Las Vegas Sands Corp (LVS) is undervalued and Marriott Vacations Worldwide Corp (VAC) is slightly undervalued.
Against our estimates of intrinsic value, LVS trades at the wider discount: a margin of safety of +55%, against +15% for VAC.
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 7.5% (average of 2 methods) values the shares at $116.32; the price of $99.15 is 15% below that value, and 82% of that value comes from beyond year five.
Leak Score 30/100 on 2 of 12 signals
| Metric | LVS | VAC |
|---|---|---|
| Verdict | Undervalued | Slightly undervalued |
| Price | $39.70 | $99.15 |
| Intrinsic value | $88.35 | $116.32 |
| Margin of safety | +55% | +15% |
| Leak Score | 87/100 (10/12) | 30/100 (2/12) |
| Market cap | $25.7B | $3.4B |
| Revenue growth, 5 years | 34.7% | 11.8% |
| Operating margin | 23.4% | 10.4% |
| Net margin | 12.6% | -6.5% |
| Return on equity | 134.3% | -14.7% |
| Debt to equity | 26.27 | 2.69 |
| P/E | 15.5x | — |
| Forward P/E | 11.3x | 10.3x |
| P/B | 44.3x | 1.7x |
| Dividend yield | 2.9% | 2.7% |