Las Vegas Sands Corp., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net income (loss) attributable to Las Vegas Sands Corp.	1,832)	(961)	(1,685)	2,698)	2,413)
Net (income) loss attributable to noncontrolling interests from continuing operations	(475)	(315)	(458)	606)	538)
Net noncash charges	(2,465)	1,122)	1,367)	995)	1,511)
Changes in operating assets and liabilities	164)	(89)	(536)	(1,261)	239)
Net cash generated from (used in) operating activities	(944)	(243)	(1,312)	3,038)	4,701)
Capital expenditures	(651)	(828)	(1,330)	(1,216)	(949)
Proceeds from disposal of property and equipment	9)	7)	1)	5)	19)
Proceeds from long-term debt	1,200)	2,702)	1,945)	4,000)	7,593)
Repayments of long-term debt	(66)	(1,867)	(467)	(3,536)	(5,178)
Payments of financing costs	(11)	(38)	(31)	(132)	(132)
Make-whole premium on early extinguishment of debt	—)	(131)	—)	—)	—)
Free cash flow to equity (FCFE)	(463)	(398)	(1,194)	2,159)	6,054)

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).

Download chart

Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Las Vegas Sands Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Las Vegas Sands Corp. FCFE increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.

Las Vegas Sands Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	764,490,874
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	(463)
FCFE per share	-0.61
Current share price (P)	45.32
Valuation Ratio
P/FCFE	—
Benchmarks
P/FCFE, Competitors¹
Airbnb Inc.	24.45
Booking Holdings Inc.	14.99
Chipotle Mexican Grill Inc.	72.18
McDonald’s Corp.	19.16
Starbucks Corp.	21.86
P/FCFE, Sector
Consumer Services	26.82
P/FCFE, Industry
Consumer Discretionary	48.02

Based on: 10-K (reporting date: 2022-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Las Vegas Sands Corp., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
No. shares of common stock outstanding¹	764,273,371	763,989,752	763,842,938	763,684,915	775,051,979
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	(463)	(398)	(1,194)	2,159)	6,054)
FCFE per share³	-0.61	-0.52	-1.56	2.83	7.81
Share price^1, 4	58.08	44.20	55.57	66.80	61.61
Valuation Ratio
P/FCFE⁵	—	—	—	23.63	7.89
Benchmarks
P/FCFE, Competitors⁶
Airbnb Inc.	24.76	54.32	99.90	—	—
Booking Holdings Inc.	11.52	69.03	37.59	15.41	—
Chipotle Mexican Grill Inc.	52.59	51.88	149.65	59.04	—
McDonald’s Corp.	28.85	30.21	22.96	17.47	—
Starbucks Corp.	34.82	45.80	20.79	20.35	5.44
P/FCFE, Sector
Consumer Services	23.78	42.78	32.80	18.62	—
P/FCFE, Industry
Consumer Discretionary	36.64	83.01	32.30	28.92	—

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 Data adjusted for splits and stock dividends.

² See details »

³ 2022 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= -463,000,000 ÷ 764,273,371 = -0.61

⁴ Closing price as at the filing date of Las Vegas Sands Corp. Annual Report.

⁵ 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= 58.08 ÷ -0.61 = —

⁶ Click competitor name to see calculations.

Download chart

Las Vegas Sands Corp. (NYSE:LVS)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical