LVS

Las Vegas Sands has fully shaken off the pandemic: revenue has tripled from the $4.1B FY2022 trough to $13.0B in FY2025 (+15.2% YoY), and the quality of that growth is improving — operating income rose 17.3% to $2.82B (21.6% margin) and diluted EPS jumped 19.9% to $2.35. At $48.72 the stock trades at 20.7x earnings and 2.5x sales; against ~20% EPS growth that is roughly a PEG of 1, a fair-to-attractive multiple for a business throwing off $3.02B of operating cash flow. Management is aggressively returning capital — $2.22B of buybacks (shares down 6.1%) plus $833M of dividends (+41%) — which is mechanically lifting per-share figures and signals confidence in the cash engine.

The balance sheet is the catch, and it is a real one. Stockholders' equity collapsed 44.9% to just $1.59B against $20.0B of liabilities — a 12.57x liabilities/equity ratio. That is partly an accounting artifact of returning more cash than is retained (retained earnings actually grew 27% to $4.39B), but it leaves almost no equity cushion, and the eye-popping 102.3% ROE is flattered by that shrunken denominator rather than reflecting genuinely superior returns. The MD&A confirms LVS is funding growth with debt: it drew the new 2025 Singapore Credit Facility (a SGD 3.75B term loan plus large delayed-draw tranches) for the MBS Expansion Project, and paid SGD 1.13B (~$848M) in April 2025 for the Additional Gaming Area, with another ~$142M premium still to finalize in Q1 2026.