Price to Earnings (P/E)
since 2005
Calculation
Las Vegas Sands Corp., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income (loss) attributable to common stockholders1 (in millions) | ÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 3, 2023 | 24.23 | = | 58.08 | ÷ | 2.40 | 2.40 | = | 1,832 | ÷ | 764,273,371 | |
| Feb 4, 2022 | — | = | 44.20 | ÷ | -1.26 | -1.26 | = | -961 | ÷ | 763,989,752 | |
| Feb 5, 2021 | — | = | 55.57 | ÷ | -2.21 | -2.21 | = | -1,685 | ÷ | 763,842,938 | |
| Feb 7, 2020 | 18.91 | = | 66.80 | ÷ | 3.53 | 3.53 | = | 2,698 | ÷ | 763,684,915 | |
| Feb 22, 2019 | 19.79 | = | 61.61 | ÷ | 3.11 | 3.11 | = | 2,413 | ÷ | 775,051,979 | |
| Feb 23, 2018 | 20.90 | = | 74.33 | ÷ | 3.56 | 3.56 | = | 2,806 | ÷ | 788,881,737 | |
| Feb 24, 2017 | 24.80 | = | 52.17 | ÷ | 2.10 | 2.10 | = | 1,670 | ÷ | 793,994,554 | |
| Feb 26, 2016 | 19.37 | = | 47.92 | ÷ | 2.47 | 2.47 | = | 1,966 | ÷ | 794,694,494 | |
| Feb 27, 2015 | 15.99 | = | 56.90 | ÷ | 3.56 | 3.56 | = | 2,841 | ÷ | 798,510,417 | |
| Feb 28, 2014 | 30.04 | = | 85.25 | ÷ | 2.84 | 2.84 | = | 2,306 | ÷ | 812,566,265 | |
| Mar 1, 2013 | 27.75 | = | 51.31 | ÷ | 1.85 | 1.85 | = | 1,524 | ÷ | 824,412,319 | |
| Feb 29, 2012 | 32.16 | = | 55.61 | ÷ | 1.73 | 1.73 | = | 1,270 | ÷ | 734,061,465 | |
| Mar 1, 2011 | 77.91 | = | 43.70 | ÷ | 0.56 | 0.56 | = | 407 | ÷ | 726,471,263 | |
| Mar 1, 2010 | — | = | 17.09 | ÷ | -0.82 | -0.82 | = | -540 | ÷ | 660,323,374 | |
| Mar 2, 2009 | — | = | 2.19 | ÷ | -0.29 | -0.29 | = | -189 | ÷ | 652,831,025 | |
| Feb 29, 2008 | 253.68 | = | 83.30 | ÷ | 0.33 | 0.33 | = | 117 | ÷ | 355,352,992 | |
| Feb 28, 2007 | 69.28 | = | 86.34 | ÷ | 1.25 | 1.25 | = | 442 | ÷ | 354,682,930 | |
| Mar 2, 2006 | 66.48 | = | 53.23 | ÷ | 0.80 | 0.80 | = | 284 | ÷ | 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 valuation profile of the equity exhibits significant volatility over the observed period, characterized by periods of extreme valuation spikes, intervals of negative earnings, and an eventual stabilization of the price-to-earnings (P/E) multiple.
- Early Valuation Volatility (2006–2010)
- Between 2006 and 2007, P/E ratios remained elevated, exceeding 66. In 2008, a substantial spike to 253.68 occurred, driven by a sharp decline in earnings per share (EPS) from 1.25 to 0.33 while the share price remained relatively high. The period between 2009 and 2010 is marked by an absence of P/E ratios due to negative EPS values, coinciding with a dramatic collapse in share price to a low of 2.19 in 2009.
- Normalization and Convergence (2011–2020)
- Starting in 2011, the P/E ratio returned to 77.91 and entered a consistent downward trend. By 2012, the multiple dropped to 32.16 and continued to compress, reaching a low of 15.99 in 2015. From 2015 through 2020, the P/E ratio remained relatively stable, fluctuating within a narrow band between 18.91 and 24.80. This period reflects an alignment between share price movements and EPS growth, with EPS peaking at 3.56 in both 2015 and 2018.
- Recent Performance and Recovery (2021–2023)
- A second period of negative earnings occurred in 2021 and 2022, rendering the P/E ratio non-calculable during these years. This coincided with a decline in share price from 55.57 in 2021 to 44.20 in 2022. A recovery is evident by 2023, as EPS returned to a positive 2.40, resulting in a P/E ratio of 24.23, signaling a return to valuation levels consistent with the 2017–2020 period.
