Question 1

What is Las Vegas Sands's P/FCF ratio?

Accepted Answer

Las Vegas Sands (LVS) P/FCF ratio is 13.2× as of July 21, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Las Vegas Sands?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Las Vegas Sands specifically, the relevant sector benchmark is the current sector median of 17.1×.

Question 5

Is Las Vegas Sands's P/FCF ratio high or low?

Accepted Answer

Las Vegas Sands's P/FCF ratio of 13.2× is below its own 5-year average of 29.7× and below the sector median of 17.1×. That places the current reading at the 6th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Las Vegas Sands's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Las Vegas Sands (LVS) P/FCF ratio has ranged from a low of 10.8× in 2018 to a high of 163.2× in 2011. The 5-year average is 29.7× and the 5-year median is 22.3×.

Question 7

What was Las Vegas Sands's P/FCF ratio in 2025?

Accepted Answer

Las Vegas Sands (LVS) P/FCF ratio at the end of 2025 was 22.8×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Las Vegas Sands's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$43.9B	$1.93B	22.8×	-0.4×	Dec 31, 2025
2024	$37.7B	$1.63B	23.1×	+6.2×	Dec 31, 2024
2023	$37.4B	$2.21B	16.9×	—	Dec 31, 2023
2022	$36.7B	-$1.58B	—	—	Dec 31, 2022
2021	$28.8B	-$819M	—	—	Dec 31, 2021
2020	$44.9B	-$2.56B	—	—	Dec 31, 2020
2019	$53B	$1.77B	29.9×	+19.1×	Dec 31, 2019
2018	$40.6B	$3.75B	10.8×	-4.0×	Dec 31, 2018
2017	$54.9B	$3.71B	14.8×	-1.5×	Dec 31, 2017
2016	$42.5B	$2.6B	16.3×	-1.8×	Dec 31, 2016
2015	$34.9B	$1.92B	18.1×	+5.4×	Dec 31, 2015
2014	$46.6B	$3.65B	12.8×	-5.8×	Dec 31, 2014
2013	$64.9B	$3.5B	18.6×	-5.0×	Dec 31, 2013
2012	$38B	$1.61B	23.6×	-3.4×	Dec 31, 2012
2011	$31.2B	$1.15B	27.0×	—	Dec 31, 2011
2010	$30.4B	-$154M	—	—	Dec 31, 2010
2009	$9.86B	-$1.45B	—	—	Dec 31, 2009
2008	$2.11B	-$3.66B	—	—	Dec 31, 2008
2007	$36.6B	-$3.43B	—	—	Dec 31, 2007
2006	$31.7B	-$2.12B	—	—	Dec 31, 2006
2005	$14B	-$271M	—	—	Dec 31, 2005
2004	$15.6B	-$92.4M	—	—	Dec 31, 2004


DraftKings (DKNG)	15.5×
Avery Dennison (AVY)	15.2×
Wynn Resorts (WYNN)	15.1×
NVR (NVR)	14.9×
Booking Holdings (BKNG)	14.7×
D.R. Horton (DHI)	14.2×
V.F. (VFC)	12.6×
Deckers Outdoor (DECK)	12.0×
Carnival Corporation (CCL)	11.9×
Lululemon Athletica (LULU)	11.6×
Toll Brothers (TOL)	11.1×
Hasbro (HAS)	9.8×
PDD Holdings (PDD)	9.5×
LKQ (LKQ)	9.3×
KB Home (KBH)	8.8×
Mohawk Industries (MHK)	8.4×
MercadoLibre (MELI)	8.2×
Best Buy Co. (BBY)	7.9×
Etsy (ETSY)	7.2×
Leggett & Platt (LEG)	6.6×
Weyco Group (WEYS)	6.2×
Expedia Group (EXPE)	6.0×
MGM Resorts (MGM)	5.5×
Ford Motor (F)	4.8×
General Motors (GM)	4.3×

P/FCF Ratio for Las Vegas Sands (LVS) 2011-2026

P/FCF Ratio daily chart for Las Vegas Sands (LVS)

Historical P/FCF Ratio for Las Vegas Sands (LVS) from 2004 to 2025

About P/FCF Ratio at Las Vegas Sands (LVS)

Las Vegas Sands P/FCF Ratio by Year

Las Vegas Sands P/FCF Ratio 2025: 22.8×

Las Vegas Sands P/FCF Ratio 2024: 23.1×

Las Vegas Sands P/FCF Ratio 2023: 16.9×

Las Vegas Sands P/FCF Ratio 2019: 29.9×

Las Vegas Sands P/FCF Ratio 2018: 10.8×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Las Vegas Sands (LVS) Key Financials