Las Vegas Sands Corp. (LVS)财务
NYSE · Consumer Cyclical · Gambling, Resorts & Casinos · 员工41,250人 · CEO Patrick Sydney Dumont
- 股价
- $36.97 -0.20%
- 市值
- $239亿
- 企业价值
- $365亿
- 最近财报
- Q3 '26 2026-10-23提交
- 下次财报
- 2027-01-27 EPS预期 $0.77
营收(TTM)$136亿+10.9% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)22.3%-0.7 百分点 对比去年同期营业利润 $30.3亿
净利润(TTM)$16.4亿+5.3% 对比去年同期税后,含营业外收益
自由现金流(TTM)$24.2亿+76.6% 对比去年同期资本支出 $10.8亿
稀释EPS(TTM)$2.44+10.4% 对比去年同期最近4个季度之和
净现金-$126亿-2.4% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $239亿 EV $365亿
- 营收
- $136亿 过去12个月
- 营收增速
- +3% FY2026年一致预期
- 净利润率
- 12.0% 净利润 / 营收,TTM
- P/E
- 15.1× 预期 13.2×(FY2026)
- P/S
- 1.8× 股价 / 营收,TTM
- EV / EBITDA
- 8.2× TTM
- 自由现金流
- $24.2亿 过去12个月
- 净利润
- $16.4亿 过去12个月
- 营收预期
- $135亿 FY2026年一致预期
- 盈利
- 2027-01-27 营收预期 $35.3亿
- 股息
- $1.15 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-21):营收低于预期3.4%,EPS 低于预期20.9%营收$32.2亿,预期$33.3亿(-3.4%);EPS $0.54,预期$0.68(-20.9%)。
- 营收增长放缓:同比-3.5%Q3 '26营收$32.2亿,此前四个季度的平均值为18.7%。
- 营业利润率22.3%(TTM),较去年同期-0.7 百分点营收增长10.9%,营业利润增长7.5%。
- 税前利润的36.7%被营业外亏损吞噬税前利润$22.1亿,营业利润$30.3亿(TTM)。股权投资亏损等一次性项目压低了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的7.9%(去年为11.1%)最近4个季度投入$10.8亿(同比-20.9%)。自由现金流$24.2亿,相当于净利润的147.4%。
- 股东回报$27.7亿 = 自由现金流的114.6%回购$22亿(去年为$21.7亿),股息$5.64亿,股权激励$6600万(TTM)。 超过自由现金流:由现金储备或举债支付。
- 稀释股数一年内减少6.6%Q3 '26稀释股数6.4亿,一年前为6.85亿。
- 净债务 $126亿现金 + 短期投资 $28.6亿,含租赁债务 $154亿;一年前净债务 $123亿。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $32.2亿 | $33.3亿 | -3.5% |
| 毛利率 | 45.6% | 49.8% | -4.2 百分点 |
| 营业利润 | $6.18亿 | $7.94亿 | -22.2% |
| 营业利润率 | 19.2% | 23.8% | -4.6 百分点 |
| 净利润 | $3.04亿 | $4.19亿 | -27.4% |
| 稀释EPS | $0.48 | $0.61 | -21.3% |
| 经营现金流 | $8.7亿 | $11.2亿 | -22.0% |
| 资本支出 | $2.81亿 | $1.54亿 | +82.5% |
| 自由现金流 | $5.89亿 | $9.61亿 | -38.7% |
| R&D | $0 | $7200万 | -100.0% |
| 股权激励费用 | $1400万 | $1400万 | 0.0% |
实际 vs 一致预期
2026-10-21| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $32.2亿 | $33.3亿 | -3.4% |
| EPS(一致预期口径) | $0.54 | $0.68 | -20.9% |
来自2026-10-21发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Casino | $23.7亿 | -5.4% | 86.2% | – | – | |
| Marina Bay Sands | – | – | – | – | – | |
| The Londoner Macao | – | – | – | – | – | |
| The Venetian Macao | – | – | – | – | – | |
| Mall | $2.02亿 | +1.5% | 7.4% | – | – | |
| The Parisian Macao | – | – | – | – | – | |
| Food and Beverage | $1.76亿 | +6.7% | 6.4% | – | – | |
| The Plaza Macao and Four Seasons Macao | – | – | – | – | – | |
| Sands Macao | – | – | – | – | – | |
| Ferry Operations and Other | – | – | – | – | – | |
| Corporate and Other | – | – | – | – | – |
按地区划分的营收
占总额比例| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Marina Bay Sands | $12.9亿 | -9.9% | 94.6% | – | – | |
| Corporate Segment and Other Operating Segment | $7400万 | -7.5% | 5.4% | – | – |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $35亿
- 资本支出
- -$10.8亿
- 股票回购
- -$22亿
- 股息
- -$5.64亿
- 收购
- $0
- 债务净发行
- $6800万
- 股权激励费用
- $6600万
- 自由现金流
- $24.2亿
- 股东回报 / FCF
- 114.6%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 15.1× | 26.1× 5年中的4年 | 20.0× – 30.8× |
| EV / EBITDA | 8.2× | 64.3× | 11.8× – 170.9× |
| EV / 营收 | 2.7× | 6.9× | 4.2× – 11.3× |
| 股价 / FCF | 9.9× | 22.5× 5年中的3年 | 19.1× – 25.3× |
| 股价 / 净资产 | -68.7× | 14.9× | 9.1× – 28.3× |
