Las Vegas Sands Corp (LVS)

Debt-to-capital ratio

		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
Long-term debt	US$ in thousands	13,526,000	13,301,000	13,920,000	15,240,000	15,140,000	13,750,000	13,310,000	14,350,000	15,060,000	15,090,000	15,500,000	15,360,000	15,150,000	14,640,000	14,390,000	11,650,000	13,210,000	12,600,000	12,420,000	12,200,000
Total stockholders’ equity	US$ in thousands	4,118,000	4,553,000	4,330,000	4,056,000	3,881,000	3,900,000	4,191,000	4,529,000	1,996,000	2,102,000	2,491,000	2,673,000	2,973,000	3,199,000	3,720,000	4,489,000	5,187,000	5,359,000	5,560,000	5,525,000
Debt-to-capital ratio		0.77	0.74	0.76	0.79	0.80	0.78	0.76	0.76	0.88	0.88	0.86	0.85	0.84	0.82	0.79	0.72	0.72	0.70	0.69	0.69

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 shown variability over the past eight quarters. The ratio ranged from 0.76 to 0.80 during this period, with Q1 2023 and Q4 2022 showing the highest levels at 0.80. This indicates that, on average, around 77-80% of the company's capital structure is financed by debt.

The fluctuations in the debt-to-capital ratio suggest that Las Vegas Sands Corp may be actively managing its capital structure, potentially taking on more debt in certain quarters to fund growth or operations. Investors and creditors should closely monitor this ratio to assess the company's leverage and financial risk.