Net Profit Margin
since 2005
Calculation
Las Vegas Sands Corp., net profit margin, long-term trends, calculation
| Net profit margin | = | 100 | × | Net income (loss) attributable to Las Vegas Sands Corp.1 | ÷ | Net revenues1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2022 | 44.57% | = | 100 | × | 1,832) | ÷ | 4,110) |
| Dec 31, 2021 | -22.70% | = | 100 | × | (961) | ÷ | 4,234) |
| Dec 31, 2020 | -46.65% | = | 100 | × | (1,685) | ÷ | 3,612) |
| Dec 31, 2019 | 19.64% | = | 100 | × | 2,698) | ÷ | 13,739) |
| Dec 31, 2018 | 17.58% | = | 100 | × | 2,413) | ÷ | 13,729) |
| Dec 31, 2017 | 21.78% | = | 100 | × | 2,806) | ÷ | 12,882) |
| Dec 31, 2016 | 14.64% | = | 100 | × | 1,670) | ÷ | 11,410) |
| Dec 31, 2015 | 16.82% | = | 100 | × | 1,966) | ÷ | 11,688) |
| Dec 31, 2014 | 19.48% | = | 100 | × | 2,841) | ÷ | 14,584) |
| Dec 31, 2013 | 16.75% | = | 100 | × | 2,306) | ÷ | 13,770) |
| Dec 31, 2012 | 13.69% | = | 100 | × | 1,524) | ÷ | 11,131) |
| Dec 31, 2011 | 16.58% | = | 100 | × | 1,560) | ÷ | 9,411) |
| Dec 31, 2010 | 8.75% | = | 100 | × | 599) | ÷ | 6,853) |
| Dec 31, 2009 | -7.77% | = | 100 | × | (354) | ÷ | 4,563) |
| Dec 31, 2008 | -3.73% | = | 100 | × | (164) | ÷ | 4,390) |
| Dec 31, 2007 | 3.95% | = | 100 | × | 117) | ÷ | 2,951) |
| Dec 31, 2006 | 19.76% | = | 100 | × | 442) | ÷ | 2,237) |
| Dec 31, 2005 | 16.30% | = | 100 | × | 284) | ÷ | 1,741) |
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 net profit margin of Las Vegas Sands Corp. has exhibited significant volatility over the period from 2005 to 2022, characterized by three distinct phases: a period of early instability, a decade of relative stability and growth, and a severe disruption followed by an atypical recovery.
- Initial Volatility and Financial Crisis (2005–2009)
- The period began with healthy margins, peaking at 19.76% in 2006. However, a sharp decline followed, with margins dropping to 3.95% in 2007 and falling into negative territory in 2008 (-3.73%) and 2009 (-7.77%). This decline coincided with a period of increasing net revenues, indicating that expenses grew at a rate that outpaced revenue generation during the global financial crisis.
- Operational Stabilization and Growth (2010–2019)
- A sustained recovery is observed starting in 2010, as the net profit margin returned to positive territory at 8.75%. For the following decade, the margin remained consistently positive, generally fluctuating between 13% and 22%. The peak margin during this era was reached in 2017 at 21.78%. Throughout this phase, net revenues expanded significantly, reaching a plateau of approximately 13.7 billion US dollars by 2018 and 2019, while profitability remained resilient.
- Pandemic Impact and Anomalous Recovery (2020–2022)
- The onset of the global pandemic caused a precipitous collapse in both revenue and profitability. Net profit margins plummeted to -46.65% in 2020 and -22.70% in 2021, reflecting a severe misalignment between fixed costs and a drastically reduced revenue base. A sharp reversal occurred in 2022, where the net profit margin surged to 44.57%. This spike is notable because it occurred while net revenues (4.11 billion US dollars) remained substantially lower than pre-pandemic levels, suggesting a significant shift in cost structure or the impact of non-operating gains.
