Las Vegas Sands
Las Vegas Sands returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | 17.92% | 17.37% | — | 134.29% | 8.27% | 10.2 pp |
| FY 2026 Q1 | Mar 31, 2026 | 18.85% | 19.74% | 421.04% | 94.53% | 8.68% | 11.1 pp |
| FY 2025 Q4 | Dec 31, 2025 | 17.51% | 17.31% | 37.24% | 72.73% | 7.64% | 9.8 pp |
| FY 2025 Q3 | Sep 30, 2025 | 16.6% | 16.45% | 11.59% | 62.28% | 7.26% | 8.9 pp |
| FY 2025 Q2 | Jun 30, 2025 | 15.51% | 13.78% | -9.69% | 49.16% | 6.57% | 7.8 pp |
| FY 2025 Q1 | Mar 31, 2025 | 14.7% | 14.35% | -36.24% | 39.21% | 6.14% | 7 pp |
| FY 2024 Q4 | Dec 31, 2024 | 16.33% | 14.91% | 120.67% | 41.3% | 6.81% | 8.6 pp |
| FY 2024 Q3 | Sep 30, 2024 | 16.51% | 14.82% | 611.49% | 37.7% | 6.92% | 8.8 pp |
| FY 2024 Q2 | Jun 30, 2024 | 17.58% | 14.34% | — | 39.81% | 7.42% | 9.9 pp |
| FY 2024 Q1 | Mar 31, 2024 | 17.28% | 14.83% | — | 39.16% | 7.13% | 9.6 pp |
| FY 2023 Q4 | Dec 31, 2023 | 14.15% | 13.03% | — | 30.53% | 5.57% | 6.5 pp |
| FY 2023 Q3 | Sep 30, 2023 | 8.38% | 7.96% | — | 15.85% | 3.07% | 0.7 pp |
| FY 2023 Q2 | Jun 30, 2023 | — | 2.86% | — | 1.2% | 0.23% | — |
| FY 2023 Q1 | Mar 31, 2023 | — | -0.58% | — | -12.84% | -2.45% | — |
| FY 2022 Q4 | Dec 31, 2022 | — | -4.45% | — | 62.34% | 8.7% | — |
| FY 2022 Q3 | Sep 30, 2022 | — | -4.31% | — | 62.58% | 9.08% | — |
| FY 2022 Q2 | Jun 30, 2022 | — | -4.77% | — | 52.35% | 8.24% | — |
| FY 2022 Q1 | Mar 31, 2022 | — | -4.69% | — | 51.29% | 8.63% | — |
| FY 2021 Q4 | Dec 31, 2021 | — | -3.83% | — | -38.68% | -4.7% | — |
| FY 2021 Q3 | Sep 30, 2021 | — | -4.22% | — | -42.9% | -5.56% | — |
| FY 2021 Q2 | Jun 30, 2021 | — | -5.68% | — | -42.96% | -6.34% | — |
| FY 2021 Q1 | Mar 31, 2021 | — | -9.99% | — | -54.79% | -9.41% | — |
| FY 2020 Q4 | Dec 31, 2020 | — | -8.77% | — | -41.3% | -7.66% | — |
| FY 2020 Q3 | Sep 30, 2020 | — | -2.85% | — | -17.69% | -3.49% | — |
| FY 2020 Q2 | Jun 30, 2020 | 5.03% | 4.97% | -229.06% | 7.35% | 1.54% | -2.7 pp |
| FY 2020 Q1 | Mar 31, 2020 | 16.23% | 14.59% | 1.19% | 42.24% | 9.73% | 8.5 pp |
| FY 2019 Q4 | Dec 31, 2019 | 22.45% | 18.79% | -12.87% | 49.64% | 11.8% | 14.8 pp |
| FY 2019 Q3 | Sep 30, 2019 | 16.61% | 18.26% | — | 31.08% | 8.3% | 8.9 pp |
| FY 2019 Q2 | Jun 30, 2019 | 16.84% | 18.57% | — | 30.46% | 8.52% | 9.1 pp |
| FY 2019 Q1 | Mar 31, 2019 | 16.05% | 18.75% | — | 23.88% | 7.02% | 8.4 pp |
| FY 2018 Q4 | Dec 31, 2018 | 23% | 20.21% | — | 39.63% | 11.16% | 15.3 pp |
| FY 2018 Q3 | Sep 30, 2018 | — | 20.78% | — | 59.48% | 17.59% | — |
| FY 2018 Q2 | Jun 30, 2018 | — | 20.5% | — | 57.99% | 17.64% | — |
