Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Current Valuation Ratios
Las Vegas Sands Corp. | Airbnb Inc. | Booking Holdings Inc. | Chipotle Mexican Grill Inc. | McDonald’s Corp. | Starbucks Corp. | Consumer Services | Consumer Discretionary | ||||
---|---|---|---|---|---|---|---|---|---|---|---|
Selected Financial Data | |||||||||||
Current share price (P) | $45.32 | ||||||||||
No. shares of common stock outstanding | 764,490,874 | ||||||||||
Growth rate (g) | 2.10% | ||||||||||
Earnings per share (EPS) | $2.40 | ||||||||||
Next year expected EPS | $2.45 | ||||||||||
Operating profit per share | $-1.04 | ||||||||||
Sales per share | $5.38 | ||||||||||
Book value per share (BVPS) | $5.08 | ||||||||||
Valuation Ratios (Price Multiples) | |||||||||||
Price to earnings (P/E) | 18.91 | 32.03 | 31.70 | 51.15 | 25.87 | 28.68 | 43.79 | 72.13 | |||
Price to next year expected earnings | 18.52 | 36.56 | 20.77 | 38.41 | — | — | — | 59.86 | |||
Price-earnings-growth (PEG) | 8.99 | — | 0.60 | 1.54 | — | — | — | 3.52 | |||
Price to sales (P/S) | 8.43 | 7.64 | 7.86 | 6.94 | 8.21 | 2.98 | 7.49 | 3.66 | |||
Price to book value (P/BV) | 8.93 | 10.08 | — | 21.47 | — | — | — | 15.39 |
Based on: 10-K (reporting date: 2022-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
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 financial ratios over the examined periods reveals several notable trends and fluctuations. The Price to Earnings (P/E) ratio was relatively stable between 2018 and 2019, decreasing slightly from 19.79 to 18.91, before data for 2020 and 2021 becomes unavailable. In 2022, this ratio increased significantly to 24.23, indicating a heightened market valuation relative to earnings in the most recent year.
The Price to Operating Profit (P/OP) ratio shows a small upward trend from 12.73 in 2018 to 13.8 in 2019, but lacks data for subsequent years. This early increase suggests a modest rise in stock price relative to operating profit, though trends beyond 2019 cannot be confirmed.
The Price to Sales (P/S) ratio exhibits considerable volatility throughout the periods. It rose steadily from 3.48 in 2018 to 3.71 in 2019, then surged sharply to 11.75 in 2020. This spike may reflect a substantial change in market perception or sales performance. The ratio then declined to 7.98 in 2021 before rising again to 10.8 in 2022, suggesting fluctuating investor pricing relative to sales over these years.
Regarding the Price to Book Value (P/BV) ratio, there is a clear upward trend from 8.4 in 2018 to a peak of 16.92 in 2021, indicating increasing market valuation relative to the book value of equity. However, in 2022, this ratio dropped notably to 11.44, suggesting a partial reversal or market reassessment relative to the company's net asset value.
Overall, the data points to increased market valuation ratios over time, with some significant volatility especially visible in the Price to Sales and Price to Book Value metrics. The fluctuations may reflect changing investor sentiment, market conditions, or company-specific events impacting earnings, sales, and book value assessments.
Price to Earnings (P/E)
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$) | ||||||
Net income (loss) attributable to Las Vegas Sands Corp. (in millions) | 1,832) | (961) | (1,685) | 2,698) | 2,413) | |
Earnings per share (EPS)2 | 2.40 | -1.26 | -2.21 | 3.53 | 3.11 | |
Share price1, 3 | 58.08 | 44.20 | 55.57 | 66.80 | 61.61 | |
Valuation Ratio | ||||||
P/E ratio4 | 24.23 | — | — | 18.91 | 19.79 | |
Benchmarks | ||||||
P/E Ratio, Competitors5 | ||||||
Airbnb Inc. | 44.53 | — | — | — | — | |
Booking Holdings Inc. | 29.87 | 86.68 | 1,696.44 | — | — | |
Chipotle Mexican Grill Inc. | 49.37 | 67.03 | 122.18 | — | — | |
McDonald’s Corp. | 31.22 | 24.15 | 33.31 | — | — | |
Starbucks Corp. | 34.26 | 30.95 | 118.26 | 27.63 | — | |
P/E Ratio, Sector | ||||||
Consumer Services | 34.32 | 42.14 | 360.30 | — | — | |
P/E Ratio, Industry | ||||||
Consumer Discretionary | 44.76 | 38.75 | 72.10 | — | — |
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 2022 Calculation
EPS = Net income (loss) attributable to Las Vegas Sands Corp. ÷ No. shares of common stock outstanding
