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Studio City International Holdings
(NYSE:MSC)
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Rating:49Neutral
Price Target:
$1.50
▼(-13.79% Downside)
Action:Reiterated
Date:06/16/26
The score is held back primarily by high leverage and ongoing net losses despite improving revenue and materially better cash generation. Technicals add further pressure given a clear downtrend versus key moving averages, while valuation is constrained by a negative P/E and no indicated dividend support.
Positive Factors
Cash generation
Studio City converted to sustained positive operating cash flow ($210M in 2025) and consecutive positive free cash flow (2024–2025). This durable improvement provides internal funding for operations and debt paydown, reducing immediate refinancing pressure and supporting capital allocation if demand remains stable.
Negative Factors
High leverage
Despite recent debt actions, the balance sheet remains highly leveraged with total debt above $2.0B and debt/equity near 3.9x. High leverage limits strategic flexibility, raises interest-service sensitivity, and means weaker operating periods could quickly strain liquidity despite improved cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Studio City converted to sustained positive operating cash flow ($210M in 2025) and consecutive positive free cash flow (2024–2025). This durable improvement provides internal funding for operations and debt paydown, reducing immediate refinancing pressure and supporting capital allocation if demand remains stable.
Read all positive factors
Studio City International Holdings Key Performance Indicators (KPIs)
Studio City International Holdings (MSC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$396.15M
Dividend YieldN/A
Average Volume (3M)2.99K
Price to Earnings (P/E)―
Beta (1Y)-0.43
Revenue Growth9.05%
EPS Growth59.31%
CountryUS
Employees5,879
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)-0.85
Shares Outstanding192,588,180
10 Day Avg. Volume5,159
30 Day Avg. Volume2,992
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)0.33
Price to Sales (P/S)0.25
P/FCF Ratio1.15
Enterprise Value/Market Cap5.15
Enterprise Value/Revenue2.88
Enterprise Value/Gross Profit4.23
Enterprise Value/Ebitda6.80
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Studio City International Holdings Business Overview & Revenue Model
Company Description
Studio City International Holdings Limited is responsible for running a major resort complex in Cotai, Macau, which integrates gaming, retail, and entertainment options. At the heart of its offerings is the Studio City Casino, which features 250 g...
How the Company Makes Money
The company primarily makes money by operating an integrated resort in Macau with multiple revenue streams. (1) Casino gaming: The largest revenue driver is typically casino operations, where the company earns gaming revenue from table games and e...
Studio City International Holdings Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
36
Negative
Cash Flow
68
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 709.57M | 694.57M | 639.14M | 445.54M | 11.55M | 106.87M |
| Gross Profit | 482.87M | 465.95M | 415.29M | 273.01M | -67.21M | 24.62M |
| EBITDA | 300.20M | 281.59M | 240.18M | 152.80M | -141.61M | -83.86M |
| Net Income | -39.94M | -58.77M | -96.73M | -133.52M | -326.45M | -252.56M |
Balance Sheet | ||||||
| Total Assets | 2.71B | 2.80B | 2.99B | 3.24B | 3.59B | 3.32B |
| Cash, Cash Equivalents and Short-Term Investments | 86.97M | 109.40M | 127.63M | 228.04M | 509.52M | 499.29M |
| Total Debt | 2.03B | 2.05B | 2.18B | 2.35B | 2.45B | 2.10B |
| Total Liabilities | 2.16B | 2.22B | 2.34B | 2.51B | 2.72B | 2.37B |
| Stockholders Equity | 502.87M | 523.89M | 590.74M | 728.98M | 876.14M | 944.18M |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 148.35M | 103.14M | -175.72M | -630.90M | -541.32M |
| Operating Cash Flow | 0.00 | 210.32M | 189.90M | -18.89M | -178.78M | -136.84M |
| Investing Cash Flow | 0.00 | -85.15M | -108.46M | -161.54M | -453.39M | -407.24M |
| Financing Cash Flow | 0.00 | -143.11M | -183.26M | -100.90M | 643.11M | 471.51M |
Studio City International Holdings Technical Analysis
Positive
1.74
Price Trends
1.99
Negative
2.31
Negative
2.88
Negative
Market Momentum
-0.03
Negative
51.46
Neutral
62.62
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MSC, the sentiment is Positive. The current price of 1.74 is below the 20-day moving average (MA) of 1.79, below the 50-day MA of 1.99, and below the 200-day MA of 2.88, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 51.46 is Neutral, neither overbought nor oversold. The STOCH value of 62.62 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MSC.
