Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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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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Profitability Ratios (Summary)
Las Vegas Sands Corp., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
- Gross Profit Margin
- The gross profit margin remained relatively stable around 49-50% from March 2019 through June 2020. A noticeable decline occurred in the second half of 2020, reaching a low of 23.17% in June 2021. Subsequently, a recovery trend began with the margin increasing steadily to 48.24% by September 2023, indicating improving underlying profitability over the recent periods.
- Operating Profit Margin
- Operating profit margin showed resilience at approximately 25-27% through 2019 but experienced a sharp decline starting in 2020, turning negative at -9.09% by the fourth quarter of 2020 and reaching a nadir of -60.77% in the first quarter of 2021. Margins remained negative through most of 2021 and 2022, reflecting significant operational challenges, before gradually recovering in 2023 to a positive 16.76% in the third quarter, signaling a significant turnaround in operating efficiency.
- Net Profit Margin
- The net profit margin mirrored the operating margin trend with positive figures approaching 20% in early 2020 followed by a steep fall into negative territory by the fourth quarter of 2020 (-12.67%) and a further plunge to -64.84% in the first quarter of 2021. A strong recovery followed from late 2021, even reaching highs above 46% in late 2022. However, 2023 showed volatility with margins dropping below zero in the second quarter but improving again to 7.81% by the third quarter, indicating fluctuating bottom-line profitability.
- Return on Equity (ROE)
- ROE experienced high volatility during the period. It was robust through 2019 with figures above 27%. However, it deteriorated sharply in 2020 and 2021, turning deeply negative to a low of -73.4% in the first quarter of 2021, implying severe shareholder value erosion. The latter part of 2021 and 2022 saw a strong rebound with ROE climbing back above 40%. The early quarters of 2023 again faced declines, but with some recovery in the third quarter to 14.72%, indicating a partial restoration of equity returns.
- Return on Assets (ROA)
- ROA showed moderate stability around 6.9-11.6% through 2019 but decreased into negative values during 2020 and most of 2021, bottoming at -9.55% in the first quarter of 2021. The recovery pattern became evident starting in late 2021, with ROA returning to positive single-digit levels by 2022 and maintaining a generally upward trajectory into 2023, despite a minor dip in the second quarter. This pattern suggests improving asset utilization and profitability over the recent intervals.
Return on Sales
Return on Investment
Gross Profit Margin
Las Vegas Sands Corp., gross profit margin 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) | ||||||||||||||||||||||||||||||
| Gross profit (loss) | ||||||||||||||||||||||||||||||
| Net revenues | ||||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| Gross profit margin1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||
| Airbnb Inc. | ||||||||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | ||||||||||||||||||||||||||||||
| DoorDash, Inc. | ||||||||||||||||||||||||||||||
| McDonald’s Corp. | ||||||||||||||||||||||||||||||
| Starbucks Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q3 2023 Calculation
Gross profit margin = 100
× (Gross profit (loss)Q3 2023
+ Gross profit (loss)Q2 2023
+ Gross profit (loss)Q1 2023
+ Gross profit (loss)Q4 2022)
÷ (Net revenuesQ3 2023
+ Net revenuesQ2 2023
+ Net revenuesQ1 2023
+ Net revenuesQ4 2022)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The financial data presents a detailed overview of the quarterly performance over multiple years, highlighting trends in net revenues, gross profit (loss), and gross profit margin.
- Net Revenues
- Net revenues exhibited relative stability from the first quarter of 2018 through the end of 2019, fluctuating between approximately 3,250 million and 3,650 million US dollars. However, starting in the first quarter of 2020, a significant decline is observed, reaching a low of 98 million US dollars in the second quarter of 2020. A gradual recovery began thereafter, with a marked upward trend starting from the first quarter of 2021, continuing into 2023. Net revenues reached 2,795 million US dollars in the third quarter of 2023, still below pre-2020 levels but demonstrating significant improvement.
- Gross Profit (Loss)
- Gross profit closely follows the pattern of net revenues. It remained relatively high and consistent through 2018 and 2019, primarily ranging between approximately 1,600 million and 1,800 million US dollars. The onset of 2020 saw a sharp deterioration, including a substantial loss of 274 million US dollars in the second quarter of 2020. Following this, gross profit gradually recovered with fluctuating performance, and by the third quarter of 2023, it had increased to 1,409 million US dollars. Although not fully restored to pre-2020 levels, this indicates a steady recovery trajectory.
