Latest Ratios: P/E Ratio 19.6x · EV/EBITDA 9.3x · ROE 63.9%. (2000–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $30.6B | $45.1B | $37.9B | $37.6B | $36.7B | $28.8B | $45.5B | $53.2B | $40.9B | $55.0B | $42.5B |
| Enterprise Value | $42.9B | $57.4B | $48.0B | $46.6B | $46.4B | $41.7B | $57.5B | $61.5B | $48.2B | $62.3B | $49.9B |
| P/E Ratio → | 19.60 | 27.70 | 26.20 | 30.76 | — | — | — | 19.73 | 16.95 | 19.63 | 25.43 |
| P/S Ratio | 2.35 | 3.47 | 3.35 | 3.63 | 8.94 | 6.79 | 15.49 | 4.39 | 2.98 | 4.32 | 3.77 |
| P/B Ratio | 16.50 | 23.32 | 11.98 | 9.17 | 10.05 | 12.79 | 12.87 | 8.18 | 6.07 | 7.22 | 5.67 |
| P/FCF | 18.48 | 27.27 | 23.31 | 19.11 | — | — | — | 27.06 | 10.90 | 14.85 | 16.34 |
| P/OCF | 10.83 | 15.98 | 11.81 | 11.67 | — | 1917.13 | — | 17.52 | 8.70 | 12.11 | 10.50 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.41 | 4.24 | 4.49 | 11.29 | 9.85 | 19.54 | 5.07 | 3.51 | 4.89 | 4.43 |
| EV / EBITDA | 9.26 | 12.40 | 12.32 | 12.65 | 174.41 | 104.77 | — | 12.33 | 9.62 | 13.35 | 13.10 |
| EV / EBIT | 13.88 | 19.40 | 17.85 | 17.96 | — | — | — | 14.14 | 12.76 | 18.41 | 19.75 |
| EV / FCF | — | 34.71 | 29.53 | 23.64 | — | — | — | 31.26 | 12.86 | 16.80 | 19.21 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 28.2% | 28.2% | 36.8% | 37.6% | 14.9% | 13.4% | -6.0% | 47.3% | 41.1% | 41.1% | 39.6% |
| Operating Margin | 23.7% | 23.7% | 21.8% | 22.7% | -18.7% | -15.2% | -44.3% | 31.5% | 28.5% | 27.4% | 24.0% |
| Net Profit Margin | 12.5% | 12.5% | 12.8% | 11.8% | -24.8% | -22.7% | -57.3% | 22.2% | 17.6% | 22.1% | 14.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 63.9% | 63.9% | 39.8% | 31.5% | -34.6% | -33.2% | -33.5% | 40.7% | 33.6% | 37.1% | 21.0% |
| ROA | 7.6% | 7.6% | 6.8% | 5.6% | -4.8% | -4.7% | -7.7% | 11.8% | 11.2% | 13.6% | 8.1% |
| ROIC | 16.9% | 16.9% | 14.1% | 13.4% | -4.1% | -3.1% | -6.5% | 19.9% | 20.3% | 17.6% | 13.3% |
| ROCE | 19.0% | 19.0% | 15.3% | 13.3% | -4.3% | -3.6% | -6.9% | 19.4% | 21.1% | 19.7% | 15.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 8.34 | 8.34 | 4.35 | 3.42 | 4.37 | 6.58 | 3.96 | 1.92 | 1.78 | 1.26 | 1.28 |
| Debt / EBITDA | 3.49 | 3.49 | 3.53 | 3.81 | 60.07 | 37.17 | — | 2.50 | 2.39 | 2.07 | 2.52 |
| Net Debt / Equity | — | 6.36 | 3.20 | 2.17 | 2.64 | 5.76 | 3.37 | 1.27 | 1.09 | 0.95 | 1.00 |
| Net Debt / EBITDA | 2.66 | 2.66 | 2.60 | 2.42 | 36.34 | 32.52 | — | 1.66 | 1.46 | 1.55 | 1.96 |
| Debt / FCF | — | 7.43 | 6.22 | 4.53 | — | — | — | 4.20 | 1.96 | 1.95 | 2.87 |
| Interest Coverage | 3.97 | 3.97 | 3.70 | 3.17 | -0.98 | -1.37 | -2.59 | 9.69 | 8.48 | 10.34 | 9.23 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.14 | 1.14 | 0.74 | 1.31 | 1.73 | 2.15 | 2.03 | 1.65 | 1.76 | 1.08 | 1.10 |
| Quick Ratio | 1.13 | 1.13 | 0.73 | 1.30 | 1.72 | 2.14 | 2.02 | 1.63 | 1.75 | 1.07 | 1.09 |
| Cash Ratio | 0.91 | 0.91 | 0.63 | 1.15 | 1.62 | 0.72 | 0.74 | 1.31 | 1.47 | 0.82 | 0.76 |
| Asset Turnover | — | 0.59 | 0.55 | 0.48 | 0.19 | 0.21 | 0.14 | 0.52 | 0.61 | 0.62 | 0.55 |
| Inventory Turnover | 203.24 | 203.24 | 174.27 | 170.29 | 124.86 | 166.68 | 141.64 | 216.14 | 231.00 | 202.70 | 151.04 |
| Days Sales Outstanding | — | 20.81 | 13.47 | 17.03 | 23.71 | 17.41 | 31.29 | 25.40 | 19.30 | 17.64 | 25.13 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.6% | 1.8% | 1.6% | 0.8% | — | — | 1.3% | 4.4% | 5.7% | 4.2% | 6.9% |
| Payout Ratio | — | — | 40.8% | 25.0% | — | — | — | 87.7% | 97.5% | 82.3% | 175.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.1% | 3.6% | 3.8% | 3.3% | — | — | — | 5.1% | 5.9% | 5.1% | 3.9% |
| FCF Yield | 5.4% | 3.7% | 4.3% | 5.2% | — | — | — | 3.7% | 9.2% | 6.7% | 6.1% |
| Buyback Yield | 7.3% | 4.9% | 4.6% | 1.3% | 0.0% | 0.0% | 0.0% | 1.4% | 2.2% | 0.7% | 0.0% |
| Total Shareholder Yield | 9.9% | 6.8% | 6.2% | 2.2% | 0.0% | 0.0% | 1.3% | 5.9% | 8.0% | 4.9% | 6.9% |
| Shares Outstanding | — | $693M | $737M | $765M | $764M | $764M | $764M | $771M | $786M | $792M | $795M |
Geopolitical Regulatory Concentration
