
| Value per share (USD) | From above. | $70.77 |
| Current discount | Discount to share price of
$59.48
= -1 x ($59.48 - $70.77) / $70.77 |
15.9% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- Las Vegas Sands's share price is below the future cash flow value, but not at a moderate discount (< 20%).
- Las Vegas Sands's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for Las Vegas Sands's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Las Vegas Sands's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2019-03-31) in USD | $1.97 |
| NYSE:LVS Share Price ** | NYSE (2019-06-18) in USD | $59.48 |
| United States of America Hospitality Industry PE Ratio | Median Figure of 74 Publicly-Listed Hospitality Companies | 22.56x |
| United States of America Market PE Ratio | Median Figure of 3,092 Publicly-Listed Companies | 17.63x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Las Vegas Sands.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = NYSE:LVS Share Price ÷ EPS (both in USD) = 59.48 ÷ 1.97 |
30.23x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Las Vegas Sands is overvalued based on earnings compared to the US Hospitality industry average.
- Las Vegas Sands is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does
Las Vegas Sands's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 30.23x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 19 Analysts |
12.9%per year |
| United States of America Hospitality Industry PEG Ratio | Median Figure of 55 Publicly-Listed Hospitality Companies | 1.95x |
| United States of America Market PEG Ratio | Median Figure of 2,126 Publicly-Listed Companies | 1.53x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 30.23x ÷ 12.9% |
2.34x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Las Vegas Sands is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
Las Vegas Sands's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2019-03-31) in USD | $7.15 |
| NYSE:LVS Share Price * | NYSE (2019-06-18) in USD | $59.48 |
| United States of America Hospitality Industry PB Ratio | Median Figure of 112 Publicly-Listed Hospitality Companies | 2.19x |
| United States of America Market PB Ratio | Median Figure of 5,244 Publicly-Listed Companies | 1.79x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = NYSE:LVS Share Price ÷ Book Value per Share (both in USD) = 59.48 ÷ 7.15 |
8.32x |
* Primary Listing of Las Vegas Sands.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Las Vegas Sands is overvalued based on assets compared to the US Hospitality industry average.
Value checks
We assess Las Vegas Sands's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the Hospitality industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Hospitality industry average (and greater than 0)? (1 check) Las Vegas Sands has a total score of 0/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
Future Performance
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- Las Vegas Sands's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
- Las Vegas Sands's earnings growth is positive but not above the United States of America market average.
- Las Vegas Sands's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| NYSE:LVS Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 19 Analysts | 12.9% |
| NYSE:LVS Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 19 Analysts | 4.8% |
| United States of America Hospitality Industry Earnings Growth Rate | Market Cap Weighted Average | 16.7% |
| United States of America Hospitality Industry Revenue Growth Rate | Market Cap Weighted Average | 7.4% |
| United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 13.9% |
| United States of America Market Revenue Growth Rate | Market Cap Weighted Average | 7.4% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (2 months ago) | See Below |
| Future Estimates | Average of up to 19 Analyst Estimates (S&P Global) | See Below |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 18,435 | 6,161 | 3,784 | 1 |
| 2022-12-31 | 16,431 | 5,821 | 3,562 | 2 |
