Las Vegas Sands Corp (LVS)

Debt-to-capital 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 stockholders’ equity	US$ in thousands	2,884,000	4,118,000	3,881,000	1,996,000	2,973,000
Debt-to-capital ratio		0.82	0.77	0.80	0.88	0.84

December 31, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $13,353,000K ÷ ($13,353,000K + $2,884,000K)
= 0.82

Las Vegas Sands Corp's debt-to-capital ratio has shown fluctuations over the years. As of December 31, 2020, the ratio stood at 0.84, indicating that 84% of the company's capital structure was funded by debt. By December 31, 2021, the ratio increased to 0.88, suggesting a slight increase in the company's reliance on debt. However, in the following years, the trend reversed.

By December 31, 2022, the ratio decreased to 0.80, indicating a reduction in the proportion of debt in the company's capital structure. This trend continued in the subsequent years, with the ratio further declining to 0.77 as of December 31, 2023, and then slightly increasing to 0.82 by December 31, 2024.

Overall, the debt-to-capital ratio of Las Vegas Sands Corp has shown some variability but seems to have decreased slightly over the years, which may suggest a lower level of financial risk and a healthier capital structure.