Return on Equity (ROE)
since 2005
Calculation
Las Vegas Sands Corp., ROE, long-term trends, calculation
| ROE | = | 100 | × | Net income (loss) attributable to Las Vegas Sands Corp.1 | ÷ | Total Las Vegas Sands Corp. stockholders’ equity1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2022 | 47.20% | = | 100 | × | 1,832) | ÷ | 3,881) |
| Dec 31, 2021 | -48.15% | = | 100 | × | (961) | ÷ | 1,996) |
| Dec 31, 2020 | -56.68% | = | 100 | × | (1,685) | ÷ | 2,973) |
| Dec 31, 2019 | 52.01% | = | 100 | × | 2,698) | ÷ | 5,187) |
| Dec 31, 2018 | 42.45% | = | 100 | × | 2,413) | ÷ | 5,684) |
| Dec 31, 2017 | 43.22% | = | 100 | × | 2,806) | ÷ | 6,493) |
| Dec 31, 2016 | 27.04% | = | 100 | × | 1,670) | ÷ | 6,177) |
| Dec 31, 2015 | 28.84% | = | 100 | × | 1,966) | ÷ | 6,817) |
| Dec 31, 2014 | 39.38% | = | 100 | × | 2,841) | ÷ | 7,214) |
| Dec 31, 2013 | 30.08% | = | 100 | × | 2,306) | ÷ | 7,665) |
| Dec 31, 2012 | 21.58% | = | 100 | × | 1,524) | ÷ | 7,062) |
| Dec 31, 2011 | 19.87% | = | 100 | × | 1,560) | ÷ | 7,851) |
| Dec 31, 2010 | 8.36% | = | 100 | × | 599) | ÷ | 7,166) |
| Dec 31, 2009 | -5.12% | = | 100 | × | (354) | ÷ | 6,917) |
| Dec 31, 2008 | -3.45% | = | 100 | × | (164) | ÷ | 4,740) |
| Dec 31, 2007 | 5.16% | = | 100 | × | 117) | ÷ | 2,260) |
| Dec 31, 2006 | 21.30% | = | 100 | × | 442) | ÷ | 2,075) |
| Dec 31, 2005 | 17.63% | = | 100 | × | 284) | ÷ | 1,610) |
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 Return on Equity (ROE) from 2005 to 2022 exhibits significant volatility, characterized by three distinct phases: an initial period of instability, a decade of aggressive growth, and a severe contraction followed by a rapid recovery.
- Initial Volatility and Crisis Period (2005–2009)
- ROE began at 17.63% in 2005 and peaked at 21.30% in 2006 before experiencing a sharp decline. The ratio turned negative in 2008 (-3.45%) and 2009 (-5.12%), correlating with net losses of 164 million and 354 million US dollars, respectively. During this window, stockholders' equity increased substantially, which further dampened the ROE percentage during the loss-making years.
- Expansion and Optimization Phase (2010–2019)
- A sustained upward trend in ROE is observed starting in 2010. The ratio climbed from 8.36% to a peak of 52.01% by 2019. This growth was driven by a significant increase in net income, which rose from 599 million US dollars in 2010 to 2.698 billion US dollars in 2019. Notably, from 2014 onwards, a gradual reduction in total stockholders' equity—decreasing from 7.214 billion to 5.187 billion US dollars—acted as a financial lever that amplified the ROE despite fluctuations in absolute net income.
- Pandemic Contraction and Rebound (2020–2022)
- The period between 2020 and 2021 saw an unprecedented collapse in profitability. ROE plunged to -56.68% in 2020 and -48.15% in 2021, coinciding with net losses of 1.685 billion and 961 million US dollars. This collapse was mirrored by a sharp erosion of stockholders' equity, which fell to a low of 1.996 billion US dollars in 2021. However, a rapid recovery is evident by December 31, 2022, where ROE returned to 47.20%, driven by a return to profitability with a net income of 1.832 billion US dollars and a strengthening of the equity base to 3.881 billion US dollars.