= 1,832,000,000 ÷ 764,273,371 = 2.40
3 Closing price as at the filing date of Las Vegas Sands Corp. Annual Report.
4 2022 Calculation
P/E ratio = Share price ÷ EPS
= 58.08 ÷ 2.40 = 24.23
5 Click competitor name to see calculations.
The financial data reveals significant fluctuations in key performance metrics over the five-year period ending in 2022. The share price exhibited a general decline from 2018 through 2021, dropping from $61.61 to a low of $44.20, before recovering to $58.08 in 2022. This pattern suggests a period of market challenges followed by a rebound in investor confidence.
Earnings per share (EPS) demonstrate considerable volatility, with positive values in 2018 and 2019, peaking at $3.53 in 2019. However, 2020 and 2021 experienced negative EPS of -$2.21 and -$1.26 respectively, indicating losses during those years. In 2022, EPS returned to positive territory at $2.40, signaling a recovery in profitability.
The price-to-earnings (P/E) ratio was relatively stable in 2018 and 2019, at 19.79 and 18.91 respectively. No data is available for 2020 and 2021, likely related to the negative EPS making the calculation inapplicable. In 2022, the P/E ratio reached 24.23, higher than the earlier years, which may reflect improved earnings expectations or adjusted market valuation.
- Share Price Trend
- Decreased from $61.61 in 2018 to $44.20 in 2021, rebounded to $58.08 in 2022.
- Earnings per Share (EPS)
- Positive in 2018 and 2019, negative in 2020 and 2021, recovered to positive in 2022 at $2.40.
- Price-to-Earnings (P/E) Ratio
- Stable near 19-20 in 2018-2019, unavailable during loss years 2020-2021, increased to 24.23 in 2022.
Overall, the data indicates a challenging period for profitability during 2020 and 2021, possibly due to extraordinary or operational difficulties, with signs of recovery emerging in 2022 as reflected in positive earnings and a rising P/E ratio. The share price movements correspond with these underlying profitability trends, suggesting market responsiveness to financial performance improvements.
Price to Operating Profit (P/OP)
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
---|---|---|---|---|---|---|
No. shares of common stock outstanding1 | 764,273,371 | 763,989,752 | 763,842,938 | 763,684,915 | 775,051,979 | |
Selected Financial Data (US$) | ||||||
Operating income (loss) (in millions) | (792) | (689) | (1,688) | 3,698) | 3,751) | |
Operating profit per share2 | -1.04 | -0.90 | -2.21 | 4.84 | 4.84 | |
Share price1, 3 | 58.08 | 44.20 | 55.57 | 66.80 | 61.61 | |
Valuation Ratio | ||||||
P/OP ratio4 | — | — | — | 13.80 | 12.73 | |
Benchmarks | ||||||
P/OP Ratio, Competitors5 | ||||||
Airbnb Inc. | 46.78 | 232.24 | — | — | — | |
Booking Holdings Inc. | 17.91 | 40.46 | — | — | — | |
Chipotle Mexican Grill Inc. | 38.25 | 54.38 | 149.81 | — | — | |
McDonald’s Corp. | 20.58 | 17.59 | 21.51 | — | — | |
Starbucks Corp. | 24.35 | 26.68 | 70.29 | 24.39 | — | |
P/OP Ratio, Sector | ||||||
Consumer Services | 23.82 | 29.36 | 108.27 | — | — | |
P/OP Ratio, Industry | ||||||
Consumer Discretionary | 26.77 | 40.49 | 58.11 | — | — |
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 2022 Calculation
Operating profit per share = Operating income (loss) ÷ No. shares of common stock outstanding
= -792,000,000 ÷ 764,273,371 = -1.04
3 Closing price as at the filing date of Las Vegas Sands Corp. Annual Report.
4 2022 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 58.08 ÷ -1.04 = —
5 Click competitor name to see calculations.
- Share Price
- The share price shows a fluctuating trend over the observed periods. It increased from $61.61 at the end of 2018 to $66.80 at the end of 2019, followed by a decline to $55.57 in 2020. The downward trend continued in 2021, reaching $44.20, but there was a partial recovery in 2022 with the price rising to $58.08.
