Total Asset Turnover
since 2005
Calculation
Las Vegas Sands Corp., total asset turnover, long-term trends, calculation
| Total asset turnover | = | Net revenues1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|
| Dec 31, 2022 | 0.19 | = | 4,110) | ÷ | 22,039) |
| Dec 31, 2021 | 0.21 | = | 4,234) | ÷ | 20,059) |
| Dec 31, 2020 | 0.17 | = | 3,612) | ÷ | 20,807) |
| Dec 31, 2019 | 0.59 | = | 13,739) | ÷ | 23,199) |
| Dec 31, 2018 | 0.61 | = | 13,729) | ÷ | 22,547) |
| Dec 31, 2017 | 0.62 | = | 12,882) | ÷ | 20,687) |
| Dec 31, 2016 | 0.56 | = | 11,410) | ÷ | 20,469) |
| Dec 31, 2015 | 0.56 | = | 11,688) | ÷ | 20,987) |
| Dec 31, 2014 | 0.65 | = | 14,584) | ÷ | 22,362) |
| Dec 31, 2013 | 0.61 | = | 13,770) | ÷ | 22,724) |
| Dec 31, 2012 | 0.50 | = | 11,131) | ÷ | 22,164) |
| Dec 31, 2011 | 0.42 | = | 9,411) | ÷ | 22,244) |
| Dec 31, 2010 | 0.33 | = | 6,853) | ÷ | 21,044) |
| Dec 31, 2009 | 0.22 | = | 4,563) | ÷ | 20,572) |
| Dec 31, 2008 | 0.26 | = | 4,390) | ÷ | 17,144) |
| Dec 31, 2007 | 0.26 | = | 2,951) | ÷ | 11,467) |
| Dec 31, 2006 | 0.31 | = | 2,237) | ÷ | 7,126) |
| Dec 31, 2005 | 0.45 | = | 1,741) | ÷ | 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 analysis of total asset turnover from 2005 to 2022 reveals a cyclical pattern characterized by an initial investment phase, a period of operational optimization, and a subsequent sharp decline due to significant revenue contractions.
- Initial Capital Expansion (2005–2009)
- A consistent decline in asset turnover is observed during this period, falling from 0.45 in 2005 to a low of 0.22 in 2009. This trend corresponds with a rapid expansion of the asset base, which grew from 3.88 billion USD to over 20.57 billion USD. The rate of asset acquisition significantly outpaced revenue growth, resulting in a temporary reduction in asset efficiency.
- Operational Optimization and Peak Efficiency (2010–2014)
- A strong recovery in asset turnover occurred between 2010 and 2014, with the ratio increasing from 0.33 to a peak of 0.65. During this interval, total assets remained relatively stable, fluctuating between 20.9 billion USD and 22.7 billion USD, while net revenues grew aggressively from 6.85 billion USD to 14.58 billion USD. This indicates a period of high capacity utilization and improved productivity of the invested capital.
- Period of Stability (2015–2019)
- Asset turnover remained relatively stable between 2015 and 2019, fluctuating within a narrow range of 0.56 to 0.62. Both net revenues and total assets showed minimal volatility, suggesting that the company had reached a mature operational plateau where revenue generation was closely aligned with the size of the asset base.
- Severe Revenue Contraction (2020–2022)
- A precipitous drop in asset turnover is evident starting in 2020, where the ratio fell to 0.17, remaining low at 0.21 and 0.19 in 2021 and 2022, respectively. This decline was driven by a drastic reduction in net revenues—falling from 13.74 billion USD in 2019 to 3.61 billion USD in 2020—while the total asset base remained largely intact at approximately 20 to 22 billion USD. This divergence indicates a period of severe under-utilization of assets.
