Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Las Vegas Sands Corp., long-term (investment) activity ratios
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).
The analysis of investment activity ratios reveals a significant disruption in asset efficiency beginning in 2020, characterized by a sharp contraction followed by a partial and inconsistent recovery through 2022.
- Net Fixed Asset Turnover
- Asset utilization efficiency remained stable between 2018 and 2019, holding steady at approximately 0.91 to 0.93. A severe decline occurred in 2020, where the ratio plummeted to 0.24. Although a recovery to 0.36 was achieved in 2021 and maintained in 2022, the efficiency levels remain substantially below the baseline established prior to 2020.
- Total Asset Turnover
- A downward trend is observed in the overall effectiveness of the asset base. The ratio declined from 0.61 in 2018 to a period low of 0.17 in 2020. Subsequent values in 2021 and 2022 showed marginal fluctuations at 0.21 and 0.19 respectively, indicating a persistent struggle to generate revenue relative to the total assets employed.
- Equity Turnover
- Equity utilization exhibited the highest degree of volatility. Following a peak of 2.65 in 2019, the ratio dropped significantly to 1.21 in 2020. While a strong recovery to 2.12 was recorded in 2021, the ratio fell sharply again to 1.06 in 2022, suggesting a reduction in the revenue-generating capacity of shareholder equity.
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Net Fixed Asset Turnover
Las Vegas Sands Corp., net fixed asset turnover 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) | ||||||
| Net revenues | 4,110) | 4,234) | 3,612) | 13,739) | 13,729) | |
| Property and equipment, net | 11,451) | 11,850) | 15,109) | 14,844) | 15,154) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | 0.36 | 0.36 | 0.24 | 0.93 | 0.91 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| Airbnb Inc. | 69.41 | 38.27 | — | — | — | |
| Booking Holdings Inc. | 25.55 | 13.33 | — | — | — | |
| Chipotle Mexican Grill Inc. | 4.43 | 4.27 | — | — | — | |
| DoorDash, Inc. | 10.33 | 12.16 | — | — | — | |
| McDonald’s Corp. | 0.92 | 0.94 | — | — | — | |
| Starbucks Corp. | 4.92 | 4.56 | 3.77 | — | — | |
| Net Fixed Asset Turnover, Sector | ||||||
| Consumer Services | 2.73 | 2.39 | — | — | — | |
| Net Fixed Asset Turnover, Industry | ||||||
| Consumer Discretionary | 3.48 | 3.32 | — | — | — | |
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
Net fixed asset turnover = Net revenues ÷ Property and equipment, net
= 4,110 ÷ 11,451 = 0.36
2 Click competitor name to see calculations.
The analysis of long-term activity ratios reveals a significant disruption in asset efficiency beginning in 2020, characterized by a sharp divergence between revenue generation and the fixed asset base.
- Net Revenue Trends
- Revenue performance was stable between 2018 and 2019, maintaining a level of approximately 13.7 billion US$. A precipitous decline occurred in 2020, where revenues fell to 3.6 billion US$. A marginal recovery was observed in 2021 at 4.2 billion US$, followed by a slight contraction to 4.1 billion US$ in 2022.
- Fixed Asset Base Evolution
- Net property and equipment remained relatively consistent from 2018 through 2020, fluctuating between 14.8 billion and 15.2 billion US$. A notable downward shift occurred in 2021, with the net value decreasing to 11.8 billion US$, and further declining to 11.5 billion US$ by the end of 2022, suggesting potential asset impairments or divestments.
- Net Fixed Asset Turnover Analysis
- The net fixed asset turnover ratio experienced a severe contraction from a high of 0.93 in 2019 to 0.24 in 2020, indicating a substantial loss in the ability of fixed assets to generate sales. While the ratio recovered to 0.36 in 2021 and remained constant through 2022, efficiency levels remained significantly lower than the pre-2020 baseline. This stabilization in 2021 and 2022 was driven by the dual effect of slight revenue increases and a reduction in the total net fixed asset base.