| 2021-12-31 | 15,130 | 5,035 | 2,931 | 9 |
| 2020-12-31 | 14,437 | 4,606 | 2,601 | 19 |
| 2019-12-31 | 14,067 | 4,398 | 2,429 | 18 |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2019-03-31 | 13,796 | 4,124 | 1,539 |
| 2018-12-31 | 13,729 | 4,701 | 2,413 |
| 2018-09-30 | 13,799 | 4,721 | 3,793 |
| 2018-06-30 | 13,588 | 4,938 | 3,791 |
| 2018-03-31 | 13,240 | 4,977 | 3,783 |
| 2017-12-31 | 12,728 | 4,543 | 2,808 |
| 2017-09-30 | 12,412 | 4,435 | 2,105 |
| 2017-06-30 | 12,220 | 4,366 | 2,049 |
| 2017-03-31 | 11,760 | 4,208 | 1,831 |
| 2016-12-31 | 11,271 | 4,044 | 1,679 |
| 2016-09-30 | 11,196 | 3,841 | 1,627 |
| 2016-06-30 | 11,121 | 3,655 | 1,633 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (2 months ago) | See Below |
| Future Estimates | Average of up to 19 Analyst Estimates (S&P Global) | See Below |
All data from Las Vegas Sands Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 5.03 | 5.03 | 5.03 | 1.00 |
| 2022-12-31 | 4.72 | 4.72 | 4.72 | 1.00 |
| 2021-12-31 | 3.82 | 4.40 | 3.40 | 4.00 |
| 2020-12-31 | 3.39 | 3.96 | 3.02 | 13.00 |
| 2019-12-31 | 3.17 | 3.48 | 2.92 | 12.00 |
| Date (Data in USD Millions) | EPS * |
|---|---|
| 2019-03-31 | 1.97 |
| 2018-12-31 | 3.07 |
| 2018-09-30 | 4.81 |
| 2018-06-30 | 4.80 |
| 2018-03-31 | 4.78 |
| 2017-12-31 | 3.55 |
| 2017-09-30 | 2.66 |
| 2017-06-30 | 2.58 |
| 2017-03-31 | 2.30 |
| 2016-12-31 | 2.11 |
| 2016-09-30 | 2.05 |
| 2016-06-30 | 2.05 |
*GAAP earnings excluding extraordinary items.
Performance in 3 years
In the same way as past performance we look at the future estimated return
(profit) compared to the available
funds. We do this looking forward 3 years.
- Las Vegas Sands is expected to make outstanding use of shareholders’ funds in the future (Return on Equity greater than 40%).
Future performance checks
We assess Las Vegas Sands's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Las Vegas Sands has a total score of 2/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
Past Performance
How has Las Vegas Sands performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- Las Vegas Sands's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
- Las Vegas Sands's 1-year earnings growth is negative, it can't be compared to the 5-year average.
- Las Vegas Sands's 1-year earnings growth is negative, it can't be compared to the US Hospitality industry average.
Earnings and Revenue History
All data from Las Vegas Sands Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2019-03-31 | 13,796.00 | 1,539.00 | 1,888.00 | |
| 2018-12-31 | 13,729.00 | 2,413.00 | 1,743.00 | |
| 2018-09-30 | 13,799.00 | 3,793.00 | 1,696.00 | |
| 2018-06-30 | 13,588.00 | 3,791.00 | 1,702.00 | |
| 2018-03-31 | 13,240.00 | 3,783.00 | 1,714.00 | |
| 2017-12-31 | 12,728.00 | 2,808.00 | 1,744.00 | |
| 2017-09-30 | 12,412.00 | 2,105.00 | 1,676.00 | |
| 2017-06-30 | 12,220.00 | 2,049.00 | 1,749.00 | |
| 2017-03-31 | 11,760.00 | 1,831.00 | 1,827.00 | |
| 2016-12-31 | 11,271.00 | 1,679.00 | 1,814.00 | |
| 2016-09-30 | 11,196.27 | 1,626.55 | 1,864.42 | |
| 2016-06-30 | 11,120.96 | 1,632.90 | 1,752.29 | |
| 2016-03-31 | 11,393.38 | 1,774.08 | 1,660.00 | |
| 2015-12-31 | 11,688.00 | 1,966.00 | 1,696.00 | |
| 2015-09-30 | 12,242.72 | 2,221.76 | 1,630.49 | |
| 2015-06-30 | 12,882.16 | 2,374.11 | 1,649.64 | |
| 2015-03-31 | 13,585.09 | 2,576.37 | 1,683.65 | |
| 2014-12-31 | 14,584.00 | 2,841.00 | 1,701.00 | |
| 2014-09-30 | 14,823.54 | 2,696.86 | 1,813.16 | |
| 2014-06-30 | 14,858.96 | 2,651.90 | 1,829.73 | |
| 2014-03-31 | 14,477.55 | 2,510.22 | 1,810.55 | |
| 2013-12-31 | 13,769.89 | 2,306.00 | 1,779.16 | |
| 2013-09-30 | 13,191.20 | 2,163.24 | 1,752.91 | |
| 2013-06-30 | 12,332.14 | 1,886.28 | 1,760.66 | |
| 2013-03-31 | 11,671.11 | 1,597.11 | 1,763.44 | |
| 2012-12-31 | 11,131.13 | 1,524.09 | 1,712.22 | |
| 2012-09-30 | 10,598.49 | 1,409.43 | 1,578.42 | |
| 2012-06-30 | 10,298.38 | 1,413.27 | 1,486.01 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- Whilst Las Vegas Sands has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.
