Studio City International Holdings Financials

MSC

FY2025 annual

Revenue $694.6M +8.7% YoY

Net Income -$58.8M +39.2% YoY

EPS (Diluted) Not reported for FY2025

Free Cash Flow Not reported for FY2025

Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Dec 31, 2025 Reported Mar 13, 2026 Currency USD FYE December

Studio City International Holdings (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 2026-08-15

Operating recovery is real, but interest-heavy leverage leaves Studio City cash-generative yet tight on liquidity.

By FY2025, operating cash flow of $210.3M sat far above net income of -$58.8M, showing the bottom line is not a clean guide to cash generation. That gap makes sense because depreciation-heavy assets lifted EBITDA to $282.1M while interest still consumed $126.3M, so operations have healed faster than the capital structure.

The balance sheet improved in one way and worsened in another: long-term debt fell to $2.02B by FY2025, yet debt-to-equity climbed to 3.9x because repeated losses reduced equity to $523.9M. In other words, paying debt down has not translated into a lighter leverage burden on the remaining equity base.

The short-term cushion deteriorated during the recovery: cash fell to $109.4M in FY2025 and the current ratio slipped to 0.7x. That means positive operating cash flow has not yet rebuilt the near-term buffer that existed in FY2023, so liquidity is recovering more slowly than operations.

Financial Health Signals

Financial Health Score 31/100

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'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

Studio City International Holdings 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 46/100, indicating healthy but not exceptional operating efficiency. This is up from 6.0% the prior year.

Growth

Studio City International Holdings'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

Studio City International Holdings 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 7/100, reflecting increased financial risk.

Liquidity

Studio City International Holdings's current ratio of 0.73 is below the typical benchmark, resulting in a score of 10/100. 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

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

Returns

Studio City International Holdings 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 34/100. This is up from -16.4% the prior year.

Altman Z-Score Distress

-0.58

Studio City International Holdings scores -0.58, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($340.9M) 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 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 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 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

Revenue

$694.6M

YoY+8.7%

5Y CAGR+69.8%

Studio City International Holdings generated $694.6M in revenue in fiscal year 2025. This represents an increase of 8.7% from the prior year.

EBITDA

$282.1M

YoY+16.0%

Studio City International Holdings's EBITDA was $282.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 16.0% from the prior year.

Net Income

-$58.8M

YoY+39.2%

Studio City International Holdings reported -$58.8M in net income in fiscal year 2025. This represents an increase of 39.2% from the prior year.

EPS (Diluted)

Not reported for fiscal year 2025.

Cash & Balance Sheet

Cash & Debt

$109.4M

YoY-14.3%

5Y CAGR-28.2%

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

Free Cash Flow

Not reported for fiscal year 2025.

Dividends Per Share

Not reported for fiscal year 2025.

Shares Outstanding

Not reported for fiscal year 2025.

Margins & Returns

Operating Margin

10.1%

YoY+4.1pp

Studio City International Holdings's operating margin was 10.1% in fiscal year 2025, reflecting core business profitability. This is up 4.1 percentage points from the prior year.

Net Margin

-8.5%

YoY+6.7pp

Studio City International Holdings's net profit margin was -8.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 6.7 percentage points from the prior year.

Return on Equity

-11.2%

YoY+5.2pp

5Y CAGR+19.1pp

Studio City International Holdings's ROE was -11.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 5.2 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Capital Allocation

None of these metrics is reported for fiscal year 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.

MSC quarterly income statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16
Revenue	$694.6M+8.7%	$639.1M+43.5%	$445.5M+3758.1%	$11.5M-89.2%	$106.9M+117.2%	$49.2M-92.1%	$626.7M+9.7%	$571.2M+5.8%	$539.8M+27.2%	$424.5M
SG&A Expenses	$183.4M+7.1%	$171.3M+48.7%	$115.2M+44.4%	$79.8M-8.9%	$87.6M-1.6%	$89.0M-31.0%	$128.9M-2.8%	$132.6M+1.7%	$130.5M-3.4%	$135.1M
Operating Income	$70.0M+83.6%	$38.1M+231.4%	-$29.0M+89.5%	-$277.2M-44.7%	-$191.6M+31.6%	-$279.9M-257.3%	$178.0M+29.1%	$137.9M+71.4%	$80.5M+246.9%	-$54.8M
Interest Expense	$126.3M-5.5%	$133.6M+3.1%	$129.6M+40.3%	$92.4M+1.5%	$91.0M-13.2%	$104.8M-20.8%	$132.3M-17.6%	$160.5M+0.4%	$159.9M+0.4%	$159.2M
Income Tax	$7.6M+3.5%	$7.4M+9176.5%	-$81K-121.2%	$382K+183.6%	-$457K+54.8%	-$1.0M-351.5%	$402K-26.1%	$544K+327.6%	-$239K-150.4%	$474K
Net Income	-$58.8M+39.2%	-$96.7M+27.6%	-$133.5M+59.1%	-$326.5M-29.3%	-$252.6M+21.5%	-$321.6M-1058.2%	$33.6M+255.4%	-$21.6M+71.7%	-$76.4M+68.5%	-$242.8M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	-$1.10-893.5%	$0.14+223.0%	-$0.11	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q3'23	Q4'22	Q4'21	Q3'21	Q4'20

