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.
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- Income Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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Long-term Activity Ratios (Summary)
Las Vegas Sands Corp., long-term (investment) activity ratios
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Net fixed asset turnover | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset) | ||||||
| Total asset turnover | ||||||
| Equity turnover |
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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio remained relatively stable at around 0.91 to 0.93 during 2018 and 2019. However, there was a significant decline in 2020, dropping sharply to 0.24. Following this decrease, a partial recovery occurred in 2021 and 2022, with the ratio rising to 0.36 in both years. This trend suggests a considerable reduction in efficiency in utilizing fixed assets in 2020, likely due to external factors affecting operations, followed by a moderate improvement.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- This adjusted measure mirrors the trend observed in the standard net fixed asset turnover ratio. It held steady near 0.91 in 2018 and 2019, fell sharply to 0.24 in 2020, and then improved to 0.36 in each of the subsequent two years. The parallel movement indicates that including operating leases and right-of-use assets does not materially alter the interpretation of fixed asset efficiency over the periods analyzed.
- Total Asset Turnover
- The total asset turnover ratio shows a gradual decrease from 0.61 in 2018 to 0.59 in 2019, followed by a pronounced drop to 0.17 in 2020. There was a slight improvement in 2021 to 0.21, but the ratio declined again to 0.19 in 2022. This pattern reflects diminished effectiveness in generating sales from total assets during 2020, with minor recovery afterward but no return to pre-2020 levels.
- Equity Turnover
- The equity turnover ratio experienced fluctuations across the reviewed years. It increased modestly from 2.42 in 2018 to 2.65 in 2019, then decreased sharply to 1.21 in 2020. A notable rebound occurred in 2021, raising the ratio to 2.12, followed by another substantial decline to 1.06 in 2022. These movements indicate variability in how efficiently equity capital is utilized to generate revenue, with a significant disruption in 2020, partial recovery in 2021, and renewed decline in the latest period.
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 | ||||||
| Property and equipment, net | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| DoorDash, Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| Net Fixed Asset Turnover, Sector | ||||||
| Consumer Services | ||||||
| Net Fixed Asset Turnover, 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
Net fixed asset turnover = Net revenues ÷ Property and equipment, net
= ÷ =
2 Click competitor name to see calculations.
- Net Revenues
- Net revenues remained relatively stable between 2018 and 2019, with values of approximately 13,729 million US dollars and 13,739 million US dollars respectively. However, there was a substantial decline starting in 2020, coinciding with a significant drop to 3,612 million US dollars. This reduced level persisted in subsequent years, with slight increases to 4,234 million US dollars in 2021 and a slight decrease to 4,110 million US dollars in 2022.
- Property and Equipment, Net
- The net value of property and equipment showed moderate fluctuations. It decreased modestly from 15,154 million US dollars in 2018 to 14,844 million US dollars in 2019. The amount slightly increased again in 2020 to 15,109 million US dollars before declining more notably in 2021 to 11,850 million US dollars and further to 11,451 million US dollars in 2022. This downward trend from 2020 suggests asset disposals, impairments, or reduced investment in fixed assets.
- Net Fixed Asset Turnover
- The ratio of net fixed asset turnover followed the trend of revenues closely. It remained stable and relatively high in 2018 and 2019 at 0.91 and 0.93 respectively. However, it plummeted sharply in 2020 to 0.24, reflecting a drastic reduction in revenue relative to net fixed assets. Slight improvement occurred in 2021 and 2022, reaching 0.36 in both years, but remained substantially lower than pre-2020 levels, indicating ongoing underutilization of fixed assets.
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 | ||||||
| Property and equipment, net | ||||||
| Operating lease ROU assets (included in Other assets, net) | ||||||
| Property and equipment, net (including operating lease, right-of-use asset) | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| DoorDash, Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Consumer Services | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), 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
Net fixed asset turnover (including operating lease, right-of-use asset) = Net revenues ÷ Property and equipment, net (including operating lease, right-of-use asset)
= ÷ =
2 Click competitor name to see calculations.
- Net Revenues
- Net revenues remained relatively stable from 2018 to 2019, with values around 13.7 billion US dollars. However, there was a significant decline in 2020, dropping drastically to approximately 3.6 billion. This sharp decrease is likely attributable to external factors impacting operations during that period. In the subsequent years, 2021 and 2022, net revenues showed a moderate recovery, increasing to around 4.2 billion and slightly decreasing to 4.1 billion respectively, but still remained substantially below pre-2020 levels.
