Studio City International Holdings Financials

MSC

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2024 Currency USD FYE December

This page shows Studio City International Holdings (MSC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 37/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Studio City International Holdings has an operating margin of 6.0%, meaning the company retains $6 of operating profit per $100 of revenue. This results in a moderate score of 30/100, indicating healthy but not exceptional operating efficiency. This is up from -6.5% the prior year.

Growth

100

Studio City International Holdings's revenue surged 43.5% year-over-year to $639.1M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

Studio City International Holdings has elevated debt relative to equity (D/E of 3.63), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Liquidity

Studio City International Holdings's current ratio of 0.92 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 17/100, which could limit financial flexibility.

Altman Z-Score Distress

-0.49

Studio City International Holdings scores -0.49, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($562.4M) relative to total liabilities ($2.3B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral

5/9

Studio City International Holdings passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

-1.96x

For every $1 of reported earnings, Studio City International Holdings generates $-1.96 in operating cash flow ($189.9M OCF vs -$96.7M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

0.3x

Studio City International Holdings earns $0.3 in operating income for every $1 of interest expense ($38.1M vs $133.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Revenue

$639.1M

YoY+43.5%

5Y CAGR+0.4%

Studio City International Holdings generated $639.1M in revenue in fiscal year 2024. This represents an increase of 43.5% from the prior year.

EBITDA

$243.2M

YoY+73.3%

5Y CAGR-7.0%

Studio City International Holdings's EBITDA was $243.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 73.3% from the prior year.

Free Cash Flow

N/A

Net Income

-$96.7M

YoY+27.6%

Studio City International Holdings reported -$96.7M in net income in fiscal year 2024. This represents an increase of 27.6% from the prior year.

EPS (Diluted)

N/A

Cash & Debt

$127.6M

YoY-44.0%

5Y CAGR-15.7%

Studio City International Holdings held $127.6M in cash against $2.1B in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

N/A

Operating Margin

6.0%

YoY+12.5pp

5Y CAGR-22.4pp

Studio City International Holdings's operating margin was 6.0% in fiscal year 2024, reflecting core business profitability. This is up 12.5 percentage points from the prior year.

Net Margin

-15.1%

YoY+14.8pp

5Y CAGR-20.5pp

Studio City International Holdings's net profit margin was -15.1% in fiscal year 2024, showing the share of revenue converted to profit. This is up 14.8 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

MSC Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$639.1M+43.5%	$445.5M+3758.1%	$11.5M-89.2%	$106.9M+117.2%	$49.2M-92.1%	$626.7M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$171.3M+48.7%	$115.2M+44.4%	$79.8M-8.9%	$87.6M-1.6%	$89.0M-31.0%	$128.9M
Operating Income	$38.1M+231.4%	-$29.0M+89.5%	-$277.2M-44.7%	-$191.6M+31.6%	-$279.9M-257.3%	$178.0M
Interest Expense	$133.6M+3.1%	$129.6M+40.3%	$92.4M+1.5%	$91.0M-13.2%	$104.8M-20.8%	$132.3M
Income Tax	$7.4M+9176.5%	-$81K-121.2%	$382K+183.6%	-$457K+54.8%	-$1.0M-351.5%	$402K
Net Income	-$96.7M+27.6%	-$133.5M+59.1%	-$326.5M-29.3%	-$252.6M+21.5%	-$321.6M-1058.2%	$33.6M
EPS (Diluted)	N/A	N/A	N/A	N/A	$-1.10-893.5%	$0.14