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Comparison to Competitors
Las Vegas Sands Corp., P/E, 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 | 24.23 | 44.53 | 29.87 | 49.37 | — | 31.22 | 34.26 |
| Feb 4, 2022 | — | — | 86.68 | 67.03 | — | 24.15 | 30.95 |
| Feb 5, 2021 | — | — | 1,696.44 | 122.18 | — | 33.31 | 118.26 |
| Feb 7, 2020 | 18.91 | — | 14.16 | 67.72 | — | 25.99 | 27.63 |
| Feb 22, 2019 | 19.79 | — | 21.46 | 91.33 | — | 23.66 | 18.71 |
| Feb 23, 2018 | 20.90 | — | 38.61 | 42.15 | — | 24.95 | 28.08 |
| Feb 24, 2017 | 24.80 | — | 37.59 | 499.87 | — | 22.55 | 28.81 |
| Feb 26, 2016 | 19.37 | — | 24.03 | 29.06 | — | 23.56 | 32.88 |
| Feb 27, 2015 | 15.99 | — | 26.12 | 47.09 | — | 19.19 | 28.27 |
| Feb 28, 2014 | 30.04 | — | 35.35 | 51.40 | — | 17.10 | 7,312.64 |
| Mar 1, 2013 | 27.75 | — | 24.45 | 35.78 | — | 17.64 | 26.20 |
| Feb 29, 2012 | 32.16 | — | 27.88 | 54.76 | — | 18.57 | 25.14 |
| Mar 1, 2011 | 77.91 | — | 42.86 | 46.04 | — | 15.70 | 24.20 |
| Mar 1, 2010 | — | — | 21.46 | 26.12 | — | 15.10 | 40.57 |
| Mar 2, 2009 | — | — | 17.74 | 21.96 | — | 14.02 | 19.66 |
| Feb 29, 2008 | 253.68 | — | 28.14 | 48.84 | — | 26.95 | 25.02 |
| Feb 28, 2007 | 69.28 | — | 27.59 | 50.83 | — | 15.55 | 48.96 |
| Mar 2, 2006 | 66.48 | — | 4.89 | 46.61 | — | 17.02 | 48.21 |
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/E, long-term trends, comparison to sector (consumer services)
| Las Vegas Sands Corp. | Consumer Services | |
|---|---|---|
| Feb 3, 2023 | 24.23 | 39.20 |
| Feb 4, 2022 | — | 46.48 |
| Feb 5, 2021 | — | 569.28 |
| Feb 7, 2020 | 18.91 | 23.50 |
| Feb 22, 2019 | 19.79 | 22.35 |
| Feb 23, 2018 | 20.90 | 29.11 |
| Feb 24, 2017 | 24.80 | 28.83 |
| Feb 26, 2016 | 19.37 | 26.42 |
| Feb 27, 2015 | 15.99 | 24.14 |
| Feb 28, 2014 | 30.04 | 30.71 |
| Mar 1, 2013 | 27.75 | 20.75 |
| Feb 29, 2012 | 32.16 | 21.79 |
| Mar 1, 2011 | 77.91 | 19.91 |
| Mar 1, 2010 | — | 17.70 |
| Mar 2, 2009 | — | 14.65 |
| Feb 29, 2008 | 253.68 | 27.08 |
| Feb 28, 2007 | 69.28 | 20.57 |
| Mar 2, 2006 | 66.48 | 21.30 |
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/E, long-term trends, comparison to industry (consumer discretionary)
| Las Vegas Sands Corp. | Consumer Discretionary | |
|---|---|---|
| Feb 3, 2023 | 24.23 | 46.01 |
| Feb 4, 2022 | — | 39.27 |
| Feb 5, 2021 | — | 73.74 |
| Feb 7, 2020 | 18.91 | 39.37 |
| Feb 22, 2019 | 19.79 | 33.13 |
| Feb 23, 2018 | 20.90 | 47.03 |
| Feb 24, 2017 | 24.80 | 29.19 |
| Feb 26, 2016 | 19.37 | 24.70 |
| Feb 27, 2015 | 15.99 | 29.48 |
| Feb 28, 2014 | 30.04 | 26.50 |
| Mar 1, 2013 | 27.75 | 20.90 |
| Feb 29, 2012 | 32.16 | 11.38 |
| Mar 1, 2011 | 77.91 | 17.54 |
| Mar 1, 2010 | — | 18.66 |
| Mar 2, 2009 | — | 303.41 |
| Feb 29, 2008 | 253.68 | 24.33 |
| Feb 28, 2007 | 69.28 | 117.34 |
| Mar 2, 2006 | 66.48 | 17.54 |
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).