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ValueScreener company report

Studio City International Holdings Limited (MSC)

NYSE / Consumer Cyclical / Gambling, Resorts & Casinos

Share price

0.98 USD Market dataClose of Oct 16, 2026

Market capitalisation

47.0M USD Market dataClose of Oct 16, 2026
Market data
Oct 16, 2026
Filed accounts
FY2025, filed Mar 13, 2026
Ratios computed
Oct 16, 2026
Filed years
10, FY2016 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

-11.2% Computed

From the FY2025 filing

Read quality

Valuation

Price to book

0.09x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Dividend yield

0.0% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 424.5M USDFY2016 Net income: -242.8M USDFY2017 Revenue: 539.8M USDFY2017 Net income: -76.4M USDFY2018 Revenue: 571.2M USDFY2018 Net income: -21.6M USDFY2019 Revenue: 626.7M USDFY2019 Net income: 33.6M USDFY2020 Revenue: 49.2M USDFY2020 Net income: -321.6M USDFY2021 Revenue: 106.9M USDFY2021 Net income: -252.6M USDFY2022 Revenue: 11.5M USDFY2022 Net income: -326.5M USDFY2023 Revenue: 445.5M USDFY2023 Net income: -133.5M USDFY2024 Revenue: 639.1M USDFY2024 Net income: -96.7M USDFY2025 Revenue: 694.6M USDFY2025 Net income: -58.8M USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
1 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it good

Return on equity was -11.2% in FY2025, in the band labelled "Likely below the cost of equity" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on shareholders' money below the usual cost of equity.

Today, against the Consumer Cyclical sector (436 companies), -11.2% sits at the 28th percentile; the middle half of that group runs from -19.6% to 16.9%.

Is it safe

Interest coverage was 0.55x in FY2025, in the band labelled "Distress territory" (below 1.50x), on lines anchored on Damodaran's interest-coverage table.

Year by year against peers
Whether Studio City International Holdings Limited's return on equity stayed above the median of the Consumer Cyclical sector, year by year. (FY2017 to FY2025, 9 fiscal years of Studio City International Holdings Limited with a comparable figure)
The direction
Which way Studio City International Holdings Limited's operating margin has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Studio City International Holdings Limited)
What could explain it
What in Studio City International Holdings Limited's filed statements could explain the movements. (5 readings drawn from the statement lines Studio City International Holdings Limited filed)
What to check next
What to check next on Studio City International Holdings Limited, and where in its filings. (5 questions for Studio City International Holdings Limited)
In one paragraph
One paragraph on Studio City International Holdings Limited's returns, cash, balance sheet and price. (8 of sixteen figures read for Studio City International Holdings Limited)

These are MSC’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research MSCPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 20-F, filed Mar 13, 2026, accession 0001193125-26-105026.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Studio City International Holdings Limited: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

No tax rate can be read for this year: the income tax or the pre-tax income line is not filed, or pre-tax income is zero, so after-tax operating profit is not computed.

n/a ComputedFY2025 20-F, filed Mar 13, 2026, 0001193125-26-105026
Return on equity-11.2% ComputedFY2025 20-F, filed Mar 13, 2026, 0001193125-26-105026
Return on capital employed, pre-tax2.7% ComputedFY2025 20-F, filed Mar 13, 2026, 0001193125-26-105026
Return on assets-2.1% ComputedFY2025 20-F, filed Mar 13, 2026, 0001193125-26-105026
Gross margin
Why n/a

Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.

