Stock Analysis on Net
Stock Analysis on Net

Las Vegas Sands Corp. (NYSE:LVS)

This company has been moved to the archive! The financial data has not been updated since October 20, 2023.

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Las Vegas Sands Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Sep 30, 2023 14.72% = 3.03% × 4.86
Jun 30, 2023 1.18% = 0.23% × 5.14
Mar 31, 2023 -13.58% = -2.43% × 5.60
Dec 31, 2022 47.20% = 8.31% × 5.68
Sep 30, 2022 48.15% = 8.75% × 5.50
Jun 30, 2022 41.73% = 7.93% × 5.26
Mar 31, 2022 40.78% = 8.30% × 4.91
Dec 31, 2021 -48.15% = -4.79% × 10.05
Sep 30, 2021 -54.09% = -5.72% × 9.46
Jun 30, 2021 -53.55% = -6.55% × 8.18
Mar 31, 2021 -73.40% = -9.55% × 7.68
Dec 31, 2020 -56.68% = -8.10% × 7.00
Sep 30, 2020 -23.66% = -3.61% × 6.56
Jun 30, 2020 9.17% = 1.57% × 5.83
Mar 31, 2020 47.12% = 9.99% × 4.72
Dec 31, 2019 52.01% = 11.63% × 4.47
Sep 30, 2019 35.44% = 8.47% × 4.18
Jun 30, 2019 34.84% = 8.57% × 4.06
Mar 31, 2019 27.86% = 6.90% × 4.04
Dec 31, 2018 42.45% = 10.70% × 3.97
Sep 30, 2018 — = — × 3.40
Jun 30, 2018 — = — × 3.19
Mar 31, 2018 — = — × 2.92

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the increase in return on equity ratio (ROE) over Q3 2023 is the increase in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Las Vegas Sands Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Sep 30, 2023 14.72% = 7.81% × 0.39 × 4.86
Jun 30, 2023 1.18% = 0.75% × 0.30 × 5.14
Mar 31, 2023 -13.58% = -10.42% × 0.23 × 5.60
Dec 31, 2022 47.20% = 44.57% × 0.19 × 5.68
Sep 30, 2022 48.15% = 46.94% × 0.19 × 5.50
Jun 30, 2022 41.73% = 45.39% × 0.17 × 5.26
Mar 31, 2022 40.78% = 46.40% × 0.18 × 4.91
Dec 31, 2021 -48.15% = -22.70% × 0.21 × 10.05
Sep 30, 2021 -54.09% = -26.01% × 0.22 × 9.46
Jun 30, 2021 -53.55% = -32.53% × 0.20 × 8.18
Mar 31, 2021 -73.40% = -64.84% × 0.15 × 7.68
Dec 31, 2020 -56.68% = -46.65% × 0.17 × 7.00
Sep 30, 2020 -23.66% = -12.67% × 0.28 × 6.56
Jun 30, 2020 9.17% = 3.95% × 0.40 × 5.83
Mar 31, 2020 47.12% = 17.81% × 0.56 × 4.72
Dec 31, 2019 52.01% = 19.64% × 0.59 × 4.47
Sep 30, 2019 35.44% = 13.86% × 0.61 × 4.18
Jun 30, 2019 34.84% = 14.01% × 0.61 × 4.06
Mar 31, 2019 27.86% = 11.16% × 0.62 × 4.04
Dec 31, 2018 42.45% = 17.58% × 0.61 × 3.97
Sep 30, 2018 — = — × — × 3.40
Jun 30, 2018 — = — × — × 3.19
Mar 31, 2018 — = — × — × 2.92

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the increase in return on equity ratio (ROE) over Q3 2023 is the increase in profitability measured by net profit margin ratio.

