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olivLaw · US equity research

Las Vegas Sands Corp. LVS

Hotels & Motels · SIC 7011 · Vertical: Hotels & Motels (SIC 7011)

40.74USD+6.48% · 1 dayClose 04 Nov 2026

Las Vegas Sands (LVS) reported third quarter 2026 net revenue of $3.22 billion and net income of $352 million, both down from the prior year. For the first nine months of 2026, net revenues rose 6.3% to $9.96 billion. The company continues to return capital to shareholders, but margin pressure in Macao keeps quarterly performance below last year's level.

At the close of 04 Nov 2026, Las Vegas Sands Corp. (LVS) stock was 40.74 USD (+6.48% on the day), with market capitalisation 25.5 bn USD, P/E 16.7 on diluted EPS of 2.44 USD over the last 12 months, dividend yield 2.82%, beta 0.94, 52-week range 35.68–69.49 USD. Latest reported quarter (Q3 2026): revenue of 3.2 bn USD (−3.5% YoY), net income of 304.0 m USD (−27.4% YoY), diluted EPS 0.48 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
25.5 bn USD
shares as of 21 Oct 2026
P/E (TTM)
16.7
Diluted EPS TTM 2.44 · TTM to 30 Sept 2026
E/P (TTM)
5.99%
TTM to 30 Sept 2026
Dividend yield
2.82%
DPS 12m 1.15
Beta (2y)
0.94
Volatility (1y) 32%
52-week range
35.6869.49

Price history

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Technical reading

RSI (14)
66.1
strong (55–70)
Bollinger (20, 2)
34.92 – 39.57
above the upper band · %B 1.25 · band width 12.5%
SMA 50 / 200
39.46 / 48.67
mixed trend
MACD (12, 26, 9)
-0.18 / -0.72
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+11.3%−1.1%+12.4 pp—
3 months−11.1%−0.5%−10.7 pp—
6 months−23.4%+4.4%−27.8 pp—
Year to date−37.4%+12.3%−49.7 pp—
1 year−33.5%+13.5%−47.1 pp+9.5%
3 years−16.6%+76.4%−93.0 pp+9.3%
5 years−4.5%+63.7%−68.1 pp—
Max drawdown (1y)
−48.7%
01 Dec 2025 → 23 Oct 2026
Max drawdown (5y)
−52.7%
01 May 2023 → 08 Apr 2025
Compound annual growth (5y)
−0.9%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
3.2 bn USD
−3.5% YoY
Net income
304.0 m USD
−27.4% YoY
Diluted EPS
0.48
−21.3% YoY
net / operating
9.5% / 19.2%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue2.9 bn2.9 bn3.2 bn3.3 bn3.6 bn3.6 bn3.2 bn3.2 bn
Research & development59.0 m69.0 m69.0 m72.0 m59.0 m41.0 m43.0 m37.0 m
SG&A303.0 m273.0 m292.0 m308.0 m315.0 m302.0 m331.0 m333.0 m
Operating income590.0 m609.0 m783.0 m719.0 m707.0 m904.0 m618.0 m618.0 m
Depreciation & amortisation348.0 m362.0 m371.0 m368.0 m363.0 m357.0 m350.0 m340.0 m
Interest expense180.0 m174.0 m194.0 m187.0 m191.0 m188.0 m189.0 m186.0 m
Pre-tax income461.0 m471.0 m609.0 m582.0 m551.0 m748.0 m461.0 m454.0 m
Income tax69.0 m63.0 m90.0 m91.0 m103.0 m107.0 m88.0 m102.0 m
Net income324.0 m352.0 m461.0 m419.0 m395.0 m567.0 m346.0 m304.0 m
Diluted EPS0.450.490.660.610.580.850.530.48
Operating cash flow915.0 m526.0 m178.0 m ≈1.1 bn ≈1.2 bn731.0 m682.0 m ≈870.0 m ≈
Capex547.0 m379.0 m286.0 m ≈229.0 m ≈274.0 m194.0 m332.0 m ≈281.0 m ≈
Dividends paid145.0 m179.0 m246.0 m ≈239.0 m ≈169.0 m202.0 m328.0 m ≈193.0 m ≈
Share repurchases450.0 m416.0 m800.0 m ≈500.0 m ≈501.0 m753.0 m788.0 m ≈950.0 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 22 percentile of its own 37-quarter history (min 12.4, median 22.0, max 828.6; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue13.7 bn12.1 bn2.9 bn4.2 bn4.1 bn10.4 bn11.3 bn13.0 bn
Revenue YoY+7.9%−11.7%−75.8%+44.0%−2.9%+152.4%+8.9%+15.2%
Net income2.4 bn2.7 bn-1.7 bn-961.0 m1.8 bn1.2 bn1.4 bn1.6 bn
Net income YoY−14.1%+11.8%−162.5%unavailableunavailable−33.4%+18.4%+12.5%
Diluted EPS3.073.50-2.21-1.262.401.601.962.35
Diluted EPS YoY−13.5%+14.0%−163.1%unavailableunavailable−33.3%+22.5%+19.9%
net %17.6%22.2%-57.3%-22.7%44.6%11.8%12.8%12.5%
Free cash flow3.8 bn2.0 bn-2.5 bnunavailableunavailable2.2 bn1.6 bn1.9 bn

