LAS VEGAS SANDS CORP
LVSdata completeness 88%18 fiscal years on fileData notes: no data for concept 'totalDebt'
LAS VEGAS SANDS CORP earns about 36% on equity, far above its ~9% cost of capital, and has bought back 9% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $21.62 and $57.07 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $4.23B1 | $4.11B2 | $10.4B3 | $11.3B3 | $13B3 |
| Net income | −$961M4 | $1.83B5 | $1.22B6 | $1.45B6 | $1.63B6 |
| Operating cash flow | −$243M7 | −$944M8 | $3.23B9 | $3.2B9 | $3.02B9 |
| Capital expenditure | $828M10 | $651M11 | $1.02B12 | $1.57B12 | $1.17B12 |
| Free cash flow (derived) | −$1.07B7 | −$1.6B8 | $2.21B9 | $1.64B9 | $1.86B9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $1.85B13 | $6.31B14 | $5.11B15 | $3.65B16 | $3.84B16 |
| Diluted shares | 764.0M | 764.0M | 765.0M | 737.0M | 693.0M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $22.94 of net worth that earned you $23.48 and generated $26.77 of cash last year.
It earned about 36% on equity, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is down 9% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $21.62 and $57.07 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$1.86B
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$1.86B
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$1.45B
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $43.79 |
| Base | 5.0% | $53.04 |
| Bull | 10.0% | $64.12 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0001300514-24-000048 (Revenues)
- 10-K · period ending 2022-12-31 · accession 0001300514-25-000040 (Revenues)
- 10-K · period ending 2023-12-31 · accession 0001300514-26-000013 (Revenues)
- 10-K · period ending 2021-12-31 · accession 0001300514-24-000048 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001300514-25-000040 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001300514-26-000013 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001300514-24-000048 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
- 10-K · period ending 2022-12-31 · accession 0001300514-25-000040 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
- 10-K · period ending 2023-12-31 · accession 0001300514-26-000013 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001300514-24-000048 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001300514-25-000040 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001300514-26-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001300514-23-000021 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001300514-24-000048 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001300514-25-000040 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001300514-26-000013 (CashAndCashEquivalentsAtCarryingValue)