According to recent market data, LVS trades at a forward P/E of 14.21, which appears to price in a recovery trajectory that may be overly optimistic given the regulatory headwinds and capital expenditure requirements currently facing the company's core Macao operations as reported in recent filings.
The current valuation multiple suggests that investors are assigning a premium to the company's dominant market share in the Cotai Strip, despite the significant risks associated with its pure-play Asian exposure. This forward-looking multiple warrants caution, as it assumes a stable regulatory environment that has historically proven to be highly volatile.
Based on reported figures, the company's ROIC has remained suppressed, hovering near 4.9% in 2026Q1, which indicates that the massive capital outlays required for non-gaming infrastructure are currently diluting the returns generated by the core gaming and hospitality assets compared to historical performance levels.
The persistent gap between invested capital and returns suggests that the company is in a heavy reinvestment phase that may not yield immediate margin expansion. Investors should monitor whether these mandated investments eventually drive higher foot traffic or if they represent a permanent drag on the company's ability to compound capital efficiently.
As indicated by quarterly financial statements, the cash conversion cycle has remained relatively short at 13 days in 2026Q1, reflecting the company's ability to collect cash rapidly from gaming operations while maintaining minimal inventory levels typical of a service-oriented integrated resort business model.
While the short cycle is a positive indicator of operational liquidity, the low asset turnover of 0.17 highlights the extreme capital intensity of the business. This structural reality implies that even minor disruptions in visitor volume can have an outsized impact on the company's ability to generate sufficient cash to cover its fixed cost base.
According to the latest balance sheet data, the debt-to-equity ratio has surged to 9.78, a significant increase from 3.42 in 2023Q4, which suggests that the company's financial structure has become increasingly vulnerable to interest rate fluctuations and regional economic downturns in the Asian market.
The rapid accumulation of debt relative to equity indicates that the company is relying heavily on external financing to fund its operations and capital returns. This trend warrants further investigation, as the current interest coverage ratio of 4.87 provides a narrowing margin of safety for servicing debt obligations in a volatile revenue environment.
As reported in financial statements, the P/E ratio is frequently misapplied to LVS, as it fails to account for the massive non-cash depreciation charges inherent in the company's capital-intensive resort assets, which significantly distort net income and obscure the true underlying cash-generating power of the business.
Analysts should prioritize EV/EBITDA over P/E to better capture the operational performance of the integrated resorts, as this metric neutralizes the impact of capital structure and non-cash accounting items. Relying on P/E alone may lead to an inaccurate assessment of the company's valuation relative to its peers.
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying LVS stock.
Las Vegas Sands Corp.'s current P/E ratio is 19.6x. The historical average is 32.8x. This places it at the 19th percentile of its historical range.
Las Vegas Sands Corp.'s current EV/EBITDA is 9.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.8x.
Las Vegas Sands Corp.'s return on equity (ROE) is 63.9%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 17.3%.
Based on historical data, Las Vegas Sands Corp. is trading at a P/E of 19.6x. This is at the 19th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Las Vegas Sands Corp.'s current dividend yield is 2.61%.
Las Vegas Sands Corp. has 28.2% gross margin and 23.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Las Vegas Sands Corp.'s Debt/EBITDA ratio is 3.5x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.