Return on Assets (ROA)
since 2005
Calculation
Las Vegas Sands Corp., ROA, long-term trends, calculation
| ROA | = | 100 | × | Net income (loss) attributable to Las Vegas Sands Corp.1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2022 | 8.31% | = | 100 | × | 1,832) | ÷ | 22,039) |
| Dec 31, 2021 | -4.79% | = | 100 | × | (961) | ÷ | 20,059) |
| Dec 31, 2020 | -8.10% | = | 100 | × | (1,685) | ÷ | 20,807) |
| Dec 31, 2019 | 11.63% | = | 100 | × | 2,698) | ÷ | 23,199) |
| Dec 31, 2018 | 10.70% | = | 100 | × | 2,413) | ÷ | 22,547) |
| Dec 31, 2017 | 13.56% | = | 100 | × | 2,806) | ÷ | 20,687) |
| Dec 31, 2016 | 8.16% | = | 100 | × | 1,670) | ÷ | 20,469) |
| Dec 31, 2015 | 9.37% | = | 100 | × | 1,966) | ÷ | 20,987) |
| Dec 31, 2014 | 12.70% | = | 100 | × | 2,841) | ÷ | 22,362) |
| Dec 31, 2013 | 10.15% | = | 100 | × | 2,306) | ÷ | 22,724) |
| Dec 31, 2012 | 6.88% | = | 100 | × | 1,524) | ÷ | 22,164) |
| Dec 31, 2011 | 7.01% | = | 100 | × | 1,560) | ÷ | 22,244) |
| Dec 31, 2010 | 2.85% | = | 100 | × | 599) | ÷ | 21,044) |
| Dec 31, 2009 | -1.72% | = | 100 | × | (354) | ÷ | 20,572) |
| Dec 31, 2008 | -0.95% | = | 100 | × | (164) | ÷ | 17,144) |
| Dec 31, 2007 | 1.02% | = | 100 | × | 117) | ÷ | 11,467) |
| Dec 31, 2006 | 6.20% | = | 100 | × | 442) | ÷ | 7,126) |
| Dec 31, 2005 | 7.31% | = | 100 | × | 284) | ÷ | 3,880) |
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 financial performance of Las Vegas Sands Corp. between 2005 and 2022 is characterized by three distinct phases: an initial period of aggressive asset expansion and volatility, a decade of sustained profitability and operational efficiency, and a sharp disruption followed by a rapid recovery.
- Asset Accumulation and Initial Volatility (2005–2009)
- A period of rapid capital investment is evident, with total assets increasing from 3,880 million US$ in 2005 to 20,572 million US$ by 2009. This expansion coincided with a steady decline in the Return on Assets (ROA), which fell from 7.31% to -1.72%. The transition to negative net income in 2008 and 2009 highlights the impact of the global financial crisis on the company's ability to generate returns from its enlarged asset base.
- Operational Optimization and Peak Profitability (2010–2019)
- Following the 2009 trough, a strong recovery is observed. Net income grew substantially, reaching a peak of 2,841 million US$ in 2014. During this period, total assets remained relatively stable, fluctuating within a range of 20,000 to 23,200 million US$. Consequently, ROA improved significantly, peaking at 13.56% in 2017, indicating a high level of efficiency in utilizing assets to generate profit during this decade of stability.
- Pandemic Impact and Recent Recovery (2020–2022)
- The 2020 fiscal year saw a severe contraction in profitability, with net income dropping to -1,685 million US$ and ROA falling to -8.10%. While total assets decreased slightly to 20,807 million US$, the decline in ROA was driven predominantly by the collapse in net income. A recovery trend is noted by 2022, as net income returned to 1,832 million US$ and ROA rebounded to 8.31%, suggesting a restoration of operational viability.