| FCF收益率 | 10.1% | 1.3% | -4.3% – 5.2% |
| 投入资本回报率 | 16.6% | 5.6% | -3.9% – 13.8% |
| 净资产收益率 | 216.6% | 36.2% | -48.1% – 102.3% |
分析师
一致目标价 $49.67 (+34.4%)
区间 $40.00 – $62.00 · 评级 Buy
强烈买入0
买入29
持有20
卖出0
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $135亿 | +3.5% | $2.80 | +19.3% | 13.2× | 11 |
| FY2027 | $140亿 | +3.8% | $3.04 | +8.5% | 12.2× | 11 |
| FY2028 | $146亿 | +4.8% | $3.29 | +8.2% | 11.2× | 8 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Las Vegas Sands Corp.在近期10-Q / 10-K文件中标记的全部253项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| $60亿2026-07-31 | – | – | – | – | – | |
| Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent | $0 | $12.6亿 | -100.0% | $12.6亿 | $12.6亿 | 0.0% |
| Accounts Payable, Current | $1.46亿 | $1.68亿 | -13.1% | $1.9亿 | $1.64亿 | +15.9% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $6.64亿 | $5.48亿 | +21.2% | $7.42亿 | $4.17亿 | +77.9% |
| Accounts Receivable, Allowance for Credit Loss | $2.49亿 | $1.94亿 | +28.4% | $2.25亿 | $1.86亿 | +21.0% |
| Accounts Receivable, Allowance for Credit Loss, Current | $2.49亿 | $1.94亿 | +28.4% | $2.25亿 | $1.86亿 | +21.0% |
| Accounts Receivable, Allowance for Credit Loss, Recovery | $02025-12-31 | $0 | – | $0 | $100万 | -100.0% |
| Accounts Receivable, Allowance for Credit Loss, Writeoff | $1000万 | $1000万 | 0.0% | $5100万 | $3100万 | +64.5% |
| Accounts Receivable, before Allowance for Credit Loss, Current | $9.13亿 | $7.42亿 | +23.0% | $9.67亿 | $6.03亿 | +60.4% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $2100万 | $1800万 | +16.7% | $8500万 | $1900万 | +347.4% |
| Accrued Income Taxes, Current | $3.23亿 | $3.14亿 | +2.9% | $3.85亿 | $2.29亿 | +68.1% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $132亿2025-12-31 | $118亿 | +11.6% | $132亿 | $118亿 | +11.6% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $6100万 | $4900万 | +24.5% | $7100万 | -$5800万 | +222.4% |
| Additional Paid in Capital | $61.1亿 | $58.9亿 | +3.9% | $61.6亿 | $62.5亿 | -1.4% |
| Advertising Expense | – | – | – | $3600万 | $3400万 | +5.9% |
| Amortization of Debt Issuance Costs and Discounts | $1500万 | $1500万 | 0.0% | $5800万 | $5700万 | +1.8% |
| Amortization of Intangible Assets | $2000万2025-12-31 | $1700万 | +17.6% | $7700万 | $6800万 | +13.2% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 400万 | 400万 | 0.0% | 600万 | 1000万 | -40.0% |
| AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | -$3000万 | -$3600万 | +16.7% | -$4800万 | -$3200万 | -50.0% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $1500万 | $1500万 | 0.0% | $5500万 | $5600万 | -1.8% |
| Assets | $194亿 | $215亿 | -9.7% | $219亿 | $207亿 | +6.1% |
| Assets, Current | $38.2亿 | $41.5亿 | -8.0% | $48.3亿 | $42.9亿 | +12.6% |
| Cash and Cash Equivalents, at Carrying Value | $28.6亿 | $33.5亿 | -14.8% | $38.4亿 | $36.5亿 | +5.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $29.8亿 | $34.8亿 | -14.2% | $39.7亿 | $37.8亿 | +5.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$5.18亿 | -$9700万 | -434.0% | $1.91亿 | -$14.5亿 | +113.1% |
| Common Stock, Dividends, Per Share, Declared | $0.30 | $0.25 | +20.0% | $1.00 | $0.80 | +25.0% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 10亿 | 10亿 | 0.0% | 10亿 | 10亿 | 0.0% |
| Common Stock, Shares, Issued | 8.42亿 | 8.35亿 | +0.8% | 8.4亿 | 8.34亿 | +0.7% |