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

MSC Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

MSC quarterly balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16
Total Assets	$2.8B-6.3%	$3.0B-7.8%	$3.2B-9.9%	$3.6B+8.3%	$3.3B+9.0%	$3.0B+12.2%	$2.7B-3.2%	$2.8B-4.3%	$2.9B	N/A
Current Assets	$131.5M-21.0%	$166.4M-47.4%	$316.1M-42.9%	$553.8M-1.7%	$563.7M-7.3%	$607.8M+46.7%	$414.4M-9.7%	$459.0M-0.4%	$460.9M	N/A
Cash & Equivalents	$109.4M-14.3%	$127.6M-44.0%	$228.0M-55.2%	$509.5M+2.0%	$499.3M-13.2%	$575.2M+92.1%	$299.4M-13.4%	$345.9M-0.7%	$348.4M-6.2%	$371.2M
Inventory	$8.7M+19.4%	$7.3M+26.8%	$5.8M+12.5%	$5.1M-12.1%	$5.8M-37.3%	$9.3M-4.8%	$9.8M-1.4%	$9.9M-2.4%	$10.1M	N/A
Accounts Receivable	$1.9M-4.5%	$2.0M-13.4%	$2.3M+767.3%	$263K+6.5%	$247K+57.3%	$157K-88.8%	$1.4M-18.4%	$1.7M-27.0%	$2.3M	N/A
Total Liabilities	$2.2B-5.0%	$2.3B-6.7%	$2.5B-7.7%	$2.7B+14.4%	$2.4B+33.7%	$1.8B+14.3%	$1.6B-8.9%	$1.7B-22.0%	$2.2B	N/A
Current Liabilities	$180.0M-0.4%	$180.8M+15.3%	$156.8M-36.6%	$247.4M-2.9%	$254.7M+57.1%	$162.2M+61.9%	$100.2M-77.2%	$439.0M+146.5%	$178.1M	N/A
Long-Term Debt	$2.0B-5.5%	$2.1B-8.3%	$2.3B-4.1%	$2.4B+16.6%	$2.1B+31.7%	$1.6B+10.4%	$1.4B+13.7%	$1.3B-36.9%	$2.0B	N/A
Total Equity	$523.9M-11.3%	$590.7M-11.3%	$666.1M-16.8%	$800.6M+1.4%	$789.4M-25.5%	$1.1B+18.9%	$891.4M+5.7%	$843.5M+14.0%	$740.0M	N/A
Retained Earnings	-$2.0B-3.1%	-$1.9B-5.4%	-$1.8B-8.0%	-$1.7B-24.4%	-$1.3B-23.3%	-$1.1B-42.1%	-$764.5M+4.2%	-$798.1M-3.2%	-$773.2M	N/A

Metric	Q4'25	Q4'24	Q4'23	Q3'23	Q4'22	Q4'21	Q3'21	Q4'20
Total Assets	$2.8B-6.3%	$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
Current Assets	$131.5M-21.0%	$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
Cash & Equivalents	$109.4M-14.3%	$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
Inventory	$8.7M+19.4%	$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
Accounts Receivable	$1.9M-4.5%	$2.0M-13.4%	$2.3M+107.4%	$1.1M+318.3%	$263K+6.5%	$247K+357.4%	$54K-65.6%	$157K
Total Liabilities	$2.2B-5.0%	$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
Current Liabilities	$180.0M-0.4%	$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
Long-Term Debt	$2.0B-5.5%	$2.1B-8.3%	$2.3B-4.1%	$2.4B0.0%	$2.4B+16.6%	$2.1B0.0%	$2.1B+31.7%	$1.6B
Total Equity	$523.9M-11.3%	$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
Retained Earnings	-$2.0B-3.1%	-$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

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.

