Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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).
Historical Valuation Ratios (Summary)
Las Vegas Sands Corp., historical price multiples (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).
- Price to Earnings (P/E) Ratio
- The price to earnings ratio demonstrated a general decline from 33.56 in the first quarter of 2019 to a low of 15.81 in the second quarter of 2020, indicating a more favorable valuation relative to earnings during that period. However, a notable spike to 99.36 occurred in the same quarter, reflecting increased market uncertainty or a sharp dip in earnings. Following a period with missing data, the ratio exhibited variability, ranging from mid-teens to above 800 in the third quarter of 2023, suggesting significant fluctuations in earnings or share price volatility. The peak in 2023 indicates an extreme valuation anomaly that warrants further investigation.
- Price to Operating Profit (P/OP) Ratio
- This ratio generally trended downward from 14.49 in early 2019 to 12.02 by the first quarter of 2020, implying improved operating profit valuations initially. A sharp increase to 35.07 in the second quarter of 2020 followed, possibly reflecting operational profit volatility or market conditions impacting valuation. The absence of data across several subsequent quarters limits continuous trend analysis, but observed values near the end of the dataset (74.8 and 24.11) suggest increased valuation multiples relative to operating profit, indicating possible operational performance variability or changing investor sentiment.
- Price to Sales (P/S) Ratio
- The price to sales ratio displayed a generally upward trajectory from 3.74 in early 2019 to a peak of 15.09 in the first quarter of 2021. This considerable increase suggests that the market placed a higher value on each dollar of sales over time, potentially reflecting expectations of future growth. After reaching this peak, the ratio exhibited a declining pattern, decreasing to 4.04 by the third quarter of 2023. The fluctuations during 2021 and 2022, with intermediate highs and lows, indicate a period of volatility in sales valuation, possibly driven by market conditions or company performance changes.
- Price to Book Value (P/BV) Ratio
- The price to book value ratio started at a high level of 9.35 in the first quarter of 2019, with modest fluctuations around the nine to fourteen range through 2021. A sharp decline to 5.98 in the first quarter of 2022 indicates a substantial decrease in market valuation relative to book value, perhaps due to changes in asset valuations or investor outlook. Subsequently, the ratio rose again up to 11.88 by the first quarter of 2023 before trending downward to 7.61 in the third quarter of 2023. This pattern reflects cyclical valuation adjustments, likely influenced by company fundamentals and broader market dynamics.
Price to Earnings (P/E)
Las Vegas Sands Corp., historical P/E 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 764,490,874 | 764,447,123 | 764,271,386 | 764,273,371 | 764,166,260 | 764,156,081 | 764,109,163 | 763,989,752 | 763,989,752 | 763,989,752 | 763,964,648 | 763,842,938 | 763,828,127 | 763,803,327 | 763,729,715 | 763,684,915 | 768,036,535 | 769,788,544 | 772,804,476 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net income (loss) attributable to Las Vegas Sands Corp. (in millions) | 380) | 312) | 147) | (169) | (239) | (290) | 2,530) | (123) | (368) | (192) | (278) | (299) | (565) | (820) | (1) | 629) | 533) | 954) | 582) | ||||||
| Earnings per share (EPS)2 | 0.88 | 0.07 | -0.72 | 2.40 | 2.46 | 2.29 | 2.42 | -1.26 | -1.49 | -1.75 | -2.57 | -2.21 | -0.99 | 0.45 | 2.77 | 3.53 | 2.47 | 2.52 | 1.99 | ||||||
| Share price1, 3 | 45.32 | 55.97 | 63.05 | 58.08 | 39.07 | 38.99 | 35.43 | 44.20 | 38.00 | 45.77 | 59.76 | 55.57 | 50.68 | 44.36 | 43.78 | 66.80 | 61.22 | 64.93 | 66.83 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | 51.71 | 838.94 | — | 24.23 | 15.90 | 17.04 | 14.66 | — | — | — | — | — | — | 99.36 | 15.81 | 18.91 | 24.76 | 25.80 | 33.56 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| Airbnb Inc. | 14.19 | 39.65 | 40.05 | 44.53 | 36.29 | 59.77 | 96.17 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Booking Holdings Inc. | 18.68 | 22.74 | 23.90 | 29.87 | 28.26 | 50.57 | 164.32 | 86.68 | 261.79 | 206.85 | 136.53 | — | — | — | — | — | — | — | — | ||||||