- Gross Profit Margin
- Gross profit margin was broadly stable around the 49% to 50% range from early 2019 through to the end of 2019, suggesting efficient cost management relative to revenues during this period. With the sharp revenue drop in 2020, the margin also decreased markedly, bottoming out at approximately 23% in the second quarter of 2021. From mid-2021 onwards, the margin demonstrates consistent improvement, climbing to 48.24% by the third quarter of 2023. This rising margin suggests the company has effectively managed costs or shifted sales mixes to improve profitability as revenues recovered.
Overall, the data indicates a significant adverse impact starting in early 2020, likely attributable to external disruptive events. Thereafter, there has been a steady recovery in revenues and profitability, with gross profit margins approaching levels last seen prior to the downturn. The recovery appears strong in recent quarters, reflecting improved operational performance and a gradual return towards business normalcy.
Operating Profit Margin
Las Vegas Sands Corp., operating profit margin 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) | ||||||||||||||||||||||||||||||
| Operating income (loss) | ||||||||||||||||||||||||||||||
| Net revenues | ||||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| Operating profit margin1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||
| Airbnb Inc. | ||||||||||||||||||||||||||||||
| Booking Holdings Inc. | ||||||||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | ||||||||||||||||||||||||||||||
| DoorDash, Inc. | ||||||||||||||||||||||||||||||
| McDonald’s Corp. | ||||||||||||||||||||||||||||||
| Starbucks Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q3 2023 Calculation
Operating profit margin = 100
× (Operating income (loss)Q3 2023
+ Operating income (loss)Q2 2023
+ Operating income (loss)Q1 2023
+ Operating income (loss)Q4 2022)
÷ (Net revenuesQ3 2023
+ Net revenuesQ2 2023
+ Net revenuesQ1 2023
+ Net revenuesQ4 2022)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The financial data shows notable fluctuations in operating income (loss) and net revenues over the periods analyzed, reflecting significant volatility, particularly around the years 2020 to 2022. Operating income initially demonstrates a generally stable positive trend from March 2018 through December 2019, with values consistently near or above 800 million US dollars, peaking close to 1158 million US dollars in the first quarter of 2018. During this period, the operating profit margin remains strong, consistently above 25%, indicating effective cost management relative to revenues.
Starting in the first quarter of 2020, there is a pronounced decline in operating income, plummeting from modest gains to sharp losses, reaching a nadir at -922 million US dollars in the second quarter of 2020. This downturn coincides with a similar collapse in net revenues, which drop from over 3,500 million US dollars in late 2019 to under 100 million in the mid-2020 quarter. The operating profit margin mirrors this decline, sliding from positive double digits to deeply negative percentages, with the margin bottoming out at -60.77% in the fourth quarter of 2020. This period clearly illustrates severe operational challenges, likely driven by external or market disruptions, as evidenced by the stark contraction in revenues and profitability.
Following this period, there is a gradual recovery observed in both net revenues and operating income. Net revenues show a steady increase from the low point of 98 million US dollars in the second quarter of 2020 to approximately 2,795 million US dollars by the third quarter of 2023. Operating income remains negative through much of 2021 and 2022, fluctuating between losses of roughly 300 million US dollars and smaller deficits under 200 million US dollars. However, by the first quarter of 2023, operating income returns to a positive trajectory, reaching 378 million US dollars and continuing upward to 688 million US dollars by the third quarter of 2023.
The operating profit margin follows a parallel path, slowly recovering from deeply negative values in 2020 and 2021, moving into slightly negative territory through much of 2022, and turning positive again by 2023. Margins improve from a low of nearly -61% in late 2020 to positive 16.76% by the third quarter of 2023, indicating a restoration of operational efficiency and profitability.
Overall, the data reflects a significant disruption period beginning in early 2020, followed by a gradual and sustained recovery in financial performance over the ensuing years. While revenues and profitability have not yet fully returned to pre-2020 peak levels by the third quarter of 2023, the upward trends in operating income and operating margin demonstrate resilience and improving operational conditions. This suggests effective management responses to adverse conditions and a rebuilding phase aligned with improving market or operational environments.
- Operating Income (Loss)
- Stable positive values from 2018 through 2019; sharp decline to significant losses in 2020; gradual recovery leading to positive values in 2023.
- Net Revenues
- Relatively consistent above 3,000 million US dollars pre-2020; severe drop in early 2020; steady recovery toward late 2023 but still below peak pre-2020 levels.
- Operating Profit Margin
- Healthy margin above 25% before 2020; steep descent to negative margins in 2020 and 2021; recovery starting in 2022, returning to positive figures by 2023.