n/a ComputedFY2025 20-F, filed Mar 13, 2026, 0001193125-26-105026
Operating margin10.1% ComputedFY2025 20-F, filed Mar 13, 2026, 0001193125-26-105026
Net margin-8.5% ComputedFY2025 20-F, filed Mar 13, 2026, 0001193125-26-105026
MSC -8.5%
FLL -13.3%CNTY -10.7%SEGG -3628.3%
-3628.3%-8.5%
Net margin: MSC against the 3 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Studio City International Holdings Limited: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity3.89 ComputedFY2025 20-F, filed Mar 13, 2026, 0001193125-26-105026
Current ratio0.73 ComputedFY2025 20-F, filed Mar 13, 2026, 0001193125-26-105026
Quick ratio0.68 ComputedFY2025 20-F, filed Mar 13, 2026, 0001193125-26-105026
Interest coverage0.55x ComputedFY2025 20-F, filed Mar 13, 2026, 0001193125-26-105026
Altman Z-score-0.66 ComputedClose of Oct 16, 2026 · FY2025 20-F, filed Mar 13, 2026, 0001193125-26-105026
Net debt1.93B ComputedFY2025 20-F, filed Mar 13, 2026, 0001193125-26-105026
Total assets 2.80BTotal liabilities 2.22BShareholders' equity 523.9MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Studio City International Holdings Limited owned and owed at the end of fiscal 2025, from the balance sheet it filed (20-F, filed Mar 13, 2026, 0001193125-26-105026).

Studio City International Holdings Limited: balance sheet position
Total assets2.80B FiledFY2025 20-F, filed Mar 13, 2026
Total liabilities2.22B FiledFY2025 20-F, filed Mar 13, 2026
Shareholders' equity523.9M FiledFY2025 20-F, filed Mar 13, 2026
Cash109.4M FiledFY2025 20-F, filed Mar 13, 2026
Total debt2.04B FiledFY2025 20-F, filed Mar 13, 2026
Net debt1.93B
Current ratio0.73
Debt to equity3.89

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Studio City International Holdings Limited: what the market charges, each with its source
FigureValue, source and document
Price to earnings
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 16, 2026 · FY2025 20-F, filed Mar 13, 2026, 0001193125-26-105026
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 16, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book0.09x ComputedClose of Oct 16, 2026 · FY2025 20-F, filed Mar 13, 2026, 0001193125-26-105026
Price to sales0.07x ComputedClose of Oct 16, 2026 · FY2025 20-F, filed Mar 13, 2026, 0001193125-26-105026
Enterprise value to EBIT28.22x ComputedClose of Oct 16, 2026 · FY2025 20-F, filed Mar 13, 2026, 0001193125-26-105026
Enterprise value to EBITDA7.01x ComputedClose of Oct 16, 2026 · FY2025 20-F, filed Mar 13, 2026, 0001193125-26-105026
Price to earnings over growth
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 16, 2026 · FY2025 20-F, filed Mar 13, 2026, 0001193125-26-105026
Diluted earnings per share
Why n/a

The FY2025 filing carries no diluted earnings per share we could read.

n/a FiledFY2025 20-F, filed Mar 13, 2026, 0001193125-26-105026
Graham number
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedFY2025 20-F, filed Mar 13, 2026, 0001193125-26-105026

We publish no fair value or price target of our own. Value MSC on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Studio City International Holdings Limited today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Studio City International Holdings Limited: valuation
Share price0.98 USD
Market capitalisation47.0M USD
Enterprise value to EBITDA7.01x
Graham numbern/m
Diluted earnings per sharen/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like Studio City International Holdings Limited

  1. Full House Resorts, Inc. (FLL)Market cap 39.9M USD
  2. Century Casinos, Inc. (CNTY)Market cap 22.9M USD
  3. Lottery.com Inc. (SEGG)Market cap 5.4M USD

Same industry (Gambling, Resorts & Casinos) and size band (Nano, under 50M), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Studio City International Holdings Limited: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 16, 2026 · FY2025 20-F, filed Mar 13, 2026, 0001193125-26-105026
Free cash flow
Why n/a

The FY2025 filing carries no free cash flow we could read.

n/a ComputedFY2025 20-F, filed Mar 13, 2026, 0001193125-26-105026
Free cash flow margin
Why n/a

No free cash flow, and no operating cash flow and capital expenditure pair, is filed for this year.

n/a ComputedFY2025 20-F, filed Mar 13, 2026, 0001193125-26-105026
Dividend yield0.0% ComputedClose of Oct 16, 2026 · FY2025 20-F, filed Mar 13, 2026, 0001193125-26-105026
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Mar 13, 2026, 0001193125-26-105026
FY2016 Net income: -242.8M USDFY2017 Net income: -76.4M USDFY2018 Net income: -21.6M USDFY2019 Net income: 33.6M USDFY2020 Net income: -321.6M USDFY2021 Net income: -252.6M USDFY2022 Net income: -326.5M USDFY2023 Net income: -133.5M USDFY2024 Net income: -96.7M USDFY2025 Net income: -58.8M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filing