| FY 2018 Q1 | Mar 31, 2018 | — | 21.33% | — | 56.62% | 18.21% | — |
| FY 2017 Q4 | Dec 31, 2017 | — | 19.56% | — | 44.29% | 13.64% | — |
| FY 2017 Q3 | Sep 30, 2017 | 18.64% | 17.71% | — | 34.38% | 10.39% | 10.9 pp |
| FY 2017 Q2 | Jun 30, 2017 | 17.67% | 16.51% | — | 33.15% | 9.96% | 10 pp |
| FY 2017 Q1 | Mar 31, 2017 | 15.67% | 15.04% | — | 28.98% | 9.05% | 8 pp |
| FY 2016 Q4 | Dec 31, 2016 | 14.53% | 13.78% | — | 25.7% | 8.06% | 6.8 pp |
| FY 2016 Q3 | Sep 30, 2016 | 14.39% | 14.02% | — | 24.59% | 7.9% | 6.7 pp |
| FY 2016 Q2 | Jun 30, 2016 | 14.54% | 13.66% | -628.19% | 24.2% | 7.67% | 6.8 pp |
| FY 2016 Q1 | Mar 31, 2016 | 15.62% | 14.84% | -742.38% | 25.76% | 8.57% | 7.9 pp |
| FY 2015 Q4 | Dec 31, 2015 | 16.57% | 14.89% | -627.29% | 28.03% | 9.07% | 8.9 pp |
| FY 2015 Q3 | Sep 30, 2015 | 18.39% | 16.84% | -6,877.95% | 31.52% | 10.45% | 10.7 pp |
| FY 2015 Q2 | Jun 30, 2015 | 20.05% | 17.72% | — | 33.1% | 10.83% | 12.4 pp |
| FY 2015 Q1 | Mar 31, 2015 | 21.73% | 19.23% | — | 35.71% | 11.84% | 14 pp |
| FY 2014 Q4 | Dec 31, 2014 | 24.63% | 20.89% | — | 38.18% | 12.6% | 16.9 pp |
| FY 2014 Q3 | Sep 30, 2014 | 23.88% | 20.94% | — | 36.46% | 12.12% | 16.2 pp |
| FY 2014 Q2 | Jun 30, 2014 | 23.3% | 20.78% | — | 35.9% | 12.05% | 15.6 pp |
| FY 2014 Q1 | Mar 31, 2014 | 21.92% | 19.18% | — | 34.36% | 11.29% | 14.2 pp |
| FY 2013 Q4 | Dec 31, 2013 | 20% | 17.42% | — | 31.32% | 10.27% | 12.3 pp |
| FY 2013 Q3 | Sep 30, 2013 | 18.62% | 16.35% | — | 25.98% | 10.08% | 10.9 pp |
| FY 2013 Q2 | Jun 30, 2013 | 16.36% | 14.66% | — | 23.1% | 9.15% | 8.7 pp |
| FY 2013 Q1 | Mar 31, 2013 | 13.82% | 12.24% | -58.4% | 19.8% | 7.73% | 6.1 pp |
| FY 2012 Q4 | Dec 31, 2012 | 13.2% | 11.77% | -4.91% | 20.44% | 6.86% | 5.5 pp |
| FY 2012 Q3 | Sep 30, 2012 | 13.35% | 11.44% | 5.34% | 16.88% | 6.76% | 5.6 pp |
| FY 2012 Q2 | Jun 30, 2012 | 13.72% | 12.26% | 57.85% | 17.42% | 7.25% | 6 pp |
| FY 2012 Q1 | Mar 31, 2012 | 15.01% | 13.38% | 116.76% | 19.54% | 8.02% | 7.3 pp |
| FY 2011 Q4 | Dec 31, 2011 | 14.04% | 12.52% | 200.24% | 17.49% | 7.21% | 6.3 pp |
| FY 2011 Q3 | Sep 30, 2011 | 13.4% | 11.79% | — | 17.79% | 6.87% | 5.7 pp |
| FY 2011 Q2 | Jun 30, 2011 | 12.2% | 10.66% | — | 15.65% | 5.9% | 4.5 pp |
| FY 2011 Q1 | Mar 31, 2011 | — | — | — | — | — | — |
| FY 2010 Q4 | Dec 31, 2010 | — | — | — | — | — | — |
| FY 2010 Q3 | Sep 30, 2010 | — | — | — | — | — | — |
| FY 2010 Q2 | Jun 30, 2010 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · LVS, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.