LVSLAS VEGAS SANDS CORP

Hotels & Motels

Revenue: $13.0B; 15% YoY
Operating margin: 21.6%; 1.8% YoY
EBITDA: $4.3B; 15% YoY
Market cap: $23.2B
Employees: 41,500; $314K revenue each
Net debt / EBITDA: 3.0×; $12.9B net debt
AI in 10-K: 0.3; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
186% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
101% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
90% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$314K · 79th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.3 per 10K words · 16th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$23.2B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$243M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$4.2B	$4.1B	$10.4B	$11.3B	$13.0B	15%
Operating income	−$689M	−$792M	$2.3B	$2.4B	$2.8B	17%
Net income	−$961M	$1.8B	$1.2B	$1.4B	$1.6B	13%
Operating cash flow	−$243M	−$944M	$3.2B	$3.2B	$3.0B	5.6%
Capex	$828M	$651M	$1.0B	$1.6B	$1.2B	25%
Stock-based comp	$22M	$39M	$44M	$55M	$54M	1.8%
Buybacks	$0	$0	$505M	$1.8B	$2.2B	27%
Dividends	$0	$0	$305M	$590M	$833M	41%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 11, 2026	Adelson Miriam	SCHEDULE 13D/A	59.7%	Passive
Jun 18, 2026	Adelson Miriam	SCHEDULE 13D/A	58.3%	Passive
Dec 18, 2025	Adelson Miriam	SCHEDULE 13D/A	57.4%	Passive
May 29, 2025	Adelson Miriam	SCHEDULE 13D/A	56.3%	Passive
Dec 5, 2023	Adelson Miriam	SC 13D/A	46.0%	Passive
Nov 30, 2023	Adelson Miriam	SC 13D/A	51.7%	Passive
Mar 17, 2022	Adelson Miriam	SC 13D/A	0.1%	Passive
Jun 9, 2021	Adelson Miriam	SC 13D/A	8.8%	Passive
Feb 26, 2021	Adelson Miriam	SC 13D/A	56.7%	Passive
Feb 13, 2019	Adelson Sheldon G	SC 13D/A	10.2%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $243M · 24
Net: −$243M

Pay vs performance

No pay-versus-performance disclosure yet.