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Comparison to Competitors
Las Vegas Sands Corp., total asset turnover, 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 | 0.19 | 0.52 | 0.67 | 1.25 | 0.67 | 0.46 | 1.15 |
| Dec 31, 2021 | 0.21 | 0.44 | 0.46 | 1.13 | 0.72 | 0.43 | 0.93 |
| Dec 31, 2020 | 0.17 | 0.32 | 0.31 | 1.00 | 0.45 | 0.36 | 0.80 |
| Dec 31, 2019 | 0.59 | — | 0.70 | 1.09 | — | 0.44 | 1.38 |
| Dec 31, 2018 | 0.61 | — | 0.64 | 2.15 | — | 0.64 | 1.02 |
| Dec 31, 2017 | 0.62 | — | 0.50 | 2.19 | — | 0.68 | 1.56 |
| Dec 31, 2016 | 0.56 | — | 0.54 | 1.93 | — | 0.79 | 1.49 |
| Dec 31, 2015 | 0.56 | — | 0.53 | 1.65 | — | 0.67 | 1.54 |
| Dec 31, 2014 | 0.65 | — | 0.57 | 1.61 | — | 0.80 | 1.53 |
| Dec 31, 2013 | 0.61 | — | 0.65 | 1.60 | — | 0.77 | 1.29 |
| Dec 31, 2012 | 0.50 | — | 0.80 | 1.64 | — | 0.78 | 1.62 |
| Dec 31, 2011 | 0.42 | — | 1.10 | 1.59 | — | 0.82 | 1.59 |
| Dec 31, 2010 | 0.33 | — | 1.06 | 1.64 | — | 0.75 | 1.68 |
| Dec 31, 2009 | 0.22 | — | 1.27 | 1.58 | — | 0.75 | 1.75 |
| Dec 31, 2008 | 0.26 | — | 1.40 | 1.61 | — | 0.83 | 1.83 |
| Dec 31, 2007 | 0.26 | — | 1.04 | 1.50 | — | 0.78 | 1.76 |
| Dec 31, 2006 | 0.31 | — | 1.02 | 1.36 | — | 0.74 | 1.76 |
| Dec 31, 2005 | 0.45 | — | 1.28 | 1.60 | — | 0.68 | 1.81 |
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., total asset turnover, long-term trends, comparison to sector (consumer services)
| Las Vegas Sands Corp. | Consumer Services | |
|---|---|---|
| Dec 31, 2022 | 0.19 | 0.70 |
| Dec 31, 2021 | 0.21 | 0.60 |
| Dec 31, 2020 | 0.17 | 0.49 |
| Dec 31, 2019 | 0.59 | 0.73 |
| Dec 31, 2018 | 0.61 | 0.80 |
| Dec 31, 2017 | 0.62 | 0.82 |
| Dec 31, 2016 | 0.56 | 0.90 |
| Dec 31, 2015 | 0.56 | 0.83 |
| Dec 31, 2014 | 0.65 | 0.90 |
| Dec 31, 2013 | 0.61 | 0.87 |
| Dec 31, 2012 | 0.50 | 0.94 |
| Dec 31, 2011 | 0.42 | 0.99 |
| Dec 31, 2010 | 0.33 | 0.94 |
| Dec 31, 2009 | 0.22 | 0.94 |
| Dec 31, 2008 | 0.26 | 1.02 |
| Dec 31, 2007 | 0.26 | 0.94 |
| Dec 31, 2006 | 0.31 | 0.89 |
| Dec 31, 2005 | 0.45 | 0.82 |
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., total asset turnover, long-term trends, comparison to industry (consumer discretionary)
| Las Vegas Sands Corp. | Consumer Discretionary | |
|---|---|---|
| Dec 31, 2022 | 0.19 | 0.96 |
| Dec 31, 2021 | 0.21 | 0.88 |
| Dec 31, 2020 | 0.17 | 0.84 |
| Dec 31, 2019 | 0.59 | 0.94 |
| Dec 31, 2018 | 0.61 | 0.96 |
| Dec 31, 2017 | 0.62 | 0.93 |
| Dec 31, 2016 | 0.56 | 0.96 |
| Dec 31, 2015 | 0.56 | 0.98 |
| Dec 31, 2014 | 0.65 | 1.02 |
| Dec 31, 2013 | 0.61 | 1.04 |
| Dec 31, 2012 | 0.50 | 1.06 |
| Dec 31, 2011 | 0.42 | 1.08 |
| Dec 31, 2010 | 0.33 | 1.04 |
| Dec 31, 2009 | 0.22 | 0.94 |
| Dec 31, 2008 | 0.26 | 0.96 |
| Dec 31, 2007 | 0.26 | 0.88 |
| Dec 31, 2006 | 0.31 | 0.82 |
| Dec 31, 2005 | 0.45 | 0.85 |
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).