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Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Las Vegas Sands Corp., net fixed asset turnover (including operating lease, right-of-use asset) 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) | ||||||
| Net revenues | 4,110) | 4,234) | 3,612) | 13,739) | 13,729) | |
| Property and equipment, net | 11,451) | 11,850) | 15,109) | 14,844) | 15,154) | |
| Operating lease ROU assets (included in Other assets, net) | 23) | 24) | 178) | 190) | —) | |
| Property and equipment, net (including operating lease, right-of-use asset) | 11,474) | 11,874) | 15,287) | 15,034) | 15,154) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 0.36 | 0.36 | 0.24 | 0.91 | 0.91 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| Airbnb Inc. | 32.43 | 13.98 | — | — | — | |
| Booking Holdings Inc. | 13.01 | 8.31 | — | — | — | |
| Chipotle Mexican Grill Inc. | 1.64 | 1.54 | — | — | — | |
| DoorDash, Inc. | 6.14 | 6.62 | — | — | — | |
| McDonald’s Corp. | 0.64 | 0.61 | — | — | — | |
| Starbucks Corp. | 2.21 | 1.99 | 1.64 | — | — | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Consumer Services | 1.63 | 1.36 | — | — | — | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Consumer Discretionary | 2.66 | 2.52 | — | — | — | |
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
Net fixed asset turnover (including operating lease, right-of-use asset) = Net revenues ÷ Property and equipment, net (including operating lease, right-of-use asset)
= 4,110 ÷ 11,474 = 0.36
2 Click competitor name to see calculations.
Between 2018 and 2022, a significant volatility in asset utilization efficiency is evident. The operational capacity was stable through 2019, followed by a severe contraction in revenue generation relative to the fixed asset base starting in 2020.
- Net Revenue Performance
- Revenues remained consistent at approximately 13.7 billion USD during 2018 and 2019. A sharp decline occurred in 2020, with revenues falling to 3.6 billion USD. A marginal recovery was observed in 2021 and 2022, although figures remained substantially lower than the pre-2020 baseline.
- Net Fixed Asset Trends
- Property and equipment, net, showed relative stability from 2018 to 2020, peaking at 15.3 billion USD. A notable reduction in the asset base occurred in 2021 and 2022, with the value decreasing to 11.5 billion USD by the end of the period.
- Net Fixed Asset Turnover Analysis
- The turnover ratio remained constant at 0.91 in 2018 and 2019, indicating a stable relationship between asset investment and revenue. This ratio collapsed to 0.24 in 2020, reflecting a critical drop in asset productivity. While the ratio improved to 0.36 in 2021 and stabilized at that level in 2022, the recovery is partially attributed to the reduction of the fixed asset base rather than a full restoration of revenue streams.
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Total Asset Turnover
Las Vegas Sands Corp., total asset turnover 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) | ||||||
| Net revenues | 4,110) | 4,234) | 3,612) | 13,739) | 13,729) | |
| Total assets | 22,039) | 20,059) | 20,807) | 23,199) | 22,547) | |
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | 0.19 | 0.21 | 0.17 | 0.59 | 0.61 | |
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| Airbnb Inc. | 0.52 | 0.44 | — | — | — | |
| Booking Holdings Inc. | 0.67 | 0.46 | — | — | — | |
| Chipotle Mexican Grill Inc. | 1.25 | 1.13 | — | — | — | |
| DoorDash, Inc. | 0.67 | 0.72 | — | — | — | |
| McDonald’s Corp. | 0.46 | 0.43 | — | — | — | |
| Starbucks Corp. | 1.15 | 0.93 | 0.80 | — | — | |
| Total Asset Turnover, Sector | ||||||
| Consumer Services | 0.70 | 0.60 | — | — | — | |
| Total Asset Turnover, Industry | ||||||
| Consumer Discretionary | 0.96 | 0.88 | — | — | — | |
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
Total asset turnover = Net revenues ÷ Total assets
= 4,110 ÷ 22,039 = 0.19
2 Click competitor name to see calculations.
The analysis of investment activity ratios reveals a significant contraction in asset utilization efficiency beginning in 2020. While the asset base remained relatively stable over the five-year period, a precipitous drop in net revenues led to a severe decline in the total asset turnover ratio, from which a full recovery has not yet materialized.