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Comparison to Competitors
Las Vegas Sands Corp., net profit margin, 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 | 44.57% | 22.54% | 17.89% | 10.41% | -20.74% | 26.65% | 10.18% |
| Dec 31, 2021 | -22.70% | -5.88% | 10.63% | 8.65% | -9.57% | 32.49% | 14.45% |
| Dec 31, 2020 | -46.65% | -135.71% | 0.87% | 5.94% | -15.97% | 24.63% | 3.95% |
| Dec 31, 2019 | 19.64% | — | 32.29% | 6.27% | — | 28.59% | 13.58% |
| Dec 31, 2018 | 17.58% | — | 27.52% | 3.63% | — | 28.18% | 18.28% |
| Dec 31, 2017 | 21.78% | — | 18.46% | 3.94% | — | 22.75% | 12.89% |
| Dec 31, 2016 | 14.64% | — | 19.87% | 0.59% | — | 19.03% | 13.22% |
| Dec 31, 2015 | 16.82% | — | 27.66% | 10.57% | — | 17.82% | 14.39% |
| Dec 31, 2014 | 19.48% | — | 28.69% | 10.84% | — | 17.34% | 12.57% |
| Dec 31, 2013 | 16.75% | — | 27.86% | 10.19% | — | 19.87% | 0.06% |
| Dec 31, 2012 | 13.69% | — | 26.98% | 10.18% | — | 19.82% | 10.40% |
| Dec 31, 2011 | 16.58% | — | 24.25% | 9.47% | — | 20.38% | 10.65% |
| Dec 31, 2010 | 8.75% | — | 17.10% | 9.75% | — | 20.55% | 8.83% |
| Dec 31, 2009 | -7.77% | — | 20.93% | 8.35% | — | 20.01% | 4.00% |
| Dec 31, 2008 | -3.73% | — | 10.26% | 5.87% | — | 18.34% | 3.04% |
| Dec 31, 2007 | 3.95% | — | 11.15% | 6.50% | — | 10.51% | 7.15% |
| Dec 31, 2006 | 19.76% | — | 6.63% | 5.03% | — | 16.42% | 7.25% |
| Dec 31, 2005 | 16.30% | — | 20.02% | 6.01% | — | 12.72% | 7.76% |
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., net profit margin, long-term trends, comparison to sector (consumer services)
| Las Vegas Sands Corp. | Consumer Services | |
|---|---|---|
| Dec 31, 2022 | 44.57% | 14.50% |
| Dec 31, 2021 | -22.70% | 15.60% |
| Dec 31, 2020 | -46.65% | 1.66% |
| Dec 31, 2019 | 19.64% | 21.75% |
| Dec 31, 2018 | 17.58% | 22.44% |
| Dec 31, 2017 | 21.78% | 16.99% |
| Dec 31, 2016 | 14.64% | 15.95% |
| Dec 31, 2015 | 16.82% | 17.69% |
| Dec 31, 2014 | 19.48% | 17.17% |
| Dec 31, 2013 | 16.75% | 14.74% |
| Dec 31, 2012 | 13.69% | 17.49% |
| Dec 31, 2011 | 16.58% | 17.69% |
| Dec 31, 2010 | 8.75% | 16.62% |
| Dec 31, 2009 | -7.77% | 15.28% |
| Dec 31, 2008 | -3.73% | 13.20% |
| Dec 31, 2007 | 3.95% | 9.50% |
| Dec 31, 2006 | 19.76% | 13.49% |
| Dec 31, 2005 | 16.30% | 11.71% |
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., net profit margin, long-term trends, comparison to industry (consumer discretionary)
| Las Vegas Sands Corp. | Consumer Discretionary | |
|---|---|---|
| Dec 31, 2022 | 44.57% | 5.02% |
| Dec 31, 2021 | -22.70% | 9.12% |
| Dec 31, 2020 | -46.65% | 5.18% |
| Dec 31, 2019 | 19.64% | 5.92% |
| Dec 31, 2018 | 17.58% | 6.19% |
| Dec 31, 2017 | 21.78% | 4.38% |
| Dec 31, 2016 | 14.64% | 5.77% |
| Dec 31, 2015 | 16.82% | 6.37% |
| Dec 31, 2014 | 19.48% | 4.66% |
| Dec 31, 2013 | 16.75% | 5.29% |
| Dec 31, 2012 | 13.69% | 5.32% |
| Dec 31, 2011 | 16.58% | 8.80% |
| Dec 31, 2010 | 8.75% | 5.80% |
| Dec 31, 2009 | -7.77% | 4.94% |
| Dec 31, 2008 | -3.73% | 0.22% |
| Dec 31, 2007 | 3.95% | 3.23% |
| Dec 31, 2006 | 19.76% | 0.73% |
| Dec 31, 2005 | 16.30% | 4.49% |
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).