Las Vegas Sands Corp. — Earnings Quality Grade F
LVS · Consumer Cyclical
Major red flags
Screening Summary
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 21 days, change +7 days YoY
AR growth 77.9% exceeds revenue growth 15.2%
Revenue grew 15.2% but CFFO declined -5.6%
Expense Quality
Inventory 12.2% vs COGS 13.1%. Normal
CapEx growth -21.3% vs revenue 15.2%. Normal
SG&A/Gross Profit = 18.3%, excellent (<30%)
Gross margin 49.8%, change +0.9pp. Stable
Cash Flow Quality
CFFO/NI = 1.86. Profits backed by cash
FCF $1.8B, FCF/NI = 1.09
Accruals ratio = -6.4%. Low accruals
Cash $3.8B covers only 24% of debt $15.8B
Balance Sheet Health
Goodwill+Intangibles $0.6B = 36% of equity
Debt/EBITDA = 3.5x. Healthy
Other assets 13.6% vs revenue 15.2%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 5% YoY. Normal
Manipulation Score
M-Score = -2.17 (grey zone)
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-10