LVS
Las Vegas Sands Corp.
LVS's fundamentals are mixed: it turned 18% of its revenue into free cash flow, but its operating margin fell 1 points to 21%. At 16x earnings, it's trading below its usual 23x. Analysts expect earnings to hold roughly steady, though they disagree widely on how much.
LVS Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Stable |
LVS's profitability and cash flow are currently healthy, and its revenue and balance sheet are stable.
LVS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 14x | $39.33 | — |
| Current | 16x | $39.33 | — |
| Cheap | 17x | $40.68 | +3.4% |
| Fair | 23x | $55.10 | +40% |
| Expensive | 32x | $78.82 | +100% |
Historical ranges are pointers, not guarantees.
LVS's PE is in its cheap range at 16x. On analysts' estimates for next year's earnings, today's price would be 14x.
LVS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Stable | |
| Stable | |
| Weakening | |
| Limited | |
| Low |
Analysts expect LVS's profitability to weaken, with its earnings and revenue holding steady. However, they disagree widely on these estimates.
LVS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.87 | +18% |
| Q3 2026 | $2.44 | +10% |
| Q2 2026 | $2.57 | +30% |
| Q1 2026 | $2.70 | +50% |
| Q4 2025 | $2.34 | +19% |
| Q3 2025 | $2.21 | +9.4% |
| Q2 2025 | $1.98 | -7.5% |
| Q1 2025 | $1.80 | -13% |
| Q4 2024 | $1.97 | +23% |
LVS's earnings per share have fallen from their peak: $2.44 over the past year, against $3.50 in late 2019.
LVS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3.2B | -3.5% |
| Q2 2026 | $3.2B | -0.7% |
| Q1 2026 | $3.6B | +25% |
| Q4 2025 | $3.6B | +26% |
| Q3 2025 | $3.3B | +24% |
| Q2 2025 | $3.2B | +15% |
| Q1 2025 | $2.9B | -3.3% |
| Q4 2024 | $2.9B | -0.7% |
LVS's revenue is growing: $3.2B last quarter, down 3.5% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 19% | -2.4 points |
| Q2 2026 | 20% | -5.1 points |
| Q1 2026 | 25% | +3.9 points |
| Q4 2025 | 19% | -1 points |
| Q3 2025 | 22% | +2.8 points |
| Q2 2025 | 25% | +3.3 points |
| Q1 2025 | 21% | -2.9 points |
| Q4 2024 | 20% | -4 points |
LVS's operating margin was 19% last quarter, down 2.4 points from the same quarter a year ago.
LVS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $589M | -34% |
| Q2 2026 | $350M | +$458M |
| Q1 2026 | $537M | +265% |
| Q4 2025 | $930M | +153% |
| Q3 2025 | $886M | +299% |
| Q2 2025 | -$108M | -120% |
| Q1 2025 | $147M | -72% |
| Q4 2024 | $368M | -46% |
LVS generated $2.4B in free cash flow over the past year, up 86% from the year before.
LVS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -2.4% | -16M shares |
| 1 year | -6.6% | -45M shares |
| 3 years | -16% | -126M shares |
| 5 years | -16% | -124M shares |
| Available history | -17% | -131M shares |
LVS has 640M diluted shares, down 6.6% from a year ago, with $3B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $950M |
| Q2 2026 | $788M |
| Q1 2026 | $753M |
| Q4 2025 | $501M |
| Q3 2025 | $500M |
| Q2 2025 | $800M |
| Q1 2025 | $416M |
| Q4 2024 | $450M |
LVS spent $3B buying back its own shares over the past year, up 38% from the year before.
LVS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.0x | Moderate |
| Q2 2026 | 2.7x | Moderate |
| Q1 2026 | 2.7x | Moderate |
| Q4 2025 | 2.8x | Moderate |
| Q3 2025 | 3.0x | Moderate |
| Q2 2025 | 3.2x | Elevated |
| Q1 2025 | 3.0x | Moderate |
| Q4 2024 | 2.7x | Moderate |
LVS's net debt is about 3.0 years of its operating earnings (EBITDA), about the same as a year ago.
LVS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.3 | Neutral |
| Stochastic | 29.3 | Neutral |
LVS's weekly RSI is 40 (neutral) and its Stochastic is 29 (neutral).
LVS PE vs Consumer Cyclical Sector
| Metric | LVS | Sector median | Relative |
|---|---|---|---|
| PE | 16x | 18x | 11% below |
| PE % | 12 | 47 | 35 pts below |
LVS is trading at 16x earnings, a 11% discount to the Consumer Cyclical sector's median of 18x.
LVS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $37.8 | 4.2% above |
| 20 week MA | $42.4 | 7.2% below |
| 50 week MA | $50.5 | 22% below |
| 100 week MA | $49.2 | 20% below |
| 200 week MA | $50.0 | 21% below |
LVS has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 21% below its 200-week average.
LVS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $69.7 | $57.0 | -18% |
| 2021 | $57.0 | $38.6 | -32% |
| 2022 | $38.6 | $46.5 | +21% |
| 2023 | $46.5 | $49.2 | +5.8% |
| 2024 | $49.2 | $51.9 | +5.4% |
| 2025 | $51.9 | $66.2 | +28% |
| 2026 YTD | $66.2 | $39.3 | -41% |
LVS is down 41% so far in 2026, after finishing higher in four of the previous six years.