Las Vegas Sands Corp (LVS)

Debt-to-capital ratio

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Long-term debt	US$ in thousands	13,353,000	13,723,000	13,298,000	13,451,000	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
Total stockholders’ equity	US$ in thousands	2,884,000	3,426,000	3,754,000	3,953,000	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
Debt-to-capital ratio		0.82	0.80	0.78	0.77	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

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

The debt-to-capital ratio of Las Vegas Sands Corp has shown a fluctuating trend over the years. It was 0.72 as of March 31, 2020, and gradually increased to 0.88 by September 30, 2021. Subsequently, the ratio slightly decreased to 0.76 by June 30, 2022, and then displayed some variability before settling at 0.82 by December 31, 2024. Overall, the company's debt-to-capital ratio indicates that a significant portion of its capital structure is financed by debt, implying a moderate level of financial risk.