Liquidity ratios measure the company ability to meet its short-term obligations.

Liquidity Ratios (Summary)
Current Ratio
Quick Ratio
Cash Ratio

Las Vegas Sands Corp., liquidity ratios (quarterly data)

	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018
Current ratio	1.50	2.76	1.79	1.73	1.83	3.35	3.14	2.15	2.10	2.19	2.28	1.15	1.31	1.59	1.44	1.65	1.60	1.64	1.73	1.76	1.93	1.70	1.18
Quick ratio	1.45	2.68	1.75	1.69	1.78	3.28	3.08	0.81	0.73	0.88	0.93	1.07	1.23	1.52	1.35	1.58	1.53	1.58	1.67	1.71	1.87	1.64	1.12
Cash ratio	1.36	2.54	1.67	1.62	1.72	3.20	3.01	0.73	0.67	0.82	0.85	0.93	1.06	1.28	1.08	1.32	1.28	1.33	1.42	1.48	1.65	1.46	0.92

Current Ratio: The current ratio exhibited fluctuations during the analyzed periods. Starting at 1.18 in March 2018, it rose steadily to a peak near 1.93 in September 2018, before slightly declining and stabilizing around the 1.6 to 1.7 range throughout 2019. During 2020, the ratio experienced a noticeable decline, reaching lows near 1.15 by the end of the year. In 2021, a significant increase was observed, with the ratio exceeding 2.0 in most quarters and peaking above 3.0 in early 2022. This was followed by volatility throughout 2022 and 2023, with values moving between approximately 1.5 and 2.7, showing no clear sustained trend during the most recent quarters.
Quick Ratio: The quick ratio mirrored a similar pattern to the current ratio across the timeline. From 1.12 in March 2018, it increased to around 1.87 by September 2018 before declining gradually throughout 2019 and into 2020, reaching a low of about 1.07 by the end of 2020. Notably, in early 2021, the quick ratio dropped further, reaching a low of 0.73 by the third quarter, indicating a reduction in liquid assets relative to current liabilities. However, a sharp recovery occurred in early 2022 with the ratio surging above 3.0, followed by considerable fluctuations for the rest of the period, ending near 1.45 in the third quarter of 2023.
Cash Ratio: The cash ratio trend closely aligned with that of the quick ratio, suggesting parallel movements in cash and cash equivalents. Beginning just below 1.0 at 0.92 in March 2018, it rose steadily to about 1.65 by September 2018 before declining gradually through 2019 and 2020, bottoming near 0.67 in the third quarter of 2021. Subsequently, a marked surge in the cash ratio occurred in early 2022, exceeding 3.0, signaling improved cash liquidity relative to current liabilities. This was followed by sustained volatility with intermittent decreases and recoveries, concluding near 1.36 in the third quarter of 2023.

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Las Vegas Sands Corp., current ratio calculation (quarterly data)

	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018
Selected Financial Data (US$ in millions)
Current assets	6,172)	6,290)	7,015)	6,744)	6,207)	6,770)	6,725)	5,510)	5,228)	5,577)	5,630)	2,644)	2,958)	3,772)	3,493)	5,305)	4,808)	4,957)	5,055)	5,566)	5,614)	5,075)	3,394)
Current liabilities	4,102)	2,275)	3,919)	3,902)	3,391)	2,023)	2,139)	2,565)	2,487)	2,542)	2,465)	2,309)	2,255)	2,375)	2,419)	3,224)	3,004)	3,031)	2,917)	3,157)	2,906)	2,992)	2,874)
Liquidity Ratio
Current ratio¹	1.50	2.76	1.79	1.73	1.83	3.35	3.14	2.15	2.10	2.19	2.28	1.15	1.31	1.59	1.44	1.65	1.60	1.64	1.73	1.76	1.93	1.70	1.18
Benchmarks
Current Ratio, Competitors²
Airbnb Inc.	1.78	1.47	1.55	1.86	1.85	1.58	1.61	1.95	1.86	1.48	1.66	—	—	—	—	—	—	—	—	—	—	—	—
Booking Holdings Inc.	1.44	1.55	1.59	1.86	1.45	1.45	1.72	2.10	2.48	2.05	2.18	3.56	3.17	2.93	2.24	—	—	—	—	—	—	—	—
Chipotle Mexican Grill Inc.	1.53	1.58	1.41	1.28	1.32	1.26	1.32	1.58	1.78	1.73	1.75	1.73	1.51	1.59	1.62	—	—	—	—	—	—	—	—
McDonald’s Corp.	1.71	1.35	1.47	1.43	1.65	1.41	1.10	1.78	1.33	1.45	1.19	1.01	1.07	0.91	1.90	—	—	—	—	—	—	—	—
Starbucks Corp.	0.78	0.77	0.75	0.77	0.84	0.83	0.81	1.20	1.02	1.07	1.06	1.06	0.95	0.70	0.68	0.92	1.31	0.94	1.41	—	—	—	—

¹ Q3 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 6,172 ÷ 4,102 = 1.50

² Click competitor name to see calculations.