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
3.8 bn USD
Financial debt
1.1 bn USD
Net debt
-2.7 bn USD
Equity
1.9 bn USD
Total assets
21.9 bn USD
Debt / equity
0.58x
Current ratio
1.14x
ROE
63.9%
ROA
7.6%
FCF margin
14.3%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
10.4 bn
2024
11.3 bn
2025
13.0 bn

SEC (XBRL)· 06 Feb 2026verified

Research & development
2023
205.0 m
2024
228.0 m
2025
269.0 m

SEC (XBRL)· 06 Feb 2026verified

SG&A
2023
1.1 bn
2024
1.2 bn
2025
1.2 bn

SEC (XBRL)· 06 Feb 2026verified

Operating income
2023
2.3 bn
2024
2.4 bn
2025
2.8 bn

SEC (XBRL)· 06 Feb 2026verified

Depreciation & amortisation
2023
1.2 bn
2024
1.3 bn
2025
1.5 bn

SEC (XBRL)· 06 Feb 2026verified

EBITDA
2023
3.5 bn ≈
2024
3.7 bn ≈
2025
4.3 bn ≈

SEC (XBRL)· 06 Feb 2026derived

Interest expense
2023
818.0 m
2024
727.0 m
2025
746.0 m

SEC (XBRL)· 06 Feb 2026verified

Pre-tax income
2023
1.8 bn
2024
2.0 bn
2025
2.2 bn

SEC (XBRL)· 06 Feb 2026verified

Income tax
2023
344.0 m
2024
208.0 m
2025
347.0 m

SEC (XBRL)· 06 Feb 2026verified

Net income
2023
1.2 bn
2024
1.4 bn
2025
1.6 bn

SEC (XBRL)· 06 Feb 2026verified

Diluted EPS
2023
1.60
2024
1.96
2025
2.35

SEC (XBRL)· 06 Feb 2026verified

Weighted average diluted shares
2023
765.0 m
2024
737.0 m
2025
693.0 m

SEC (XBRL)· 06 Feb 2026verified

Dividend per share
2023
0.40
2024
0.80
2025
1.00

SEC (XBRL)· 06 Feb 2026verified

Balance sheet · USD

Cash
2023
5.1 bn
2024
3.7 bn
2025
3.8 bn

SEC (XBRL)· 06 Feb 2026verified

Receivables
2023
484.0 m
2024
417.0 m
2025
742.0 m

SEC (XBRL)· 06 Feb 2026verified

Inventories
2023
38.0 m
2024
41.0 m
2025
46.0 m

SEC (XBRL)· 06 Feb 2026verified

Current assets
2023
5.8 bn
2024
4.3 bn
2025
4.8 bn

SEC (XBRL)· 06 Feb 2026verified

Property, plant & equipment, net
2023
11.4 bn
2024
12.0 bn
2025
11.7 bn

SEC (XBRL)· 06 Feb 2026verified

Goodwill
2023
103.0 m
2024
102.0 m
2025
103.0 m

SEC (XBRL)· 06 Feb 2026verified

Intangibles (excl. goodwill)
2023
495.0 m
2024
443.0 m
2025
470.0 m

SEC (XBRL)· 06 Feb 2026verified

Total assets
2023
21.8 bn
2024
20.7 bn
2025
21.9 bn

SEC (XBRL)· 06 Feb 2026verified

Accounts payable
2023
167.0 m
2024
164.0 m
2025
190.0 m

SEC (XBRL)· 06 Feb 2026verified

Short-term debt
2023
1.9 bn
2024
3.2 bn
2025
1.1 bn

SEC (XBRL)· 06 Feb 2026verified

Current liabilities
2023
4.4 bn
2024
5.8 bn
2025
4.2 bn

SEC (XBRL)· 06 Feb 2026verified

Total liabilities
2023
17.7 bn
2024
17.5 bn
2025
20.0 bn

SEC (XBRL)· 06 Feb 2026verified

Equity
2023
4.1 bn
2024
3.2 bn
2025
1.9 bn

SEC (XBRL)· 06 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
3.2 bn
2024
3.2 bn
2025
3.0 bn

