Stock Analysis on Net
Stock Analysis on Net

Las Vegas Sands Corp. (NYSE:LVS)

$22.49

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

Debt to Equity
since 2005

Microsoft Excel

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Calculation

Las Vegas Sands Corp., debt to equity, long-term trends, calculation

Microsoft Excel
Debt to equity = Long-term debt, including current maturities1 ÷ Total Las Vegas Sands Corp. stockholders’ equity1
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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

Microsoft Excel
Las Vegas Sands Corp. Airbnb Inc. Booking Holdings Inc. Chipotle Mexican Grill Inc. DoorDash, Inc. McDonald’s Corp. Starbucks Corp.
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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)

Microsoft Excel
Las Vegas Sands Corp. Consumer Services
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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)

Microsoft Excel
Las Vegas Sands Corp. Consumer Discretionary
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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).