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Studio City International Holdings Limited: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
n/mFY2025Oct 16, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
0.09xFY2025Oct 16, 2026
28.22xFY2025Oct 16, 2026
n/aFY2025Oct 16, 2026
n/a The filed cash flow statement reports neither free cash flow nor the operating cash flow and capital spending it is built from.
n/aFY2025Mar 13, 2026
n/a No tax rate can be read for this year: the income tax or the pre-tax income line is not filed, or pre-tax income is zero, so after-tax operating profit is not computed.
0.0%FY2025Oct 16, 2026
3.89FY2025Mar 13, 2026
0.73FY2025Mar 13, 2026
0.07xFY2025Oct 16, 2026
n/mFY2025Oct 16, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
-0.66FY2025Oct 16, 2026
-2.85FY2025Mar 13, 2026
4/9FY2025Mar 13, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 10 filed fiscal years on record, FY2016 to FY2025, from SEC EDGAR. Prices as of Oct 16, 2026. Ratios recomputed Oct 16, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Studio City International Holdings Limited filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Studio City International Holdings Limited: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY2025694.6M70.0M-58.8Mn/an/a10.1%-11.2%20-F, Mar 13, 20260001193125-26-105026
FY2024639.1M38.1M-96.7Mn/an/a6.0%-16.4%20-F, Mar 21, 20250001193125-25-059760
FY2023445.5M-29.0M-133.5Mn/an/a-6.5%-20.0%20-F, Mar 22, 20240001193125-24-074558
FY202211.5M-277.2M-326.5Mn/an/a-2400.6%-40.8%20-F, Mar 31, 20230001193125-23-086860
FY2021106.9M-191.6M-252.6Mn/an/a-179.3%-32.0%20-F, Mar 31, 20220001193125-22-090604
FY202049.2M-279.9M-321.6Mn/an/a-568.9%-30.3%20-F, Mar 31, 20210001193125-21-101299
FY2019626.7M178.0M33.6Mn/an/a28.4%3.8%20-F, Mar 31, 20200001193125-20-091999
FY2018571.2M137.9M-21.6Mn/an/a24.1%-2.6%20-F, Mar 29, 20190001193125-19-091865
FY2017539.8M80.5M-76.4Mn/an/a14.9%-10.3%20-F, Mar 29, 20190001193125-19-091865
FY2016424.5M-54.8M-242.8Mn/an/a-12.9%n/a20-F, Mar 29, 20190001193125-19-091865
  • Revenue, compound annual growth FY2016 to FY2025: 5.6%
  • Earnings: Earnings was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow: Fewer than two filed years carry free cash flow.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Studio City International Holdings Limited: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.85 ComputedFY2025 20-F, filed Mar 13, 2026, 0001193125-26-105026
Piotroski F-score4/9 ComputedFY2025 20-F, filed Mar 13, 2026, 0001193125-26-105026
Named tests met1 of 30 Computed
Beta-0.60 ComputedClose of Oct 16, 2026

The named tests

Of 30 tests value investors published: 1 met, 22 not met, 7 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Cheapest quarter on P/B (David Dreman)
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Clean books, high ROIC
Not measured
Dividends and buybacks; ROIC at or above WACC; P/E times P/B (Benjamin Graham); Cash-covered dividend; Cash-flow yield and ROIC; Cheapest quarter on P/E (David Dreman); Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(15)
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • P/E Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Return on Invested Capital: No tax rate can be read for this year: the income tax or the pre-tax income line is not filed, or pre-tax income is zero, so after-tax operating profit is not computed.
  • PEG Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Gross Margin: Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.
  • Dividend Yield: The stored figure is a zero that can stand for data we do not hold, so this test is not measured.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Free Cash Flow Yield: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Capex To Ocf: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: The stored figure is a zero that can stand for data we do not hold, so this test is not measured.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 15 figures could not be read on this company, among them Positive Earnings Streak, P/E Ratio, Return on Invested Capital. Each blank in the table above names the rest, with its reason. 7 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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