Price to Sales (P/S)
since 2005
Calculation
Las Vegas Sands Corp., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Net revenues1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 3, 2023 | 10.80 | = | 58.08 | ÷ | 5.38 | 5.38 | = | 4,110 | ÷ | 764,273,371 | |
| Feb 4, 2022 | 7.98 | = | 44.20 | ÷ | 5.54 | 5.54 | = | 4,234 | ÷ | 763,989,752 | |
| Feb 5, 2021 | 11.75 | = | 55.57 | ÷ | 4.73 | 4.73 | = | 3,612 | ÷ | 763,842,938 | |
| Feb 7, 2020 | 3.71 | = | 66.80 | ÷ | 17.99 | 17.99 | = | 13,739 | ÷ | 763,684,915 | |
| Feb 22, 2019 | 3.48 | = | 61.61 | ÷ | 17.71 | 17.71 | = | 13,729 | ÷ | 775,051,979 | |
| Feb 23, 2018 | 4.55 | = | 74.33 | ÷ | 16.33 | 16.33 | = | 12,882 | ÷ | 788,881,737 | |
| Feb 24, 2017 | 3.63 | = | 52.17 | ÷ | 14.37 | 14.37 | = | 11,410 | ÷ | 793,994,554 | |
| Feb 26, 2016 | 3.26 | = | 47.92 | ÷ | 14.71 | 14.71 | = | 11,688 | ÷ | 794,694,494 | |
| Feb 27, 2015 | 3.12 | = | 56.90 | ÷ | 18.26 | 18.26 | = | 14,584 | ÷ | 798,510,417 | |
| Feb 28, 2014 | 5.03 | = | 85.25 | ÷ | 16.95 | 16.95 | = | 13,770 | ÷ | 812,566,265 | |
| Mar 1, 2013 | 3.80 | = | 51.31 | ÷ | 13.50 | 13.50 | = | 11,131 | ÷ | 824,412,319 | |
| Feb 29, 2012 | 4.34 | = | 55.61 | ÷ | 12.82 | 12.82 | = | 9,411 | ÷ | 734,061,465 | |
| Mar 1, 2011 | 4.63 | = | 43.70 | ÷ | 9.43 | 9.43 | = | 6,853 | ÷ | 726,471,263 | |
| Mar 1, 2010 | 2.47 | = | 17.09 | ÷ | 6.91 | 6.91 | = | 4,563 | ÷ | 660,323,374 | |
| Mar 2, 2009 | 0.33 | = | 2.19 | ÷ | 6.72 | 6.72 | = | 4,390 | ÷ | 652,831,025 | |
| Feb 29, 2008 | 10.03 | = | 83.30 | ÷ | 8.30 | 8.30 | = | 2,951 | ÷ | 355,352,992 | |
| Feb 28, 2007 | 13.69 | = | 86.34 | ÷ | 6.31 | 6.31 | = | 2,237 | ÷ | 354,682,930 | |
| Mar 2, 2006 | 10.83 | = | 53.23 | ÷ | 4.91 | 4.91 | = | 1,741 | ÷ | 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 Price-to-Sales (P/S) ratio for Las Vegas Sands Corp. exhibits three distinct phases of valuation between 2006 and 2023: a period of high volatility and correction, a decade of relative stability, and a recent period of valuation expansion despite a significant contraction in revenue per share.
- Initial Volatility and Market Correction (2006-2009)
- High P/S ratios were observed from 2006 to 2008, peaking at 13.69 in 2007. A precipitous decline occurred in 2009, where the ratio dropped to 0.33, coinciding with a sharp decrease in share price. This period represents a severe contraction in market valuation relative to the company's sales.
- Normalization and Steady Growth (2010-2020)
- Between 2010 and 2020, the P/S ratio stabilized, generally fluctuating within a range of 2.47 to 5.03. During this interval, sales per share grew consistently, rising from 6.91 in 2010 to a peak of 17.99 in 2020. The relative stability of the P/S ratio during this growth phase suggests that the market valuation tracked the increase in revenue in a proportional manner.
- Revenue Collapse and Valuation Divergence (2021-2023)
- A significant divergence is observed starting in 2021, as sales per share collapsed from 17.99 to 4.73. However, the P/S ratio spiked dramatically to 11.75 in 2021 and remained high at 10.80 by 2023. This pattern indicates that the share price did not decline in tandem with the drop in revenue, leading to an inflated valuation multiple relative to current sales performance.