Five-Component Disaggregation of ROE

Las Vegas Sands Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Sep 30, 2023 14.72% = 0.77 × 0.51 × 19.85% × 0.39 × 4.86
Jun 30, 2023 1.18% = 0.27 × 0.19 × 14.80% × 0.30 × 5.14
Mar 31, 2023 -13.58% = — × -0.84 × 7.85% × 0.23 × 5.60
Dec 31, 2022 47.20% = 0.92 × 0.74 × 65.40% × 0.19 × 5.68
Sep 30, 2022 48.15% = 0.91 × 0.76 × 67.91% × 0.19 × 5.50
Jun 30, 2022 41.73% = 0.95 × 0.75 × 64.24% × 0.17 × 5.26
Mar 31, 2022 40.78% = 1.01 × 0.75 × 61.62% × 0.18 × 4.91
Dec 31, 2021 -48.15% = — × — × -8.15% × 0.21 × 10.05
Sep 30, 2021 -54.09% = — × — × -12.10% × 0.22 × 9.46
Jun 30, 2021 -53.55% = — × — × -17.95% × 0.20 × 8.18
Mar 31, 2021 -73.40% = — × — × -47.98% × 0.15 × 7.68
Dec 31, 2020 -56.68% = — × — × -32.86% × 0.17 × 7.00
Sep 30, 2020 -23.66% = — × — × -3.65% × 0.28 × 6.56
Jun 30, 2020 9.17% = 0.74 × 0.47 × 11.33% × 0.40 × 5.83
Mar 31, 2020 47.12% = 0.84 × 0.82 × 25.84% × 0.56 × 4.72
Dec 31, 2019 52.01% = 0.85 × 0.85 × 27.08% × 0.59 × 4.47
Sep 30, 2019 35.44% = 0.62 × 0.85 × 26.58% × 0.61 × 4.18
Jun 30, 2019 34.84% = 0.62 × 0.85 × 26.55% × 0.61 × 4.06
Mar 31, 2019 27.86% = 0.60 × 0.84 × 22.24% × 0.62 × 4.04
Dec 31, 2018 42.45% = 0.87 × 0.86 × 23.56% × 0.61 × 3.97
Sep 30, 2018 — = — × — × — × — × 3.40
Jun 30, 2018 — = — × — × — × — × 3.19
Mar 31, 2018 — = — × — × — × — × 2.92

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the increase in return on equity ratio (ROE) over Q3 2023 is the increase in effect of taxes measured by tax burden ratio.

Two-Component Disaggregation of ROA

Las Vegas Sands Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Sep 30, 2023 3.03% = 7.81% × 0.39
Jun 30, 2023 0.23% = 0.75% × 0.30
Mar 31, 2023 -2.43% = -10.42% × 0.23
Dec 31, 2022 8.31% = 44.57% × 0.19
Sep 30, 2022 8.75% = 46.94% × 0.19
Jun 30, 2022 7.93% = 45.39% × 0.17
Mar 31, 2022 8.30% = 46.40% × 0.18
Dec 31, 2021 -4.79% = -22.70% × 0.21
Sep 30, 2021 -5.72% = -26.01% × 0.22
Jun 30, 2021 -6.55% = -32.53% × 0.20
Mar 31, 2021 -9.55% = -64.84% × 0.15
Dec 31, 2020 -8.10% = -46.65% × 0.17
Sep 30, 2020 -3.61% = -12.67% × 0.28
Jun 30, 2020 1.57% = 3.95% × 0.40
Mar 31, 2020 9.99% = 17.81% × 0.56
Dec 31, 2019 11.63% = 19.64% × 0.59
Sep 30, 2019 8.47% = 13.86% × 0.61
Jun 30, 2019 8.57% = 14.01% × 0.61
Mar 31, 2019 6.90% = 11.16% × 0.62
Dec 31, 2018 10.70% = 17.58% × 0.61
Sep 30, 2018 — = — × —
Jun 30, 2018 — = — × —
Mar 31, 2018 — = — × —

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the increase in return on assets ratio (ROA) over Q3 2023 is the increase in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

