Las Vegas Sands Corp. (LVS) Intrinsic Value & DCF Valuation
Gambling, Resorts & Casinos · NYSE
Current Price
$47.03
Intrinsic Value
$64.83
+27.5% margin of safety
What Is Las Vegas Sands Corp.'s Intrinsic Value?
As of 2026-08-21, the base-case DCF model estimates the intrinsic value of Las Vegas Sands Corp. (LVS) at $64.83 per share, compared with a market price of $47.03, a margin of safety of +27.5%. The base case assumes 8.6% annual free cash flow growth and a 10.0% discount rate.
Across the sensitivity grid the estimate spans $48.77 to $83.48. Intrinsic value is an estimate built on assumptions, not a fact. A higher discount rate or slower growth pushes the estimate down, while stronger cash flow growth lifts it.
How the DCF works · Recalculate with your own assumptions · What is intrinsic value?
Is Las Vegas Sands Corp. (LVS) Undervalued?
At $47.03, LVS trades about 27.5% below the base-case intrinsic value estimate. That is a real discount, but it stays short of the 30% margin of safety required before calling a stock undervalued.
COMPETITIVE MOAT
↑Dominant Macau Market Position
LVS holds a leading position in Macau's lucrative gaming market. This scale provides significant operational efficiencies and brand recognition.
↑Integrated Resort Ecosystem
Their large-scale, integrated resorts offer a comprehensive entertainment experience. This creates high switching costs for customers seeking a similar all-in-one offering.
↑Strong Brand and Customer Loyalty
LVS has cultivated a powerful brand reputation, particularly in Asia. This translates into repeat business and a loyal customer base.
INVESTMENT RISKS
↓Geopolitical and Economic Sensitivity
LVS's significant exposure to Asian markets makes it vulnerable to regional economic downturns and geopolitical instability.
↓Dependence on High-Roller Segment
A substantial portion of LVS's revenue comes from VIP gamblers, making it susceptible to shifts in their spending habits and travel patterns.
↓Capital Intensive Operations
The development and maintenance of large integrated resorts require substantial capital investment, posing financial risks.
Base case
LVS base case valuation
Intrinsic Value
$64.83
Margin of safety
+27.5%
Expected annual return
+6.6%
Base case assumptions: 8.6% annual growth, 10.0% discount rate, 10.93x exit multiple, 5 year projection. Data as of 2026-08-21.
This base case uses default assumptions and is not financial advice. The intrinsic value changes significantly when the growth rate or discount rate changes. Open the calculator to set your own assumptions and see the full sensitivity range.
Customize the LVS valuation
Adjust the growth rate, discount rate, and exit multiple to see how the intrinsic value and margin of safety for Las Vegas Sands Corp. respond.
Open DCF Calculator for LVSCompany Overview
Las Vegas Sands Corporation, in conjunction with its various subsidiaries, specializes in the development, ownership, and ongoing management of comprehensive integrated resort properties across both Asian and United States markets. The company maintains a significant portfolio of establishments in Macao, People's Republic of China, including The Venetian Macao Resort Hotel, the Londoner Macao, The Parisian Macao, The Plaza Macao (which encompasses the Four Seasons Hotel Macao, Cotai Strip), and the Sands Macao. Furthermore, its Asian operations extend to Singapore, where it presides over the iconic Marina Bay Sands. Domestically, Las Vegas Sands also operates key assets within Las Vegas, Nevada: The Venetian Resort Hotel Casino, prominently situated on the renowned Las Vegas Strip, and the Sands Expo and Convention Center. These expansive integrated resorts are meticulously designed to offer a full spectrum of guest experiences, boasting luxurious accommodations, extensive gaming facilities, diverse entertainment venues, high-end retail shopping complexes, state-of-the-art convention and exhibition spaces, gourmet restaurants helmed by celebrity chefs, and numerous other guest conveniences. Established in 1988, Las Vegas Sands Corp. maintains its corporate headquarters in Las Vegas, Nevada.
Financial Metrics — LVS Stock Valuation Data
Revenue/Share (TTM)
$20.75
FCF/Share (TTM)
$4.22
ROIC (TTM)
17.0%
ROE (TTM)
142.0%
P/FCF
10.9x
EV/EBITDA
9.2x
FCF Yield
9.15%
Debt/Equity
26.27x
On a trailing twelve-month basis, LVS generates free cash flow per share of $4.22 alongside a ROIC of 17.0%, both central inputs for a DCF valuation. Its P/FCF ratio of 10.9x and FCF yield of 9.15% then frame how LVS is priced against peers on a cash flow basis.
Frequently Asked Questions
What is the intrinsic value of LVS?
Las Vegas Sands Corp. currently generates $4.22 in free cash flow per share. At the current price of $47.03, a DCF model would discount these cash flows at an appropriate WACC and apply a terminal growth rate to arrive at an intrinsic value. The result depends heavily on your growth and discount rate assumptions — a 1% change in WACC typically shifts the fair value estimate by 10-15%. In MiniValuator the model uses a single discount rate that you can edit directly, 10% by default, rather than a computed WACC.
Is LVS undervalued?
LVS trades at a P/FCF ratio of 10.9x with a free cash flow yield of 9.15%. A low P/FCF means investors are paying less per dollar of free cash flow; whether that is cheap depends on the company's growth, cyclicality, and capital intensity. However, whether LVS is truly undervalued requires comparing the DCF intrinsic value to the current market price and evaluating whether the margin of safety is sufficient for your risk tolerance.
How do I value LVS stock using DCF?
To perform a DCF valuation on Las Vegas Sands Corp.: (1) Start with the trailing free cash flow per share ($4.22) as the base, (2) project future FCF growth over 5-10 years based on Gambling, Resorts & Casinos industry trends and company fundamentals, (3) apply a discount rate (WACC) reflecting LVS's risk profile — with a debt-to-equity of 26.27x, capital structure is an important factor, and (4) add a terminal value for cash flows beyond the projection period.
What is DCF valuation and how does it apply to LVS?
DCF (Discounted Cash Flow) estimates what a company is worth today based on its future cash generation. For Las Vegas Sands Corp., this means projecting how much free cash flow the company will produce over the next 5-10 years, shaped by Gambling, Resorts & Casinos trends, then discounting those amounts to today's dollars. LVS's ROIC of 17.0% reflects how efficiently the company converts invested capital into profit.
How does WACC affect LVS stock valuation?
WACC (Weighted Average Cost of Capital) is the discount rate in a DCF model — it reflects the minimum return investors require. For LVS, with a debt-to-equity ratio of 26.27x, the capital structure directly influences WACC. A 1% increase in WACC typically reduces the intrinsic value by 10-15%. At an EV/EBITDA of 9.2x, the market's implied discount rate can be reverse-engineered for comparison. In MiniValuator you set this discount rate yourself as a single editable number, 10% by default, instead of computing a formal WACC.
Learn More
- See LVS PE Valuation → — Earnings-based stock valuation using PE ratio analysis
- DCF Methodology — Step-by-step guide to discounted cash flow analysis
- PE Methodology — Guide to PE ratio stock valuation
- WACC — Understanding the discount rate used in DCF
- Margin of Safety — How to evaluate downside protection
- Intrinsic Value — How to evaluate stock fair value
- How to Calculate Intrinsic Value — Complete guide for investors
Related Valuations
All Consumer Cyclical valuationsDCF and P/E value LVS with different methods and assumptions, so the two conclusions can differ. Compare the P/E fair value.
Price as of 2026-08-21. Financial data from Financial Modeling Prep (trailing twelve months) · Valuation methodology by Charlie Wang.
This is an estimate, not investment advice.