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Comparison to Competitors
Las Vegas Sands Corp., ROE, 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 | 47.20% | 34.05% | 109.92% | 37.97% | -20.21% | — | — |
| Dec 31, 2021 | -48.15% | -7.37% | 18.86% | 28.42% | -10.03% | — | — |
| Dec 31, 2020 | -56.68% | -158.00% | 1.21% | 17.61% | -9.81% | — | — |
| Dec 31, 2019 | 52.01% | — | 82.00% | 20.81% | — | — | — |
| Dec 31, 2018 | 42.45% | — | 45.51% | 12.25% | — | — | 386.34% |
| Dec 31, 2017 | 43.22% | — | 20.79% | 12.92% | — | — | 52.93% |
| Dec 31, 2016 | 27.04% | — | 21.74% | 1.64% | — | — | 47.89% |
| Dec 31, 2015 | 28.84% | — | 29.01% | 22.35% | — | 63.90% | 47.39% |
| Dec 31, 2014 | 39.38% | — | 28.27% | 22.13% | — | 37.02% | 39.23% |
| Dec 31, 2013 | 30.08% | — | 27.39% | 21.29% | — | 34.89% | 0.19% |
| Dec 31, 2012 | 21.58% | — | 36.43% | 22.31% | — | 35.73% | 27.09% |
| Dec 31, 2011 | 19.87% | — | 41.04% | 20.58% | — | 38.24% | 28.41% |
| Dec 31, 2010 | 8.36% | — | 29.09% | 22.07% | — | 33.80% | 25.73% |
| Dec 31, 2009 | -5.12% | — | 37.04% | 18.03% | — | 32.43% | 12.83% |
| Dec 31, 2008 | -3.45% | — | 26.49% | 12.56% | — | 32.23% | 12.67% |
| Dec 31, 2007 | 5.16% | — | 27.12% | 12.55% | — | 15.67% | 29.45% |
| Dec 31, 2006 | 21.30% | — | 21.36% | 8.74% | — | 22.93% | 25.32% |
| Dec 31, 2005 | 17.63% | — | 52.22% | 12.19% | — | 17.18% | 23.65% |
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., ROE, long-term trends, comparison to sector (consumer services)
| Las Vegas Sands Corp. | Consumer Services | |
|---|---|---|
| Dec 31, 2022 | 47.20% | 506.32% |
| Dec 31, 2021 | -48.15% | 159.36% |
| Dec 31, 2020 | -56.68% | — |
| Dec 31, 2019 | 52.01% | — |
| Dec 31, 2018 | 42.45% | 284.52% |
| Dec 31, 2017 | 43.22% | 71.55% |
| Dec 31, 2016 | 27.04% | 64.84% |
| Dec 31, 2015 | 28.84% | 43.28% |
| Dec 31, 2014 | 39.38% | 33.77% |
| Dec 31, 2013 | 30.08% | 27.00% |
| Dec 31, 2012 | 21.58% | 33.45% |
| Dec 31, 2011 | 19.87% | 35.81% |
| Dec 31, 2010 | 8.36% | 31.52% |
| Dec 31, 2009 | -5.12% | 29.09% |
| Dec 31, 2008 | -3.45% | 28.45% |
| Dec 31, 2007 | 5.16% | 17.62% |
| Dec 31, 2006 | 21.30% | 22.82% |
| Dec 31, 2005 | 17.63% | 18.57% |
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., ROE, long-term trends, comparison to industry (consumer discretionary)
| Las Vegas Sands Corp. | Consumer Discretionary | |
|---|---|---|
| Dec 31, 2022 | 47.20% | 20.78% |
| Dec 31, 2021 | -48.15% | 33.71% |
| Dec 31, 2020 | -56.68% | 24.49% |
| Dec 31, 2019 | 52.01% | 34.62% |
| Dec 31, 2018 | 42.45% | 34.33% |
| Dec 31, 2017 | 43.22% | 22.85% |
| Dec 31, 2016 | 27.04% | 28.74% |
| Dec 31, 2015 | 28.84% | 29.03% |
| Dec 31, 2014 | 39.38% | 20.60% |
| Dec 31, 2013 | 30.08% | 20.34% |
| Dec 31, 2012 | 21.58% | 21.97% |
| Dec 31, 2011 | 19.87% | 34.92% |
| Dec 31, 2010 | 8.36% | 24.34% |
| Dec 31, 2009 | -5.12% | 25.32% |
| Dec 31, 2008 | -3.45% | 1.64% |
| Dec 31, 2007 | 5.16% | 16.06% |
| Dec 31, 2006 | 21.30% | 3.84% |
| Dec 31, 2005 | 17.63% | 19.92% |
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).