- Las Vegas Sands used its assets more efficiently than the US Hospitality industry average last year based on Return on Assets.
- Las Vegas Sands has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Las Vegas Sands's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Hospitality industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Las Vegas Sands has a total score of 3/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
Health
How is Las Vegas Sands's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up Las Vegas Sands's finances.
The net worth of a company is the difference between its assets and liabilities.
- Las Vegas Sands is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
- Las Vegas Sands's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is not covered by short term assets, assets are 0.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from Las Vegas Sands Company Filings, last reported 2 months ago.
| Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2019-03-31 | 6,440.00 | 12,335.00 | 4,134.00 |
| 2018-12-31 | 6,745.00 | 11,985.00 | 4,648.00 |
| 2018-09-30 | 7,798.00 | 11,987.00 | 4,772.00 |
| 2018-06-30 | 7,962.00 | 11,323.00 | 4,350.00 |
| 2018-03-31 | 8,357.00 | 9,652.00 | 2,628.00 |
| 2017-12-31 | 7,627.00 | 9,640.00 | 2,419.00 |
| 2017-09-30 | 6,891.00 | 9,617.00 | 2,001.00 |
| 2017-06-30 | 6,805.00 | 10,140.00 | 2,307.00 |
| 2017-03-31 | 7,106.00 | 9,790.00 | 1,956.00 |
| 2016-12-31 | 7,496.00 | 9,595.00 | 2,128.00 |
| 2016-09-30 | 7,566.63 | 9,756.92 | 1,790.40 |
| 2016-06-30 | 7,559.80 | 10,273.63 | 2,225.30 |
| 2016-03-31 | 8,013.98 | 9,387.24 | 1,695.64 |
| 2015-12-31 | 8,418.00 | 9,344.00 | 2,179.00 |
| 2015-09-30 | 8,386.35 | 9,128.94 | 1,855.47 |
| 2015-06-30 | 8,468.76 | 9,818.36 | 2,818.68 |
| 2015-03-31 | 8,740.88 | 9,241.00 | 2,406.47 |
| 2014-12-31 | 9,020.58 | 9,992.65 | 3,506.32 |
| 2014-09-30 | 8,855.60 | 9,938.62 | 3,147.11 |
| 2014-06-30 | 8,738.56 | 10,378.96 | 3,292.73 |
| 2014-03-31 | 8,833.01 | 10,273.83 | 3,303.40 |
| 2013-12-31 | 9,500.53 | 9,760.26 | 3,600.41 |
| 2013-09-30 | 9,231.00 | 9,763.62 | 3,209.12 |
| 2013-06-30 | 8,957.05 | 9,491.40 | 2,514.14 |
| 2013-03-31 | 8,844.13 | 9,828.35 | 2,379.75 |
| 2012-12-31 | 8,658.41 | 10,230.07 | 2,512.77 |
| 2012-09-30 | 10,524.05 | 9,496.00 | 3,745.42 |
| 2012-06-30 | 10,187.03 | 9,374.21 | 3,522.00 |
- Las Vegas Sands's level of debt (186.3%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has increased over the past 5 years (116.3% vs 186.3% today).
