Las Vegas Sands Corp (LVS)

Debt-to-assets ratio

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Long-term debt	US$ in thousands	13,353,000	13,526,000	15,140,000	15,060,000	15,150,000
Total assets	US$ in thousands	20,666,000	21,778,000	22,039,000	20,059,000	20,807,000
Debt-to-assets ratio		0.65	0.62	0.69	0.75	0.73

December 31, 2024 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $13,353,000K ÷ $20,666,000K
= 0.65

Las Vegas Sands Corp's debt-to-assets ratio has shown fluctuations over the past five years. The ratio was 0.73 as of December 31, 2020, indicating that 73% of the company's assets were financed by debt. This ratio increased slightly to 0.75 by the end of 2021. However, in the following years, the trend reversed as the debt-to-assets ratio decreased to 0.69 in 2022, 0.62 in 2023, and then increased slightly to 0.65 by the end of 2024.

Overall, a decreasing debt-to-assets ratio suggests that Las Vegas Sands Corp relied less on debt financing relative to its total assets over the years, potentially indicating improved financial health and reduced financial risk. Nonetheless, monitoring this ratio is crucial to assess the company's leverage and solvency position.