SEC (XBRL)· 06 Feb 2026verified

Capex
2023
1.0 bn
2024
1.6 bn
2025
1.2 bn

SEC (XBRL)· 06 Feb 2026verified

Free cash flow
2023
2.2 bn ≈
2024
1.6 bn ≈
2025
1.9 bn ≈

SEC (XBRL)· 06 Feb 2026derived

Investing cash flow
2023
-1.3 bn
2024
-1.6 bn
2025
-1.2 bn

SEC (XBRL)· 06 Feb 2026verified

Financing cash flow
2023
-3.2 bn
2024
-3.1 bn
2025
-1.6 bn

SEC (XBRL)· 06 Feb 2026verified

Dividends paid
2023
305.0 m
2024
590.0 m
2025
833.0 m

SEC (XBRL)· 06 Feb 2026verified

Share repurchases
2023
505.0 m
2024
1.8 bn
2025
2.2 bn

SEC (XBRL)· 06 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
15.2%
computed by olivLawFY 2025
Revenue CAGR 3Y
46.9%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
34.7%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
17.3%
computed by olivLawFY 2025
Net income growth (YoY)
12.5%
computed by olivLawFY 2025
Net income CAGR 3Y
-3.9%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
19.9%
computed by olivLawFY 2025
EPS CAGR 3Y
-0.7%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
13.3%
computed by olivLawFY 2025

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
31.3%
computed by olivLawTTM to 30 Sept 2026
EBIT margin
20.9%
computed by olivLawTTM to 30 Sept 2026
Net margin
11.8%
computed by olivLawTTM to 30 Sept 2026
FCF margin
17.7%
computed by olivLawTTM to 30 Sept 2026

Returns

ROE
262.8%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
7.9%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
unavailable
equity is negative: buybacks shrink the invested capital and ROIC would come out large without meaning anything
ROCE
19.2%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Payout ratio (EPS)
47.1%
computed by olivLawTTM to 30 Sept 2026
Payout ratio (FCF)
37.1%
computed by olivLawTTM to 30 Sept 2026

Balance sheet

Net debt
-1.3 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Net debt / EBITDA
-0.3x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Debt / equity
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
Interest coverage
3.8x
computed by olivLawTTM to 30 Sept 2026

Liquidity

Current ratio
0.8x
computed by olivLawbalance sheet at 30 Sept 2026
Quick ratio
0.8x
computed by olivLawbalance sheet at 30 Sept 2026
Cash ratio
0.6x
computed by olivLawbalance sheet at 30 Sept 2026

Cash

Operating cash flow
3.5 bn USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
1.1 bn USD
computed by olivLawTTM to 30 Sept 2026
Free cash flow
2.4 bn USD
computed by olivLawTTM to 30 Sept 2026
FCF conversion
149.3%
computed by olivLawTTM to 30 Sept 2026
Cash conversion
81.9%
computed by olivLawTTM to 30 Sept 2026

