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Studio City International Holdings Limited (MSC) Financials

MSC
FY2025 annual
Revenue $694.6M +8.7% YoY
Net Income -$58.8M +39.2% YoY
EPS (Diluted) Not reported for FY2025
Operating Cash Flow $210.3M +10.8% YoY
Market Cap $182.0M as of Oct 13, 2026
Price / Sales 0.3x on $694.6M revenue, FY2025
Price / Earnings n/m net loss, so no earnings multiple, FY2025
Price / Book 0.3x on $523.9M equity, Q4 FY2025

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Dec 31, 2025 Reported Currency USD FYE December

Newest figures come from the 20-F for FY2025, filed Mar 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MSC SEC filings page.

Studio City International Holdings Limited (MSC) reported $694.6M in revenue for fiscal year 2025, up 8.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 10 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).

Rhea AI MSC FY2025

Operating improvement is now converting into cash, but heavy debt and shrinking short-term coverage still constrain how the business is financed.

Operating margin moved from -6.5% in FY2023 to 10.1% in FY2025, while operating cash flow made the same directional turn. That cash conversion is notable because FY2025 still produced a net loss, consistent with depreciation and other noncash charges bridging accounting results to cash.

Debt-to-equity reached 3.9x as equity fell to $523.9M by FY2025, so lower debt has not reduced balance-sheet leverage. The current ratio fell to 0.7x, meaning current assets no longer covered current liabilities at year-end.

Operating income turned positive in FY2024 and widened in FY2025, yet FY2025 still carried a net loss of $58.8M because interest expense was $126.3M. This separates operating improvement from bottom-line economics: financing costs still absorbed the operating result.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity CashFlow Returns 30 / 100
Financial Health Score 30/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Studio City International Holdings Limited's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
43

Studio City International Holdings Limited has an operating margin of 10.1%, meaning the company retains $10 of operating profit per $100 of revenue. This results in a moderate score of 43/100, indicating healthy but not exceptional operating efficiency. This is up from 6.0% the prior year.

Growth
86

Studio City International Holdings Limited's revenue grew 8.7% year-over-year to $694.6M, a solid pace of expansion. This earns a growth score of 86/100.

Leverage
8

Studio City International Holdings Limited has elevated debt relative to equity (D/E of 3.86), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 8/100, reflecting increased financial risk.

Liquidity
9

Studio City International Holdings Limited's current ratio of 0.73 is below the typical benchmark, resulting in a score of 9/100. However, the company holds substantial cash reserves (61% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.

Cash Flow
0

Not available for Studio City International Holdings Limited, and counted as zero in the overall score.

Returns
32

Studio City International Holdings Limited posts a -11.2% return on equity (ROE), meaning it loses $11 for every $100 of shareholders' equity. This results in a returns score of 32/100. This is up from -16.4% the prior year.

Altman Z-Score Distress
-0.62

Studio City International Holdings Limited scores -0.62, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($182.0M) relative to total liabilities ($2.2B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial
4/7

Studio City International Holdings Limited passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Mixed
N/A

Studio City International Holdings Limited reported a net loss of $58.8M while generating $210.3M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Interest Coverage At Risk
0.55x

Studio City International Holdings Limited earns $0.55 in operating income for every $1 of interest expense ($70.0M vs $126.3M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

None of these metrics is reported for Q4 2025.

Cash & Balance Sheet

Cash & Debt
$109.4M
YoY-14.3%
QoQ-14.3%

Studio City International Holdings Limited held $109.4M in cash against $2.0B in long-term debt as of Q4 2025.

Free Cash Flow

Not reported for Q4 2025.

Dividends Per Share

Not reported for Q4 2025.

Shares Outstanding

Not reported for Q4 2025.

Margins & Returns

None of these metrics is reported for Q4 2025.

Capital Allocation

None of these metrics is reported for Q4 2025.

MSC Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MSC quarterly income statement
MetricQ4'2520-FQ4'2420-FQ4'2310-KQ3'2310-QQ4'2210-KQ4'2110-KQ3'2110-QQ4'2010-K

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

MSC Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MSC quarterly balance sheet
MetricQ4'2520-FQ4'2420-FQ4'2310-KQ3'2310-QQ4'2210-KQ4'2110-KQ3'2110-QQ4'2010-K
Total Assets$2.8B-6.3%$3.0B-7.8%$3.2B-9.9%$3.3B$3.6B+8.3%$3.3B+9.0%$3.3B$3.0B+12.2%
Current Assets$131.5M-21.0%$166.4M-47.4%$316.1M-42.9%$380.0M$553.8M-1.7%$563.7M-7.3%$712.6M$607.8M+46.7%
Cash & Equivalents$109.4M-14.3%$127.6M-44.0%$228.0M-55.2%$293.0M$509.5M+2.0%$499.3M-13.2%$650.9M$575.2M+92.1%
Short-Term Investments$0$0$0$0$0$0$0$0
Inventory$8.7M+19.4%$7.3M+26.8%$5.8M+12.5%$5.7M$5.1M-12.1%$5.8M-37.3%$8.1M$9.3M-4.8%
Accounts Receivable$1.9M-4.5%$2.0M-13.4%$2.3M+767.3%$1.1M$263K+6.5%$247K+57.3%$54K$157K-88.8%
Long-Term Investments$0$0$0$0$0$0$0$0
Total Liabilities$2.2B-5.0%$2.3B-6.7%$2.5B-7.7%$2.6B$2.7B+14.4%$2.4B+33.7%$2.3B$1.8B+14.3%
Current Liabilities$180.0M-0.4%$180.8M+15.3%$156.8M-36.6%$131.9M$247.4M-2.9%$254.7M+57.1%$173.0M$162.2M+61.9%
Non-Current Liabilities$2.0B-5.3%$2.2B-8.2%$2.4B-4.8%$2.5B$2.5B+16.5%$2.1B+31.4%$2.1B$1.6B+11.1%
Long-Term Debt$2.0B-5.5%$2.1B-8.3%$2.3B-4.1%$2.4B$2.4B+16.6%$2.1B+31.7%$2.1B$1.6B+10.4%
Total Equity$523.9M-11.3%$590.7M-11.3%$666.1M-16.8%$676.4M$800.6M+1.4%$789.4M-25.5%$848.2M$1.1B+18.9%
Retained Earnings-$2.0B-3.1%-$1.9B-5.4%-$1.8B-8.0%-$1.8B-$1.7B-24.4%-$1.3B-23.3%-$1.3B-$1.1B-42.1%

