Skip to content
Forensic Analysis · Hotels & Casinos · as of Nov 9, 2026

Las Vegas Sands Corp (LVS)

A forensic read on Las Vegas Sands Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable
Forensic grade
Grey Zone
Financial health
1.8
Distress distance
1
Forensic signals
72.7%
ROE
15.2%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Las Vegas Sands Corp earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 1.8, placing it in the Grey zone. 1 forensic signal was flagged in its latest SEC filings, led by shareholder returns.

What the filings flag

164% of FCF
FY2025
Shareholder returns. Returned $3.0B to shareholders (buybacks + dividends) in FY2025 — 164% of free cash flow. That is $1.2B (64%) more than free cash flow covered, and more than operating cash flow as well. New debt covered it: total debt rose $2.1B over FY2025, while cash rose $191M. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely. Counting the $54M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 167%.

Key fundamentals

Latest Revenue$13.02B
Revenue Growth YoY+15.2%
Revenue CAGR (2yr)+12.0%
Net Margin12.5%
Free Cash Flow$1.85B
Return on Equity72.7%
Debt / Equity9.93x

The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Las Vegas Sands Corp's actual 10-K/10-Q/8-K filings?

Generate the AI investment read →

No credit card · informational only, not investment advice · see the track record

← Browse all forensic stock analyses

Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.