Efficiency

Days sales outstanding
16 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
25.5 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Enterprise value
24.3 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Market cap / net income TTM
15.8x
computed by olivLawTTM to 30 Sept 2026
P/E (TTM)
16.7x
computed by olivLawTTM to 30 Sept 2026
Earnings yield
6.0%
computed by olivLawTTM to 30 Sept 2026
P/B
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
P/S
1.9x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBITDA
5.7x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBIT
8.5x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/Sales
1.8x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
P/FCF
10.6x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
FCF yield
9.4%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Dividend yield
2.8%
computed by olivLawTTM to 30 Sept 2026
Shareholder yield (distributions)
15.2%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Attractive profile

Score: 74 / 100

A scoring methodology on indicators and valuation, not investment advice.

score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']

Closing price

40.74 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 25.5 bn USD

Key indicators

Market capitalisation
25.5 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
16.7x
computed by olivLawTTM to 30 Sept 2026
P/B
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
EV/EBITDA
5.7x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROE
262.8%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
11.8%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
15.2%
computed by olivLawFY 2025
Dividend yield
2.8%
computed by olivLawTTM to 30 Sept 2026

Coverage and freshness

33/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 21 Oct 2026
Source: SEC (XBRL)published 23 Oct 2026
verified 2773derived 164

Score by group

  • Balance sheet56
  • Valuation89
  • Quality82
  • Growth50
  • Returns100

Estimated value range

Low
51.69
USD per share
Mid
75.28
USD per share
High
106.69
USD per share
Price: 40.74 USD
The price is below the range
Potential to the central value: 84.8% (value / price − 1)
Margin of safety: 45.9% (1 − price / value)
Agreement between methods: medium · 4 methods used · 3 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 13.14 – 129.30 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)84.05 – 129.30 (Mid 101.52)
    WACC 9.0% · starting FCFF 3.0 bn USD · terminal value share of EV 75%
    The WACC × g sensitivity gives the method's bounds; these are not probabilities.
    Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -23.9%
  • Peers: EV/EBITDA54.65 – 113.73 (Mid 78.63)
    14 companies used · median multiple 11.3x · quartiles 7.7x – 16.4x
    BYD, CHH, CNTY, CZR, FLL, HLT, IHG, MGM, MLCO, PK, TNL, WH, WYNN, XHR
  • Peers: P/E48.72 – 99.65 (Mid 71.92)
    14 companies used · median multiple 29.5x · quartiles 20.0x – 40.8x
    ATAT, BYD, CHH, HLT, IHG, MAR, MCRI, MGM, MLCO, RRR, SHO, TNL, WH, WYNN
  • Dividend discount (DDM)13.14 – 17.67 (Mid 15.07)
Multiple comparisons use the SIC vertical: Hotels & Motels (SIC 7011)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Attractive profile · Score 74/100

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality11.8%64 (vs peers)7%
FCF conversion · Quality149.3%100 (on a fixed band)7%
Revenue CAGR 3Y · Growth46.9%100 (on a fixed band)9%
EPS CAGR 3Y · Growth-0.7%0 (on a fixed band)9%
Net debt / EBITDA · Balance sheet-0.3x89 (vs peers)12%
Interest coverage · Balance sheet3.8x35 (on a fixed band)7%
Current ratio · Balance sheet0.8x2 (on a fixed band)5%
P/E (TTM) · Valuation16.7x88 (vs peers)12%
EV/EBITDA · Valuation5.7x81 (vs peers)12%
FCF yield · Valuation9.4%100 (on a fixed band)9%
Shareholder yield (distributions) · Returns15.2%100 (on a fixed band)7%
Payout ratio (FCF) · Returns37.1%100 (on a fixed band)5%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet56/100 · 3/3 factors with a value
  • Growth50/100 · 2/2 factors with a value
  • Quality82/100 · 2/3 factors with a value
  • Returns100/100 · 2/2 factors with a value
  • Valuation89/100 · 3/3 factors with a value

Memo

LAS VEGAS SANDS CORP. (LVS). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: revenue 13.0 bn USD in 2025; YoY growth 15.2%; net margin 11.8%; ROE 262.8%; net debt/EBITDA -0.3x.