The analysis of the quarterly financial data reveals several notable trends in liquidity and short-term financial position over the considered periods.

Current Assets: Current assets exhibited general volatility over the timeframe. Initially increasing from 3,394 million USD in March 2018 to a peak near 5,614 million USD by September 2018, the values then fluctuated moderately towards the end of 2019. During 2020, a decline was observed, reaching a low point around 2,644 million USD by December 2020, likely influenced by adverse business conditions. Subsequently, there was a strong recovery in current assets starting in early 2021, reaching a high of 6,770 million USD by mid-2022 before slightly tapering off towards the latter part of 2023.
Current Liabilities: Current liabilities showed a more erratic pattern compared to current assets. From approximately 2,874 million USD in March 2018, there was a gradual increase into 2019, peaking around 3,224 million USD by the end of that year. The liabilities dropped notably in 2020, decreasing to about 2,309 million USD in December 2020, coinciding with lower current assets in that period. The subsequent years until mid-2022 experienced considerable fluctuations with another sharp rise in liabilities in the first quarter of 2023 before declining again by the third quarter of 2023.
Current Ratio: The current ratio, representing liquidity by relating current assets to current liabilities, followed a variable trend. It started at a moderate 1.18 in early 2018, rising to levels near 1.93 in late 2018. In 2019, the ratio maintained a range mostly between 1.6 and 1.73. A dip was noted in 2020, declining to a low around 1.15 by the end of that year, reflecting tighter liquidity conditions. However, there was a significant improvement in 2021 and early 2022 as the ratio surged past 3.0, indicating substantially improved liquidity positions. This peak was followed by variability with the ratio decreasing to about 1.5 by Q3 2023, suggesting somewhat reduced but still adequate short-term financial strength.

Overall, the data reflects periods of both stress and recovery, with the most pronounced liquidity challenges occurring during 2020, followed by marked improvement through 2021 into 2022. The fluctuations in current liabilities appear to contribute significantly to the liquidity ratio's volatility. The recent periods show a return to moderate liquidity levels, though caution is warranted given the short-term fluctuations observed.

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Las Vegas Sands Corp., quick ratio calculation (quarterly data)

	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018
Selected Financial Data (US$ in millions)
Cash and cash equivalents	5,574)	5,768)	6,532)	6,311)	5,836)	6,452)	6,430)	1,854)	1,644)	2,057)	2,074)	2,121)	2,381)	3,016)	2,602)	4,226)	3,817)	4,017)	4,134)	4,648)	4,772)	4,350)	2,628)
Restricted cash and cash equivalents	—)	—)	—)	—)	—)	16)	16)	16)	16)	16)	16)	16)	17)	16)	16)	16)	15)	14)	14)	13)	13)	12)	12)
Accounts receivable, net of provision for credit losses	390)	336)	328)	267)	210)	158)	147)	202)	167)	160)	205)	338)	382)	567)	653)	844)	757)	767)	737)	726)	650)	555)	587)
Total quick assets	5,964)	6,104)	6,860)	6,578)	6,046)	6,626)	6,593)	2,072)	1,827)	2,233)	2,295)	2,475)	2,780)	3,599)	3,271)	5,086)	4,589)	4,798)	4,885)	5,387)	5,435)	4,917)	3,227)

Current liabilities	4,102)	2,275)	3,919)	3,902)	3,391)	2,023)	2,139)	2,565)	2,487)	2,542)	2,465)	2,309)	2,255)	2,375)	2,419)	3,224)	3,004)	3,031)	2,917)	3,157)	2,906)	2,992)	2,874)
Liquidity Ratio
Quick ratio¹	1.45	2.68	1.75	1.69	1.78	3.28	3.08	0.81	0.73	0.88	0.93	1.07	1.23	1.52	1.35	1.58	1.53	1.58	1.67	1.71	1.87	1.64	1.12
Benchmarks
Quick Ratio, Competitors²
Airbnb Inc.	1.75	1.45	1.52	1.83	1.82	1.55	1.59	1.91	1.83	1.46	1.62	—	—	—	—	—	—	—	—	—	—	—	—
Booking Holdings Inc.	1.35	1.45	1.49	1.73	1.34	1.37	1.63	2.00	2.28	1.86	1.97	3.24	3.04	2.81	1.70	—	—	—	—	—	—	—	—
Chipotle Mexican Grill Inc.	1.40	1.44	1.26	1.09	1.05	1.02	1.13	1.35	1.29	1.28	1.35	1.28	1.34	1.35	1.42	—	—	—	—	—	—	—	—
McDonald’s Corp.	1.43	1.04	1.25	1.24	1.35	1.07	0.95	1.64	1.20	1.23	1.04	0.90	0.97	0.84	1.77	—	—	—	—	—	—	—	—
Starbucks Corp.	0.52	0.51	0.48	0.48	0.52	0.55	0.57	0.93	0.75	0.75	0.78	0.75	0.63	0.43	0.46	0.59	0.95	0.54	1.05	—	—	—	—

¹ Q3 2023 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 5,964 ÷ 4,102 = 1.45

² Click competitor name to see calculations.

