Price to Book Value (P/BV)
since 2005
Calculation
Las Vegas Sands Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total Las Vegas Sands Corp. stockholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 3, 2023 | 11.44 | = | 58.08 | ÷ | 5.08 | 5.08 | = | 3,881 | ÷ | 764,273,371 | |
| Feb 4, 2022 | 16.92 | = | 44.20 | ÷ | 2.61 | 2.61 | = | 1,996 | ÷ | 763,989,752 | |
| Feb 5, 2021 | 14.28 | = | 55.57 | ÷ | 3.89 | 3.89 | = | 2,973 | ÷ | 763,842,938 | |
| Feb 7, 2020 | 9.84 | = | 66.80 | ÷ | 6.79 | 6.79 | = | 5,187 | ÷ | 763,684,915 | |
| Feb 22, 2019 | 8.40 | = | 61.61 | ÷ | 7.33 | 7.33 | = | 5,684 | ÷ | 775,051,979 | |
| Feb 23, 2018 | 9.03 | = | 74.33 | ÷ | 8.23 | 8.23 | = | 6,493 | ÷ | 788,881,737 | |
| Feb 24, 2017 | 6.71 | = | 52.17 | ÷ | 7.78 | 7.78 | = | 6,177 | ÷ | 793,994,554 | |
| Feb 26, 2016 | 5.59 | = | 47.92 | ÷ | 8.58 | 8.58 | = | 6,817 | ÷ | 794,694,494 | |
| Feb 27, 2015 | 6.30 | = | 56.90 | ÷ | 9.03 | 9.03 | = | 7,214 | ÷ | 798,510,417 | |
| Feb 28, 2014 | 9.04 | = | 85.25 | ÷ | 9.43 | 9.43 | = | 7,665 | ÷ | 812,566,265 | |
| Mar 1, 2013 | 5.99 | = | 51.31 | ÷ | 8.57 | 8.57 | = | 7,062 | ÷ | 824,412,319 | |
| Feb 29, 2012 | 5.20 | = | 55.61 | ÷ | 10.69 | 10.69 | = | 7,851 | ÷ | 734,061,465 | |
| Mar 1, 2011 | 4.43 | = | 43.70 | ÷ | 9.86 | 9.86 | = | 7,166 | ÷ | 726,471,263 | |
| Mar 1, 2010 | 1.63 | = | 17.09 | ÷ | 10.48 | 10.48 | = | 6,917 | ÷ | 660,323,374 | |
| Mar 2, 2009 | 0.30 | = | 2.19 | ÷ | 7.26 | 7.26 | = | 4,740 | ÷ | 652,831,025 | |
| Feb 29, 2008 | 13.10 | = | 83.30 | ÷ | 6.36 | 6.36 | = | 2,260 | ÷ | 355,352,992 | |
| Feb 28, 2007 | 14.76 | = | 86.34 | ÷ | 5.85 | 5.85 | = | 2,075 | ÷ | 354,682,930 | |
| Mar 2, 2006 | 11.72 | = | 53.23 | ÷ | 4.54 | 4.54 | = | 1,610 | ÷ | 354,303,160 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Las Vegas Sands Corp. Annual Report.
The analysis of the Price to Book Value (P/BV) ratio reveals significant volatility over the observed period, characterized by three distinct phases: an initial high-valuation period followed by a severe collapse, a prolonged recovery and stabilization phase, and a recent period of valuation inflation driven by a decline in book value.
- Market Valuation Volatility and Crisis Impact
- Between 2006 and 2008, the P/BV ratio remained elevated, peaking at 14.76 in 2007. This period ended with a precipitous decline in 2009, where the ratio fell to 0.30. This extreme contraction was driven by a collapse in the share price to 2.19 US$, while the book value per share (BVPS) continued to rise to 7.26 US$, indicating a market valuation significantly below the accounting value of the assets.
- Recovery and Stabilization Phase
- From 2010 to 2017, a steady recovery in market sentiment is evident. The P/BV ratio climbed from 1.63 in 2010 to 9.04 by 2014. During this window, BVPS generally increased, peaking at 10.69 US$ in 2012. Following the 2014 peak, the ratio entered a period of relative stability, fluctuating between 5.59 and 6.71 from 2015 to 2017, suggesting a normalization of market expectations relative to the company's asset base.
- Inverse Correlation Between Book Value and P/BV Ratio
- A notable shift occurred between 2020 and 2022, where the P/BV ratio reached its highest historical levels, peaking at 16.92 in 2022. Unlike previous peaks, this increase was not driven by a surge in share price—which actually declined from 66.80 US$ in 2020 to 44.20 US$ in 2022—but rather by a sharp erosion of the book value per share, which dropped from 6.79 US$ in 2020 to a low of 2.61 US$ in 2022. This divergence indicates that the high P/BV ratio in the final years of the period was a result of diminishing book value rather than expanded market premiums.