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Comparison to Competitors
Las Vegas Sands Corp., ROA, 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 | 8.31% | 11.80% | 12.06% | 12.98% | -13.94% | 12.25% | 11.73% |
| Dec 31, 2021 | -4.79% | -2.57% | 4.93% | 9.81% | -6.87% | 14.01% | 13.38% |
| Dec 31, 2020 | -8.10% | -43.70% | 0.27% | 5.95% | -7.26% | 8.99% | 3.16% |
| Dec 31, 2019 | 11.63% | — | 22.73% | 6.86% | — | 12.68% | 18.73% |
| Dec 31, 2018 | 10.70% | — | 17.62% | 7.79% | — | 18.06% | 18.70% |
| Dec 31, 2017 | 13.56% | — | 9.20% | 8.62% | — | 15.36% | 20.08% |
| Dec 31, 2016 | 8.16% | — | 10.76% | 1.13% | — | 15.11% | 19.66% |
| Dec 31, 2015 | 9.37% | — | 14.65% | 17.45% | — | 11.94% | 22.15% |
| Dec 31, 2014 | 12.70% | — | 16.21% | 17.49% | — | 13.88% | 19.23% |
| Dec 31, 2013 | 10.15% | — | 18.12% | 16.30% | — | 15.25% | 0.07% |
| Dec 31, 2012 | 6.88% | — | 21.61% | 16.66% | — | 15.44% | 16.84% |
| Dec 31, 2011 | 7.01% | — | 26.60% | 15.08% | — | 16.68% | 16.92% |
| Dec 31, 2010 | 2.85% | — | 18.15% | 15.96% | — | 15.47% | 14.81% |
| Dec 31, 2009 | -1.72% | — | 26.69% | 13.19% | — | 15.06% | 7.01% |
| Dec 31, 2008 | -0.95% | — | 14.40% | 9.48% | — | 15.15% | 5.56% |
| Dec 31, 2007 | 1.02% | — | 11.63% | 9.77% | — | 8.15% | 12.59% |
| Dec 31, 2006 | 6.20% | — | 6.74% | 6.86% | — | 12.21% | 12.74% |
| Dec 31, 2005 | 7.31% | — | 25.56% | 9.60% | — | 8.68% | 14.07% |
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., ROA, long-term trends, comparison to sector (consumer services)
| Las Vegas Sands Corp. | Consumer Services | |
|---|---|---|
| Dec 31, 2022 | 8.31% | 10.21% |
| Dec 31, 2021 | -4.79% | 9.37% |
| Dec 31, 2020 | -8.10% | 0.81% |
| Dec 31, 2019 | 11.63% | 15.92% |
| Dec 31, 2018 | 10.70% | 17.84% |
| Dec 31, 2017 | 13.56% | 14.00% |
| Dec 31, 2016 | 8.16% | 14.37% |
| Dec 31, 2015 | 9.37% | 14.62% |
| Dec 31, 2014 | 12.70% | 15.50% |
| Dec 31, 2013 | 10.15% | 12.90% |
| Dec 31, 2012 | 6.88% | 16.48% |
| Dec 31, 2011 | 7.01% | 17.53% |
| Dec 31, 2010 | 2.85% | 15.57% |
| Dec 31, 2009 | -1.72% | 14.40% |
| Dec 31, 2008 | -0.95% | 13.50% |
| Dec 31, 2007 | 1.02% | 8.95% |
| Dec 31, 2006 | 6.20% | 12.01% |
| Dec 31, 2005 | 7.31% | 9.60% |
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., ROA, long-term trends, comparison to industry (consumer discretionary)
| Las Vegas Sands Corp. | Consumer Discretionary | |
|---|---|---|
| Dec 31, 2022 | 8.31% | 4.81% |
| Dec 31, 2021 | -4.79% | 7.99% |
| Dec 31, 2020 | -8.10% | 4.36% |
| Dec 31, 2019 | 11.63% | 5.57% |
| Dec 31, 2018 | 10.70% | 5.96% |
| Dec 31, 2017 | 13.56% | 4.05% |
| Dec 31, 2016 | 8.16% | 5.57% |
| Dec 31, 2015 | 9.37% | 6.25% |
| Dec 31, 2014 | 12.70% | 4.75% |
| Dec 31, 2013 | 10.15% | 5.52% |
| Dec 31, 2012 | 6.88% | 5.65% |
| Dec 31, 2011 | 7.01% | 9.48% |
| Dec 31, 2010 | 2.85% | 6.05% |
| Dec 31, 2009 | -1.72% | 4.67% |
| Dec 31, 2008 | -0.95% | 0.21% |
| Dec 31, 2007 | 1.02% | 2.85% |
| Dec 31, 2006 | 6.20% | 0.60% |
| Dec 31, 2005 | 7.31% | 3.80% |
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).