- Debt is well covered by operating cash flow (34.4%, greater than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 8.8x coverage).
Financial health checks
We assess Las Vegas Sands's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Las Vegas Sands has a total score of 3/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
Dividends
What is Las Vegas Sands's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
$2,000 of
Las Vegas Sands
shares you are expected to receive
$104
in your first year as a dividend.
Dividend Amount
- Las Vegas Sands's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
- Las Vegas Sands's dividend is above the markets top 25% of dividend payers in United States of America (3.72%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 19 Analyst Estimates (S&P Global) | See Below |
| United States of America Hospitality Industry Average Dividend Yield | Market Cap Weighted Average of 47 Stocks | 2.8% |
| United States of America Market Average Dividend Yield | Market Cap Weighted Average of 2011 Stocks | 2.5% |
| United States of America Minimum Threshold Dividend Yield | 10th Percentile | 0.8% |
| United States of America Bottom 25% Dividend Yield | 25th Percentile | 1.5% |
| United States of America Top 25% Dividend Yield | 75th Percentile | 3.7% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2023-12-31 | 3.32 | 1.00 |
| 2022-12-31 | 3.24 | 1.00 |
| 2021-12-31 | 3.25 | 8.00 |
| 2020-12-31 | 3.16 | 15.00 |
| 2019-12-31 | 3.12 | 14.00 |
| Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-04-17 | 3.080 | 5.042 |
| 2019-01-23 | 3.080 | 5.055 |
| 2018-10-26 | 3.000 | 5.581 |
| 2018-10-24 | 3.000 | 5.675 |
| 2018-04-25 | 3.000 | 4.368 |
| 2017-10-25 | 3.000 | 4.227 |
| 2017-04-26 | 2.920 | 4.728 |
| 2017-02-24 | 2.920 | 5.226 |
| 2017-01-25 | 2.920 | 5.557 |
| 2016-11-04 | 2.880 | 5.016 |
| 2016-11-03 | 2.880 | 4.975 |
| 2016-08-05 | 2.880 | 5.192 |
| 2016-07-25 | 2.880 | 5.761 |
| 2016-05-06 | 2.880 | 6.326 |
| 2016-04-20 | 2.880 | 6.221 |
| 2016-02-26 | 2.880 | 5.621 |
| 2016-01-27 | 2.880 | 6.562 |
| 2015-11-05 | 2.880 | 6.739 |
| 2015-10-21 | 2.880 | 5.896 |
| 2015-08-07 | 2.600 | 5.590 |
| 2015-07-22 | 2.600 | 4.705 |
| 2015-05-07 | 2.600 | 4.928 |
| 2015-04-22 | 2.600 | 4.832 |
| 2015-02-27 | 2.600 | 4.684 |
| 2015-01-28 | 2.600 | 4.539 |
| 2014-10-15 | 2.000 | 3.412 |
| 2014-07-17 | 2.000 | 3.038 |
| 2014-04-30 | 2.000 | 2.652 |
| 2014-01-30 | 2.000 | 2.508 |
| 2014-01-29 | 1.400 | 1.845 |
| 2013-11-07 | 1.400 | 1.857 |
| 2013-10-17 | 1.400 | 1.970 |
| 2013-05-01 | 1.400 | 2.407 |
| 2013-03-01 | 1.400 | 2.593 |
| 2013-01-30 | 1.400 | 2.665 |
| 2012-11-01 | 1.000 | 2.131 |
| 2012-07-25 | 1.000 | 2.333 |
| 2012-04-25 | 1.000 | 2.188 |
| 2012-02-01 | 1.000 | 1.796 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Whilst dividend payments have been stable, Las Vegas Sands has been paying a dividend for less than 10 years.
- Dividend payments have increased, but Las Vegas Sands only paid a dividend in the past 7 years.