Net Profit Margin
Las Vegas Sands Corp., net profit margin 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) | ||||||||||||||||||||||||||||||
| Net income (loss) attributable to Las Vegas Sands Corp. | ||||||||||||||||||||||||||||||
| Net revenues | ||||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| Net profit margin1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||
| Airbnb Inc. | ||||||||||||||||||||||||||||||
| Booking Holdings Inc. | ||||||||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | ||||||||||||||||||||||||||||||
| DoorDash, Inc. | ||||||||||||||||||||||||||||||
| McDonald’s Corp. | ||||||||||||||||||||||||||||||
| Starbucks Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q3 2023 Calculation
Net profit margin = 100
× (Net income (loss) attributable to Las Vegas Sands Corp.Q3 2023
+ Net income (loss) attributable to Las Vegas Sands Corp.Q2 2023
+ Net income (loss) attributable to Las Vegas Sands Corp.Q1 2023
+ Net income (loss) attributable to Las Vegas Sands Corp.Q4 2022)
÷ (Net revenuesQ3 2023
+ Net revenuesQ2 2023
+ Net revenuesQ1 2023
+ Net revenuesQ4 2022)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The financial data reveals several notable trends and fluctuations in the performance metrics over the analyzed periods.
- Net Income (Loss) Attributable to Las Vegas Sands Corp.
- The net income figures demonstrate significant volatility across the quarters. From positive earnings in early 2018, net income experienced a sharp decline starting in the fourth quarter of 2018, turning into losses in 2020, coinciding with the global disruptions during that period. The deepest losses occurred in the middle of 2020, with a gradual recovery beginning in 2021, although with periodic negative results. Notably, the first quarter of 2022 shows a remarkable rebound with a strong positive net income, followed by fluctuating negative values in subsequent quarters. The most recent quarters indicate a return into positive territory, although net income levels remain below the pre-2020 peak.
- Net Revenues
- Revenue trends mirror the disruption seen in net income but show a somewhat steadier pattern. Net revenues were relatively stable from 2018 through the first quarter of 2019, followed by some variability but maintaining figures generally above 3,000 million USD. However, a sharp decline took place starting in the first quarter of 2020, with revenues plunging dramatically to single- or low triple-digit amounts through much of that year. From early 2021 onwards, revenues exhibit a gradual recovery trend, increasing quarter by quarter, ultimately exceeding 2,500 million USD by the third quarter of 2023. Although the revenue recovery is evident, it has yet to reach the levels recorded before the downturn in 2020.
- Net Profit Margin
- Profit margin data reflects the profitability fluctuations relative to revenue. Margins were positive and moderately strong before 2020, with values typically above 10%. The margin contracted sharply into negative territory during 2020, reaching deeply negative levels particularly in the third and fourth quarters, indicative of losses outweighing revenues during that crisis period. Starting around early 2021, margins improved but remained negative for several quarters, reflecting ongoing challenges in regaining profitability. A notable improvement occurred in early 2022, with margins surging to over 45%, suggesting a significant operational or financial performance improvement. However, following that peak, margins decreased again, including a return to negative in the second quarter of 2023, before moving back up to positive by the subsequent quarter. This pattern indicates ongoing volatility in profitability despite revenue recovery.
Overall, the data depicts a business that experienced a significant downturn beginning in early 2020, with widespread impacts on income, revenue, and profitability. While a recovery phase is evident from 2021 onwards, with improving revenues and narrowing losses, the financial performance remains variable, and pre-downturn profitability levels have not been consistently restored. The strong rebound in early 2022 suggests potential responsiveness to recovery measures, but continued fluctuations imply ongoing market or operational challenges.
Return on Equity (ROE)
Las Vegas Sands Corp., ROE 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) | ||||||||||||||||||||||||||||||
| Net income (loss) attributable to Las Vegas Sands Corp. | ||||||||||||||||||||||||||||||
| Total Las Vegas Sands Corp. stockholders’ equity | ||||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| ROE1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||||||
| Airbnb Inc. | ||||||||||||||||||||||||||||||
| Booking Holdings Inc. | ||||||||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | ||||||||||||||||||||||||||||||
| DoorDash, Inc. | ||||||||||||||||||||||||||||||
| McDonald’s Corp. | ||||||||||||||||||||||||||||||
| Starbucks Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q3 2023 Calculation
ROE = 100
× (Net income (loss) attributable to Las Vegas Sands Corp.Q3 2023
+ Net income (loss) attributable to Las Vegas Sands Corp.Q2 2023
+ Net income (loss) attributable to Las Vegas Sands Corp.Q1 2023
+ Net income (loss) attributable to Las Vegas Sands Corp.Q4 2022)
÷ Total Las Vegas Sands Corp. stockholders’ equity
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The data reveals significant fluctuations in the financial performance and equity position over the observed periods. The net income attributable to the company exhibited notable volatility, with positive values during most quarters from 2018 through early 2020, followed by a pronounced downturn coinciding with the onset of the pandemic period in 2020. Specifically, the net income turned negative starting in the first quarter of 2020 and continued to show losses through the end of 2021. A recovery trend began in early 2022, with net income returning to positive figures in the first quarter of 2022 and maintaining positive results through to the third quarter of 2023.