Quick Assets and Their Trend: The total quick assets demonstrated moderate fluctuation over the periods assessed. Initial values in early 2018 increased steadily, peaking around the third quarter of 2018, followed by a mild decline towards the end of that year and stability into early 2019. Notably, there was a significant drop in quick assets at the beginning of 2020, coinciding with the onset of the global pandemic. Subsequently, quick assets slightly recovered through the rest of 2020 and into early 2021 but showed a downward trend during most of 2021. A strong rebound occurred in early 2022, with the highest values reported in the first half of that year. However, towards the end of 2022 and into 2023, quick assets again declined slightly but remained above the levels seen in 2020 and 2021.
Current Liabilities and Their Evolution: Current liabilities remained relatively consistent through 2018 and 2019, with slight increases towards the end of 2019. During 2020, liabilities decreased steadily, reaching a low in the second quarter, which coincided with the period of reduced quick assets. However, from the end of 2020 through 2021, current liabilities increased gradually, fluctuating around a higher baseline compared to the previous years. The first half of 2022 saw a notable decrease in liabilities, followed by a sharp increase at the end of that year into early 2023, reaching the highest levels recorded in the dataset.
Quick Ratio Analysis: The quick ratio reflected the interplay between quick assets and current liabilities, showing considerable variation across the quarters. The ratio was relatively strong in 2018, consistently above 1.5, indicating liquidity strength. Entering 2019, the ratio dipped slightly but remained above 1.5 for most periods. In 2020, the ratio declined markedly, dropping below 1.1 in late 2020, which suggests tighter liquidity conditions during that period. The ratio further weakened in 2021, falling to a low of 0.73 in the third quarter, signaling potential liquidity challenges. In contrast, 2022 showed a significant improvement, with the quick ratio peaking above 3.0 in the first half of the year, reflecting a substantial increase in liquidity. However, this peak was not sustained as the quick ratio declined again to around 1.45 by the third quarter of 2023, indicating a return to moderate liquidity levels.
Overall Insights: The financial data reveals a cyclical pattern influenced by external factors that impacted liquidity. The sharp decline in quick assets and liquidity ratios during 2020 aligns with widespread economic disruptions observed globally. The recovery phase in 2022 demonstrates a strategic rebuilding of liquidity, possibly through asset accumulation or liability management. The large fluctuations in current liabilities, especially the spike at the end of 2022 and early 2023, suggest active management of short-term obligations, which influences the quick ratio dynamics. The trends highlight a period of liquidity tightening followed by recovery, although the company did not consistently maintain high liquidity ratios post-2022 peak, which may warrant attention to ensure ongoing financial stability.

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Las Vegas Sands Corp., cash ratio calculation (quarterly data)

	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018
Selected Financial Data (US$ in millions)
Cash and cash equivalents	5,574)	5,768)	6,532)	6,311)	5,836)	6,452)	6,430)	1,854)	1,644)	2,057)	2,074)	2,121)	2,381)	3,016)	2,602)	4,226)	3,817)	4,017)	4,134)	4,648)	4,772)	4,350)	2,628)
Restricted cash and cash equivalents	—)	—)	—)	—)	—)	16)	16)	16)	16)	16)	16)	16)	17)	16)	16)	16)	15)	14)	14)	13)	13)	12)	12)
Total cash assets	5,574)	5,768)	6,532)	6,311)	5,836)	6,468)	6,446)	1,870)	1,660)	2,073)	2,090)	2,137)	2,398)	3,032)	2,618)	4,242)	3,832)	4,031)	4,148)	4,661)	4,785)	4,362)	2,640)