- Recent Valuation Adjustment
- As of February 2023, the P/BV ratio moderated to 11.44. This adjustment was supported by a recovery in the book value per share to 5.08 US$ and a corresponding increase in the share price to 58.08 US$, suggesting a movement back toward the historical valuation averages seen in the mid-2000s.
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Comparison to Competitors
Las Vegas Sands Corp., P/BV, 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. | |
|---|---|---|---|---|---|---|---|
| Feb 3, 2023 | 11.44 | 15.16 | 32.84 | 18.74 | 3.15 | — | — |
| Feb 4, 2022 | 16.92 | 20.88 | 16.35 | 19.05 | 7.65 | — | — |
| Feb 5, 2021 | 14.28 | 43.27 | 20.46 | 21.52 | 10.36 | — | — |
| Feb 7, 2020 | 9.84 | — | 11.62 | 14.09 | — | — | — |
| Feb 22, 2019 | 8.40 | — | 9.77 | 11.19 | — | — | 72.30 |
| Feb 23, 2018 | 9.03 | — | 8.03 | 5.45 | — | — | 14.86 |
| Feb 24, 2017 | 6.71 | — | 8.17 | 8.18 | — | — | 13.79 |
| Feb 26, 2016 | 5.59 | — | 6.97 | 6.49 | — | 15.06 | 15.59 |
| Feb 27, 2015 | 6.30 | — | 7.38 | 10.42 | — | 7.10 | 11.09 |
| Feb 28, 2014 | 9.04 | — | 9.68 | 10.94 | — | 5.97 | 13.55 |
| Mar 1, 2013 | 5.99 | — | 8.91 | 7.98 | — | 6.30 | 7.10 |
| Feb 29, 2012 | 5.20 | — | 11.44 | 11.27 | — | 7.10 | 7.14 |
| Mar 1, 2011 | 4.43 | — | 12.47 | 10.16 | — | 5.31 | 6.23 |
| Mar 1, 2010 | 1.63 | — | 7.95 | 4.71 | — | 4.90 | 5.21 |
| Mar 2, 2009 | 0.30 | — | 4.70 | 2.76 | — | 4.52 | 2.49 |
| Feb 29, 2008 | 13.10 | — | 7.56 | 6.13 | — | 4.22 | 7.37 |
| Feb 28, 2007 | 14.76 | — | 5.74 | 4.44 | — | 3.57 | 12.40 |
| Mar 2, 2006 | 11.72 | — | 2.53 | 5.68 | — | 2.92 | 11.40 |
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., P/BV, long-term trends, comparison to sector (consumer services)
| Las Vegas Sands Corp. | Consumer Services | |
|---|---|---|
| Feb 3, 2023 | 11.44 | 198.47 |
| Feb 4, 2022 | 16.92 | 74.08 |
| Feb 5, 2021 | 14.28 | — |
| Feb 7, 2020 | 9.84 | — |
| Feb 22, 2019 | 8.40 | 63.58 |
| Feb 23, 2018 | 9.03 | 20.82 |
| Feb 24, 2017 | 6.71 | 18.69 |
| Feb 26, 2016 | 5.59 | 11.44 |
| Feb 27, 2015 | 6.30 | 8.15 |
| Feb 28, 2014 | 9.04 | 8.29 |
| Mar 1, 2013 | 5.99 | 6.94 |
| Feb 29, 2012 | 5.20 | 7.80 |
| Mar 1, 2011 | 4.43 | 6.28 |
| Mar 1, 2010 | 1.63 | 5.15 |
| Mar 2, 2009 | 0.30 | 4.17 |
| Feb 29, 2008 | 13.10 | 4.77 |
| Feb 28, 2007 | 14.76 | 4.69 |
| Mar 2, 2006 | 11.72 | 3.95 |
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., P/BV, long-term trends, comparison to industry (consumer discretionary)
| Las Vegas Sands Corp. | Consumer Discretionary | |
|---|---|---|
| Feb 3, 2023 | 11.44 | 9.41 |
| Feb 4, 2022 | 16.92 | 13.21 |
| Feb 5, 2021 | 14.28 | 17.99 |
| Feb 7, 2020 | 9.84 | 13.59 |
| Feb 22, 2019 | 8.40 | 11.35 |
| Feb 23, 2018 | 9.03 | 10.74 |
| Feb 24, 2017 | 6.71 | 8.39 |
| Feb 26, 2016 | 5.59 | 7.17 |
| Feb 27, 2015 | 6.30 | 5.83 |
| Feb 28, 2014 | 9.04 | 5.12 |
| Mar 1, 2013 | 5.99 | 4.39 |
| Feb 29, 2012 | 5.20 | 3.84 |
| Mar 1, 2011 | 4.43 | 4.04 |
| Mar 1, 2010 | 1.63 | 4.72 |
| Mar 2, 2009 | 0.30 | 4.98 |
| Feb 29, 2008 | 13.10 | 3.91 |
| Feb 28, 2007 | 14.76 | 4.50 |
| Mar 2, 2006 | 11.72 | 3.49 |
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).