Las Vegas Sands

LVS

Gambling, Resorts & Casinos · Consumer Cyclical

Price

$45.36

-0.34 (-0.74%)

Market Cap

$30.06B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−9.3% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 764.0M (2021) → 693.0M (2025)

Las Vegas Sands builds and runs large casino resorts. Its properties combine hotels, casinos, shopping malls, restaurants, and convention spaces all under one roof — a format the company calls an "integrated resort." Its main customers are tourists and business travelers, and it owns well-known brands like The Venetian and Marina Bay Sands.

Despite its name, Las Vegas Sands no longer operates in Las Vegas. It sold its Nevada properties in 2021 and now earns nearly all of its revenue from Macao, China and Singapore. The company makes money from casino gambling, hotel stays, retail leases, and food and beverage sales. Its moat comes from the limited number of casino licenses issued in both Macao and Singapore, which keeps direct competition low. The biggest risk the company faces is its heavy dependence on Macao, where revenue is tied closely to Chinese consumer spending and government policy toward the gambling industry.

Winston Score History

Politician Trades

9 trades / 12mo

2 Congressional buys and 7 sells on LVS in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+25.3% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+73.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$269M/ year

↑ Rising (+18% vs prior year)

2.1% of revenue

Below sector average (4%)

R&D investment increasing — building for the future

Insider Activity

53.7%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$3.3B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Las Vegas Sands grew revenue 25% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

29.0%

Modest — 29.0% gross margin

Operating Margin

25.6%

Excellent — 25.6% operating margin

ROCE

5.4%

Weak — 5.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+22.7%

Fast-growing sales (22.7% YoY)

EPS YoY

+50.6%

Earnings growing fast (50.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

175%

Turns 175% of profit into real cash

FCF Margin

16.9%

Converts sales into free cash efficiently (16.9%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

13.10

Heavy debt load (13.10)

Interest Cover

4.45x

Adequate interest coverage (4.5x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

16.7x

Fair value — P/E 16.7

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+2.9

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

2.40%

Moderate income — 2.40% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+22.2%

Dividend growing fast (22.2% YoY)

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