- Property and Equipment, Net
- The net value of property and equipment, including operating lease and right-of-use assets, was relatively stable between 2018 and 2020, fluctuating roughly between 15.0 and 15.3 billion US dollars. Starting from 2021, the value declined noticeably, dropping to approximately 11.9 billion, and further decreased slightly to 11.5 billion in 2022. This decline may indicate asset disposals, impairments, or revaluations during these years.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio remained steady at about 0.91 in 2018 and 2019, reflecting consistent efficiency in generating revenues from fixed assets during that period. In 2020, the ratio plummeted to 0.24, mirroring the significant drop in net revenues against a relatively stable asset base. Although the ratio improved somewhat in 2021 and 2022, rising to 0.36, it remained well below the levels observed before 2020, indicating reduced productivity or underutilization of fixed assets in generating revenue.
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 | ||||||
| Total assets | ||||||
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | ||||||
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| DoorDash, Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| Total Asset Turnover, Sector | ||||||
| Consumer Services | ||||||
| Total Asset Turnover, 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
Total asset turnover = Net revenues ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The financial data reveals several notable trends over the five-year period in question. Net revenues experienced a significant decline starting from 2019, with figures dropping sharply in 2020 and remaining subdued through 2022. The revenue levels in 2020, 2021, and 2022 were substantially lower compared to the amounts recorded in 2018 and 2019.
Total assets exhibited a downward trend following 2019. The asset base contracted consistently through 2021 before showing signs of partial recovery in 2022, though still not reaching the levels observed in 2018 and 2019.
Regarding operational efficiency, the total asset turnover ratio decreased markedly from 0.61 in 2018 and 0.59 in 2019 to substantially lower values in the subsequent years, touching a low of 0.17 in 2020. A modest improvement is visible in 2021, with the ratio increasing to 0.21, but it slightly declined again to 0.19 in 2022. This metric trend reflects a decline in the efficiency with which the company utilized its assets to generate revenue over this timeframe.
- Revenue Pattern
- Stable and robust in 2018 and 2019, then a steep drop in 2020 with persistently low revenues thereafter.
- Asset Base
- Gradual reduction from 2019 to 2021, followed by some recovery in 2022 but not to previous peak levels.
- Asset Turnover Ratio
- Substantial decline starting in 2020, indicating reduced efficiency in asset utilization, with only limited recovery by 2022.
Overall, the period demonstrates a challenging environment marked by reduced revenue and asset contraction, accompanied by diminished efficiency in asset usage. The improvement in asset turnover in 2021 suggests some operational adjustments, though the levels remain below those in earlier years. The trends point to operational and market difficulties impacting performance during this timeframe.
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 | ||||||
| Total Las Vegas Sands Corp. stockholders’ equity | ||||||
| Long-term Activity Ratio | ||||||
| Equity turnover1 | ||||||
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| DoorDash, Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| Equity Turnover, Sector | ||||||
| Consumer Services | ||||||
| Equity Turnover, 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
Equity turnover = Net revenues ÷ Total Las Vegas Sands Corp. stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
- Net Revenues
- The net revenues showed a stable trend between 2018 and 2019, remaining around 13.7 billion US dollars. However, there was a significant decline in 2020, dropping sharply to 3.6 billion. This decrease coincided with the global disruptions during that period. In 2021 and 2022, revenues exhibited a moderate recovery, rising to approximately 4.2 billion and slightly decreasing to 4.1 billion respectively, yet still far below pre-2020 levels.
- Total Stockholders’ Equity
- Total stockholders' equity declined consistently from 5.7 billion in 2018 to 2.0 billion in 2021, indicating a substantial decrease in the company's net assets over the four-year span. The largest year-over-year declines appeared between 2019 and 2021. In 2022, equity rebounded to 3.9 billion, suggesting some restoration in the company's financial position but remaining below the initial levels of 2018 and 2019.
- Equity Turnover Ratio
- The equity turnover ratio experienced fluctuations aligned with changes in revenue and equity. It peaked at 2.65 in 2019, then dropped sharply to 1.21 in 2020, reflecting lowered revenue relative to equity. In 2021, the ratio improved significantly to 2.12, suggesting enhanced efficiency in utilizing equity for generating revenues despite reduced equity levels. The ratio decreased again in 2022 to 1.06, the lowest point in the observed period, indicating reduced revenue generation capacity relative to equity.
- Summary
- The data reveals a pronounced impact on financial performance starting 2020, with a drastic fall in net revenues and equity, reflecting external adverse conditions. Partial recovery in revenues and equity was evident by 2022, though the company had not returned to pre-2019 financial metrics by the end of the period. The equity turnover ratio, indicative of revenue efficiency relative to equity, showed volatility, peaking prior to the downturn and declining notably thereafter, signaling ongoing challenges in generating revenue from its equity base.