Las Vegas Sands Corp
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+ FollowMarket Cap$23.95B
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Earnings Call Q3 2026
October 21, 2026 - AI Summary
Quarterly performance (good but mixed)
- Singapore (Marina Bay Sands): $590m EBITDA for the quarter; high-end softer hurt results. Management says if they had “held” as expected in rolling play, EBITDA would have been ~$4m higher ($594m). They emphasize Singapore remains strong for high-value tourism and that current results reflect structural earnings power elevation post investments/renovations.
- Macao (Sands China): $529m EBITDA; but would have been ~$11m lower ($518m) if rolling play had been held “as expected.” Despite the softer high-end this quarter, Sands China outperformed the Macao market—notably mass share improvements.
Demand signals + market share/volume (surprising strength vs. earnings drag)
- Macao market share: Mass gaming revenue share = 26.1%, strongest since Q4 2023.
- YoY volume growth (Macao): Rolling volume +31%, non-rolling drop +11%, slot ETG handle +26% (all YoY vs. prior year).
- Interpretation: Management attributes the progress to product/service improvements and continued reinvestment consistency—but acknowledges earnings were still impacted by high-end softness and hold/volatility outcomes.
Outlook / expectations (no change in run-rate; longer-term confidence)
- Singapore outlook: Management says nothing has fundamentally changed; views this as aberrational. They frame it as a $2.7–$2.8B run-rate property and remain focused on a baseline EBITDA range that can grow over time.
- Macao outlook: They remain confident in long-term growth; they target $700m quarterly EBITDA “and more over time” as investment and operating strategies fully roll through and the market grows.
- Seasonality note (Macao): Management expects Q4 to be relatively stronger due to Golden Week (including NBA-related lengthening this year) and December.
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$-46.75
214.8% downside
Current Fair Value
214.8% downsideOvervalued by 214.8% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $23.95 Billion |
|---|---|
| Enterprise Value | $36.09 Billion |
| Annual dividend | $1.15 |
| Dividend yield | 3.11% |
| Earnings per Share | $2.35 |
| Beta | 0.77 |
| Outstanding Shares | 639,000,000 |
Return
| Return on Equity | 214.41% |
|---|---|
| Return on Assets | 6.26% |
| Return on Invested Capital | 13.60% |
Valuation & Multiples
| P/E Ratio | 15.09 |
|---|---|
| PEG | -58.41 |
| Price to Sales | 1.94 |
| Price to Book Ratio | 40.74 |
| Enterprise Value to Revenue | 2.64 |
| Enterprise Value to EBIT | 17.01 |
| Enterprise Value to Net Income | 28 |
| Total Debt to Enterprise | 0.43 |
| Debt to Equity | 26.93 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 28, 2026
EPS Estimate
$0.81
Consensus analyst estimateRevenue Estimate
$3.46 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 27, 2027
EPS Estimate
$0.77
Consensus analyst estimateRevenue Estimate
$3.53 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 77.34% |
|---|---|
| Total Calls | 65,000▼ 98.71% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 1.65%▼ 39.48% |
|---|---|
| Total Invested | $411.98M▼ 96.72% |
| Investors Holding | 196▼ 560.00% |
About Las Vegas Sands Corp
41,500 employees
CEO: Sheldon Adelson
Las Vegas Sands Corp., along with its affiliates, focuses on the creation, ownership, and management of extensive integrated resort destinations across Asia and the United States. Its impressive portfolio in Macao, People's Republic of C...