Las Vegas Sands Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Sep 30, 2023 3.03% = 0.77 × 0.51 × 19.85% × 0.39
Jun 30, 2023 0.23% = 0.27 × 0.19 × 14.80% × 0.30
Mar 31, 2023 -2.43% = — × -0.84 × 7.85% × 0.23
Dec 31, 2022 8.31% = 0.92 × 0.74 × 65.40% × 0.19
Sep 30, 2022 8.75% = 0.91 × 0.76 × 67.91% × 0.19
Jun 30, 2022 7.93% = 0.95 × 0.75 × 64.24% × 0.17
Mar 31, 2022 8.30% = 1.01 × 0.75 × 61.62% × 0.18
Dec 31, 2021 -4.79% = — × — × -8.15% × 0.21
Sep 30, 2021 -5.72% = — × — × -12.10% × 0.22
Jun 30, 2021 -6.55% = — × — × -17.95% × 0.20
Mar 31, 2021 -9.55% = — × — × -47.98% × 0.15
Dec 31, 2020 -8.10% = — × — × -32.86% × 0.17
Sep 30, 2020 -3.61% = — × — × -3.65% × 0.28
Jun 30, 2020 1.57% = 0.74 × 0.47 × 11.33% × 0.40
Mar 31, 2020 9.99% = 0.84 × 0.82 × 25.84% × 0.56
Dec 31, 2019 11.63% = 0.85 × 0.85 × 27.08% × 0.59
Sep 30, 2019 8.47% = 0.62 × 0.85 × 26.58% × 0.61
Jun 30, 2019 8.57% = 0.62 × 0.85 × 26.55% × 0.61
Mar 31, 2019 6.90% = 0.60 × 0.84 × 22.24% × 0.62
Dec 31, 2018 10.70% = 0.87 × 0.86 × 23.56% × 0.61
Sep 30, 2018 — = — × — × — × —
Jun 30, 2018 — = — × — × — × —
Mar 31, 2018 — = — × — × — × —

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the increase in return on assets ratio (ROA) over Q3 2023 is the increase in effect of taxes measured by tax burden ratio.

Disaggregation of Net Profit Margin

Las Vegas Sands Corp., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Sep 30, 2023 7.81% = 0.77 × 0.51 × 19.85%
Jun 30, 2023 0.75% = 0.27 × 0.19 × 14.80%
Mar 31, 2023 -10.42% = — × -0.84 × 7.85%
Dec 31, 2022 44.57% = 0.92 × 0.74 × 65.40%
Sep 30, 2022 46.94% = 0.91 × 0.76 × 67.91%
Jun 30, 2022 45.39% = 0.95 × 0.75 × 64.24%
Mar 31, 2022 46.40% = 1.01 × 0.75 × 61.62%
Dec 31, 2021 -22.70% = — × — × -8.15%
Sep 30, 2021 -26.01% = — × — × -12.10%
Jun 30, 2021 -32.53% = — × — × -17.95%
Mar 31, 2021 -64.84% = — × — × -47.98%
Dec 31, 2020 -46.65% = — × — × -32.86%
Sep 30, 2020 -12.67% = — × — × -3.65%
Jun 30, 2020 3.95% = 0.74 × 0.47 × 11.33%
Mar 31, 2020 17.81% = 0.84 × 0.82 × 25.84%
Dec 31, 2019 19.64% = 0.85 × 0.85 × 27.08%
Sep 30, 2019 13.86% = 0.62 × 0.85 × 26.58%
Jun 30, 2019 14.01% = 0.62 × 0.85 × 26.55%
Mar 31, 2019 11.16% = 0.60 × 0.84 × 22.24%
Dec 31, 2018 17.58% = 0.87 × 0.86 × 23.56%
Sep 30, 2018 — = — × — × —
Jun 30, 2018 — = — × — × —
Mar 31, 2018 — = — × — × —

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the increase in net profit margin ratio over Q3 2023 is the increase in effect of taxes measured by tax burden ratio.