Sands China Ltd SCHYY

Consumer DiscretionaryHotels & Entertainment ServicesMacau

Last close 14.09 USD on Nov 2, 2026, −39.6% year to date

Quant rating

Quant rating D Rank 219 of 297 in Consumer Discretionary

Growth C 145 of 297
Valuation B 65 of 297
Quality C 137 of 297
Revisions D 236 of 297
Momentum D 256 of 297

Wall Street consensus Buy (1.81)Average target 2.09 USD −85.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 11.4B
Enterprise value: 16.9B
52-week range: 13.25 – 28.12
3-year range: 13.25 – 30.55
Dividend yield: 9.38%
Beta (5 years): 0.12
Shares outstanding: 8,093M
Next earnings: Feb 11, 2027

About the company

Sands China Ltd is an investment holding company principally engaged in the development and operation of resorts. The Company operates its business through six segments. The Venetian Macao segment is engaged in the operation of casinos, hotels and shopping malls as well as provision of catering services and others. The Londoner Macao segment is engaged in the operation of casinos, hotels and shopping malls as well as provision of catering services and others. The Parisian Macao segment is engaged in the operation of casinos, hotels and shopping malls as well as provision of catering services and others. The Plaza Macao segment is engaged in the operation of casinos, hotels and shopping malls as well as provision of catering services and others. The Sands Macao segment is engaged in the operation of casinos, hotels and shopping malls as well as provision of catering and others. The Ferry and Other Operations segment is engaged in the provision of ferry, shuttle bus and other services.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	7,443	7,080	6,534	1,605	2,874	–
Revenue growth	5.1%	8.4%	307.1%	−44.2%	70.4%	34.6%
EPS (basic, normalized)	0.11	0.13	0.09	−0.20	−0.13	–
EPS growth	−14.0%	50.0%	–	–	–	–
Gross margin	38.5%	39.8%	38.9%	−11.2%	18.8%	25.0%
Net margin	12.0%	14.8%	10.6%	−98.6%	−36.5%	−19.5%
ROE	73.7%	203.5%	–	−1,683.0%	−74.4%	−370.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	7,443	+5.1%	2.3x	2,312	+2.4%	7.3x	0.11	−14.0%	126.9x
2026	7,895	+6.1%	2.1x	2,089	−9.6%	8.1x	0.11	−0.4%	127.4x
2027	8,284	+4.9%	2.0x	2,265	+8.4%	7.5x	0.12	+12.7%	113.0x
2028	8,692	+4.9%	1.9x	2,419	+6.8%	7.0x	0.14	+12.2%	100.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	7,895	−1.1%	−1.7%	−4.7%	0.11	−5.4%	−10.7%	−25.3%
2027	8,284	−2.4%	−2.9%	−4.6%	0.12	−11.3%	−14.3%	−23.9%
2028	8,692	−2.1%	−2.8%	−4.4%	0.14	−9.4%	−12.4%	−22.6%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	Dec 2025	FQ-1	FQ0
Sales reported (mil)	1,800	1,750	1,770	1,760	1,700	1,790	1,900	3,951	2,076	1,803
Sales mean (mil)	2,055	1,778	1,876	1,828	1,826	1,771	1,899	2,040	2,114	2,036
Surprise	−12.4%	−1.6%	−5.6%	−3.7%	−6.9%	+1.1%	+0.1%	+93.7%	−1.8%	−11.4%
EPS reported	–	–	–	–	–	–	–	0.06	–	–
EPS mean	–	0.02	0.02	0.03	0.03	0.03	–	0.04	–	–
Surprise	–	–	–	–	–	–	–	+50.0%	–	–

Peer comparison Hotels & Entertainment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
SCHYY Sands China Ltd	11.4B	–	12.0%	8.83x	127.4x	113.0x	8.1x	7.5x
TXRH Texas Roadhouse Inc	12.3B	−0.19x	6.9%	7.88x	28.8x	24.3x	16.4x	14.3x
ACCYY Accor SA	12.3B	–	6.8%	2.74x	4.2x	3.5x	11.6x	10.5x
DKNG DraftKings Inc.	10.8B	0.74x	0.1%	34.05x	−662.3x	24.7x	17.2x	10.1x
DPZ Domino's Pizza, Inc.	10.6B	4.40x	12.2%	−2.68x	16.8x	15.6x	13.6x	13.3x
SDXAY Sodexo SA	9.8B	–	2.9%	2.31x	–	–	–	–
Mean		1.65x	6.8%	8.85x	−97.0x	36.2x	13.4x	11.1x
Median		0.74x	6.9%	5.31x	16.8x	24.3x	13.6x	10.5x