MSC quarterly cash flow statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16
Operating Cash Flow	$210.3M+10.8%	$189.9M+1105.1%	-$18.9M+89.4%	-$178.8M-30.6%	-$136.8M+18.3%	-$167.4M-173.3%	$228.5M+63.8%	$139.5M+104.2%	$68.3M+368.6%	$14.6M
Investing Cash Flow	-$85.1M+21.5%	-$108.5M+32.9%	-$161.5M+64.4%	-$453.4M-11.3%	-$407.2M-94.1%	-$209.8M-130.7%	-$90.9M+38.4%	-$147.5M-166.5%	-$55.3M+48.1%	-$106.7M
Financing Cash Flow	-$143.1M+21.9%	-$183.3M-81.6%	-$100.9M-115.7%	$643.1M+36.4%	$471.5M-24.4%	$623.8M+428.4%	-$190.0M-3787.4%	$5.2M+500.9%	-$1.3M+99.0%	-$122.8M
Dividends Paid	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0

Metric	Q4'25	Q4'24	Q4'23	Q3'23	Q4'22	Q4'21	Q3'21	Q4'20
Operating Cash Flow	N/A	N/A	$65.6M	N/A	-$20.1M-25.9%	-$16.0M	N/A	-$18.6M
Investing Cash Flow	N/A	N/A	-$32.7M	N/A	-$93.4M+30.7%	-$134.7M	N/A	-$62.1M
Financing Cash Flow	N/A	N/A	-$99.0M	N/A	-$69K	$0	N/A	-$1.4M
Dividends Paid	N/A	N/A	$0	N/A	$0	N/A	N/A	N/A

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Share Buybacks.

MSC Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

MSC quarterly financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16
Operating Margin	10.1%+4.1pp	6.0%+12.5pp	-6.5%	-2400.6%	-179.3%	-568.9%	28.4%+4.3pp	24.1%+9.2pp	14.9%+27.8pp	-12.9%
Net Margin	-8.5%+6.7pp	-15.1%+14.8pp	-30.0%	-2826.9%	-236.3%	-653.6%	5.4%+9.1pp	-3.8%+10.4pp	-14.2%+43.0pp	-57.2%
Return on Equity	-11.2%+5.2pp	-16.4%+3.7pp	-20.0%+20.7pp	-40.8%-8.8pp	-32.0%-1.7pp	-30.3%-34.1pp	3.8%+6.3pp	-2.6%+7.8pp	-10.3%	N/A
Return on Assets	-2.1%+1.1pp	-3.2%+0.9pp	-4.1%+5.0pp	-9.1%-1.5pp	-7.6%+3.0pp	-10.6%-11.8pp	1.2%+2.0pp	-0.8%+1.8pp	-2.6%	N/A
Current Ratio	0.73-0.2x	0.92-1.1x	2.02-0.2x	2.240.0x	2.21-1.5x	3.75-0.4x	4.14+3.1x	1.05-1.5x	2.59	N/A
Debt-to-Equity	3.86+0.2x	3.63+0.1x	3.51+0.5x	3.04+0.4x	2.64+1.1x	1.50-0.1x	1.61+0.1x	1.50-1.2x	2.70	N/A

Metric	Q4'25	Q4'24	Q4'23	Q3'23	Q4'22	Q4'21	Q3'21	Q4'20
Current Ratio	0.73-0.2x	0.92-1.1x	2.02-0.9x	2.88+0.6x	2.240.0x	2.21-1.9x	4.12+0.4x	3.75
Debt-to-Equity	3.86+0.2x	3.63+0.1x	3.51-0.1x	3.60+0.6x	3.04+0.4x	2.64+0.2x	2.46+1.0x	1.50

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

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Where Studio City International Holdings Ranks

Frequently Asked Questions

What is Studio City International Holdings's annual revenue?

Studio City International Holdings (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's revenue growing?

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

Is Studio City International Holdings profitable?

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

What is Studio City International Holdings's EBITDA?

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

How much debt does Studio City International Holdings have?

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

What is Studio City International Holdings's operating margin?

Studio City International Holdings (MSC) had an operating margin of 10.1% in fiscal year 2025, 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 -8.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Studio City International Holdings's return on equity (ROE)?

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

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

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

What are Studio City International Holdings's total assets?

Studio City International Holdings (MSC) had $2.8B in total assets as of fiscal year 2025, 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 0.73 as of fiscal year 2025, 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 3.86 as of fiscal year 2025, 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 -2.1% for fiscal year 2025, 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 -0.58, 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 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.

Are Studio City International Holdings's earnings high quality?

Studio City International Holdings (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.

Can Studio City International Holdings cover its interest payments?

Studio City International Holdings (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.

How financially healthy is Studio City International Holdings?

Studio City International Holdings (MSC) scores 31 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.