Not reported in any period shown, so not listed: Goodwill.

MSC Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MSC quarterly cash flow statement
MetricQ4'2520-FQ4'2420-FQ4'2310-KQ3'2310-QQ4'2210-KQ4'2110-KQ3'2110-QQ4'2010-K
Operating Cash FlowN/AN/A$65.6M+425.9%N/A-$20.1M-25.9%-$16.0M+14.1%N/A-$18.6M
Investing Cash FlowN/AN/A-$32.7M+65.0%N/A-$93.4M+30.7%-$134.7M-116.9%N/A-$62.1M
Financing Cash FlowN/AN/A-$99.0M-143363.8%N/A-$69K$0+100.0%N/A-$1.4M
Dividends PaidN/AN/A$0N/A$0N/AN/AN/A

Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Share Buybacks.

MSC Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MSC quarterly financial ratios
MetricQ4'2520-FQ4'2420-FQ4'2310-KQ3'2310-QQ4'2210-KQ4'2110-KQ3'2110-QQ4'2010-K
Current Ratio0.73-0.2x0.92-1.1x2.02-0.2x2.882.240.0x2.21-1.5x4.123.75-0.4x
Debt-to-Equity3.86+0.2x3.63+0.1x3.51+0.5x3.603.04+0.4x2.64+1.1x2.461.50-0.1x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.

Note: The current ratio is below 1.0 (0.73), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company Fiscal year Revenue Net income Net margin Market cap Health score
Studio City International Holdings Limited MSC FY2025 $694.6M -$58.8M -8.5% $182.0M 30/100
Golden Entertainment, Inc. GDEN FY2025 $634.9M -$6.0M -0.9% $754.5M 35/100
Monarch Casino & Resort Inc MCRI FY2025 $545.1M $101.4M 18.6% $2.1B 36/100
Bally's Corporation BALY FY2025 $2.4B -$701.1M -28.8% $706.1M 17/100
Melco Resorts & Entertainment Limited MLCO FY2025 $5.2B $185.0M 3.6% $1.6B 34/100
PENN Entertainment, Inc. PENN FY2025 $7.0B -$843.1M -12.1% $2.1B 23/100

Frequently Asked Questions

What is Studio City International Holdings Limited's annual revenue?

Studio City International Holdings Limited (MSC) reported $694.6M in total revenue for fiscal year 2025. This represents a 8.7% 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 Limited's revenue growing?

Studio City International Holdings Limited (MSC) revenue grew by 8.7% year-over-year, from $639.1M to $694.6M in fiscal year 2025.

Is Studio City International Holdings Limited profitable?

No, Studio City International Holdings Limited (MSC) reported a net income of -$58.8M in fiscal year 2025, with a net profit margin of -8.5%.

Studio City International Holdings Limited (MSC) had EBITDA of $282.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Studio City International Holdings Limited (MSC) had $109.4M in cash and equivalents against $2.0B in long-term debt.

Studio City International Holdings Limited (MSC) had an operating margin of 10.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Studio City International Holdings Limited (MSC) had a net profit margin of -8.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Studio City International Holdings Limited (MSC) has a return on equity of -11.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Studio City International Holdings Limited (MSC) generated $210.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Studio City International Holdings Limited (MSC) had $2.8B in total assets as of fiscal year 2025, including both current and long-term assets.

Studio City International Holdings Limited (MSC) had a current ratio of 0.73 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

Studio City International Holdings Limited (MSC) had a debt-to-equity ratio of 3.86 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Studio City International Holdings Limited (MSC) had a return on assets of -2.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Studio City International Holdings Limited (MSC) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $182.0M as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

Studio City International Holdings Limited (MSC) trades at 0.3x sales, its market capitalization divided by revenue of $694.6M revenue, FY2025. The market capitalization is $182.0M as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

Studio City International Holdings Limited (MSC) has an Altman Z-Score of -0.62, 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.

Studio City International Holdings Limited (MSC) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Studio City International Holdings Limited (MSC) reported a net loss of $58.8M while generating $210.3M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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.

Studio City International Holdings Limited (MSC) has an interest coverage ratio of 0.55x, 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.

Studio City International Holdings Limited (MSC) scores 30 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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