Is the business good?
How good a business is LVS?
Las Vegas Sands earns 19% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
19%
Return on invested capital · cost of capital 9.0% · 9.7 points above what the capital costs: growth creates value
- Operating margin
- 21%
Operating margin · Resorts & Casinos median 15% · 12 months to Q2 2026
- Cash conversion
- 1.56×
Cash conversion · 0.45× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- −5.8%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | −47% |
| FY2021 | −16% |
| FY2022 | −19% |
| FY2023 | 22% |
| FY2024 | 21% |
| FY2025 | 22% |
Details›
- Operating margin12 months to Q2 2026
- 21%
- Net margin12 months to Q2 2026
- 13%
- Free cash flow margin
- 20%
- R&D as % of revenue
- 1.6%
- Revenue, trailing twelve months
- $13.7B
- Free cash flow, trailing twelve months
- $2.70B
- Net income, trailing twelve months
- $1.73B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 19%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Resorts & Casinos
Ranks #1 of 12 by Smart Score