NYSE : MSC
Studio City International Holdings Limited — Financial statements
Consumer Discretionary · Resorts & Casinos · Hong Kong
Last price 0.7851 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 151.20M
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Financial statements
Studio City International Holdings Limited (MSC) reported revenue of 684.08M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 684.08M | 694.57M | 639.14M | 445.54M | 11.55M | 106.87M |
| Cost of Revenue | 210.31M | 226.63M | 222.84M | 171.12M | 72.96M | 76.22M |
| Gross Profit | 473.77M | 467.94M | 416.30M | 274.42M | -61.41M | 30.65M |
| Selling, General & Admin | 191.74M | 186.70M | 174.59M | 118.50M | 83.08M | 90.90M |
| Other Operating Expenses | -2.01M | 185.00K | 218.00K | 1.41M | 5.80M | 4.53M |
| Operating Expenses | 397.26M | 396.10M | 377.36M | 303.46M | 215.80M | 220.73M |
| Operating Income | 76.51M | 71.84M | 38.95M | -29.04M | -277.22M | -190.07M |
| Interest Expense | -121.22M | -126.27M | -133.59M | -129.57M | -92.36M | -90.97M |
| Interest & Investment Income | 951.00K | 914.00K | 4.06M | 10.68M | 6.43M | 3.06M |
| Currency Exchange Gain (Loss) | -749.00K | 462.00K | -5.50M | 642.00K | 2.39M | 6.26M |
| Other Non Operating Income (Expenses) | -1.53M | -1.84M | -592.00K | -484.00K | -168.00K | -419.00K |
| EBT Excluding Unusual Items | -46.03M | -54.89M | -96.68M | -147.78M | -360.93M | -272.14M |
| Gain (Loss) on Sale of Assets | -700.00K | -700.00K | -800.00K | |||
| Asset Writedown | -1.50M | |||||
| Legal Settlements | -1.10M | -1.10M | ||||
| Other Unusual Items | -1.38M | -1.00M | 1.61M | -28.82M | ||
| Pretax Income | -49.21M | -56.69M | -98.48M | -146.16M | -360.93M | -302.46M |
| Income Tax Expense | 7.45M | 7.61M | 7.35M | -81.00K | 382.00K | -457.00K |
| Earnings From Continuing Operations | -56.67M | -64.30M | -105.83M | -146.08M | -361.31M | -302.00M |
| Minority Interest in Earnings | 4.88M | 5.53M | 9.11M | 12.57M | 34.86M | 49.45M |
| Net Income | -51.79M | -58.77M | -96.73M | -133.52M | -326.45M | -252.56M |
| Net Income to Common | -51.79M | -58.77M | -96.73M | -133.52M | -326.45M | -252.56M |
| Shares Outstanding (Basic) | 192.59M | 192.59M | 192.59M | 192.59M | 177.65M | 92.59M |
| Shares Outstanding (Diluted) | 192.59M | 192.59M | 192.59M | 192.59M | 195.77M | 92.59M |
| EPS (Basic) | -0.27 | -0.31 | -0.50 | -0.69 | -1.84 | -2.73 |
| EPS (Diluted) | -0.27 | -0.31 | -0.50 | -0.69 | -1.84 | -2.73 |
| Free Cash Flow | 148.35M | 103.14M | -175.72M | -630.90M | -537.21M | |
| Free Cash Flow Per Share | 0.77 | 0.54 | -0.91 | -3.22 | -5.80 | |
| Gross Margin | 69.26% | 67.37% | 65.14% | 61.59% | 28.68% | |
| Operating Margin | 11.19% | 10.34% | 6.09% | -6.52% | -2,400.55% | -177.86% |
| Profit Margin | -7.57% | -8.46% | -15.13% | -29.97% | -2,826.91% | -236.32% |
| Free Cash Flow Margin | 21.36% | 16.14% | -39.44% | -5,463.29% | -502.68% | |
