Positioning political buying, disclosed 2026-09-25
Options put/call open interest 0.41, read 2026-10-27
Ethical does not pass the values gate
Price36.97 USD
Fair value59.04
Ethical score10.0/100
RatingAVOID
Our investment reviews on this name
2026-09-04Read Markdown47.03-21.4% to today ✓Distribution gives way to Markdown first Markdown read since July
2026-08-04Read Distribution47.76-22.6% to today ✓Markdown gives way to Distribution
2026-07-02Read Markdown50.25-26.4% to today ✓First review on file: Markdown with results news in the headlines
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Las Vegas Sands holds its Markdown at $36.97. Consolidating, no directional conviction, held for 4 days.
As held on the ledger · 2026-10-30
Phase
Markdown · caution
Quantitative state
Consolidating, no directional conviction, held for 4 days
Price at the screen
$36.97
Valuation
15.15 trailing · 11.95 forward price to earnings
Values screen
FAIL· score 10.0
Beta
0.77
The Workings
Five Screens, Shown in Full
Does not pass. Business activity screen
Test
Figure
Limit
What it means
Status
Business activity
Excluded
Core business clean
Business activity: Casinos & Gaming
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Las Vegas Sands does not clear the screen at the business-activity stage. It operates in gambling, so the financial ratios are not the deciding factor here.
Read as at 2026-10-30. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when LVS's ethical verdict changes
Today LVS does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads AVOID: it trades at roughly a 60% discount to our $59.04 fair value, moderate competitive moat.
Fair value range in USD, drawn from the 2026-10-30 screen. The gold marker is the market price at the same screen. A 59.7% margin of safety to the base estimate.
Third-party analyst targets: 19 covering, consensus Buy. The average target sits +35% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-30 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Macau Casinos Look Cheap But Fail Ethics
Picture the ferry from Hong Kong pulling into Macau, packed with day trippers chasing the slots and baccarat tables inside Venetian and Parisian resorts. Las Vegas Sands runs those integrated casinos across Macau and Singapore, a business that posted 25% revenue growth and a 13% profit margin last year.
We pass anyway. The 12.4x forward earnings multiple and 90% ROE look attractive on paper, yet the stock fails our business activity screen outright. Moderate moat or not, that single ethical breach ends the conversation before valuation enters the room.
Cyclical demand tied to Chinese travel policy adds real volatility, and any slowdown in high-roller volumes would hit earnings fast. Nineteen analysts still lean buy with a $67 median target, but the ethical red flag overrides the apparent margin of safety. Analysis, not advice.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
LVS trades on a US exchange. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-28Markdown$38.32+0.0%Entry 15
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are up 22%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (19 analysts) rates it buy, with a mean price target of $50.
2026-10-21Markdown$38.32+0.0%Entry 14
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are up 22%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (19 analysts) rates it buy, with a mean price target of $55. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-20Markdown$38.32+0.0%Entry 13
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are up 22%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (19 analysts) rates it buy, with a mean price target of $55. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-19Markdown$38.32+0.0%Entry 12
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are up 22%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (19 analysts) rates it buy, with a mean price target of $57. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-18Markdown$38.32+0.0%Entry 11
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is momentum reading bearish. Over the past year the shares are up 22%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (19 analysts) rates it buy, with a mean price target of $57. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-17Markdown$38.32+0.0%Entry 10
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is momentum reading bearish. Over the past year the shares are up 22%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (19 analysts) rates it buy, with a mean price target of $57. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-16Markdown$38.32+5.9%Entry 9
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 5.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is momentum reading bearish. Over the past year the shares are up 22%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (19 analysts) rates it buy, with a mean price target of $58. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-15Markdown$36.17+0.0%Entry 8
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is momentum reading bearish. Over the past year the shares are up 22%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (19 analysts) rates it buy, with a mean price target of $58. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-14Markdown$36.17-6.7%Entry 7
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 6.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is momentum reading bearish. Over the past year the shares are up 22%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (19 analysts) rates it buy, with a mean price target of $58. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-02Markdown$38.78-17.5%Entry 6
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 17.5% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is momentum reading bearish. Over the past year the shares are up 22%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (19 analysts) rates it none, with a mean price target of $59.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