Technical analysis

1M−2.1%
3M−21.9%
1Y−41.8%
3Y−41.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Sands China Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	7,443	7,080	6,534	1,605	2,874	1,687
Cost of revenue	4,574	4,261	3,994	1,785	2,333	1,895
Gross profit	2,869	2,819	2,540	−180	541	−208
Selling, general & administrative expenses	546	460	141	90.0	110	147
Research & development	–	–	–	–	–	–
Depreciation/amortization	792	754	809	750	733	684
Interest expense (income), operating	12.0	−12.0	12.0	−3.0	37.0	−17.0
Unusual expense (income)	47.0	31.0	12.0	4.0	156	73.0
Other operating expenses	241	219	341	142	179	144
Operating income	1,231	1,367	1,225	−1,163	−674	−1,239
Net interest income (expense)	−310	−340	−475	−416	−358	−255
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−20.0	−17.0	−9.0	−9.0	−13.0	−13.0
Net income before taxes	901	1,010	741	−1,588	−1,045	−1,507
Provision for taxes	5.0	−35.0	49.0	−6.0	3.0	16.0
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	896	1,045	692	−1,582	−1,048	−1,523
Extraordinary items	–	–	–	–	–	–
Net income	896	1,045	692	−1,582	−1,048	−1,523
EBIT, normalized	1,290	1,386	1,249	−1,162	−481	−1,183
EBITDA, normalized	2,037	2,140	2,058	−458	201	−550
Basic EPS, normalized	0.11	0.13	0.09	−0.20	−0.13	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Sands China Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,505	1,970	1,361	790	678	861
Receivables	335	189	230	93.0	129	131
Total inventory	31.0	28.0	26.0	19.0	15.0	15.0
Prepaid expenses	103	98.0	66.0	52.0	54.0	59.0
Other current assets	0	0	0	913	16.0	16.0
Total current assets	1,974	2,285	1,683	1,867	892	1,082
Property, plant & equipment	7,449	7,691	7,339	7,904	8,477	8,832
Goodwill	–	–	–	–	–	–
Intangibles	445	438	476	31.0	38.0	41.0
Long-term investments	490	528	566	599	639	543
Note receivable	1.0	36.0	34.0	24.0	24.0	18.0
Other long-term assets	212	191	160	137	24.0	32.0
Total assets	10,571	11,169	10,258	10,562	10,094	10,548
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	1,434	1,342	1,299	908	1,071	1,388
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	873	1,639	16.0	1,963	18.0	21.0
Other current liabilities	12.0	12.0	57.0	0	5.0	5.0
Total current liabilities	2,319	2,993	1,372	2,871	1,094	1,414
Long-term debt	6,224	6,520	8,312	8,218	7,946	7,044
Minority interest	–	–	–	–	–	–
Other liabilities	627	625	578	173	166	161
Total liabilities	9,170	10,138	10,262	11,262	9,206	8,619
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	81.0	81.0	81.0	81.0	81.0	81.0
Additional paid-in capital	1,255	1,516	1,516	1,515	1,515	1,498
Retained earnings (accumulated deficit)	120	−528	−1,582	−2,279	−702	346
Treasury stock	–	–	–	–	–	–
Other equity	−55.0	−38.0	−19.0	−17.0	−6.0	4.0
Total equity	1,401	1,031	−4.0	−700	888	1,929
Total liabilities & shareholders' equity	10,571	11,169	10,258	10,562	10,094	10,548

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Sands China Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	901	1,010	741	−1,588	−1,045	−1,507
Depreciation, depletion & amortization	792	754	809	750	733	684
Deferred taxes	–	–	–	–	–	–
Non-cash items	422	382	516	447	572	361
Changes in working capital	−10.0	−74.0	227	−82.0	−172	−354
Cash from operations	2,105	2,072	2,293	−473	88.0	−816
Investing activities
Capital expenditures	−543	−862	−215	−223	−580	−1,030
Other investing cash flows	31.0	52.0	35.0	−102	−54.0	6.0
Cash from investing	−512	−810	−180	−325	−634	−1,024
Financing activities
Financing cash flow items	−442	−470	−497	−369	−536	−229
Cash dividends paid	−518	–	–	–	0	−1,030
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,096	−188	−1,955	2,190	902	1,490
Cash from financing	−2,056	−658	−2,452	1,821	366	231
Foreign exchange effects	−2.0	5.0	−2.0	1.0	−3.0	−1.0
Net change in cash	−465	609	−341	1,024	−183	−1,610
Free cash flow	1,562	1,210	2,078	−696	−492	−1,846

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.