The estimated value range is 51.69–106.69 USD per share (median of 4 methods, agreement: medium); assumptions are illustrative. Against the central value of 75.28 USD, the price of 40.74 USD leaves a potential of 84.8% (value / price − 1) and a margin of safety of 45.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 74/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • FCF conversion: 149.3%
  • Revenue CAGR 3Y: 46.9%
  • Net debt / EBITDA: -0.3x
  • P/E (TTM): 16.7x
  • EV/EBITDA: 5.7x
  • FCF yield: 9.4%
  • Shareholder yield (distributions): 15.2%
  • Payout ratio (FCF): 37.1%
  • The price is below the estimated value range

What contradicts it

  • EPS CAGR 3Y: -0.7%
  • Current ratio: 0.8x

Not assessed (insufficient data or a ratio without meaning): ROIC.

Versus the vertical median

Hotels & Motels (SIC 7011) · same industry (4-digit SIC) · compared with 26 companies

The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.

Multiples and returns vs the median

P/E
16.7x
vertical median 30.6x
below median (−45.4%)
EV/EBITDA
5.7x
vertical median 13.6x
below median (−58.1%)
P/S
1.9x
vertical median 1.6x
above median (+19.3%)
P/B
—
vertical median 2.2x
ROE
262.8%
vertical median 8.4%
above median (+3,029.7%)
Net margin
11.8%
vertical median 5.7%
above median (+109.3%)
EBIT margin
20.9%
vertical median 15.4%
above median (+36.2%)
Revenue YoY
15.2%
vertical median 4.1%
above median (+272.0%)
Net debt/EBITDA
-0.3x
vertical median 3.4x
below median (−108.9%)
Dividend yield
2.8%
vertical median 1.0%
above median (+187.2%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
HTHTH World Group Ltd154.3 bn218.441.5%20.1%+10.5%+9% / +37%
MARMarriott International Inc109.4 bn42.4—9.7%+4.3%+39% / +110%
HLTHilton Worldwide Holdings Inc.83.8 bn50.8—13.4%+7.7%+32% / +125%
IHGInterContinental Hotels Group PLC29.0 bn36.2—14.6%+5.4%+31% / +124%
LVSLas Vegas Sands Corp.25.5 bn16.7262.8%11.8%+15.2%−34% / −17%
ATATAtour Lifestyle Holdings Limited14.5 bn63.750.5%16.6%+41.0%−9% / +97%
WYNNWynn Resorts, Limited8.5 bn19.7—6.1%+0.1%−36% / −2%
MGMMGM Resorts International8.3 bn12.726.8%3.9%+1.7%−7% / −17%
CZRCaesars Entertainment, Inc.6.0 bn—-15.1%-4.5%+2.1%+26% / −34%
WHWyndham Hotels & Resorts, Inc.5.9 bn29.838.2%14.0%+1.5%+10% / +4%
MLCOMelco Resorts & Entertainment Limited5.7 bn30.6—3.6%+11.3%−48% / −33%
BYDBoyd Gaming Corp5.5 bn11.719.6%12.3%+4.1%−7% / +32%
CHHChoice Hotels International Inc5.4 bn26.7146.5%12.7%+0.8%+32% / +9%
TNLTravel & Leisure Co.4.7 bn20.7—5.7%+4.1%+13% / +118%
PKPark Hotels & Resorts Inc.3.4 bn—-5.0%-6.4%−2.2%+57% / +14%
SHOSunstone Hotel Investors, Inc.2.4 bn54.72.8%5.3%+6.0%+39% / +32%
PENNPenn Entertainment, Inc.2.3 bn—-37.4%-12.7%+5.8%+18% / −29%
XHRXenia Hotels & Resorts, Inc.2.0 bn628.90.3%0.3%+3.8%+57% / +79%
MCRIMonarch Casino & Resort, Inc.2.0 bn17.920.4%20.4%+4.4%+17% / +80%
BALYBally’s Corporation680.3 m———+0.1%−23% / unavailable
FLLFull House Resorts Inc29.1 m—-936.4%-12.1%+3.5%−70% / −84%
CNTYCentury Casinos, Inc.16.9 m——-9.6%−0.5%−61% / −86%
RRRRed Rock Resorts, Inc.—29.160.8%5.8%+3.7%−17% / +9%
MRNOMurano Global Investments Plc——-54.7%-488.8%+154.6%−88% / −98%
HHyatt Hotels Corporation—98.65.6%2.6%+6.8%+16% / +66%

