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 share price exhibited significant volatility over the observed period. Initially, it increased from $53.23 in early 2006 to a peak of $86.34 in early 2007, followed by a slight decline to $83.30 in early 2008. Thereafter, the share price plummeted dramatically to $2.19 in early 2009, indicating a major market or company-specific event negatively impacting valuation. Subsequently, the share price recovered steadily, reaching $85.25 by early 2014, despite fluctuations in later years, with values ranging roughly between $44.20 and $74.33 from 2017 to 2023.
Book value per share (BVPS) demonstrated a general upward trend from $4.54 in 2006 to a peak of $10.69 in early 2012. After this peak, BVPS declined gradually, reaching a low point of $2.61 in early 2022 before rebounding to $5.08 in early 2023. This pattern suggests a period of asset growth or retained earnings increase until 2012, followed by depletion or significant write-downs affecting the book value.
The price-to-book ratio (P/BV) showed extreme variability aligned with the share price and BVPS trends. The P/BV ratio was exceptionally high in 2007 (14.76) and 2006 (11.72), indicating a market valuation substantially above book value. In early 2009, the ratio dropped sharply to 0.3, a reflection of the very low share price against the book value per share. Following this trough, the P/BV ratio increased again, peaking at 16.92 in early 2022, signifying heightened market optimism or potential overvaluation relative to book value. The decline to 11.44 in early 2023 still indicates a relatively high valuation compared to book value, but less extreme than the prior year.
Overall, the data reveals a period of pronounced financial stress or external pressures culminating around 2009, with partial recovery and market fluctuations in subsequent years. The share price volatility significantly exceeded changes in book value per share, leading to large swings in the price-to-book ratio. This suggests that market perceptions and investor sentiment heavily influenced valuation beyond fundamental book value changes during the period analyzed.
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 | — | 11.61 | 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 | — | 7.55 | 6.13 | — | 4.22 | 7.37 |
| Feb 28, 2007 | 14.76 | — | 5.73 | 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 | 4.73 |
| 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).