After LVS’s 20% Climb in a Month, LNW Looks Like the Stronger Long-Term Play
Light & Wonder (LNW) offers superior revenue growth across key periods, better profitability, and relatively lower valuation vs Las Vegas Sands (LVS), suggesting you may be better off investing in LNW
- LNW’s quarterly revenue growth was 2.4%, vs. LVS’s -3.3%.
- In addition, its Last 12 Months growth came in at 7.3%, ahead of LVS’s -0.1%.
- LNW leads on profitability over both periods – LTM margin of 24.3% and 3-year average of 21.4%.
That is one way to look at stocks. Trefis High Quality Portfolio evaluates much more, and is designed to reduce stock-specific risk while giving upside exposure
Valuation & Performance Overview
| LVS | LNW | Preferred | |
|---|---|---|---|
| Valuation | |||
| P/EBIT Ratio | 15.9 | 10.8 | LNW |
| Revenue Growth | |||
| Last Quarter | -3.3% | 2.4% | LNW |
| Last 12 Months | -0.1% | 7.3% | LNW |
| Last 3 Year Average | 48.3% | 12.2% | LVS |
| Operating Margins | |||
| Last 12 Months | 21.0% | 24.3% | LNW |
| Last 3 Year Average | 14.5% | 21.4% | LNW |
| Momentum | |||
| Last 3 Year Return | 41.5% | 93.4% | LNW |
Note: For “Last 3 Year Return” metric, preferred stock is one with higher returns unless the returns are too high (>300%) which creates risk of sell off.
See more revenue details: LVS Revenue Comparison | LNW Revenue Comparison
See more margin details: LVS Operating Income Comparison | LNW Operating Income Comparison
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Historical Market Performance
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | Avg | Best | |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| LVS Return | -12% | -37% | 28% | 3% | 6% | 3% | -20% | ||
| LNW Return | 55% | 61% | -12% | 40% | 5% | 13% | 265% | <=== | |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 9% | 98% | ||
| Monthly Win Rates [3] | |||||||||
| LVS Win Rate | 42% | 42% | 50% | 50% | 42% | 33% | 43% | ||
| LNW Win Rate | 58% | 58% | 33% | 58% | 67% | 67% | 57% | ||
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 50% | 61% | <=== | |
| Max Drawdowns [4] | |||||||||
| LVS Max Drawdown | -44% | -43% | -20% | -8% | -22% | -40% | -30% | ||
| LNW Max Drawdown | -85% | -10% | -38% | -6% | -5% | -10% | -26% | ||
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | -12% | <=== | |
[1] Cumulative total returns since the beginning of 2020
[2] 2025 data is for the year till date (YTD)
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year