Metric	Q4'24	Q4'23	Q3'23	Q4'22	Q4'21	Q3'21	Q4'20	Q4'19
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MSC Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$3.0B-7.8%	$3.2B-9.9%	$3.6B+8.3%	$3.3B+9.0%	$3.0B+12.2%	$2.7B
Current Assets	$166.4M-47.4%	$316.1M-42.9%	$553.8M-1.7%	$563.7M-7.3%	$607.8M+46.7%	$414.4M
Cash & Equivalents	$127.6M-44.0%	$228.0M-55.2%	$509.5M+2.0%	$499.3M-13.2%	$575.2M+92.1%	$299.4M
Inventory	$7.3M+26.8%	$5.8M+12.5%	$5.1M-12.1%	$5.8M-37.3%	$9.3M-4.8%	$9.8M
Accounts Receivable	$2.0M-13.4%	$2.3M+767.3%	$263K+6.5%	$247K+57.3%	$157K-88.8%	$1.4M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.3B-6.7%	$2.5B-7.7%	$2.7B+14.4%	$2.4B+33.7%	$1.8B+14.3%	$1.6B
Current Liabilities	$180.8M+15.3%	$156.8M-36.6%	$247.4M-2.9%	$254.7M+57.1%	$162.2M+61.9%	$100.2M
Long-Term Debt	$2.1B-8.3%	$2.3B-4.1%	$2.4B+16.6%	$2.1B+31.7%	$1.6B+10.4%	$1.4B
Total Equity	$590.7M-11.3%	$666.1M-16.8%	$800.6M+1.4%	$789.4M-25.5%	$1.1B+18.9%	$891.4M
Retained Earnings	-$1.9B-5.4%	-$1.8B-8.0%	-$1.7B-24.4%	-$1.3B-23.3%	-$1.1B-42.1%	-$764.5M

Metric	Q4'24	Q4'23	Q3'23	Q4'22	Q4'21	Q3'21	Q4'20	Q4'19
Total Assets	$3.0B-7.8%	$3.2B-2.6%	$3.3B-7.5%	$3.6B+8.3%	$3.3B+0.1%	$3.3B+9.0%	$3.0B+12.2%	$2.7B
Current Assets	$166.4M-47.4%	$316.1M-16.8%	$380.0M-31.4%	$553.8M-1.7%	$563.7M-20.9%	$712.6M+17.2%	$607.8M+46.7%	$414.4M
Cash & Equivalents	$127.6M-44.0%	$228.0M-22.2%	$293.0M-42.5%	$509.5M+2.0%	$499.3M-23.3%	$650.9M+13.2%	$575.2M+92.1%	$299.4M
Inventory	$7.3M+26.8%	$5.8M+0.5%	$5.7M+12.0%	$5.1M-12.1%	$5.8M-28.4%	$8.1M-12.4%	$9.3M-4.8%	$9.8M
Accounts Receivable	$2.0M-13.4%	$2.3M+107.4%	$1.1M+318.3%	$263K+6.5%	$247K+357.4%	$54K-65.6%	$157K-88.8%	$1.4M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.3B-6.7%	$2.5B-2.9%	$2.6B-5.0%	$2.7B+14.4%	$2.4B+3.2%	$2.3B+29.6%	$1.8B+14.3%	$1.6B
Current Liabilities	$180.8M+15.3%	$156.8M+18.8%	$131.9M-46.7%	$247.4M-2.9%	$254.7M+47.2%	$173.0M+6.7%	$162.2M+61.9%	$100.2M
Long-Term Debt	$2.1B-8.3%	$2.3B-4.1%	$2.4B0.0%	$2.4B+16.6%	$2.1B0.0%	$2.1B+31.7%	$1.6B+10.4%	$1.4B
Total Equity	$590.7M-11.3%	$666.1M-1.5%	$676.4M-15.5%	$800.6M+1.4%	$789.4M-6.9%	$848.2M-20.0%	$1.1B+18.9%	$891.4M
Retained Earnings	-$1.9B-5.4%	-$1.8B-1.0%	-$1.8B-6.9%	-$1.7B-24.4%	-$1.3B-4.2%	-$1.3B-18.3%	-$1.1B-42.1%	-$764.5M