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Comparison to Competitors
Las Vegas Sands Corp., P/S, 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 | 10.80 | 10.04 | 5.35 | 5.14 | 3.23 | 8.32 | 3.49 |
| Feb 4, 2022 | 7.98 | 16.64 | 9.22 | 5.80 | 7.30 | 7.85 | 4.47 |
| Feb 5, 2021 | 11.75 | 37.16 | 14.73 | 7.26 | 16.87 | 8.20 | 4.67 |
| Feb 7, 2020 | 3.71 | — | 4.57 | 4.24 | — | 7.43 | 3.75 |
| Feb 22, 2019 | 3.48 | — | 5.91 | 3.31 | — | 6.67 | 3.42 |
| Feb 23, 2018 | 4.55 | — | 7.13 | 1.66 | — | 5.68 | 3.62 |
| Feb 24, 2017 | 3.63 | — | 7.47 | 2.94 | — | 4.29 | 3.81 |
| Feb 26, 2016 | 3.26 | — | 6.65 | 3.07 | — | 4.20 | 4.73 |
| Feb 27, 2015 | 3.12 | — | 7.49 | 5.10 | — | 3.33 | 3.55 |
| Feb 28, 2014 | 5.03 | — | 9.85 | 5.24 | — | 3.40 | 4.08 |
| Mar 1, 2013 | 3.80 | — | 6.60 | 3.64 | — | 3.50 | 2.73 |
| Feb 29, 2012 | 4.34 | — | 6.76 | 5.19 | — | 3.78 | 2.68 |
| Mar 1, 2011 | 4.63 | — | 7.33 | 4.49 | — | 3.23 | 2.14 |
| Mar 1, 2010 | 2.47 | — | 4.49 | 2.18 | — | 3.02 | 1.62 |
| Mar 2, 2009 | 0.33 | — | 1.82 | 1.29 | — | 2.57 | 0.60 |
| Feb 29, 2008 | 10.03 | — | 3.11 | 3.17 | — | 2.83 | 1.79 |
| Feb 28, 2007 | 13.69 | — | 1.78 | 2.56 | — | 2.55 | 3.55 |
| Mar 2, 2006 | 10.83 | — | 0.97 | 2.80 | — | 2.17 | 3.74 |
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/S, long-term trends, comparison to sector (consumer services)
| Las Vegas Sands Corp. | Consumer Services | |
|---|---|---|
| Feb 3, 2023 | 10.80 | 5.69 |
| Feb 4, 2022 | 7.98 | 7.25 |
| Feb 5, 2021 | 11.75 | 9.47 |
| Feb 7, 2020 | 3.71 | 5.11 |
| Feb 22, 2019 | 3.48 | 5.02 |
| Feb 23, 2018 | 4.55 | 4.94 |
| Feb 24, 2017 | 3.63 | 4.60 |
| Feb 26, 2016 | 3.26 | 4.67 |
| Feb 27, 2015 | 3.12 | 4.15 |
| Feb 28, 2014 | 5.03 | 4.53 |
| Mar 1, 2013 | 3.80 | 3.63 |
| Feb 29, 2012 | 4.34 | 3.85 |
| Mar 1, 2011 | 4.63 | 3.31 |
| Mar 1, 2010 | 2.47 | 2.70 |
| Mar 2, 2009 | 0.33 | 1.93 |
| Feb 29, 2008 | 10.03 | 2.57 |
| Feb 28, 2007 | 13.69 | 2.77 |
| Mar 2, 2006 | 10.83 | 2.49 |
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).
Comparison to Industry (Consumer Discretionary)
Las Vegas Sands Corp., P/S, long-term trends, comparison to industry (consumer discretionary)
| Las Vegas Sands Corp. | Consumer Discretionary | |
|---|---|---|
| Feb 3, 2023 | 10.80 | 2.27 |
| Feb 4, 2022 | 7.98 | 3.58 |
| Feb 5, 2021 | 11.75 | 3.81 |
| Feb 7, 2020 | 3.71 | 2.33 |
| Feb 22, 2019 | 3.48 | 2.05 |
| Feb 23, 2018 | 4.55 | 2.06 |
| Feb 24, 2017 | 3.63 | 1.68 |
| Feb 26, 2016 | 3.26 | 1.57 |
| Feb 27, 2015 | 3.12 | 1.32 |
| Feb 28, 2014 | 5.03 | 1.33 |
| Mar 1, 2013 | 3.80 | 1.06 |
| Feb 29, 2012 | 4.34 | 0.97 |
| Mar 1, 2011 | 4.63 | 0.96 |
| Mar 1, 2010 | 2.47 | 0.92 |
| Mar 2, 2009 | 0.33 | 0.66 |
| Feb 29, 2008 | 10.03 | 0.79 |
| Feb 28, 2007 | 13.69 | 0.86 |
| Mar 2, 2006 | 10.83 | 0.79 |
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).