| Chipotle Mexican Grill Inc. | 44.26 | 47.35 | 54.42 | 49.37 | 50.59 | 55.45 | 61.35 | 67.03 | 69.94 | 87.74 | 102.77 | — | — | — | — | — | — | — | — | ||||||
| DoorDash, Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| McDonald’s Corp. | 23.23 | 26.39 | 31.34 | 31.22 | 34.24 | 31.53 | 25.65 | 24.15 | 25.57 | 25.43 | 33.98 | — | — | — | — | — | — | — | — | ||||||
| Starbucks Corp. | 30.66 | 36.91 | 37.77 | 34.26 | 23.05 | 19.34 | 25.86 | 30.95 | 52.55 | 137.44 | 185.40 | 118.26 | 65.20 | 27.12 | 27.92 | — | — | — | — | ||||||
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).
1 Data adjusted for splits and stock dividends.
2 Q3 2023 Calculation
EPS
= (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)
÷ No. shares of common stock outstanding
= (380,000,000 + 312,000,000 + 147,000,000 + -169,000,000)
÷ 764,490,874 = 0.88
3 Closing price as at the filing date of Las Vegas Sands Corp. Quarterly or Annual Report.
4 Q3 2023 Calculation
P/E ratio = Share price ÷ EPS
= 45.32 ÷ 0.88 = 51.71
5 Click competitor name to see calculations.
The financial data reveals significant fluctuations and trends in share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the observed quarters.
- Share Price
- The share price exhibited notable volatility throughout the periods. It started in the first quarter of 2019 at approximately $66.83 and showed a downward trend through that year, reaching $55.57 by the last quarter of 2020. The price further declined in early 2021, touching lows around $38 to $45. However, there was a recovery phase in late 2022 and the first quarter of 2023, with prices rising back towards the $58 range before declining again to around $45 by the third quarter of 2023. This pattern indicates sensitivity to external market conditions, possibly influenced by broader economic factors or company performance.
- Earnings Per Share (EPS)
- EPS showed considerable volatility and periods of negative earnings. In early 2019, EPS was positive and relatively stable, peaking at $3.53 in the fourth quarter of that year. However, from the first quarter of 2020, EPS declined sharply and turned negative by the third quarter of 2020, reaching as low as -$2.21 and continuing negative into 2021. A recovery took place during 2022, with EPS returning to positive figures near or above $2.40. Nevertheless, early 2023 saw another dip into negative territory at -$0.72 before slightly rebounding to $0.88 by the third quarter. These fluctuations may reflect operational challenges, possibly related to disruptions that affected profitability during the pandemic period and recovery phases thereafter.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio mirrors the EPS volatility and bears signs of instability. It decreased from around 33.56 in the first quarter of 2019 to 15.81 by the first quarter of 2020, reflecting improved valuation relative to earnings before the decline in profitability. As EPS turned negative through 2020 and 2021, the P/E ratio data is largely absent due to the lack of positive earnings to calculate the ratio. In 2022, with EPS recovery, P/E ratios ranged moderately between about 14.66 to 24.23, indicating renewed market confidence. However, in 2023, an extreme spike to 838.94 was observed, followed by a rapid decline to 51.71, suggesting atypical market valuation likely influenced by low positive or near-zero earnings creating distortion in the ratio.
Overall, the trends indicate the company experienced significant earnings disruptions around 2020 and 2021, which heavily influenced share price and valuation metrics. Recovery signs in 2022 suggested improved profitability and market perception, although renewed volatility in early 2023 suggests ongoing challenges or market uncertainty.