1- and 3-year price returns: for LVS from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
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Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
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Bull
Allowed range: -50 … 50%
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Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
28.05
Total return -29% · Per year -29%
49.37
Total return 25% · Per year 25%
74.05
Total return 86% · Per year 86%
3 years
33.27
Total return -10% · Per year -3%
65.29
Total return 72% · Per year 20%
106.63
Total return 177% · Per year 40%
5 years
39.47
Total return 12% · Per year 2%
86.34
Total return 135% · Per year 19%
153.55
Total return 307% · Per year 32%
What moves the 3-year price the most
  • Exit P/E± 16.32
  • Net margin± 11.43
  • Annual revenue growth± 8.52
  • Annual dilution± 0.96

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Las Vegas Sands (LVS) reported third quarter 2026 net revenue of $3.22 billion and net income of $352 million, both down from the prior year 2. For the first nine months of 2026, net revenues rose 6.3% to $9.96 billion 1. The company continues to return capital to shareholders, but margin pressure in Macao keeps quarterly performance below last year's level 12.

SWOT

Strengths

  • Solid liquidity and access to financing through revolving credit facilities and substantial cash resources 12.
  • A premium Integrated Resort portfolio in two jurisdictions, Macao and Singapore, with globally recognised properties 2.
  • Ability to return capital to shareholders through buybacks and dividends, supported by operating cash flows 2.

Weaknesses

  • Lower Macao EBITDA despite higher revenues points to cost and margin pressure 1.
  • Significant total debt, with a weighted average borrowing cost higher than the prior year 2.
  • Reliance on VIP and Rolling Chip volumes can make revenue volatile 1.

Opportunities

  • The Marina Bay Sands expansion could increase suite capacity and entertainment offerings if completed as planned 2.
  • Growing demand for premium travel and entertainment in the region could support long-term revenue 2.
  • A higher stake in Sands China Ltd. could strengthen control over Macao operations 2.

Threats

  • Intense competition in Macao could keep compressing margins through higher patron costs 1.
  • Regulatory risk, including changes to Macao gaming laws, could affect the Macao concession and the Singapore licence 2.
  • Economic disruption, disasters or pandemics could reduce travel and customer volumes 2.

Risks

  • Margin pressure in Macaohigh

    Higher patron reinvestment and payroll costs could continue to reduce profitability in Macao even as revenues grow.

  • Gaming regulationhigh

    Changes to Macao gaming laws or the Singapore licence framework could directly affect the company's operations.

  • Debt and financing costmedium

    Significant debt and a rising average borrowing cost could reduce financial flexibility if market conditions worsen.

  • Gaming win volatilitymedium

    Win rates in VIP and mass gaming can fluctuate significantly, affecting quarterly revenue.

  • Macroeconomic and travel riskslow

    Disasters, pandemics or political instability could reduce visitor numbers and disrupt operations.

Investment thesis

What would need to be true (bull case)

  • Net revenues for the first nine months rose, and management reports higher gaming volumes in Macao and Singapore, which could support a recovery in profitability if the trend holds 12.
  • The company returns capital to shareholders, and the announced dividend increase for 2027 signals confidence in future cash flows 2.
  • The Marina Bay Sands expansion and investments in premium suites could create new revenue sources if completed as planned 2.

