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LAS Vegas Sands

LVS on NYSE. LAS Vegas Sands sells casino gambling and hotel stays to tourists in Macao and Singapore. Market value $23.7bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Worth a closer look

Why it could be worth it

What to watch out for

Read what could go wrong

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
11.4%very high

For every $100 of what the whole company costs, it produced $11.40 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
12.1×fair

You pay 12.1 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
13.9%five-year median

Each dollar kept in the business earns 14 cents a year. Above 10 is good.

Quality score: 70 of 100. Price score: 99 of 100. Our list needs 70 on quality and 60 on price.

$36.61 a share, at its 1-year low

Over the past year the price has ranged from $36.08 to $70.45.

Dividend: 3.5% a year

Paid every year for 3 years

Payouts have jumped around in recent years, so this may not repeat.

Prices from Monday’s close (5 October).

Five years of cash, in billions

-1.1
-1.6
2.2
1.6
1.9
2.7
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: $2.7 billion in the past 12 months, $1.9 billion in the year to December 2025.

Revenue
$4.2bn$4.1bn$10.4bn$11.3bn$13.0bn
Operating margin
-16.3%-19.3%22.3%21.3%21.6%
Debt to equity
7.484.143.424.759.92
Shares outstanding
0.76bn0.76bn0.73bn0.68bn0.65bn

Health checks

  • Free cash flow positive3 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)7 of 8 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt9.92× equity
  • Revenue growth, five yearsStrong, 34.7% a year
  • Buying back its own sharesYes, 15% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $3.2 billion last quarter, about the same as a year ago.
  • Profit: $346 million, down 25% on a year ago.
  • It keeps 21 cents of each $1 of sales as operating profit, about the same as a year earlier.
  • Spare cash over the past 12 months: $2.7 billion, up from $629 million.
  • 6% fewer shares than a year ago. Each share owns a bit more of the company.
  • Debt is $11.9 billion more than cash, down from $12.4 billion a year ago.
  • Sales grew on a year ago in 3 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$2.7bn
December 2024$2.9bn
March 2025$2.9bn
June 2025$3.2bn
September 2025$3.3bn
December 2025$3.6bn
March 2026$3.6bn
June 2026$3.2bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$275m
December 2024$324m
March 2025$352m
June 2025$461m
September 2025$419m
December 2025$395m
March 2026$567m
June 2026$346m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
21 October 2026
Last annual report (10-K)
6 February 2026
Next quarterly (estimated, 10-Q)
23 October 2026

Who owns it

6 long-term investors we follow own it, up from 5 last quarter. 707 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

  • Miriam Adelson
    Insider or founder
    at least 52.7%+1.2 pts
    (filed with 7 related holders)
    Since 7 August 2026
    What they said

    Item 4 of the Schedule 13D is hereby amended by adding the text below to the end of Item 4 of the Schedule 13D. The Issuer has historically maintained a share repurchase program for the repurchase of shares of its Common Stock from time to time. As a result of repurchases under…

    Read the filing
  • THE GENERAL TRUST UNDER THE SHELDON G. ADELSON 2007 FRIENDS AND FAMILY TRUST
    13.0%+0.2 pts
    Since 16 December 2025
    What they said

    Item 4 of the Schedule 13D is hereby amended by adding the text below to the end of Item 4 of the Schedule 13D. The Issuer has historically maintained a share repurchase program for the repurchase of shares of its Common Stock from time to time. As a result of repurchases under…

    Read the filing
  • 5.0%−2.0 pts
    Since 30 September 2025
  • General Trust under the Sheldon G. Adelson 2007 Remainder Trust
    Insider or founder
    Sold down below 5%
    Since 16 June 2026
    What they said

    Item 4 of the Schedule 13D is hereby amended by adding the text below to the end of Item 4 of the Schedule 13D. The Issuer has historically maintained a share repurchase program for the repurchase of shares of its Common Stock from time to time. As a result of repurchases under…

    Read the filing
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 6 sold $332m.

  • Forman Charles D
    Director
    Sold
    Date
    27 April 2026
    Shares
    11,400
    Price
    $54.09
    Value
    $616,626
  • Dumont Patrick
    Chairman & CEO, Director
    Sold
    Date
    17 March 2026
    Shares
    60,165
    Price
    $54.75
    Value
    $3m
  • Goldstein Robert G
    Chairman & CEO, Director
    Sold
    Date
    17 December 2025
    Shares
    1,198,650
    Price
    $66.68
    Value
    $80m
  • Goldstein Robert G
    Chairman & CEO, Director
    Sold
    Date
    16 December 2025
    Shares
    51,350
    Price
    $67.58
    Value
    $3m
  • Goldstein Robert G
    Chairman & CEO, Director
    Sold
    Date
    15 December 2025
    Shares
    734,511
    Price
    $66.80
    Value
    $49m
  • Goldstein Robert G
    Chairman & CEO, Director
    Sold
    Date
    12 December 2025
    Shares
    15,489
    Price
    $66.24
    Value
    $1m
  • Goldstein Robert G
    Chairman & CEO, Director
    Sold
    Date
    11 December 2025
    Shares
    382,905
    Price
    $66.39
    Value
    $25m
  • Goldstein Robert G
    Chairman & CEO, Director
    Sold
    Date
    10 December 2025
    Shares
    17,095
    Price
    $67.03
    Value
    $1m
  • Dumont Patrick
    President & COO, Director
    Sold
    Date
    3 December 2025
    Shares
    135,603
    Price
    $67.97
    Value
    $9m
  • Dumont Patrick
    President & COO, Director
    Sold
    Date
    2 December 2025
    Shares
    17,352
    Price
    $68.97
    Value
    $1m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 6 Feb 2026, plus the 10-Q filed 24 Jul 2026 and 7 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It carries a lot of debt: 9.9× its equity.

Whether the price already reflects the risks is what the deep dive is for.

What changed in the risks this year

Companies must list what could hurt them each year. These are the parts that changed since last year’s report.

  • Our operations face significant competition, which may increase in the future .

    Could happen
    Our Macao and Singapore operations will also compete with casinos located elsewhere in Asia, including South Korea, Malaysia, Philippines, Australia, Cambodia, Vietnam and elsewhere in the world, including Las Vegas, as well as online gaming and cruise ships that offer gaming. Our operations also face increased competition from new developments in Malaysia, Australia, South Table of Conte n ts Korea and Vietnam. In addition, certain countries, such as Japan, have legalized casino gaming, while others, such as Thailand, may in the future legalize casino gaming.
    Read more

Read it in the annual report

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.