Analysis of Liquidity Ratios
Liquidity ratios measure the company ability to meet its short-term obligations.
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- Analysis of Reportable Segments
- Capital Asset Pricing Model (CAPM)
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- Return on Assets (ROA) since 2005
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Liquidity Ratios (Summary)
Las Vegas Sands Corp., liquidity ratios
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Current ratio | ||||||
| Quick ratio | ||||||
| Cash ratio |
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).
- Current Ratio
- The current ratio demonstrated fluctuations over the five-year period. It decreased from 1.76 in 2018 to a low of 1.15 in 2020, indicating a decline in short-term liquidity during this period. However, there was a notable improvement in 2021, with the ratio rising sharply to 2.15, the highest in the series, before decreasing again to 1.73 in 2022. This suggests an increase in current assets relative to current liabilities in 2021 followed by a slight contraction the following year.
- Quick Ratio
- The quick ratio showed a downward trend from 1.71 in 2018 to 1.07 in 2020, reflecting a diminishing ability to meet short-term obligations without relying on inventory. In 2021, the ratio fell further to 0.81, which may indicate a liquidity strain during that year. Subsequently, there was a substantial recovery in 2022, as the ratio rose back to 1.69, approaching the levels observed at the beginning of the period, suggesting an enhancement in liquid assets excluding inventory.
- Cash Ratio
- The cash ratio also decreased consistently from 1.48 in 2018 to 0.73 in 2021, highlighting a reduction in the most liquid assets available to cover current liabilities. This decline indicates a potential tightening of cash reserves over these years. In 2022, the cash ratio increased significantly to 1.62, surpassing even the initial value in 2018. This sharp rise indicates a restoration of cash and cash equivalents, thereby strengthening immediate liquidity at the end of the period.
Current Ratio
Las Vegas Sands Corp., current ratio calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current assets | ||||||
| Current liabilities | ||||||
| Liquidity Ratio | ||||||
| Current ratio1 | ||||||
| Benchmarks | ||||||
| Current Ratio, Competitors2 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| DoorDash, Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| Current Ratio, Sector | ||||||
| Consumer Services | ||||||
| Current Ratio, Industry | ||||||
| Consumer Discretionary | ||||||
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).
1 2022 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Current Assets
- Current assets exhibited a fluctuating trend over the analyzed period. Initially, a slight decrease was observed from 5,566 million US dollars at the end of 2018 to 5,305 million in 2019. This was followed by a significant reduction in 2020, dropping to 2,644 million US dollars, likely reflecting a contraction in liquid resources or inventory levels. Subsequently, there was a recovery in 2021 with current assets rising to 5,510 million US dollars, and this upward movement continued into 2022, reaching 6,744 million US dollars, suggesting an improvement in asset liquidity or short-term financial positioning.
- Current Liabilities
- Current liabilities showed a less consistent pattern compared to current assets. The values increased slightly from 3,157 million US dollars in 2018 to 3,224 million in 2019. A notable decrease occurred in 2020, bringing liabilities down to 2,309 million US dollars, followed by a modest increase to 2,565 million in 2021. The year 2022 reflected a significant rise in current liabilities, reaching 3,902 million US dollars, which might indicate increased short-term obligations or operational financing needs.
- Current Ratio
- The current ratio, which measures short-term liquidity, indicated variability across the years. From 1.76 in 2018, it dipped to 1.65 in 2019 and further declined markedly to 1.15 in 2020, pointing to tighter liquidity conditions during that year. However, the ratio rebounded sharply to 2.15 in 2021, reflecting a strong improvement in the company's ability to cover its short-term liabilities with its current assets. In 2022, the ratio decreased again to 1.73, but remained near the historically higher end of the observed range, suggesting a generally stable, though somewhat less robust, liquidity position compared to the previous year.
Quick Ratio
Las Vegas Sands Corp., quick ratio calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Cash and cash equivalents | ||||||
| Restricted cash and cash equivalents | ||||||
| Accounts receivable, net of provision for credit losses | ||||||
| Total quick assets | ||||||
| Current liabilities | ||||||
| Liquidity Ratio | ||||||
| Quick ratio1 | ||||||
| Benchmarks | ||||||
| Quick Ratio, Competitors2 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| DoorDash, Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| Quick Ratio, Sector | ||||||
| Consumer Services | ||||||
| Quick Ratio, Industry | ||||||
| Consumer Discretionary | ||||||
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).
1 2022 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total quick assets
- The total quick assets exhibited a fluctuating trend over the analyzed period. Starting at $5,387 million in 2018, there was a noticeable decline through 2019 to 2021, reaching a low point of $2,072 million. However, a significant recovery occurred in 2022, with quick assets rising sharply to $6,578 million, surpassing the initial 2018 value.
- Current liabilities
- Current liabilities displayed a generally upward trajectory. Beginning at $3,157 million in 2018, liabilities gradually increased, peaking at $3,902 million in 2022. Notable variations included a slight reduction in 2020 to $2,309 million and a subsequent increase through 2021 and 2022.
- Quick ratio
- The quick ratio, representing liquidity, declined steadily from 1.71 in 2018 to a low of 0.81 in 2021, indicating decreasing short-term financial strength during this period. In 2022, the quick ratio rebounded significantly to 1.69, closely approaching the initial level recorded in 2018.
- Summary of liquidity trends
- The overall liquidity of the company weakened from 2018 through 2021, as evidenced by reductions in both quick assets and the quick ratio, alongside fluctuating current liabilities. The sharp increase in quick assets and improvement in the quick ratio in 2022 suggest a marked enhancement in the company's liquidity position, potentially reflecting strategic financial management or improved operational performance during that year.
Cash Ratio
Las Vegas Sands Corp., cash ratio calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Cash and cash equivalents | ||||||
| Restricted cash and cash equivalents | ||||||
| Total cash assets | ||||||
| Current liabilities | ||||||
| Liquidity Ratio | ||||||
| Cash ratio1 | ||||||
| Benchmarks | ||||||
| Cash Ratio, Competitors2 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| DoorDash, Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| Cash Ratio, Sector | ||||||
| Consumer Services | ||||||
| Cash Ratio, Industry | ||||||
| Consumer Discretionary | ||||||
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).
1 2022 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total cash assets
-
The total cash assets exhibited a decreasing trend from 2018 to 2021, falling from 4,661 million US dollars in 2018 to 1,870 million US dollars in 2021. In 2022, there was a significant reversal in this trend, with total cash assets increasing sharply to 6,311 million US dollars. This fluctuation indicates a period of contraction followed by robust liquidity replenishment.
- Current liabilities
-
Current liabilities remained relatively stable from 2018 to 2019, increasing slightly from 3,157 million US dollars to 3,224 million US dollars. A notable decrease occurred in 2020, with current liabilities dropping to 2,309 million US dollars. However, this downward trend was short-lived, as liabilities increased again in 2021 to 2,565 million US dollars and further rose to 3,902 million US dollars in 2022, surpassing the 2018 level. This pattern suggests variable short-term obligations with an upward pressure in the latest period.
- Cash ratio
-
The cash ratio demonstrated a declining trend over the first four years, decreasing from 1.48 in 2018 to 0.73 in 2021. This declining cash ratio reflects a reduced ability to cover current liabilities with cash and cash equivalents. However, in 2022, the cash ratio rose significantly to 1.62, indicating an improved liquidity position with more cash resources available relative to current liabilities.