Stock

Las Vegas Sands

LVS

Gambling, Resorts & Casinos · Consumer Cyclical

Also trades as: 0QY4.L GBP 0.35 (-5.37%)

Price

$35.67

-0.86 (-2.35%)

Market Cap

$23.10B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Oct 23, 2026 · filings through Sep 30, 2026

§How the score breaks down

Quality

Good

15/30

Growth

Mixed

9/20

Cash Flow

Exceptional

10/10

Stability

Mixed

3/10

Valuation

Strong

7/10

Ownership

Good

10/15

Dividends

Strong

4/5

58 of 100 counted points = Winston Score 58.

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Share count falling — buybacks

−9.3% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 764.0M (2021) → 693.0M (2025)

§Winston Score History

The full picture

Las Vegas Sands builds and runs large casino resorts. Its properties combine hotels, casinos, shopping malls, restaurants, and convention spaces all under one roof — a format the company calls an "integrated resort." Its main customers are tourists and business travelers, and it owns well-known brands like The Venetian and Marina Bay Sands.

Despite its name, Las Vegas Sands no longer operates in Las Vegas. It sold its Nevada properties in 2021 and now earns nearly all of its revenue from Macao, China and Singapore. The company makes money from casino gambling, hotel stays, retail leases, and food and beverage sales. Its moat comes from the limited number of casino licenses issued in both Macao and Singapore, which keeps direct competition low. The biggest risk the company faces is its heavy dependence on Macao, where revenue is tied closely to Chinese consumer spending and government policy toward the gambling industry.

Politician Trades

8 trades / 12mo

3 Congressional buys and 5 sells on LVS in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-3.5% YoY

YoY Growth Rate

Revenue declining

Reported EPS Growth

-21.3% YoY

Quarterly reporting periods ended:

30 Sept 2025: $0.61

30 Sept 2026: $0.48

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS decreased year over year

R&D Spend

$269M/ year

↑ Rising (+18% vs prior year)

2.1% of revenue

Below sector average (4%)

R&D investment increasing — building for the future

Insider Activity

55.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$3.4B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Las Vegas Sands's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

23.4%

Thin — 23.4% gross margin

Profit after running costs

Operating Margin

19.5%

Healthy — 19.5% operating margin

Return on the money invested

ROCE

19.2%

Strong — 19.2% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+10.9%

Steady sales growth (+10.9% YoY)

Profit growth

EPS YoY

+10.9%

Earnings growing (+10.9% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

228%

Turns 228% of profit into real cash

Spare cash per sale

FCF Margin

20.5%

Converts sales into free cash efficiently (20.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

26.27

Heavy debt load (26.27)

Covers its interest

Interest Cover

4.03x

Adequate interest coverage (4.0x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

14.6x

Attractive valuation — P/E 14.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+1.9

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

3.16%

Moderate income — 3.16% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+21.1%

Dividend growing fast (21.1% YoY)

Payout Ratio

37%

no trend

Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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