Las Vegas Sands Corp (LVS)

Activity ratios

Short-term

Turnover ratios

	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Inventory turnover	106.05	59.49	65.51	61.85	61.32	63.09	65.75	72.36	70.89	83.43	79.50	82.26	85.95	91.09	94.23	93.17	103.27	71.18	68.03	73.36
Receivables turnover	27.09	27.40	26.22	26.69	21.43	21.98	20.19	16.12	15.28	19.05	24.39	27.08	20.75	25.40	23.94	13.26	8.55	14.23	14.53	17.63
Payables turnover	26.51	17.55	16.27	15.46	13.95	14.72	15.59	18.76	22.30	21.09	25.11	27.42	24.56	27.08	30.04	30.61	25.53	34.57	39.33	32.21
Working capital turnover	—	—	5.82	8.70	7.65	4.14	1.69	1.71	1.45	1.42	0.81	0.87	1.44	1.55	1.26	0.86	1.02	7.73	5.90	10.72

Las Vegas Sands Corp's activity ratios provide insights into how efficiently the company is managing its inventory, receivables, payables, and working capital.

1. Inventory turnover: This ratio measures how many times Las Vegas Sands Corp's inventory is sold and replaced over a specific period. The trend shows a slight decline from 73.36 in March 2020 to 61.32 in December 2023, indicating a decrease in the efficiency of inventory management. However, there was a notable increase to 106.05 in December 2024, suggesting better inventory turnover.

2. Receivables turnover: This ratio indicates how quickly the company collects its outstanding receivables. The data reflects fluctuations in the turnover, with a significant dip from 14.53 in June 2020 to 8.55 in December 2020. However, there was an improvement, reaching 27.09 in December 2024, showing enhanced efficiency in collecting receivables.

3. Payables turnover: This ratio measures how quickly Las Vegas Sands Corp pays its suppliers. The trend indicates variations in the turnover ratio, with fluctuations throughout the period. There was a notable decrease from 39.33 in June 2020 to 13.95 in December 2023, signifying delayed payables. The ratio increased to 26.51 in December 2024, indicating improved payables turnover.

4. Working capital turnover: This ratio assesses how efficiently the company utilizes its working capital to generate sales. The trend shows fluctuations, with a decrease from 10.72 in March 2020 to 0.86 in March 2021, depicting a decline in working capital efficiency. However, there was an upward trend, reaching 8.70 in March 2024, indicating better utilization of working capital.

Overall, Las Vegas Sands Corp's activity ratios display varying levels of efficiency in managing inventory, receivables, payables, and working capital over the analyzed period, with some improvements noted in certain areas by the end of the observation period.

Average number of days

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Days of inventory on hand (DOH)	days	3.44	6.14	5.57	5.90	5.95	5.79	5.55	5.04	5.15	4.37	4.59	4.44	4.25	4.01	3.87	3.92	3.53	5.13	5.37	4.98
Days of sales outstanding (DSO)	days	13.47	13.32	13.92	13.67	17.03	16.60	18.08	22.64	23.89	19.16	14.97	13.48	17.59	14.37	15.25	27.52	42.71	25.66	25.12	20.71
Number of days of payables	days	13.77	20.80	22.44	23.61	26.16	24.80	23.42	19.46	16.37	17.31	14.54	13.31	14.86	13.48	12.15	11.92	14.30	10.56	9.28	11.33

Las Vegas Sands Corp's Days of Inventory on Hand (DOH) shows the average number of days the company holds inventory before selling it. The trend in DOH has been fluctuating over the years, ranging from a low of 3.44 days to a high of 6.14 days by December 31, 2024. The company seems to have managed its inventory efficiently in recent periods, with DOH generally reducing towards the latter part of the reporting period, indicating a potential improvement in inventory management.

Days of Sales Outstanding (DSO) measures the average number of days it takes for the company to collect revenue after a sale is made. Las Vegas Sands Corp's DSO has varied significantly, from a low of 13.32 days to a high of 42.71 days as of December 31, 2020. The company has shown improvement in collecting receivables more efficiently in recent periods, with DSO decreasing to around 13-18 days by the end of 2024.

Number of Days of Payables indicates how long it takes for the company to pay its suppliers. Las Vegas Sands Corp's payables days have shown an increasing trend over the years, from around 9.28 days in June 2020 to a high of 26.16 days by December 31, 2023. However, the company managed to decrease its payables days to 13.77 days by the end of 2024, possibly indicating a more favorable payment term negotiation with suppliers.

In conclusion, Las Vegas Sands Corp has made improvements in managing its inventory efficiently and collecting receivables more promptly. The company also showed progress in optimizing its payment cycle by reducing the number of days of payables. These trends suggest that Las Vegas Sands Corp has been working on enhancing its working capital management practices.

Long-term

	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Fixed asset turnover	0.94	0.94	1.01	1.00	0.91	0.74	0.59	0.47	0.36	0.35	0.34	0.34	0.36	0.36	0.32	0.22	0.24	0.36	0.55	0.78
Total asset turnover	0.55	0.53	0.54	0.53	0.48	0.39	0.30	0.23	0.19	0.19	0.17	0.18	0.21	0.21	0.19	0.13	0.14	0.26	0.38	0.54

Las Vegas Sands Corp's fixed asset turnover ratio has shown improvement over the analyzed period. Initially, the ratio was low at 0.78 in March 2020 and continued to decrease until December 2021, reaching 0.24. However, from March 2022 onwards, there was a steady increase in the ratio, reaching its peak at 1.00 by March 2024. This indicates that the company generated more revenue relative to its fixed assets invested in the business.

In terms of total asset turnover, Las Vegas Sands Corp's performance has also seen fluctuations. The ratio was relatively low in March 2020 at 0.54 and declined further to 0.14 by December 2020. Similar to the fixed asset turnover, there was an upward trend starting in March 2022, with the ratio steadily increasing to 0.55 by December 2024. This suggests an improvement in the company's ability to generate sales compared to its total assets.

Overall, the increasing trend in both fixed asset turnover and total asset turnover ratios from 2022 to 2024 reflects positively on Las Vegas Sands Corp's efficiency in utilizing its assets to generate revenue.