Price to Operating Profit (P/OP)
Las Vegas Sands Corp., historical P/OP 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 764,490,874 | 764,447,123 | 764,271,386 | 764,273,371 | 764,166,260 | 764,156,081 | 764,109,163 | 763,989,752 | 763,989,752 | 763,989,752 | 763,964,648 | 763,842,938 | 763,828,127 | 763,803,327 | 763,729,715 | 763,684,915 | 768,036,535 | 769,788,544 | 772,804,476 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Operating income (loss) (in millions) | 688) | 537) | 378) | (166) | (177) | (147) | (302) | (138) | (316) | (139) | (96) | (211) | (610) | (922) | 55) | 934) | 899) | 894) | 971) | ||||||
| Operating profit per share2 | 1.88 | 0.75 | -0.15 | -1.04 | -1.00 | -1.18 | -1.17 | -0.90 | -1.00 | -1.38 | -2.41 | -2.21 | -0.71 | 1.26 | 3.64 | 4.84 | 4.74 | 4.76 | 4.61 | ||||||
| Share price1, 3 | 45.32 | 55.97 | 63.05 | 58.08 | 39.07 | 38.99 | 35.43 | 44.20 | 38.00 | 45.77 | 59.76 | 55.57 | 50.68 | 44.36 | 43.78 | 66.80 | 61.22 | 64.93 | 66.83 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | 24.11 | 74.80 | — | — | — | — | — | — | — | — | — | — | — | 35.07 | 12.02 | 13.80 | 12.92 | 13.65 | 14.49 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| Airbnb Inc. | 34.45 | 46.61 | 45.09 | 46.78 | 35.98 | 57.78 | 88.47 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Booking Holdings Inc. | 15.07 | 16.75 | 17.88 | 17.91 | 14.98 | 19.34 | 28.66 | 40.46 | 66.89 | — | — | — | — | — | — | — | — | — | — | ||||||
| Chipotle Mexican Grill Inc. | 34.75 | 36.84 | 42.00 | 38.25 | 40.02 | 45.28 | 50.34 | 54.38 | 65.08 | 81.53 | 109.79 | — | — | — | — | — | — | — | — | ||||||
| DoorDash, Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| McDonald’s Corp. | 16.94 | 19.22 | 22.47 | 20.58 | 22.04 | 20.38 | 17.56 | 17.59 | 18.44 | 18.19 | 22.17 | — | — | — | — | — | — | — | — | ||||||
| Starbucks Corp. | 21.64 | 25.87 | 26.73 | 24.35 | 19.58 | 16.72 | 22.12 | 26.68 | 37.64 | 77.96 | 98.18 | 70.29 | 41.82 | 23.50 | 24.29 | — | — | — | — | ||||||
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).
1 Data adjusted for splits and stock dividends.
2 Q3 2023 Calculation
Operating profit per share
= (Operating income (loss)Q3 2023
+ Operating income (loss)Q2 2023
+ Operating income (loss)Q1 2023
+ Operating income (loss)Q4 2022)
÷ No. shares of common stock outstanding
= (688,000,000 + 537,000,000 + 378,000,000 + -166,000,000)
÷ 764,490,874 = 1.88
3 Closing price as at the filing date of Las Vegas Sands Corp. Quarterly or Annual Report.
4 Q3 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 45.32 ÷ 1.88 = 24.11
5 Click competitor name to see calculations.
The share price demonstrates a fluctuating trend over the analyzed quarters. Initially, there is a gradual decline from $66.83 to $61.22 in 2019, followed by a rebound towards the end of 2019 closing near $66.80. In 2020, the share price experienced a substantial decrease during the first half of the year amid a notable downturn in operating profit per share, reaching a low near $44.36. The price slightly recovered in late 2020 and early 2021 but showed volatility afterward, peaking at $59.76 in the first quarter of 2021 before declining again towards the end of 2021 and into early 2022, where values hovered between $35.43 and $39.07. From late 2022 to early 2023, the share price saw a significant upward movement, surging to $58.08 by the end of that year, and subsequently declined in mid-2023 to approximately $45.32.
