Las Vegas Sands Corp (LVS)

Debt-to-equity 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-equity ratio		4.63	3.28	3.90	7.55	5.10

December 31, 2024 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $13,353,000K ÷ $2,884,000K
= 4.63

The debt-to-equity ratio of Las Vegas Sands Corp has shown fluctuations over the past five years. As of December 31, 2020, the ratio was 5.10, indicating that the company had more debt than equity. This ratio increased significantly to 7.55 by December 31, 2021, suggesting a higher reliance on debt financing. However, in the following years, the ratio decreased steadily to 3.90 by December 31, 2022, and further to 3.28 by December 31, 2023. This decline indicates a reduction in financial leverage and a stronger equity position relative to debt. By December 31, 2024, the debt-to-equity ratio rose slightly to 4.63, but it still remained lower compared to the previous years. Overall, the downward trend in the debt-to-equity ratio from 2021 to 2023 suggests improved financial health and a more balanced capital structure for Las Vegas Sands Corp.