What would break the thesis

  • The decline in third quarter adjusted EBITDA, including in Macao, shows that rising revenue has not automatically translated into profit, which could persist if costs stay high 12.
  • Total debt and the average borrowing cost limit flexibility, especially if interest rates or financing conditions move unfavourably 2.
  • If Macao regulations become more restrictive, the impact on revenue from the company's largest market could be significant 2.

What to watch

  • Trajectory of Macao adjusted EBITDA and patron reinvestment costsQ4 2026
  • Progress and completion timing of the Marina Bay Sands expansion2027
  • Level of total debt and average borrowing costnext 10-K
  • Quarterly dividend payment and pace of share repurchasesQ1 2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Las Vegas Sands is a global developer and operator of Integrated Resorts, combining hotels, casinos, shopping malls and convention facilities. Its main assets are in Macao, where it operates The Venetian Macao and The Parisian Macao, and in Singapore, where it runs Marina Bay Sands 1. The company held 75.56% of Sands China Ltd. as of 30 September 2026 2.

Operations are grouped by individual property, each treated as an operating segment, and revenue depends on casino patron volume, hotel room rates and mall rents 1. Breaking down gaming into Rolling Chip, Non-Rolling Chip and slot play shows which type of play drives revenue 1. The company repurchases its shares frequently and pays quarterly dividends 2.

The financial structure includes revolving credit lines and a delayed draw term loan linked to the Marina Bay Sands expansion, giving flexibility for capital investment 2. Total debt outstanding, excluding finance leases, was $15.30 billion as of 30 September 2026 2.

Trends

  • Competitive pressure in Macaoheadwind

    Higher costs for patron reinvestment and payroll reduced Macao EBITDA even as revenues grew, pointing to margin pressure 1.

  • Rising gaming volumestailwind

    Rolling Chip, Non-Rolling Chip and slot volumes grew in Macao and Singapore, according to management, supporting revenue 12.

  • Investment in premium servicesmixed

    The company invests in premium suites and VIP service, including the renovation of rooms at The Venetian Macao; these investments could support margins over the long term if premium demand holds 1.

  • Capital returnsmixed

    Share repurchases and dividends are rising while debt remains significant; the balance between the two could shape financial flexibility 2.

Competitive position

The company operates in a competitive environment in Macao, where management points to higher patron and payroll costs as a response to competition 1. Competition in Singapore and Macao affects win rates and customer volumes 1.

Competitive position depends on the ability to attract VIP and premium customers, and investments in service and suites are meant to maintain market share 12. Direct competitors are not named explicitly in the sources reviewed.

  • Other Macao casino operators

    The sources mention a competitive environment in Macao but do not name individual competitors; the pressure shows up in higher patron costs 1.

  • Integrated resort operators in Singapore

    Marina Bay Sands competes in Singapore's integrated resort market, but the sources do not name other operators 1.

  • Premium resort operators in the region

    Competition for premium regional visitors is cited as a factor, without naming specific companies 2.

  • Luxury hotel operators

    The sources do not identify these competitors by name, but competition for luxury rooms is relevant to hotel rates 1.

News & filings

In the press

The latest news item in our archive is from 09 Oct 2026; the newest SEC filing is from 03 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

SEC filings

  • Current report03 Nov 2026
    Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
  • Current report28 Oct 2026
    Other events · Financial statements and exhibits
  • Current report27 Oct 2026
    Other events · Financial statements and exhibits
  • Quarterly report23 Oct 2026
  • Current report21 Oct 2026
    Results of operations · Financial statements and exhibits
  • Quarterly report24 Jul 2026
  • Current report22 Jul 2026
    Results of operations · Financial statements and exhibits
  • Current report18 May 2026
    Shareholder vote
  • Current report13 May 2026
    Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
  • Current report05 May 2026
    Other events · Financial statements and exhibits

Sources

  1. [1] Form 10-Q, quarter ended 2026-09-30 · SEC / Las Vegas Sands Corp. · 23 Oct 2026
  2. [2] Form 8-K, results release (exhibit 99.1) · SEC / Las Vegas Sands Corp. · 21 Oct 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.