Operating profit per share (OP per share) reveals a pronounced deterioration during the period from March 2019 to December 2020. Starting from $4.61 in early 2019, this indicator decreased steadily, turning negative by September 2020 with a low point of approximately -$2.21 in December 2020. The negative trend persisted throughout 2021 and into 2022, with values consistently below zero, indicating ongoing profitability challenges. Notably, there is a mild recovery trend starting in 2023, with operating profit per share gradually improving from -$1.04 at the beginning of the year to $1.88 by September 2023.
The price-to-operating-profit (P/OP) ratio fluctuates in line with changes in the share price and operating profit per share. Early in the period, P/OP ratios ranged from about 12.9 to 14.5, indicative of relative stability. However, as the operating profit turned negative, the P/OP ratio data become sparse, reflecting difficulty in calculation or meaningful interpretation during times of negative profitability. Notably, the ratio spikes dramatically to 74.8 by March 2023, coinciding with a modest operating profit recovery and a relatively high share price, before declining to 24.11 by June 2023. This suggests higher market valuation relative to operating profit stability during this recovery phase.
Overall, the data illustrate a business experiencing significant operational and market valuation challenges beginning in 2020, likely linked to macroeconomic and industry-specific factors. The period from mid-2020 through 2022 was marked by sustained negative profitability and share price pressure. Entering 2023, there is evidence of improvement in operating performance with a corresponding recovery in market valuation metrics, albeit with ongoing volatility in the share price and valuation multiples.
Price to Sales (P/S)
Las Vegas Sands Corp., historical P/S 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 764,490,874 | 764,447,123 | 764,271,386 | 764,273,371 | 764,166,260 | 764,156,081 | 764,109,163 | 763,989,752 | 763,989,752 | 763,989,752 | 763,964,648 | 763,842,938 | 763,828,127 | 763,803,327 | 763,729,715 | 763,684,915 | 768,036,535 | 769,788,544 | 772,804,476 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net revenues (in millions) | 2,795) | 2,542) | 2,120) | 1,117) | 1,005) | 1,045) | 943) | 1,008) | 857) | 1,173) | 1,196) | 1,146) | 586) | 98) | 1,782) | 3,509) | 3,250) | 3,334) | 3,646) | ||||||
| Sales per share2 | 11.22 | 8.87 | 6.92 | 5.38 | 5.24 | 5.04 | 5.21 | 5.54 | 5.72 | 5.37 | 3.96 | 4.73 | 7.82 | 11.31 | 15.55 | 17.99 | 17.84 | 17.96 | 17.85 | ||||||
| Share price1, 3 | 45.32 | 55.97 | 63.05 | 58.08 | 39.07 | 38.99 | 35.43 | 44.20 | 38.00 | 45.77 | 59.76 | 55.57 | 50.68 | 44.36 | 43.78 | 66.80 | 61.22 | 64.93 | 66.83 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | 4.04 | 6.31 | 9.11 | 10.80 | 7.46 | 7.73 | 6.80 | 7.98 | 6.64 | 8.53 | 15.09 | 11.75 | 6.48 | 3.92 | 2.82 | 3.71 | 3.43 | 3.61 | 3.74 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| Airbnb Inc. | 8.07 | 10.03 | 9.33 | 10.04 | 7.36 | 10.11 | 11.65 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Booking Holdings Inc. | 4.80 | 5.24 | 5.29 | 5.35 | 4.30 | 5.33 | 6.83 | 9.22 | 10.85 | 11.93 | 16.99 | — | — | — | — | — | — | — | — | ||||||
| Chipotle Mexican Grill Inc. | 5.43 | 5.68 | 6.25 | 5.14 | 4.86 | 5.15 | 5.36 | 5.80 | 6.91 | 7.52 | 6.61 | — | — | — | — | — | — | — | — | ||||||
| DoorDash, Inc. | 3.71 | 4.40 | 3.41 | 3.23 | 3.30 | 5.50 | 4.81 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| McDonald’s Corp. | 7.74 | 8.72 | 9.20 | 8.32 | 8.70 | 8.13 | 7.68 | 7.85 | 8.27 | 8.07 | 8.94 | — | — | — | — | — | — | — | — | ||||||
| Starbucks Corp. | 3.31 | 3.86 | 3.81 | 3.49 | 3.00 | 2.72 | 3.74 | 4.47 | 5.48 | 5.74 | 5.32 | 4.67 | 3.63 | 3.45 | 3.86 | — | — | — | — | ||||||
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).
