Sands China - Public Comps and Valuation Multiples

Sands China Overview

About Sands China

Sands China operates integrated resorts and casinos in Macao. Its properties include Sands Macao, the Venetian Macao, the Plaza Macao, the Londoner, and the Parisian Macao. It has about 24% market share in the Macao gaming sector in terms of gross gaming revenue as of 2024. Las Vegas Sands has a 72% stake in Sands China.

Founded

2009

HQ

Employees

27.1K+

Website

sandschina.com

Sectors

Casinos & Gambling
Accommodation

Financials

LTM Revenue $56.9B

LTM EBITDA $17.5B

EV

$24.9B

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Sands China Financials

As of September 2025, Sands China reported last 12-month revenue of $56.9B and EBITDA of $17.5B.

In the same period, Sands China generated $32.6B in LTM gross profit and $8.1B in net income.

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Sands China P&L

In the most recent fiscal year, Sands China reported revenue of $910M and EBITDA of $276M.

Sands China expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$56.9B	XXX	$910M	XXX	XXX	XXX
Gross Profit	$32.6B	XXX	$537M	XXX	XXX	XXX
Gross Margin	57%	XXX	59%	XXX	XXX	XXX
EBITDA	$17.5B	XXX	$276M	XXX	XXX	XXX
EBITDA Margin	31%	XXX	30%	XXX	XXX	XXX
EBIT	$10.7B	XXX	$178M	XXX	XXX	XXX
EBIT Margin	19%	XXX	20%	XXX	XXX	XXX
Net Profit	$8.1B	XXX	$134M	XXX	XXX	XXX
Net Margin	14%	XXX	15%	XXX	XXX	XXX
Net Debt	XXX	XXX	$776M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Sands China including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $56.9B. EBITDA for the last twelve months was $17.5B. In the most recent fiscal year, Sands China achieved $910M in revenue and $276M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$56.9B	Analyst estimates available to subscribers	$910M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$32.6B	Analyst estimates available to subscribers	$537M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	57.3% gross margin	Analyst estimates available to subscribers	59.0% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$17.5B	Analyst estimates available to subscribers	$276M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	30.8% EBITDA margin	Analyst estimates available to subscribers	30.3% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$10.7B	Analyst estimates available to subscribers	$178M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	18.9% EBIT margin	Analyst estimates available to subscribers	19.6% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$8.1B	Analyst estimates available to subscribers	$134M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	14.3% net profit margin	Analyst estimates available to subscribers	14.8% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$776M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Sands China

This financial data table provides comprehensive performance metrics for Sands China, a company based in Hong Kong. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Sands China generated $56.9B in revenue over the last twelve months.
The company achieved $17.5B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $32.6B.
Net income over the last twelve months reached $8.1B.

Fiscal Year Performance

In the most recent fiscal year, Sands China reported $910M in total revenue.
Fiscal year EBITDA was $276M.
The company maintained a gross profit margin of 59.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was 30.3%.
Net profit margin reached 14.8% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Sands China. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Sands China Stock Performance

Sands China has current market cap of HKD 146B (or $18.8B), and EV of HKD 194B (or $24.9B).

Market Cap Evolution

Sands China Stock Data

As of October 17, 2025, Sands China's stock price is HKD 18 (or $2).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$24.9B	$18.8B	XXX	XXX	XXX	XXX	$0.13

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Sands China Valuation Multiples

Sands China's trades at 27.4x EV/Revenue multiple, and 90.3x EV/EBITDA.

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Sands China Financial Valuation Multiples

As of October 17, 2025, Sands China has market cap of $18.8B and EV of $24.9B.

Equity research analysts estimate Sands China's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Sands China has a P/E ratio of 18.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$18.8B	XXX	$18.8B	XXX	XXX	XXX
EV (current)	$24.9B	XXX	$24.9B	XXX	XXX	XXX
EV/Revenue	3.4x	XXX	27.4x	XXX	XXX	XXX
EV/EBITDA	11.0x	XXX	90.3x	XXX	XXX	XXX
EV/EBIT	18.0x	XXX	139.7x	XXX	XXX	XXX
EV/Gross Profit	5.9x	XXX	n/a	XXX	XXX	XXX
P/E	18.0x	XXX	139.9x	XXX	XXX	XXX
EV/FCF	20.0x	XXX	160.1x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Sands China Margins & Growth Rates

Sands China's last 12 month revenue growth is 7%

Sands China's revenue per employee in the last FY averaged $34K, while opex per employee averaged $13K for the same period.

Sands China's rule of 40 is 39% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Sands China's rule of X is 49% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Sands China Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	7%	XXX	196%	XXX	XXX	XXX
EBITDA Margin	31%	XXX	30%	XXX	XXX	XXX
EBITDA Growth	10%	XXX	194%	XXX	XXX	XXX
Rule of 40	39%	XXX	38%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	49%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$34K	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$13K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	1%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	39%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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