| EBITDA | 288.69M | 280.54M | 240.69M | 137.05M | -154.96M | -67.17M |
| EBITDA Margin | 42.20% | 40.39% | 37.66% | 30.76% | -62.85% | |
| D&A For EBITDA | 212.18M | 208.70M | 201.75M | 166.09M | 122.26M | 122.91M |
| EBIT | 76.51M | 71.84M | 38.95M | -29.04M | -277.22M | -190.07M |
| EBIT Margin | 11.19% | 10.34% | 6.09% | -6.52% | -177.86% | |
| Revenue as Reported | 684.08M | 694.57M | 639.14M | 445.54M | 11.55M | 106.87M |
| Advertising Expenses | 33.66M | 33.16M | 22.67M | 3.69M | 4.98M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 118.05M | 109.40M | 127.63M | 228.04M | 509.52M | 499.29M |
| Cash & Short-Term Investments | 118.05M | 109.40M | 127.63M | 228.04M | 509.52M | 499.29M |
| Accounts Receivable | 1.40M | 1.71M | 1.74M | 1.82M | 250.00K | 204.00K |
| Other Receivables | 348.00K | 912.00K | 544.00K | 41.43M | 234.00K | 15.74M |
| Receivables | 1.75M | 2.62M | 2.29M | 43.25M | 484.00K | 15.94M |
| Inventory | 8.47M | 8.73M | 7.31M | 5.76M | 5.12M | 5.83M |
| Prepaid Expenses | 12.20M | 6.42M | 25.87M | 35.43M | 35.80M | 38.58M |
| Other Current Assets | 4.32M | 3.27M | 3.56M | 2.92M | 4.05M | |
| Total Current Assets | 140.47M | 131.49M | 166.37M | 316.05M | 553.85M | 563.69M |
| Property, Plant & Equipment | 2.40B | 2.50B | 2.66B | 2.79B | 2.88B | 2.57B |
| Other Intangible Assets | 96.64M | 99.07M | 102.63M | 105.31M | 110.02M | 114.89M |
| Long-Term Accounts Receivable | 1.51M | |||||
| Long-Term Deferred Charges | 7.08M | 8.79M | 278.00K | 333.00K | 389.00K | |
| Other Long-Term Assets | 63.94M | 60.68M | 43.84M | 27.64M | 48.12M | 69.36M |
| Total Assets | 2.70B | 2.80B | 2.99B | 3.24B | 3.59B | 3.32B |
| Accounts Payable | 3.86M | 6.40M | 3.29M | 2.45M | 501.00K | 53.30M |
| Accrued Expenses | 82.30M | 75.91M | 84.98M | 84.49M | 75.10M | 67.18M |
| Current Portion of Long-Term Debt | 14.51M | 21.60M | ||||
| Current Portion of Leases | 2.00M | 1.55M | 1.09M | 1.09M | 899.00K | |
| Current Income Taxes Payable | 20.03M | 15.26M | 7.63M | 10.00K | 22.00K | 21.00K |
| Current Unearned Revenue | 4.69M | 5.64M | 4.43M | 1.79M | 2.26M | |
| Other Current Liabilities | 63.44M | 75.78M | 56.07M | 64.30M | 168.88M | 131.07M |
| Total Current Liabilities | 184.15M | 180.04M | 180.76M | 156.78M | 247.39M | 254.73M |
| Long-Term Debt | 1.96B | 2.02B | 2.14B | 2.34B | 2.43B | 2.09B |
| Long-Term Leases | 11.43M | 12.10M | 12.23M | 12.25M | 13.50M | 14.80M |
| Long-Term Deferred Tax Liabilities | 37.00K | 60.00K | 77.00K | 309.00K | 382.00K | |
| Other Long-Term Liabilities | 9.35M | 6.29M | 4.12M | 3.21M | 21.63M | 17.77M |
| Total Liabilities | 2.17B | 2.22B | 2.34B | 2.51B | 2.72B | 2.37B |
| Common Stock | 84.00K | 84.00K | 84.00K | 84.00K | 84.00K | 44.00K |
| Additional Paid-In Capital | 2.48B | 2.48B | 2.48B | 2.48B | 2.48B | 2.13B |
| Retained Earnings | -1.97B | -1.95B | -1.90B | -1.80B | -1.67B | -1.34B |