1 Data adjusted for splits and stock dividends.
2 Q3 2023 Calculation
Sales per share
= (Net revenuesQ3 2023
+ Net revenuesQ2 2023
+ Net revenuesQ1 2023
+ Net revenuesQ4 2022)
÷ No. shares of common stock outstanding
= (2,795,000,000 + 2,542,000,000 + 2,120,000,000 + 1,117,000,000)
÷ 764,490,874 = 11.22
3 Closing price as at the filing date of Las Vegas Sands Corp. Quarterly or Annual Report.
4 Q3 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= 45.32 ÷ 11.22 = 4.04
5 Click competitor name to see calculations.
The data reveals distinct trends in the share price, sales per share, and price-to-sales (P/S) ratio over the period from March 2019 through September 2023. These metrics exhibit notable fluctuations influenced by underlying sales performance and market valuation changes.
- Share Price
- The share price showed moderate volatility, initially declining from $66.83 in March 2019 to a low near $38 in September 2021. This period coincided with a general downward trend, possibly reflecting market or industry challenges. From late 2021 onward, the share price rebounded sharply, reaching a peak of $63.05 in June 2023. However, it subsequently retraced to $45.32 by September 2023, indicating some short-term fluctuation after the recovery.
- Sales Per Share
- Sales per share decreased significantly from approximately $17.85 in early 2019 to a low of $4.73 by December 2020, marking a substantial reduction in revenue generation relative to shares outstanding. This reduction likely reflects operational impacts during this period. From early 2021 onward, sales per share gradually increased, reaching $11.22 by September 2023. While this recovery is notable, sales remain well below pre-2019 levels, indicating partial restoration of business performance.
- Price-to-Sales (P/S) Ratio
- The P/S ratio varied dramatically throughout the period. Starting at around 3.74 in March 2019, it declined briefly but then surged as sales per share dropped faster than share price, peaking at an extremely high 15.09 in March 2021. This indicates that the share price remained relatively elevated despite collapsing sales, suggestive of market anticipation of recovery or other investor sentiment factors. After the peak, the P/S ratio trended downward to 4.04 by September 2023, aligning more closely with improved sales figures and a stabilizing share price.
Overall, the financial metrics illustrate a period of significant disruption followed by gradual recovery. The sharp sales decline and elevated valuation multiples in 2020–2021 suggest market pricing adjustments in response to changed operational realities. The partial recovery in sales per share and the normalization of the P/S ratio in recent quarters indicate improving fundamentals and a more balanced market valuation relative to sales performance.
