Price to FCFE (P/FCFE)
Free Cash Flow to Equity (FCFE)
Las Vegas Sands Corp., FCFE calculation
US$ in millions
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 financial data indicates a significant deterioration in cash flow generation between 2018 and 2022, characterized by a transition from strong positive surpluses to persistent negative values.
- Net Cash Generated from Operating Activities
- A sharp downward trajectory is evident, with cash flows decreasing from 4,701 million US$ in 2018 to 3,038 million US$ in 2019. This trend accelerated into a deficit starting in 2020, reaching -1,312 million US$. While a marginal improvement occurred in 2021 with a value of -243 million US$, the figures returned to a more pronounced negative position of -944 million US$ by the end of 2022.
- Free Cash Flow to Equity (FCFE)
- FCFE exhibited high volatility and a subsequent collapse. In 2018, FCFE peaked at 6,054 million US$, notably exceeding operating cash flow, which suggests substantial financing inflows or asset divestments during that period. This figure declined to 2,159 million US$ in 2019 before turning negative in 2020 at -1,194 million US$. Similar to operating activities, FCFE remained negative through 2021 (-398 million US$) and 2022 (-463 million US$), indicating a sustained inability to generate cash available for distribution to equity holders.
The strong correlation between operating cash flows and FCFE suggests that the erosion of core operational liquidity is the primary driver of the negative equity cash flows. The failure to return to positive territory by 2022 underscores a prolonged period of liquidity pressure and operational instability.
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Price to FCFE Ratio, Current
Las Vegas Sands Corp., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | 764,490,874 |
| Selected Financial Data (US$) | |
| 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. | 22.08 |
| Booking Holdings Inc. | 16.09 |
| Chipotle Mexican Grill Inc. | 30.93 |
| DoorDash, Inc. | 20.29 |
| McDonald’s Corp. | 27.66 |
| Starbucks Corp. | 41.23 |
| P/FCFE, Sector | |
| Consumer Services | 30.23 |
| P/FCFE, Industry | |
| Consumer Discretionary | 68.11 |
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.
Price to FCFE Ratio, Historical
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$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | (463) | (398) | (1,194) | 2,159) | 6,054) | |
| FCFE per share3 | -0.61 | -0.52 | -1.56 | 2.83 | 7.81 | |
| Share price1, 4 | 58.08 | 44.20 | 55.57 | 66.80 | 61.61 | |
| Valuation Ratio | ||||||
| P/FCFE5 | — | — | — | 23.63 | 7.89 | |
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Airbnb Inc. | 24.76 | 54.32 | — | — | — | |
| Booking Holdings Inc. | 11.52 | 69.02 | — | — | — | |
| Chipotle Mexican Grill Inc. | 52.59 | 51.88 | — | — | — | |
| DoorDash, Inc. | 1,011.74 | 292.52 | — | — | — | |
| McDonald’s Corp. | 28.85 | 30.21 | — | — | — | |
| Starbucks Corp. | 34.82 | 45.80 | 20.79 | — | — | |
| P/FCFE, Sector | ||||||
| Consumer Services | 24.72 | 45.10 | — | — | — | |
| P/FCFE, Industry | ||||||
| Consumer Discretionary | 36.45 | 83.41 | — | — | — | |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 Data adjusted for splits and stock dividends.
3 2022 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= -463,000,000 ÷ 764,273,371 = -0.61
4 Closing price as at the filing date of Las Vegas Sands Corp. Annual Report.
5 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= 58.08 ÷ -0.61 = —
6 Click competitor name to see calculations.
The financial performance from 2018 to 2022 is characterized by a significant contraction in cash flow generation and subsequent volatility in market valuation metrics.
- Free Cash Flow to Equity (FCFE) Trends
- A severe downward trajectory in FCFE per share is observed, beginning with a value of 7.81 US$ in 2018 and falling to 2.83 US$ in 2019. The metric transitioned into negative territory in 2020 (-1.56 US$) and remained negative through 2022, concluding at -0.61 US$. This progression indicates a fundamental shift from the generation of surplus cash for equity holders to a prolonged period of net cash consumption.
- Price to FCFE (P/FCFE) Ratio Analysis
- The P/FCFE ratio expanded sharply from 7.89 in 2018 to 23.63 in 2019, a result of FCFE declining more rapidly than the share price. For the period between 2020 and 2022, the ratio is non-calculable, as negative FCFE values render this specific valuation multiple inapplicable.
- Share Price Correlation
- The share price exhibited significant volatility, reaching a peak of 66.80 US$ in 2019 before declining to a period low of 44.20 US$ in 2021. A partial recovery to 58.08 US$ is noted by the end of 2022, despite the continued persistence of negative FCFE per share, suggesting that market pricing began to diverge from immediate cash flow performance in the final year of the analyzed period.
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