Las Vegas Sands Corp (LVS) is undervalued and Vail Resorts Inc (MTN) is overvalued.
Against our estimates of intrinsic value, LVS trades at the wider discount: a margin of safety of +55%, against -30% for MTN.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.1% (average of 3 methods) values the shares at $88.35; the price of $39.70 is 55% below that value, and 80% of that value comes from beyond year five.
Leak Score 87/100 on 10 of 12 signals
Discounting its cash flows at 7.6% (average of 3 methods) values the shares at $107.16; the price of $138.98 is 30% above that value, and 81% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
| Metric | LVS | MTN |
|---|---|---|
| Verdict | Undervalued | Overvalued |
| Price | $39.70 | $138.98 |
| Intrinsic value | $88.35 | $107.16 |
| Margin of safety | +55% | -30% |
| Leak Score | 87/100 (10/12) | 0/100 (2/12) |
| Market cap | $25.7B | $5.0B |
| Revenue growth, 5 years | 34.7% | 8.6% |
| Operating margin | 23.4% | 16.1% |
| Net margin | 12.6% | 5.4% |
| Return on equity | 134.3% | 21.0% |
| Debt to equity | 26.27 | 5.90 |
| P/E | 15.5x | 31.6x |
| Forward P/E | 11.3x | 22.7x |
| P/B | 44.3x | 9.0x |
| Dividend yield | 2.9% | 6.4% |