Price to Book Value (P/BV)
Las Vegas Sands Corp., historical P/BV 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 764,490,874 | 764,447,123 | 764,271,386 | 764,273,371 | 764,166,260 | 764,156,081 | 764,109,163 | 763,989,752 | 763,989,752 | 763,989,752 | 763,964,648 | 763,842,938 | 763,828,127 | 763,803,327 | 763,729,715 | 763,684,915 | 768,036,535 | 769,788,544 | 772,804,476 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Total Las Vegas Sands Corp. stockholders’ equity (in millions) | 4,553) | 4,330) | 4,056) | 3,881) | 3,900) | 4,191) | 4,529) | 1,996) | 2,102) | 2,491) | 2,673) | 2,973) | 3,199) | 3,720) | 4,489) | 5,187) | 5,359) | 5,560) | 5,525) | ||||||
| Book value per share (BVPS)2 | 5.96 | 5.66 | 5.31 | 5.08 | 5.10 | 5.48 | 5.93 | 2.61 | 2.75 | 3.26 | 3.50 | 3.89 | 4.19 | 4.87 | 5.88 | 6.79 | 6.98 | 7.22 | 7.15 | ||||||
| Share price1, 3 | 45.32 | 55.97 | 63.05 | 58.08 | 39.07 | 38.99 | 35.43 | 44.20 | 38.00 | 45.77 | 59.76 | 55.57 | 50.68 | 44.36 | 43.78 | 66.80 | 61.22 | 64.93 | 66.83 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | 7.61 | 9.88 | 11.88 | 11.44 | 7.66 | 7.11 | 5.98 | 16.92 | 13.81 | 14.04 | 17.08 | 14.28 | 12.10 | 9.11 | 7.45 | 9.84 | 8.77 | 8.99 | 9.35 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| Airbnb Inc. | 8.49 | 18.03 | 15.36 | 15.16 | 10.67 | 14.23 | 16.27 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Booking Holdings Inc. | — | — | 89.53 | 32.84 | 18.79 | 19.51 | 19.54 | 16.35 | 18.03 | 17.84 | 20.15 | — | — | — | — | — | — | — | — | ||||||
| Chipotle Mexican Grill Inc. | 17.95 | 19.07 | 22.64 | 18.74 | 17.58 | 19.46 | 19.67 | 19.05 | 21.50 | 23.66 | 19.92 | — | — | — | — | — | — | — | — | ||||||
| DoorDash, Inc. | 4.61 | 5.29 | 3.75 | 3.15 | 2.93 | 4.18 | 5.44 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2023 Calculation
BVPS = Total Las Vegas Sands Corp. stockholders’ equity ÷ No. shares of common stock outstanding
= 4,553,000,000 ÷ 764,490,874 = 5.96
3 Closing price as at the filing date of Las Vegas Sands Corp. Quarterly or Annual Report.
4 Q3 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= 45.32 ÷ 5.96 = 7.61
5 Click competitor name to see calculations.
The financial data reveals noteworthy fluctuations in the company's share price, book value per share (BVPS), and the price-to-book value (P/BV) ratio over the observed quarters. The patterns manifested suggest varying market perceptions and intrinsic value assessments throughout the period.
- Share Price Trends
- The share price demonstrated a general decline from $66.83 at the end of March 2019 to a low point near the end of September 2021 at approximately $38. Following this trough, the share price experienced periods of recovery, peaking around $63.05 in June 2023 before declining again to about $45.32 by September 2023. Notably, significant volatility was evident, with the share price reflecting sensitivity to external factors possibly influencing market sentiment.
- Book Value per Share (BVPS) Movements
- The BVPS exhibited a declining trend from $7.15 in March 2019 to a minimum near $2.61 in December 2021, indicating a reduction in the company's net asset value per share during this interval. From that low, BVPS demonstrated a rebound to approximately $5.96 by September 2023. This recovery suggests an improvement in the company’s underlying equity base or effective asset revaluation over recent quarters.
- Price-to-Book Value (P/BV) Ratio Behavior
- The P/BV ratio started relatively high at 9.35, dipping to a low of about 5.98 in March 2022. Thereafter, the ratio surged significantly, reaching a peak of roughly 17.08 in March 2021 and again around 16.92 in December 2021, suggesting periods when the market valued the company's shares at substantial premiums over their book value. In the most recent quarters, the P/BV ratio declined from about 11.88 in June 2023 to 7.61 in September 2023, indicating a narrowing of the valuation gap relative to book value.
In summary, the data depicts an initial phase of declining intrinsic value accompanied by share price reductions, followed by a partial recovery phase in both book value and market price. The P/BV ratio's volatility implies fluctuating investor confidence and changing market conditions impacting valuation multiples. Overall, recent quarters suggest stabilization and potential improvement in the company's fundamental valuation metrics after a period of pronounced financial stress.