Debt to Equity
since 2005
Calculation
Las Vegas Sands Corp., debt to equity, long-term trends, calculation
| Debt to equity | = | Long-term debt, including current maturities1 | ÷ | Total Las Vegas Sands Corp. stockholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2022 | 4.12 | = | 15,978) | ÷ | 3,881) |
| Dec 31, 2021 | 7.41 | = | 14,795) | ÷ | 1,996) |
| Dec 31, 2020 | 4.71 | = | 14,007) | ÷ | 2,973) |
| Dec 31, 2019 | 2.41 | = | 12,492) | ÷ | 5,187) |
| Dec 31, 2018 | 2.11 | = | 11,985) | ÷ | 5,684) |
| Dec 31, 2017 | 1.48 | = | 9,640) | ÷ | 6,493) |
| Dec 31, 2016 | 1.55 | = | 9,595) | ÷ | 6,177) |
| Dec 31, 2015 | 1.39 | = | 9,468) | ÷ | 6,817) |
| Dec 31, 2014 | 1.39 | = | 9,993) | ÷ | 7,214) |
| Dec 31, 2013 | 1.27 | = | 9,760) | ÷ | 7,665) |
| Dec 31, 2012 | 1.45 | = | 10,230) | ÷ | 7,062) |
| Dec 31, 2011 | 1.28 | = | 10,033) | ÷ | 7,851) |
| Dec 31, 2010 | 1.42 | = | 10,141) | ÷ | 7,166) |
| Dec 31, 2009 | 1.59 | = | 11,025) | ÷ | 6,917) |
| Dec 31, 2008 | 2.21 | = | 10,471) | ÷ | 4,740) |
| Dec 31, 2007 | 3.35 | = | 7,572) | ÷ | 2,260) |
| Dec 31, 2006 | 2.00 | = | 4,143) | ÷ | 2,075) |
| Dec 31, 2005 | 1.01 | = | 1,633) | ÷ | 1,610) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The financial trajectory of the company's capital structure from 2005 to 2022 is characterized by three distinct phases: an initial period of rapid leverage, a decade of relative stability, and a recent period of significant financial stress followed by a partial recovery. The debt-to-equity ratio demonstrates substantial volatility, peaking at 7.41 in 2021 before receding.
- Initial Leverage Expansion (2005–2007)
- A period of aggressive borrowing is observed, with long-term debt increasing from 1,633 million USD in 2005 to 7,572 million USD by 2007. This rapid accumulation of debt outpaced the growth of stockholders' equity, resulting in the debt-to-equity ratio rising sharply from 1.01 to 3.35 within three years.
- Stabilization and Deleveraging (2008–2017)
- Between 2008 and 2017, a trend toward a more balanced capital structure emerged. While debt levels remained high, fluctuating between approximately 9,400 million USD and 11,000 million USD, stockholders' equity grew significantly, reaching a peak of 7,851 million USD in 2011. Consequently, the debt-to-equity ratio normalized, maintaining a relatively stable range between 1.27 and 1.55 for much of this decade.
- Capital Structure Stress (2018–2021)
- A severe deterioration in the leverage profile occurred starting in 2018. Long-term debt continued to rise, reaching 14,795 million USD by 2021. Simultaneously, stockholders' equity experienced a precipitous decline, falling from 5,187 million USD in 2019 to a low of 1,996 million USD in 2021. This inverse movement caused the debt-to-equity ratio to spike dramatically, culminating in a peak of 7.41 in 2021, the highest level in the recorded period.
- Recent Correction (2022)
- A partial reversal of the leverage trend is observed in 2022. Although long-term debt increased further to 15,978 million USD, a substantial recovery in stockholders' equity to 3,881 million USD led to a reduction in the debt-to-equity ratio to 4.12. Despite this improvement, the leverage remains significantly higher than the historical averages seen between 2008 and 2017.