Income/ dividend checks
We assess Las Vegas Sands's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Las Vegas Sands afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Las Vegas Sands has a total score of 3/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
Management
CEO
| COMPENSATION | $24,012,913 |
| AGE | 84 |
| TENURE AS CEO | 14.8 years |
CEO Bio
Mr. Sheldon Gary Adelson has been the Chief Executive Officer of Sands China Ltd., since March 6, 2015. Mr. Adelson has been the Chief Executive Officer of Las Vegas Sands Corp. since August 2004. He is the Chairman and Chief Executive Officer at Las Vegas Sands, LLC since April 1988. He has been the Chairman and President of Interface Group Holding Company, Inc. since the mid-1970s. He is a Principal Owner and Chief Executive Officer of Venetian Casino Resort LLC. He has been a Treasurer of Las Vegas Sands Corp., since August 2004. He created and developed the COMDEX Trade Shows, including the COMDEX/Fall Trade Show, the world's largest computer show, all of which were sold to Softbank Corporation in April 1995. He served as the Chief Executive Officer of Marina Bay Sands Pte. Ltd. He also created and developed the Sands Expo Center, which he grew into one of the largest convention and trade show destinations in the United States in July 2004. He has been the Chairman of Sands China Ltd. since August 18, 2009. He serves as the Chairman of Marina Bay Sands Pte. Ltd. Mr. Adelson has been the Chairman of the board, Chief Executive Offi cer and a director of LVS LLC (or its predecessor, Las Vegas Sands, Inc.) since April 1988, when it was formed to own and operate the former Sands Hotel and Casino. He has been the Chairman of Interface Group-Massachusetts Inc. since 1990. Mr. Adelson has been the Chairman of the board, Chief Executive Offi cer and a director of LVS since August 2004. He has been the Chairman of Las Vegas Sands Corp., since August 2004. He serves as the Chairman of Venetian Casino Resort LLC. He has been a Director of Las Vegas Sands Corp. since August 2004. He has been an Executive Director of Sands China Ltd. since March 6, 2015 and served as its Non-Executive Director from August 18, 2009 to March 6, 2015. Mr. Adelson’s business career spans more than seven decades and has included creating and developing to maturity more than 50 different companies. Mr. Adelson has extensive experience in the convention, trade show and tour and travel businesses. He created and developed the COMDEX Trade Shows, including the COMDEX/Fall Trade Show, which was the world’s largest computer show in the 1990s. He is also the chief executive officer of one of the U.S. subsidiaries. Mr. Adelson has earned multiple honorary degrees and has been a guest lecturer at various colleges and universities, including the University of New Haven, Harvard Business School, Columbia Business School, Tel Aviv University and Babson College. Among his numerous awards for his business and philanthropic work are the Armed Forces Foundation’s Patriot Award, the Hotel Investment Conference’s Innovation Award, the Woodrow Wilson Award for Corporate Citizenship and induction into the American Gaming Association’s Hall of Fame.
CEO Compensation
- Sheldon's compensation has been consistent with company performance over the past year, both up more than 20%.
- Sheldon's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure
Average tenure and age of the Las Vegas Sands management team in years:
- The tenure for the Las Vegas Sands management team is about average.
Management Team
Sheldon Adelson
Chairman
$24M
84
14.8 yrs
Rob Goldstein
President
$25M
62
4.4 yrs
Patrick Dumont
Executive VP
$2M
43
3.3 yrs
Lon Jacobs
Executive VP
$2M
63
2.8 yrs
Randy Hyzak
Senior VP & Chief Accounting Officer
48
3.3 yrs
Dan Briggs
Senior Vice President of Investor Relations
7.4 yrs
Ron Reese
Senior Vice President of Public Relations
David Sylvester
Executive Vice President of Global Retail
54
Grant Chum
Senior Vice President of Global Gaming Strategy
5.8 yrs
George Markantonis
President & COO of The Venetian/The Palazzo and President & COO of Sands Expo & Convention Center
$3M
60
4.3 yrs
Board of Directors Tenure
Average tenure and age of the Las Vegas Sands board of directors in years:
- The tenure for the Las Vegas Sands board of directors is about average.