| Comprehensive Income & Other | -26.07M | 618.00K | 8.70M | -12.66M | -11.67M | -6.14M |
| Total Common Equity | 484.45M | 523.89M | 590.74M | 666.10M | 800.61M | 789.42M |
| Minority Interest | 45.78M | 49.49M | 55.78M | 62.88M | 75.54M | 154.76M |
| Shareholders' Equity | 530.23M | 573.38M | 646.52M | 728.98M | 876.14M | 944.18M |
| Total Liabilities & Equity | 2.70B | 2.80B | 2.99B | 3.24B | 3.59B | 3.32B |
| Total Debt | 1.99B | 2.04B | 2.18B | 2.35B | 2.45B | 2.10B |
| Net Cash (Debt) | -1.87B | -1.93B | -2.05B | -2.12B | -1.94B | -1.60B |
| Net Cash Per Share | -9.71 | -10.02 | -10.64 | -11.01 | -9.91 | -17.32 |
| Filing Date Shares Outstanding | 192.59M | 192.59M | 192.59M | 192.59M | 192.59M | 92.59M |
| Total Common Shares Outstanding | 192.59M | 192.59M | 192.59M | 192.59M | 192.59M | 92.59M |
| Working Capital | -43.68M | -48.55M | -14.39M | 159.27M | 306.46M | 308.96M |
| Book Value Per Share | 2.52 | 2.72 | 3.07 | 3.46 | 4.16 | 8.53 |
| Tangible Book Value | 387.81M | 424.81M | 488.11M | 560.79M | 690.59M | 674.53M |
| Tangible Book Value Per Share | 2.01 | 2.21 | 2.53 | 2.91 | 3.59 | 7.29 |
| Buildings | 3.41B | 3.41B | 3.38B | 2.30B | 2.31B | |
| Machinery | 329.88M | 321.23M | 304.63M | 289.03M | 227.43M | |
| Construction In Progress | 558.00K | 881.00K | 1.08B | 721.47M | ||
| Leasehold Improvements | 182.80M | 160.16M | 134.09M | 110.98M | 106.20M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -58.77M | -96.73M | -133.52M | -326.45M | -252.56M | |
| Depreciation & Amortization | 208.70M | 201.75M | 166.09M | 122.26M | 122.91M | |
| Other Amortization | 7.78M | 6.64M | 6.16M | 6.10M | 6.19M | |
| Loss (Gain) From Sale of Assets | 725.00K | 879.00K | 541.00K | 134.00K | 171.00K | |
| Asset Writedown & Restructuring Costs | 1.50M | |||||
| Provision & Write-off of Bad Debts | 5.00K | 162.00K | -581.00K | 481.00K | -65.00K | |
| Other Operating Activities | -5.53M | -8.11M | -14.18M | -34.86M | -20.63M | |
| Change in Accounts Receivable | 85.00K | 318.00K | -2.03M | -16.00K | -91.00K | |
| Change in Inventory | 17.11M | 8.43M | -339.00K | 4.07M | -1.79M | |
| Change in Accounts Payable | 748.00K | 13.63M | 40.66M | 10.88M | -6.02M | |
| Change in Other Net Operating Assets | 39.46M | 62.92M | -81.70M | 38.63M | 13.54M | |
| Operating Cash Flow | 210.32M | 189.90M | -18.89M | -178.78M | -136.84M | |
| Capital Expenditures | -61.97M | -86.76M | -156.82M | -452.13M | -400.37M | |
| Sale of Property, Plant & Equipment | 7.55M | 9.60M | 814.00K | 9.00K | 1.69M | |
| Sale (Purchase) of Intangibles | -4.11M | |||||
| Investment in Securities | -1.28M | -4.45M | ||||
| Other Investing Activities | -30.73M | -31.30M | -5.53M | |||
| Investing Cash Flow | -85.15M | -108.46M | -161.54M | -453.39M | -407.24M | |
| Long-Term Debt Issued | 170.33M | 350.00M | 758.19M | |||
| Long-Term Debt Repaid | -313.44M | -175.38M | -100.37M | -252.94M | ||
