Las Vegas Sands Corp (LVS)

Working capital turnover

		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
Revenue (ttm)	US$ in thousands	11,298,000	11,317,000	11,430,000	11,211,000	10,372,000	8,574,000	6,784,000	5,287,000	4,110,000	4,001,000	3,853,000	3,981,000	4,234,000	4,241,000	3,830,000	2,719,000	2,940,000	5,434,000	8,238,000	11,510,000
Total current assets	US$ in thousands	4,290,000	4,825,000	5,332,000	5,556,000	5,777,000	6,172,000	6,290,000	7,015,000	6,744,000	6,207,000	6,770,000	6,725,000	5,510,000	5,228,000	5,577,000	5,630,000	5,707,000	2,958,000	3,772,000	3,493,000
Total current liabilities	US$ in thousands	5,801,000	5,350,000	3,369,000	4,267,000	4,422,000	4,102,000	2,275,000	3,919,000	3,902,000	3,391,000	2,023,000	2,139,000	2,565,000	2,487,000	2,542,000	2,465,000	2,816,000	2,255,000	2,375,000	2,419,000
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

December 31, 2024 calculation

Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $11,298,000K ÷ ($4,290,000K – $5,801,000K)
= —

The working capital turnover ratio for Las Vegas Sands Corp has fluctuated over the past few years, indicating varying efficiencies in managing its working capital. The ratio was relatively high in the first half of 2020, indicating that the company was able to efficiently utilize its working capital to generate revenue. However, the ratio dropped significantly towards the end of 2020 and into early 2021, suggesting potential issues with working capital management during that period.

Subsequently, the ratio improved slightly in the latter half of 2021 and early 2022, but remained relatively low compared to previous high levels. This could imply that the company may have faced challenges in optimizing its working capital efficiency during this time.

From late 2022 to early 2024, there was a noticeable improvement in the working capital turnover ratio, with values consistently above 1. This indicates that Las Vegas Sands Corp was able to better leverage its working capital to support its operations and generate revenue more effectively during this period.

In the most recent period available, the working capital turnover ratio experienced a significant increase to 8.70 as of March 31, 2024, which could be a positive sign of improved working capital management. It is important for investors and stakeholders to closely monitor this ratio over time to assess the company's ability to efficiently utilize its working capital resources.