| Common Stock, Shares, Outstanding | 6.27亿 | 6.78亿 | -7.5% | 6.75亿 | 7.16亿 | -5.7% |
| Common Stock, Value, Issued | $100万 | $100万 | 0.0% | $100万 | $100万 | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $4900万 | $8700万 | -43.7% | $2.34亿 | $3亿 | -22.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $3.08亿 | $4.64亿 | -33.6% | $17.6亿 | $13.6亿 | +29.0% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $3.57亿 | $5.51亿 | -35.2% | $19.9亿 | $16.6亿 | +19.8% |
| Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Change Due to Net Income Attributable to Parent and Effects of Changes, Net | $3.12亿 | $4.34亿 | -28.1% | $16.6亿 | $14.6亿 | +13.6% |
| Construction Payable, Current | $1.91亿 | $1.91亿 | 0.0% | $1.6亿 | $2.63亿 | -39.2% |
| Costs and Expenses | $26亿 | $26.1亿 | -0.5% | $102亿 | $89亿 | +14.6% |
| Current Federal Tax Expense (Benefit) | – | – | – | $200万 | $1100万 | -81.8% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $4.05亿 | $1.93亿 | +109.8% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $1.35亿 | – | – | -$1.43亿 | -$6500万 | -120.0% |
| Debt, Long-term and Short-term, Combined Amount | $158亿2025-12-31 | $137亿 | +15.2% | $158亿 | $137亿 | +15.2% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$3800万 | -$200万 | -1,800.0% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$2200万 | $600万 | -466.7% |
| Deferred Income Tax Assets, Net | $1.48亿 | $1.58亿 | -6.3% | $1.6亿 | $1.22亿 | +31.1% |
| Deferred Income Tax Expense (Benefit) | $900万 | -$3100万 | +129.0% | -$6000万 | $400万 | -1,600.0% |
| Deferred Income Tax Liabilities, Net | $1.57亿 | $1.74亿 | -9.8% | $1.74亿 | $1.88亿 | -7.4% |
| Deferred Tax Asset, Interest Carryforward | $2200万2025-12-31 | $0 | – | $2200万 | $0 | – |
| Deferred Tax Assets, Gross | $20.9亿2025-12-31 | $29.3亿 | -28.6% | $20.9亿 | $29.3亿 | -28.6% |
| Deferred Tax Assets, in Process Research and Development | $4300万2025-12-31 | $2900万 | +48.3% | $4300万 | $2900万 | +48.3% |
| Deferred Tax Assets, Net of Valuation Allowance | $1.54亿2025-12-31 | $1.51亿 | +2.0% | $1.54亿 | $1.51亿 | +2.0% |
| Deferred Tax Assets, Operating Loss Carryforwards | $2.44亿2025-12-31 | $3.2亿 | -23.8% | $2.44亿 | $3.2亿 | -23.8% |
| Deferred Tax Assets, Other | $400万2025-12-31 | $200万 | +100.0% | $400万 | $200万 | +100.0% |
| Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $17.2亿2025-12-31 | $25.3亿 | -32.1% | $17.2亿 | $25.3亿 | -32.1% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $600万2025-12-31 | $900万 | -33.3% | $600万 | $900万 | -33.3% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts | $100万2025-12-31 | $100万 | 0.0% | $100万 | $100万 | 0.0% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other | $1500万2025-12-31 | $1400万 | +7.1% | $1500万 | $1400万 | +7.1% |
| Deferred Tax Assets, Valuation Allowance | $19.4亿2025-12-31 | $27.8亿 | -30.3% | $19.4亿 | $27.8亿 | -30.3% |
| Deferred Tax Liabilities, Gross | $1.68亿2025-12-31 | $2.17亿 | -22.6% | $1.68亿 | $2.17亿 | -22.6% |
| Deferred Tax Liabilities, Net | $1400万2025-12-31 | $6600万 | -78.8% | $1400万 | $6600万 | -78.8% |
| Deferred Tax Liabilities, Other | $1000万2025-12-31 | $200万 | +400.0% | $1000万 | $200万 | +400.0% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标和预期均根据公司文件标准化。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
数据截至 2026-11-02