# Las Vegas Sands Corp. (LVS)

> Source: Nexqual · https://nexqual.com/LVS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Las Vegas Sands Corp. (LVS), nexqual.com/LVS" · informational, not investment advice.

**Price:** USD 36.53 (-2.61% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 37.51 · day 35.03–37.48 · 52w 35.03–70.45 · market cap $23.7B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $13.7B, net income $1.73B (12.6% margin), free cash flow $2.70B (SEC filings).
- Valuation: P/E 13.7x (avg 28.2x at the last 3 fiscal year-ends), EV/EBITDA 8.1x, net debt $11.9B.
- 1 of 80 tracked superinvestors hold LVS (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $617K; 1 not under a Rule 10b5-1 plan ($617K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.19 on a 1–5 scale) (21 analysts), mean target USD 50.09 (range 37–61).
- Total return with dividends: 1Y -34.4% vs S&P 500 +14.9%; 5Y +2.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-21, EPS estimate USD 0.74, revenue estimate $3.52B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.23B | $4.11B | $10.4B | $11.3B | $13.0B | $13.7B |
| Operating income | -$689M | -$792M | $2.31B | $2.40B | $2.82B | $2.95B |
| Net income | -$961M | $1.83B | $1.22B | $1.45B | $1.63B | $1.73B |
| EPS (diluted) | -$1.26 | $2.40 | $1.60 | $1.96 | $2.35 | — |
| Free cash flow | -$1.07B | -$1.59B | $2.21B | $1.64B | $1.85B | $2.70B |
| Operating margin | -16.3% | -19.3% | 22.3% | 21.3% | 21.6% | 21.5% |
| Net margin | -22.7% | 44.6% | 11.8% | 12.8% | 12.5% | 12.6% |
| Revenue growth | +44.0% | -2.9% | +152.4% | +8.9% | +15.2% | — |
| Cash + short-term investments | $1.85B | $6.31B | $5.11B | $3.65B | $3.84B | — |
| Total debt | $14.8B | $16.0B | $14.0B | $13.8B | $15.8B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 13.7x · P/S 1.7x · EV/EBITDA 8.1x · EV/Sales 2.6x · P/FCF 8.8x · P/B 40.7x · FCF yield 11.42% · Earnings yield 7.30% · Dividend yield (paid, TTM) 3.96% · Buyback yield (TTM) 10.74% · Net debt $11.9B · EV $35.5B
P/E at fiscal year-ends: Dec 2025 27.7x, Dec 2024 26.2x, Dec 2023 30.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold LVS. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $1.3M | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-04-27 | Forman Charles D | Director | 11,400 | $617K | 6.1% | No | Too little history (no open-market trades in 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.19 on a 1–5 scale), 21 analysts; mean target USD 50.09 (low 37, high 61).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Jefferies | Target lowered | Hold | $40 → $37 |
| 2026-10-22 | Morgan Stanley | Target lowered | Equal-Weight | $55 → $49 |
| 2026-10-22 | Barclays | Target lowered | Overweight | $57 → $50 |
| 2026-10-22 | Wells Fargo | Target lowered | Equal-Weight | $44 → $40 |
| 2026-10-22 | JP Morgan | Target lowered | Overweight | $54 → $50 |
| 2026-10-22 | Stifel | Target lowered | Buy | $54 → $52 |
| 2026-10-22 | Mizuho | Target lowered | Outperform | $61 → $54 |
| 2026-10-22 | B of A Securities | Target lowered | Neutral | $50 → $45 |
| 2026-10-21 | Susquehanna | Target lowered | Positive | $63 → $51 |
| 2026-10-20 | JP Morgan | Target lowered | Overweight | $60 → $54 |
| 2026-10-20 | Stifel | Target lowered | Buy | $60 → $54 |
| 2026-10-19 | Morgan Stanley | Target lowered | Equal-Weight | $61 → $55 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -34.4% | +2.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -34.5% | +0.5% |
| Volatility (annualized) | 31.2% | 36.9% |
| Max drawdown | -47.6% (Dec 2025→Oct 2026) | -48.2% (Apr 2023→Apr 2025) |

## Peers (Resorts & Casinos)
WYNN (Wynn Resorts, Limited) USD 75.13 -0.83% · MGM (MGM Resorts International) USD 29.5 +2.18% · CZR (Caesars Entertainment, Inc.) USD 29.07 +0.59% · MTN (Vail Resorts, Inc.) USD 148.23 +0.83% · BYD (Boyd Gaming Corporation) USD 72.27 +2.35% · RRR (Red Rock Resorts, Inc.) USD 50.43 +2.38%

## More
Full page: https://nexqual.com/LVS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in LVS's own 10-K filed 2026-02-06 (https://www.sec.gov/Archives/edgar/data/1300514/000130051426000013/lvs-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Venetian Macau | "Additionally, we entered into a shareholder dividend tax agreement with the Macao government in February 2024, effective for the period from January 1, 2023 through December 31, 2025, which provided for an annual payment…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Casino | $2.34B | 74.2% | -3.1% |
| Rooms | $359.0M | 11.4% | +4.1% |
| Mall | $198.0M | 6.3% | +5.9% |
| Food and Beverage | $168.0M | 5.3% | +14.3% |
| Convention, Retail and Other | $88.0M | 2.8% | +8.6% |
| Total revenue | $3.15B | 100% | — |

## Company outlook (8-K filed 2026-10-21)

- "Las Vegas Sands Corp. assumes no obligation to update any forward-looking statements and information."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $0.74 | $0.86 | -13.6% | $3.52B | 13 |
| Next quarter (ends 2027-03-31) | $0.79 | $0.93 | -14.4% | $3.53B | 6 |
| Current fiscal year (ends 2026-12-31) | $2.83 | $3.12 | -9.2% | $13.49B | 14 |
| Next fiscal year (ends 2027-12-31) | $3.18 | $3.55 | -10.6% | $14.02B | 15 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 38.0% | ±4.5% |
| 2026-11-06 | 14 | 36.5% | ±6.1% |
| 2026-11-13 | 21 | 34.5% | ±6.8% |
| 2026-11-20 | 28 | 34.6% | ±7.8% |
| 2026-11-27 | 35 | 35.0% | ±8.8% |
| 2026-12-18 | 56 | 33.8% | ±11.0% |
| 2027-01-15 | 84 | 34.1% | ±13.5% |
| 2027-03-19 | 147 | 35.4% | ±18.2% |