Las Vegas Sands Corp (LVS)

Operating return on assets (Operating ROA)

		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	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Operating income (ttm)	US$ in thousands	2,313,000	1,437,000	572,000	-112,000	-792,000	-764,000	-903,000	-895,000	-689,000	-670,000	-877,000	-1,495,000	-1,393,000	-340,000	1,082,000	2,733,000	3,698,000	3,638,000	3,661,000	3,564,000
Total assets	US$ in thousands	21,778,000	22,124,000	22,270,000	22,715,000	22,039,000	21,469,000	22,059,000	22,247,000	20,059,000	19,892,000	20,378,000	20,541,000	20,807,000	20,982,000	21,695,000	21,167,000	23,199,000	22,427,000	22,594,000	22,313,000
Operating ROA		10.62%	6.50%	2.57%	-0.49%	-3.59%	-3.56%	-4.09%	-4.02%	-3.43%	-3.37%	-4.30%	-7.28%	-6.69%	-1.62%	4.99%	12.91%	15.94%	16.22%	16.20%	15.97%

December 31, 2023 calculation

Operating ROA = Operating income (ttm) ÷ Total assets
= $2,313,000K ÷ $21,778,000K
= 10.62%

Las Vegas Sands Corp has experienced fluctuations in its operating return on assets (ROA) over the past eight quarters. The operating ROA improved significantly from quarter to quarter in 2023, reaching 10.74% in Q4 from -0.42% in Q1. This positive trend indicates the company's ability to generate operating income relative to its total assets has improved. However, it is worth noting that the operating ROA was negative in the previous quarters of 2022, showcasing operational challenges faced by the company during that period. Overall, the recent improvement in operating ROA suggests that Las Vegas Sands Corp has been able to enhance its operational efficiency and profitability.