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
- Long-term Debt
- Over the analyzed period, long-term debt, including current maturities, showed a significant increasing trend. Starting at 1.633 billion USD in 2005, the debt level escalated sharply to 4.143 billion USD by 2006 and continued to climb, reaching peaks above 15 billion USD by 2022. Despite occasional slower growth phases, the overall trajectory was upward, indicating an increasing reliance on long-term borrowing to finance operations or investments.
- Stockholders’ Equity
- The total stockholders’ equity displayed varied performance over the years. Beginning at 1.610 billion USD in 2005, equity grew steadily until about 2009, reaching a high of nearly 7 billion USD. Following this period, equity fluctuated, with a general declining trend after 2013, falling sharply to below 3 billion USD by 2020. Some recovery is visible in 2022, with equity increasing to approximately 3.9 billion USD, but it remained markedly below earlier peak levels.
- Debt to Equity Ratio
- The debt to equity ratio moved in a notable pattern. Initially near parity at around 1.01 in 2005, it peaked sharply at 3.35 in 2007. It then decreased to 1.28-1.45 range during 2010-2012, indicating a period of relatively balanced debt and equity levels. Subsequently, the ratio increased markedly from 2.11 in 2018 to a maximum of 7.41 in 2021, reflecting higher leverage. A reduction to 4.12 in 2022 suggests a recent effort toward deleveraging but maintains a high level relative to the early years.
- Summary of Trends and Insights
- The company experienced substantial growth in long-term debt throughout the period, particularly after 2010, which outpaced the growth in equity. Equity showed initial growth during the mid-2000s but declined notably after 2013, contributing to higher leverage ratios. The rising debt to equity ratio over time signals increased financial risk due to higher debt levels relative to equity. The peak leverage observed in 2021 may suggest aggressive financing or investment strategies before some deleveraging occurred in 2022. The mixed movements in equity and continuing debt growth highlight potential challenges in maintaining a balanced capital structure.
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 | 0.36 | 4.49 | 0.00 | 0.00 | — | — |
| Dec 31, 2021 | 7.41 | 0.42 | 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 | 23.75 |
| Dec 31, 2021 | 7.41 | 7.90 |
| 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 | 1.45 |
| Dec 31, 2021 | 7.41 | 1.42 |
| 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).