- Revenue Trends
- Net revenues remained consistent between 2018 and 2019, holding at approximately 13.7 billion US$. A sharp decline occurred in 2020, where revenues fell to 3.6 billion US$. Although a slight increase was noted in 2021 to 4.2 billion US$, the figure retracted slightly to 4.1 billion US$ by the end of 2022, representing a sustained reduction in top-line generation compared to the 2018-2019 baseline.
- Asset Base Stability
- Total assets showed moderate fluctuations, peaking at 23.2 billion US$ in 2019 before declining to a low of 20.1 billion US$ in 2021. An increase to 22.0 billion US$ in 2022 indicates that the organization maintained its capital investment levels despite the significant drop in revenue, resulting in a larger asset base relative to its current earning capacity.
- Total Asset Turnover Efficiency
- The total asset turnover ratio experienced a drastic reduction from 0.61 in 2018 to 0.17 in 2020. This trend indicates a substantial decrease in the ability to generate revenue from assets. While a marginal recovery to 0.21 was observed in 2021, the ratio declined again to 0.19 in 2022, confirming a persistent state of underutilization of assets compared to pre-2020 performance levels.
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Equity Turnover
Las Vegas Sands Corp., equity turnover 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) | ||||||
| Net revenues | 4,110) | 4,234) | 3,612) | 13,739) | 13,729) | |
| Total Las Vegas Sands Corp. stockholders’ equity | 3,881) | 1,996) | 2,973) | 5,187) | 5,684) | |
| Long-term Activity Ratio | ||||||
| Equity turnover1 | 1.06 | 2.12 | 1.21 | 2.65 | 2.42 | |
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| Airbnb Inc. | 1.51 | 1.25 | — | — | — | |
| Booking Holdings Inc. | 6.14 | 1.77 | — | — | — | |
| Chipotle Mexican Grill Inc. | 3.65 | 3.29 | — | — | — | |
| DoorDash, Inc. | 0.97 | 1.05 | — | — | — | |
| McDonald’s Corp. | — | — | — | — | — | |
| Starbucks Corp. | — | — | — | — | — | |
| Equity Turnover, Sector | ||||||
| Consumer Services | 34.91 | 10.21 | — | — | — | |
| Equity Turnover, Industry | ||||||
| Consumer Discretionary | 4.14 | 3.70 | — | — | — | |
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
Equity turnover = Net revenues ÷ Total Las Vegas Sands Corp. stockholders’ equity
= 4,110 ÷ 3,881 = 1.06
2 Click competitor name to see calculations.
The financial performance between 2018 and 2022 is characterized by significant volatility in both revenue generation and the equity base, which has resulted in inconsistent equity turnover ratios.
- Net Revenue Trends
- Net revenues remained stable between 2018 and 2019, hovering around US$ 13.7 billion. A severe contraction occurred in 2020, with revenues falling to US$ 3,612 million. Although a slight recovery was observed in 2021 (US$ 4,234 million), the figures stagnated in 2022, closing at US$ 4,110 million.
- Stockholders' Equity Fluctuations
- Total stockholders' equity experienced a steady decline from 2018 to 2021, dropping from US$ 5,684 million to a period low of US$ 1,996 million. This downward trajectory was reversed in 2022, where equity rebounded significantly to US$ 3,881 million.
- Equity Turnover Analysis
- The equity turnover ratio peaked in 2019 at 2.65, indicating efficient asset utilization relative to equity. The ratio plummeted to 1.21 in 2020, mirroring the collapse in net revenues. A sharp increase to 2.12 in 2021 was observed, which was driven more by the continued erosion of the equity base than by a substantial recovery in revenues. By 2022, the ratio fell to its lowest point of 1.06, as the substantial increase in stockholders' equity was not matched by a corresponding increase in revenue growth.
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