Las Vegas Sands Corp (LVS)

Debt-to-capital ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	13,526,000	15,140,000	15,060,000	15,150,000	13,210,000
Total stockholders’ equity	US$ in thousands	4,118,000	3,881,000	1,996,000	2,973,000	5,187,000
Debt-to-capital ratio		0.77	0.80	0.88	0.84	0.72

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $13,526,000K ÷ ($13,526,000K + $4,118,000K)
= 0.77

The debt-to-capital ratio of Las Vegas Sands Corp has exhibited fluctuating trends over the past five years. In 2023, the ratio stood at 0.77, showing a decrease from the prior year's figure of 0.80. This suggests that the company relied less on debt financing in relation to its total capital structure in 2023.

Comparing the most recent data to 2019, there has been an overall upward trend in the debt-to-capital ratio, with the ratio increasing from 0.71 in 2019 to 0.77 in 2023. This indicates a potential increase in the company's debt levels relative to its total capital over the five-year period.

It is essential for stakeholders to monitor this ratio closely as higher debt levels could indicate increased financial risk and reduced financial flexibility for Las Vegas Sands Corp. Understanding the reasons behind fluctuations in the debt-to-capital ratio can provide valuable insights into the company's capital structure decisions and overall financial health.