Total stockholders' equity displayed a gradual decline from 2018 through 2021, reaching its lowest points in late 2020 and early 2021. This decline aligns temporally with the negative net income periods, suggesting an erosion of equity due to sustained losses. However, equity levels improved significantly starting in early 2022, nearly doubling in value by the end of the data period in late 2023, indicating restoration of financial strength and capital base.
The Return on Equity (ROE) data is incomplete for the early periods but shows striking variations in later quarters. During the positive net income phase before 2020, ROE values were robust, reaching highs above 50%, evidencing strong profitability relative to equity. In the negative income intervals from 2020 through 2021, ROE turned sharply negative, reaching substantial negative percentages reflecting continued financial strain and loss of shareholder value. Starting in 2022, ROE rebounded markedly into positive territory, stabilizing between approximately 40% and 48% during most quarters of 2022 and early 2023 before moderating toward lower but positive values in mid to late 2023.
Overall, the data indicates a period of financial distress associated with the pandemic impacts, followed by a phase of recovery in profitability and equity regeneration. The positive rebound in net income, equity, and ROE in recent periods suggests restoration of operational performance and financial health.
Return on Assets (ROA)
Las Vegas Sands Corp., ROA 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) | ||||||||||||||||||||||||||||||
| Net income (loss) attributable to Las Vegas Sands Corp. | ||||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| ROA1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||||||
| Airbnb Inc. | ||||||||||||||||||||||||||||||
| Booking Holdings Inc. | ||||||||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | ||||||||||||||||||||||||||||||
| DoorDash, Inc. | ||||||||||||||||||||||||||||||
| McDonald’s Corp. | ||||||||||||||||||||||||||||||
| Starbucks Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q3 2023 Calculation
ROA = 100
× (Net income (loss) attributable to Las Vegas Sands Corp.Q3 2023
+ Net income (loss) attributable to Las Vegas Sands Corp.Q2 2023
+ Net income (loss) attributable to Las Vegas Sands Corp.Q1 2023
+ Net income (loss) attributable to Las Vegas Sands Corp.Q4 2022)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the financial data over the reported quarters reveals several noteworthy trends and fluctuations in key financial measures. Net income attributable to the company exhibits significant volatility throughout the periods, reflecting varying profitability conditions. Starting with robust profits in early 2018, the net income sharply declined towards the end of 2018, turning negative. This loss persisted and even deepened into 2020, likely indicative of adverse external factors impacting operations. From 2021 onwards, there is a gradual recovery trend with net income oscillating between slight losses and modest gains, culminating in positive results by the first three quarters of 2023.
Total assets remain relatively stable across the observed quarters with minor fluctuations. The asset base experienced a slight downward trend from 2018 through the end of 2021, suggesting a possible reduction in asset holdings or asset value adjustments. However, starting in 2022, total assets show a recovery phase, increasing back towards levels comparable to previous years. This stability and recent growth in assets may indicate reinvestment or asset acquisitions.
The Return on Assets (ROA) percentage further illustrates the company's profitability dynamics in relation to its asset base. In 2018 and early 2019, the ROA values are notably strong, exceeding 6% and peaking above 11% in early 2020. However, the ROA sharply declines into the negative territory during much of 2020 and 2021, mirroring the periods of net income losses. This decline highlights operational challenges and diminished efficiency in using assets to generate profits during these years. A recovery is evident beginning in 2022, with ROA returning to positive figures and stabilizing around 3% or higher by mid-2023, suggesting improvements in asset utilization and profitability.
Overall, the company experienced a financially challenging period during 2020 and 2021, with negative earnings and returns. The subsequent recovery in net income, total assets, and ROA throughout 2022 and 2023 indicates a positive turnaround. Future performance should continue to be monitored to assess the sustainability of this recovery.