- Operating Profit Per Share
- Operating profit per share remained stable at $4.84 in both 2018 and 2019. However, there was a significant decline in 2020, with a negative value of -$2.21, indicating operating losses. This negative trend persisted in the subsequent years, with operating loss per share at -$0.90 in 2021 and slightly worsening to -$1.04 in 2022.
- Price to Operating Profit Ratio (P/OP)
- This ratio was 12.73 in 2018, increasing modestly to 13.8 in 2019. Data for 2020 onwards is unavailable. The lack of P/OP data in years where operating profit is negative is consistent, as the ratio would not be meaningful or calculable during periods of operating losses.
Price to Sales (P/S)
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
---|---|---|---|---|---|---|
No. shares of common stock outstanding1 | 764,273,371 | 763,989,752 | 763,842,938 | 763,684,915 | 775,051,979 | |
Selected Financial Data (US$) | ||||||
Net revenues (in millions) | 4,110) | 4,234) | 3,612) | 13,739) | 13,729) | |
Sales per share2 | 5.38 | 5.54 | 4.73 | 17.99 | 17.71 | |
Share price1, 3 | 58.08 | 44.20 | 55.57 | 66.80 | 61.61 | |
Valuation Ratio | ||||||
P/S ratio4 | 10.80 | 7.98 | 11.75 | 3.71 | 3.48 | |
Benchmarks | ||||||
P/S Ratio, Competitors5 | ||||||
Airbnb Inc. | 10.04 | 16.64 | 37.16 | — | — | |
Booking Holdings Inc. | 5.35 | 9.22 | 14.73 | — | — | |
Chipotle Mexican Grill Inc. | 5.14 | 5.80 | 7.26 | — | — | |
McDonald’s Corp. | 8.32 | 7.85 | 8.20 | — | — | |
Starbucks Corp. | 3.49 | 4.47 | 4.67 | 3.75 | — | |
P/S Ratio, Sector | ||||||
Consumer Services | 5.87 | 7.25 | 9.11 | — | — | |
P/S Ratio, Industry | ||||||
Consumer Discretionary | 2.27 | 3.56 | 3.77 | — | — |
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 2022 Calculation
Sales per share = Net revenues ÷ No. shares of common stock outstanding
= 4,110,000,000 ÷ 764,273,371 = 5.38
3 Closing price as at the filing date of Las Vegas Sands Corp. Annual Report.
4 2022 Calculation
P/S ratio = Share price ÷ Sales per share
= 58.08 ÷ 5.38 = 10.80
5 Click competitor name to see calculations.
The analysis of the financial data over the five-year period reveals distinct trends in share price, sales per share, and the price-to-sales (P/S) ratio. The share price exhibited an overall decline from 2018 to 2021, descending from $61.61 to $44.20, before recovering to $58.08 in 2022. This indicates a period of weakening market valuation followed by a partial rebound.
Sales per share show a significant drop starting in 2020, declining sharply from $17.99 in 2019 to $4.73 in 2020. There was a slight recovery in 2021 to $5.54, followed by a minor decrease to $5.38 in 2022. This trend suggests a substantial reduction in revenue generation per share corresponding to the year 2020, with only marginal improvement thereafter, which could be indicative of challenges affecting sales performance during this period.
The P/S ratio demonstrates a contrasting behavior. It rose markedly in 2020 to 11.75 from 3.71 in 2019, then decreased to 7.98 in 2021, and increased again to 10.8 in 2022. This pattern suggests that despite declining sales per share, the market valuation relative to sales increased drastically in 2020, reflecting either a shift in investor expectations or a relative change in the stock price dynamics with respect to sales. The elevated P/S ratios in 2020 and 2022 imply that the market valued the company at a higher multiple of its sales compared to previous years.