MSC Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$189.9M+1105.1%	-$18.9M+89.4%	-$178.8M-30.6%	-$136.8M+18.3%	-$167.4M-173.3%	$228.5M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$108.5M+32.9%	-$161.5M+64.4%	-$453.4M-11.3%	-$407.2M-94.1%	-$209.8M-130.7%	-$90.9M
Financing Cash Flow	-$183.3M-81.6%	-$100.9M-115.7%	$643.1M+36.4%	$471.5M-24.4%	$623.8M+428.4%	-$190.0M
Dividends Paid	$0	$0	$0	$0	$0	$0
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'24	Q4'23	Q3'23	Q4'22	Q4'21	Q3'21	Q4'20	Q4'19
Operating Cash Flow	N/A	$65.6M	N/A	-$20.1M-25.9%	-$16.0M	N/A	-$18.6M	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	-$32.7M	N/A	-$93.4M+30.7%	-$134.7M	N/A	-$62.1M	N/A
Financing Cash Flow	N/A	-$99.0M	N/A	-$69K	$0	N/A	-$1.4M	N/A
Dividends Paid	N/A	$0	N/A	$0	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MSC Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	6.0%+12.5pp	-6.5%+2394.0pp	-2400.6%-2221.3pp	-179.3%+389.6pp	-568.9%-597.3pp	28.4%
Net Margin	-15.1%+14.8pp	-30.0%+2796.9pp	-2826.9%-2590.6pp	-236.3%+417.3pp	-653.6%-659.0pp	5.4%
Return on Equity	N/A	N/A	N/A	N/A	N/A	3.8%
Return on Assets	-3.2%+0.9pp	-4.1%+5.0pp	-9.1%-1.5pp	-7.6%+3.0pp	-10.6%-11.8pp	1.2%
Current Ratio	0.92-1.1	2.02-0.2	2.24+0.0	2.21-1.5	3.75-0.4	4.14
Debt-to-Equity	3.63+0.1	3.51+0.5	3.04+0.4	2.64+1.1	1.50-0.1	1.61
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'24	Q4'23	Q3'23	Q4'22	Q4'21	Q3'21	Q4'20	Q4'19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	0.92-1.1	2.02-0.9	2.88+0.6	2.24+0.0	2.21-1.9	4.12+0.4	3.75-0.4	4.14
Debt-to-Equity	3.63+0.1	3.51-0.1	3.60+0.6	3.04+0.4	2.64+0.2	2.46+1.0	1.50-0.1	1.61
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: The current ratio is below 1.0 (0.92), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Studio City International Holdings's annual revenue?

Studio City International Holdings (MSC) reported $639.1M in total revenue for fiscal year 2024. This represents a 43.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Studio City International Holdings's revenue growing?

Studio City International Holdings (MSC) revenue grew by 43.5% year-over-year, from $445.5M to $639.1M in fiscal year 2024.

Is Studio City International Holdings profitable?

No, Studio City International Holdings (MSC) reported a net income of -$96.7M in fiscal year 2024, with a net profit margin of -15.1%.

What is Studio City International Holdings's EBITDA?

Studio City International Holdings (MSC) had EBITDA of $243.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Studio City International Holdings have?

As of fiscal year 2024, Studio City International Holdings (MSC) had $127.6M in cash and equivalents against $2.1B in long-term debt.

What is Studio City International Holdings's operating margin?

Studio City International Holdings (MSC) had an operating margin of 6.0% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Studio City International Holdings's net profit margin?

Studio City International Holdings (MSC) had a net profit margin of -15.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Studio City International Holdings's operating cash flow?

Studio City International Holdings (MSC) generated $189.9M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Studio City International Holdings's total assets?

Studio City International Holdings (MSC) had $3.0B in total assets as of fiscal year 2024, including both current and long-term assets.

What is Studio City International Holdings's current ratio?

Studio City International Holdings (MSC) had a current ratio of 0.92 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is Studio City International Holdings's debt-to-equity ratio?

Studio City International Holdings (MSC) had a debt-to-equity ratio of 3.63 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Studio City International Holdings's return on assets (ROA)?

Studio City International Holdings (MSC) had a return on assets of -3.2% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Studio City International Holdings's Altman Z-Score?

Studio City International Holdings (MSC) has an Altman Z-Score of -0.49, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Studio City International Holdings's Piotroski F-Score?

Studio City International Holdings (MSC) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Studio City International Holdings's earnings high quality?

Studio City International Holdings (MSC) has an earnings quality ratio of -1.96x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Studio City International Holdings cover its interest payments?

Studio City International Holdings (MSC) has an interest coverage ratio of 0.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Studio City International Holdings?

Studio City International Holdings (MSC) scores 37 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.