Board of Directors
Sheldon Adelson
Chairman
$24M
84
14.8 yrs
Rob Goldstein
President
$25M
62
4.4 yrs
Patrick Dumont
Executive VP
$2M
43
2.2 yrs
Charles Koppelman
Director
$250K
78
7.7 yrs
George Jamieson
Director
$242K
82
5 yrs
David Levi
Director
$241K
66
4.4 yrs
Lew Kramer
Director
$242K
70
2.2 yrs
Charles Forman
Director
$213K
71
14.8 yrs
Irwin Chafetz
Director
$213K
82
14.3 yrs
Micheline Chau
Director
$230K
65
4.7 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | Value ($) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 31. Jul 18 | Buy | Robert Goldstein | Individual | 31. Jul 18 | 31. Jul 18 | 10,000 | $71.13 | $711,252 | ||
Management checks
We assess Las Vegas Sands's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Las Vegas Sands has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
News
Simply Wall St News
Dividend Investors: Don't Be Too Quick To Buy Las Vegas Sands Corp. (NYSE:LVS) For Its Upcoming Dividend
View our latest analysis for Las Vegas Sands Dividends are typically paid out of company income, so if a company pays out more than it earned, its dividend is usually at a higher risk of being cut. … Las Vegas Sands paid out 154% of profit in the past year, which we think is typically not sustainable unless there are mitigating characteristics such as unusually strong cash flow or a large cash balance. … It's good to see that while Las Vegas Sands's dividends were not covered by profits, at least they are affordable from a cash perspective.
Simply Wall St - – Full articleAre Dividend Investors Making A Mistake With Las Vegas Sands Corp. (NYSE:LVS)?
(NYSE:LVS) tend to be popular with investors, and for good reason - some research suggests a significant amount of all stock market returns come from reinvested dividends. On the other hand, investors have been known to buy a stock because of its yield, and then lose money if the company's dividend doesn't live up to expectations. In this case, Las Vegas Sands likely looks attractive to dividend investors, given its 5.4% dividend yield and seven-year payment history. We'd agree the yield does look enticing. The company also bought back stock equivalent to around 2.2% of market capitalisation this year. Before you buy any stock for its dividend however, you should always remember Warren Buffett's two rules: 1) Don't lose money, and 2) Remember rule #1. … Looking at the data, we can see that Las Vegas Sands has been paying a dividend for the past seven years. … However, it's also important to assess if earnings per share (EPS) are growing. Growing EPS can help maintain or increase the purchasing power of the dividend over the long run. Over the past five years, it looks as though Las Vegas Sands's EPS have declined at around 6.8% a year. If earnings continue to decline, the dividend may come under pressure. Every investor should make an assessment of whether the company is taking steps to stabilise the situation. Conclusion Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing.
Simply Wall St - – Full articleIs Las Vegas Sands Corp.'s (NYSE:LVS) CEO Pay Justified?
When we examined a group of companies with market caps over US$8.0b, we found that their median CEO total compensation was US$11m. … Thus we can conclude that Sheldon Adelson receives more in total compensation than the median of a group of large companies in the same market as Las Vegas Sands Corp.. … We compared the total CEO remuneration paid by Las Vegas Sands Corp., and compared it to remuneration at a group of other large companies.
Simply Wall St - – Full articleWhy Las Vegas Sands Corp. (NYSE:LVS) Looks Like A Quality Company
This article is for those who would like to learn about Return On Equity (ROE). … That means that for every $1 worth of shareholders' equity, it generated $0.32 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleShould Las Vegas Sands (NYSE:LVS) Be Disappointed With Their 46% Profit?