Current liabilities	4,102)	2,275)	3,919)	3,902)	3,391)	2,023)	2,139)	2,565)	2,487)	2,542)	2,465)	2,309)	2,255)	2,375)	2,419)	3,224)	3,004)	3,031)	2,917)	3,157)	2,906)	2,992)	2,874)
Liquidity Ratio
Cash ratio¹	1.36	2.54	1.67	1.62	1.72	3.20	3.01	0.73	0.67	0.82	0.85	0.93	1.06	1.28	1.08	1.32	1.28	1.33	1.42	1.48	1.65	1.46	0.92
Benchmarks
Cash Ratio, Competitors²
Airbnb Inc.	1.12	0.76	0.87	1.21	1.20	0.88	0.95	1.31	1.21	0.78	1.00	—	—	—	—	—	—	—	—	—	—	—	—
Booking Holdings Inc.	1.08	1.22	1.31	1.46	1.07	1.15	1.41	1.78	2.01	1.67	1.88	3.08	2.82	2.66	1.54	—	—	—	—	—	—	—	—
Chipotle Mexican Grill Inc.	1.34	1.38	1.19	0.98	0.96	0.92	1.03	1.23	1.20	1.19	1.27	1.16	1.25	1.25	1.32	—	—	—	—	—	—	—	—
McDonald’s Corp.	0.87	0.44	0.80	0.68	0.81	0.54	0.55	1.17	0.85	0.77	0.66	0.56	0.59	0.45	1.35	—	—	—	—	—	—	—	—
Starbucks Corp.	0.39	0.38	0.36	0.35	0.39	0.44	0.45	0.81	0.63	0.62	0.67	0.63	0.52	0.32	0.36	0.45	0.82	0.40	0.92	—	—	—	—

¹ Q3 2023 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 5,574 ÷ 4,102 = 1.36

² Click competitor name to see calculations.

Total Cash Assets: The total cash assets demonstrated a fluctuating trend over the periods analyzed. Beginning at $2,640 million in March 2018, cash assets increased steadily, reaching a peak of $4,785 million in September 2018. This was followed by a slight decline towards the end of 2018, remaining around the $4,000 million mark until the first quarter of 2019. From March 2019 to December 2019, cash assets showed a gradual decline, bottoming at $3,832 million in September 2019 before a minor recovery in December 2019.
The period spanning early 2020 saw a significant decline, with cash assets decreasing to a low of $2,137 million by December 2020. Thereafter, the figures depicted mixed performance through 2021, generally remaining below the pre-pandemic levels, with a low point of $1,660 million in September 2021. A marked recovery was observed starting in March 2022, where cash assets surged sharply to $6,446 million and maintained elevated levels through much of 2022 and into 2023. However, this was followed by a moderate downturn in the latter half of 2023, declining to $5,574 million by September 2023.
Current Liabilities: Current liabilities exhibited relative stability with slight fluctuations in the earlier periods, ranging mostly between $2,874 million and $3,224 million from early 2018 through late 2019. A noticeable decline occurred at the onset of 2020, with liabilities reducing to around $2,255 million by September 2020, indicating a deleveraging or payment of short-term obligations during that period.
In 2021, liabilities gradually increased again, approaching $2,565 million in December 2021. Early 2022 saw a reduction in current liabilities to as low as $2,023 million by June 2022, followed by a distinct spike in the following quarters, peaking at $4,102 million in September 2023. This sharp rise signals a considerable increase in short-term obligations in the most recent quarters analyzed.
Cash Ratio: The cash ratio, which reflects liquidity by comparing cash assets to current liabilities, varied significantly over the analyzed timeframe. Starting at 0.92 in March 2018, this ratio improved steadily, peaking at 1.65 in September 2018, indicating strong liquidity at that time. The ratio generally hovered around 1.3 to 1.4 through the remainder of 2018 and most of 2019 before dropping below 1.0 at the end of 2020, reflecting tighter liquidity conditions during the pandemic.
Throughout 2021, the cash ratio further weakened, falling to a low of 0.67 in September 2021, suggesting relatively constrained liquidity. A pronounced increase was observed in 2022, with the ratio reaching very strong liquidity levels of over 3.0 in the first half of the year, before declining to approximately 1.36 by the third quarter of 2023. This pattern underscores significant volatility in liquidity positions, with notable recovery post-pandemic but partial normalization more recently.
Overall Insights: The data reflects the impact of external economic conditions, notably a strong liquidity position prior to the pandemic, a marked contraction during the crisis years of 2020 and 2021, followed by a robust recovery in cash holdings in 2022. The current liabilities followed a less volatile path until a sharp increase was noted in late 2022 and 2023, potentially due to strategic shifts or increased short-term obligations.
The liquidity, as measured by the cash ratio, mirrors these cash and liability trends, indicating fluctuating cash management strategies in response to changing operational circumstances. The overall analysis portrays a company that experienced financial stress during the pandemic, successfully rebuilt liquidity reserves afterward, but is currently facing an increase in current liabilities that may impact short-term financial flexibility.

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Las Vegas Sands Corp. (NYSE:LVS)

Analysis of Liquidity Ratios
Quarterly Data

Liquidity Ratios (Summary)

Current Ratio

Quick Ratio

Cash Ratio

Las Vegas Sands Corp. (NYSE:LVS)

Analysis of Liquidity Ratios Quarterly Data

Liquidity Ratios (Summary)

Current Ratio

Quick Ratio

Cash Ratio

Analysis of Liquidity Ratios
Quarterly Data