| Net Debt Issued (Repaid) | -143.11M | -175.38M | -100.37M | 350.00M | 505.25M | |
| Issuance of Common Stock | 299.16M | |||||
| Other Financing Activities | -7.88M | -530.00K | -6.05M | -33.74M | ||
| Financing Cash Flow | -143.11M | -183.26M | -100.90M | 643.11M | 471.51M | |
| Foreign Exchange Rate Adjustments | -290.00K | 1.42M | -147.00K | -705.00K | -3.37M | |
| Net Cash Flow | -18.23M | -100.41M | -281.48M | 10.23M | -75.94M | |
| Free Cash Flow | 148.35M | 103.14M | -175.72M | -630.90M | -537.21M | |
| Free Cash Flow Margin | 21.36% | 16.14% | -39.44% | -5,463.29% | -502.68% | |
| Free Cash Flow Per Share | 0.77 | 0.54 | -0.91 | -3.22 | -5.80 | |
| Levered Free Cash Flow | 157.57M | 113.68M | -217.99M | -541.85M | -389.72M | |
| Unlevered Free Cash Flow | 232.02M | 193.85M | -139.87M | -485.53M | -334.33M | |
| Cash Interest Paid | 127.74M | 134.95M | 113.42M | 87.89M | 84.14M | |
| Change in Working Capital | 57.41M | 85.30M | -43.41M | 53.56M | 5.64M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 176.39M | 683.69M | 1.09B | 1.25B | 1.15B | 493.49M |
| Enterprise Value | 2.05B | 2.70B | 3.22B | 3.47B | 3.06B | 2.11B |
| Last Close Price | 0.78 | 3.55 | 5.65 | 6.48 | 5.96 | 5.33 |
| Forward PE | 99.95 | 99.95 | 99.95 | 99.95 | 99.95 | |
| PS Ratio | 0.22 | 0.98 | 1.70 | 2.80 | 99.40 | 4.62 |
| PB Ratio | 0.31 | 1.19 | 1.68 | 1.71 | 1.31 | 0.52 |
| P/TBV Ratio | 0.39 | 1.61 | 2.23 | 2.23 | 1.66 | 0.73 |
| P/FCF Ratio | 1.02 | 4.61 | 10.55 | |||
| P/OCF Ratio | 3.25 | 5.73 | ||||
| EV/Sales Ratio | 2.95 | 3.89 | 5.04 | 7.78 | 264.64 | 19.76 |
| EV/EBITDA Ratio | 7.00 | 9.63 | 13.38 | 25.30 | ||
| EV/EBIT Ratio | 26.42 | 37.63 | 82.68 | |||
| EV/FCF Ratio | 13.62 | 18.22 | 31.22 | |||
| Debt / Equity Ratio | 3.75 | 3.56 | 3.37 | 3.22 | 2.79 | 2.23 |
| Debt / EBITDA Ratio | 6.78 | 7.15 | 8.88 | 16.61 | ||
| Debt / FCF Ratio | 13.74 | 21.11 | ||||
| Net Debt / Equity Ratio | 3.53 | 3.37 | 3.17 | 2.91 | 2.21 | 1.70 |
| Net Debt / EBITDA Ratio | 6.48 | 6.88 | 8.52 | 15.47 | -12.52 | -23.88 |
| Net Debt / FCF Ratio | 13.01 | 19.87 | -12.07 | -3.07 | -2.99 | |
| Asset Turnover | 0.24 | 0.24 | 0.20 | 0.13 | 0.00 | 0.03 |
| Inventory Turnover | 26.90 | 28.27 | 34.10 | 31.45 | 13.33 | 10.08 |
| Quick Ratio | 0.65 | 0.62 | 0.72 | 1.73 | 2.06 | 2.02 |
| Current Ratio | 0.76 | 0.73 | 0.92 | 2.02 | 2.24 | 2.21 |
| Return on Equity (ROE) | -10.17% | -10.54% | -15.39% | -18.20% | -39.70% | -27.31% |
| Return on Assets (ROA) | 1.70% | 1.55% | 0.78% | -0.53% | -5.01% | -3.73% |
| Return on Invested Capital (ROIC) | 3.13% | 2.76% | 1.41% | -1.03% | -10.34% | -7.85% |
| Return on Capital Employed (ROCE) | 3.00% | 2.70% | 1.40% | -0.90% | -8.30% | -6.20% |
| Earnings Yield | -29.36% | -8.60% | -8.89% | -10.70% | -28.44% | -51.18% |
| FCF Yield | 98.21% | 21.70% | 9.48% | -14.08% | -54.96% | -108.86% |
| Buyback Yield / Dilution | 1.63% | -111.45% | -0.82% |