One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … Over the last three years, Las Vegas Sands failed to grow earnings per share, which fell 4.1% (annualized). … Companies are not always focussed on EPS growth in the short term, and looking at how the share price has reacted, we don't think EPS is the most important metric for Las Vegas Sands at the moment.
Simply Wall St - – Full articleHow Do Analysts See Las Vegas Sands Corp. (NYSE:LVS) Performing In The Next Couple Of Years?
The most recent earnings announcement Las Vegas Sands Corp.'s (NYSE:LVS) released in December 2018a
Simply Wall St - – Full articleA Close Look At Las Vegas Sands Corp.’s (NYSE:LVS) 20% ROCE
To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business. … Return On Capital Employed (ROCE): What is it? … ROCE measures the 'return' (pre-tax profit) a company generates from capital employed in its business.
Simply Wall St - – Full articleLas Vegas Sands Corp. (NYSE:LVS): Ex-Dividend Is In 3 Days
(NYSE:LVS): The dividend payment of US$0.77 per share will be distributed to shareholders on 28 March 2019, and the stock will begin trading ex-dividend at an earlier date, 19 March 2019. … Investors looking for higher income-generating stocks to add to their portfolio should keep reading, as I examine Las Vegas Sands's latest financial data to analyse its dividend characteristics. … 5 checks you should use to assess a dividend stock?
Simply Wall St - – Full articleIs It Too Late To Consider Buying Las Vegas Sands Corp. (NYSE:LVS)?
As a large-cap stock with high coverage by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock … However, what if the stock is still a bargain?
Simply Wall St - – Full articleLas Vegas Sands Corp. (NYSE:LVS): Poised For Long Term Success?
Looking at Las Vegas Sands Corp.'s (NYSE:LVS) earnings update in December 2018, … analyst consensus outlook appear cautiously subdued, … as a 1.5% rise in profits is expected in the upcoming year,
Simply Wall St - – Full articleCompany Info
Description
Las Vegas Sands Corp., together with its subsidiaries, develops, owns, and operates integrated resorts in Asia and the United States. It owns and operates The Venetian Macao Resort Hotel, the Sands Cotai Central, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao, Cotai Strip, and the Sands Macao in Macao, the People’s Republic of China; and iconic Marina Bay Sands in Singapore. The company also owns and operates The Venetian Resort Hotel Casino on the Las Vegas Strip; the Sands Expo and Convention Center in Las Vegas, Nevada; and the Sands Casino Resort Bethlehem in Bethlehem, Pennsylvania. Its integrated resorts feature accommodations, gaming, entertainment and retail, convention and exhibition facilities, celebrity chef restaurants, and other amenities. Las Vegas Sands Corp. was founded in 1988 and is based in Las Vegas, Nevada.
Details
| Name: | Las Vegas Sands Corp. |
| LVS | |
| Exchange: | NYSE |
| Founded: | 1988 |
| $45,963,929,738 | |
| 772,762,773 | |
| Website: | http://www.sands.com |
| Address: |
Las Vegas Sands Corp. 3355 Las Vegas Boulevard South, Las Vegas, Nevada, 89109, United States |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| NYSE | LVS | Common Stock | New York Stock Exchange | US | USD | 15. Dec 2004 | |
| DB | LCR | Common Stock | Deutsche Boerse AG | DE | EUR | 15. Dec 2004 | |
| LSE | 0QY4 | Common Stock | London Stock Exchange | GB | USD | 15. Dec 2004 | |
| BMV | LVS * | Common Stock | Bolsa Mexicana de Valores | MX | MXN | 15. Dec 2004 |
Number of employees
Current staff
Industry
| Casinos and Gaming | |
| Consumer Services |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/06/18 23:55 |
| End of day share price update: | 2019/06/18 00:00 |
| Last estimates confirmation: | 2019/06/11 |
| Last earnings filing: | 2019/04/19 |
| Last earnings reported: | 2019/03/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