Overall, the data depicts a scenario where sales performance per share dropped sharply starting in 2020, concurrent with increased market valuation multiples, resulting in fluctuating share prices. The combination of these metrics suggests that external factors may have impacted operational performance, while market perceptions possibly remained optimistic or speculative during the later years.
- Share price trend
- General decline until 2021, followed by recovery in 2022.
- Sales per share trend
- Stable through 2019, sharp fall from 2020 onwards, limited recovery.
- P/S ratio trend
- Significant increase in 2020, with fluctuating but elevated levels in subsequent years.
- Overall insight
- Operational challenges reflected in sales decline contrasted with sustained or rising market valuation multiples, indicating changing investor sentiment or external market conditions.
Price to Book Value (P/BV)
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
---|---|---|---|---|---|---|
No. shares of common stock outstanding1 | 764,273,371 | 763,989,752 | 763,842,938 | 763,684,915 | 775,051,979 | |
Selected Financial Data (US$) | ||||||
Total Las Vegas Sands Corp. stockholders’ equity (in millions) | 3,881) | 1,996) | 2,973) | 5,187) | 5,684) | |
Book value per share (BVPS)2 | 5.08 | 2.61 | 3.89 | 6.79 | 7.33 | |
Share price1, 3 | 58.08 | 44.20 | 55.57 | 66.80 | 61.61 | |
Valuation Ratio | ||||||
P/BV ratio4 | 11.44 | 16.92 | 14.28 | 9.84 | 8.40 | |
Benchmarks | ||||||
P/BV Ratio, Competitors5 | ||||||
Airbnb Inc. | 15.16 | 20.88 | 43.27 | — | — | |
Booking Holdings Inc. | 32.84 | 16.35 | 20.46 | — | — | |
Chipotle Mexican Grill Inc. | 18.74 | 19.05 | 21.52 | — | — | |
McDonald’s Corp. | — | — | — | — | — | |
Starbucks Corp. | — | — | — | — | — | |
P/BV Ratio, Sector | ||||||
Consumer Services | — | 167.21 | — | — | — | |
P/BV Ratio, Industry | ||||||
Consumer Discretionary | 9.55 | 13.30 | 18.17 | — | — |
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 2022 Calculation
BVPS = Total Las Vegas Sands Corp. stockholders’ equity ÷ No. shares of common stock outstanding
= 3,881,000,000 ÷ 764,273,371 = 5.08
3 Closing price as at the filing date of Las Vegas Sands Corp. Annual Report.
4 2022 Calculation
P/BV ratio = Share price ÷ BVPS
= 58.08 ÷ 5.08 = 11.44
5 Click competitor name to see calculations.
The analysis of the financial data over the five-year period reveals several noteworthy trends in the share price, book value per share (BVPS), and the price-to-book value (P/BV) ratio.
- Share Price
- The share price shows volatility with an initial increase from $61.61 in 2018 to $66.80 in 2019. This was followed by a decline to $55.57 in 2020 and further to $44.20 in 2021, indicating a significant decrease. In 2022, the share price partially recovered to $58.08, suggesting some regained investor confidence but still below the peak observed in 2019.
- Book Value per Share (BVPS)
- BVPS exhibited a declining trend from $7.33 in 2018 to $2.61 in 2021, reflecting a substantial erosion of the company's net asset value on a per-share basis. In 2022, there was a noticeable improvement to $5.08, indicating some restoration in the company's book value but not yet reaching the levels observed in 2018 or 2019.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio increased consistently from 8.4 in 2018 to a peak of 16.92 in 2021, suggesting that the market price was progressively more elevated relative to the book value, potentially reflecting high market expectations or perceived intangible asset value. However, in 2022, the ratio decreased to 11.44, which may represent a market adjustment closer to the restored book value.
Overall, the data illustrates a period of significant financial stress impacting the book value, while the share price showed resilience with recovery after a steep decline. The elevated P/BV ratios during the downturn highlight a market premium despite deteriorating book values, with partial normalization occurring in the latest year examined.