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Comparison to Competitors
Las Vegas Sands Corp., debt to equity, long-term trends, comparison to competitors
| Las Vegas Sands Corp. | Airbnb Inc. | Booking Holdings Inc. | Chipotle Mexican Grill Inc. | DoorDash, Inc. | McDonald’s Corp. | Starbucks Corp. | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2022 | 4.12 | 0.00 | 4.49 | 0.00 | 0.00 | — | — |
| Dec 31, 2021 | 7.41 | 0.00 | 1.77 | 0.00 | 0.00 | — | — |
| Dec 31, 2020 | 4.71 | 0.63 | 2.46 | 0.00 | 0.08 | — | — |
| Dec 31, 2019 | 2.41 | — | 1.45 | 0.00 | — | — | — |
| Dec 31, 2018 | 2.11 | — | 0.98 | 0.00 | — | — | 8.07 |
| Dec 31, 2017 | 1.48 | — | 0.85 | 0.00 | — | — | 0.72 |
| Dec 31, 2016 | 1.55 | — | 0.73 | 0.00 | — | — | 0.61 |
| Dec 31, 2015 | 1.39 | — | 0.70 | 0.00 | — | 3.40 | 0.40 |
| Dec 31, 2014 | 1.39 | — | 0.45 | 0.00 | — | 1.17 | 0.39 |
| Dec 31, 2013 | 1.27 | — | 0.28 | 0.00 | — | 0.88 | 0.29 |
| Dec 31, 2012 | 1.45 | — | 0.37 | 0.00 | — | 0.89 | 0.11 |
| Dec 31, 2011 | 1.28 | — | 0.22 | 0.00 | — | 0.87 | 0.13 |
| Dec 31, 2010 | 1.42 | — | 0.26 | 0.00 | — | 0.79 | 0.15 |
| Dec 31, 2009 | 1.59 | — | 0.15 | 0.00 | — | 0.75 | 0.18 |
| Dec 31, 2008 | 2.21 | — | 0.54 | 0.00 | — | 0.76 | 0.51 |
| Dec 31, 2007 | 3.35 | — | 0.98 | 0.00 | — | 0.61 | 0.55 |
| Dec 31, 2006 | 2.00 | — | 1.63 | 0.00 | — | 0.55 | 0.32 |
| Dec 31, 2005 | 1.01 | — | 0.61 | 0.00 | — | 0.67 | 0.13 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Consumer Services)
Las Vegas Sands Corp., debt to equity, long-term trends, comparison to sector (consumer services)
| Las Vegas Sands Corp. | Consumer Services | |
|---|---|---|
| Dec 31, 2022 | 4.12 | 23.03 |
| Dec 31, 2021 | 7.41 | 7.65 |
| Dec 31, 2020 | 4.71 | — |
| Dec 31, 2019 | 2.41 | — |
| Dec 31, 2018 | 2.11 | 9.57 |
| Dec 31, 2017 | 1.48 | 2.90 |
| Dec 31, 2016 | 1.55 | 2.46 |
| Dec 31, 2015 | 1.39 | 1.37 |
| Dec 31, 2014 | 1.39 | 0.73 |
| Dec 31, 2013 | 1.27 | 0.60 |
| Dec 31, 2012 | 1.45 | 0.61 |
| Dec 31, 2011 | 1.28 | 0.61 |
| Dec 31, 2010 | 1.42 | 0.60 |
| Dec 31, 2009 | 1.59 | 0.59 |
| Dec 31, 2008 | 2.21 | 0.69 |
| Dec 31, 2007 | 3.35 | 0.60 |
| Dec 31, 2006 | 2.00 | 0.52 |
| Dec 31, 2005 | 1.01 | 0.59 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Consumer Discretionary)
Las Vegas Sands Corp., debt to equity, long-term trends, comparison to industry (consumer discretionary)
| Las Vegas Sands Corp. | Consumer Discretionary | |
|---|---|---|
| Dec 31, 2022 | 4.12 | 1.44 |
| Dec 31, 2021 | 7.41 | 1.41 |
| Dec 31, 2020 | 4.71 | 2.17 |
| Dec 31, 2019 | 2.41 | 2.60 |
| Dec 31, 2018 | 2.11 | 2.59 |
| Dec 31, 2017 | 1.48 | 2.55 |
| Dec 31, 2016 | 1.55 | 2.21 |
| Dec 31, 2015 | 1.39 | 1.88 |
| Dec 31, 2014 | 1.39 | 1.60 |
| Dec 31, 2013 | 1.27 | 1.25 |
| Dec 31, 2012 | 1.45 | 1.19 |
| Dec 31, 2011 | 1.28 | 1.09 |
| Dec 31, 2010 | 1.42 | 1.26 |
| Dec 31, 2009 | 1.59 | 2.58 |
| Dec 31, 2008 | 2.21 | 4.06 |
| Dec 31, 2007 | 3.35 | 2.62 |
| Dec 31, 2006 | 2.00 | 2.96 |
| Dec 31, 2005 | 1.01 | 2.35 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).