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Las Vegas Sands Corp

LVSAbove valueExpectations · modest

Held by 3 superinvestors.

Price$45.97
Holders3
Total value$21.1M

SEC 10-K · fundamentals

Business quality

as of 2025-12-31

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

Revenue growth
+15.2%
Net margin
12.5%
ROE
102.3%
FCF margin
14.3%
Revenue $3.61B → $13.02B · 6y
What makes a business high quality

Valuation · value band

Above fair value

$19/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$46
cheaperpricier

Zero-growth floor

$14

Central IV

$19

Optimistic top

$22

Las Vegas Sands Corp (LVS): A conservative value band $14–$22 / sh (zero-growth floor to growth-capped optimistic top); central read about $19. Today’s price sits above that band (price $46 as of 2026-08-20).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

Revenue growth 3% (lower of historical trend and fundamental cap, capped by moat) · moat 0 yr · discount 13.1% · Zero-growth downside $14

Price as of 2026-08-20 · yahoo · DGS10 4.7% @ 2026-08-19.

Method & numbers

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $14.48 – $22.11 · Greenwald zero-growth $17.00 · zero-growth base $17.00 · reproduction $0.72

Moat Below asset base · terminal value 37% of present value · owner-earnings yield 4% vs 10Y 4.7%.

Graham earnings-power value (normalized NOPAT)$-3.30 – $-0.53 / sh

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex (ok) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Share-based compensation is left as a real expense (not added back).

Buffett owner-earnings value$14.48 – $17.00 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 11.5–13.5% band (9–11% base + 2.5pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Owner earnings = net income + D&A − maintenance capex (ok); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 2.5pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 8.0 years of owner earnings, adding 2.5pp of cost-of-equity risk premium.

Reproduction value = tangible net assets $8.00M + capitalized R&D $462.40M（FY 2026, 2024, 2023, 2022） = $0.72 / sh. Reproduction value = tangible net assets (equity − goodwill − intangibles) + capitalized R&D (5y straight-line), ÷ diluted shares.

Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.

Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 7% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Baseline 9%–11%, net debt ≈ 8.0 years of owner earnings → +2.5pp cost-of-equity premium → effective 11.5%–13.5%.

Owner-earnings DCF: growth g₁ 3% · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 11.67%–14.52% (DGS10 +4.5% to a 12% strict end, each +2.52pp for leverage premium, as of 2026-08-19). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

What the price is betting

Today's price pencils in about 20.3% a year in owner-earnings for the next few years. Revenue actually grew 34.1% a year.

Below what it has already done.

Roughly, the price needs its historical revenue growth to run about 5 more years to hold up.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

3 holders · $21.1M combined · this quarter +0 opened / -0 exited

This quarter2 added
Holders 6 → 3 · last 8q

SEC 13F · notes

Written summary

Las Vegas Sands Corp (LVS) is held by 3 of the superinvestors tracked on Compounder, with a combined $21.1M in reported 13F value. The largest position belongs to Ray Dalio, where it makes up 0.1% of the portfolio.

Other notable holders by value include Jeremy Grantham (0.0% of its book) and Dodge & Cox (0.0% of its book).

Over the latest quarter, 0 of the tracked filers opened a new position in LVS, 2 added to existing ones, 0 trimmed, and 0 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

Also held by these investors

Investors holding Las Vegas Sands Corp (LVS) also commonly hold →

LVS's price is not below its conservative value band. See current strike-zone stocks

Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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