Studio City International Holdings Risk Analysis
Studio City International Holdings disclosed 72 risk factors in its most recent earnings report. Studio City International Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Studio City International Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $31.67B | 18.95 | 141.97% | 2.39% | 18.11% | 29.86% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
58 Neutral | $11.21B | 26.69 | 16.96% | ― | 3.19% | -8.14% | |
55 Neutral | $183.53M | -11.59 | 147.77% | ― | 1.31% | -123.26% | |
54 Neutral | $2.22B | 9.86 | -17.64% | ― | 11.55% | 313.70% | |
52 Neutral | $10.31B | 27.28 | -176.78% | 1.03% | 4.72% | -8.26% | |
49 Neutral | $396.15M | -2.23 | -7.59% | ― | 9.05% | 59.31% |
* Consumer Cyclical Sector Average
MSC
Studio City International Holdings
1.70
-2.64
-60.83%
LVS
Las Vegas Sands
45.85
-5.75
-11.15%
MLCO
Melco Resorts & Entertainment
5.65
-3.00
-34.68%
MGM
MGM Resorts
44.51
9.42
26.85%
WYNN
Wynn Resorts
101.15
-5.08
-4.78%
INSE
Inspired Entertainment
6.95
-1.33
-16.06%
Studio City International Holdings Corporate Events
Studio City Finance Cuts 33% of 2028 Senior Notes in US$165 Million Redemption
Jul 21, 2026
On July 18, 2026, Studio City Finance Limited redeemed US$165 million of its 6.500% senior notes due 2028, representing 33% of the notes’ original principal, and subsequently canceled the redeemed securities. Following this partial redemptio...
Studio City Finance to Partially Redeem US$165 Million of 2028 Senior Notes
Jun 18, 2026
On June 18, 2026, Studio City Finance Limited announced a partial redemption of its US$500 million 6.500% Senior Notes due 2028. The company will redeem US$165 million of the outstanding notes on July 18, 2026 at par, plus accrued and unpaid inter...
Studio City International Fully Redeems 7% Senior Secured Notes Due 2027
Jun 8, 2026
Studio City Company Limited announced that, pursuant to a redemption notice issued on May 6, 2026, it redeemed an aggregate principal amount of US$153,579,000 of its 7.000% senior secured notes due 2027 on June 5, 2026. The redeemed notes represen...
Studio City International Reshapes Debt Profile With New 2031 Notes and Q1 2026 Filings
May 29, 2026
Studio City International Holdings filed a Form 6-K on May 29, 2026, furnishing unaudited first-quarter 2026 financial information for its financing subsidiaries Studio City Finance Limited and Studio City Investments Limited. The filing highlight...
Studio City International Retires Majority of 7% 2027 Notes After Tender Offer Completion
May 15, 2026
On May 15, 2026, Studio City Company Limited reported that the financing condition for its previously announced cash tender offer for any and all of its 7.00% senior secured notes due 2027 had been satisfied, with the offer itself having expired o...
Studio City International Announces Results of Tender Offer for 7.00% 2027 Notes
May 13, 2026
Studio City Company Limited, a subsidiary of Studio City International Holdings Limited, operates an integrated resort business in Macau’s gaming and entertainment market. Its performance is influenced by fluctuations in Macau visitation, lo...
Studio City International Prices US$300 Million Senior Secured Notes to Refinance 2027 Debt
May 7, 2026
On May 7, 2026, Studio City Company Limited, a subsidiary of Studio City International Holdings, priced an international offering of US$300 million in 6.125% senior secured notes due 2031 at par. The notes will be guaranteed on a senior secured ba...
Studio City International Plans New Secured Notes to Refinance 2027 Debt
May 6, 2026
On May 6, 2026, Studio City Company Limited announced plans for an international offering of senior secured notes, which will rank pari passu with its existing senior debt and be guaranteed on a senior basis by Studio City Investments Limited and ...
Studio City International Swings to Q1 2026 Profit as Macau Resort Revenue Climbs
May 4, 2026
Studio City International Holdings reported unaudited results for the quarter ended March 31, 2026, showing total operating revenues of US$176.7 million, up from US$161.7 million a year earlier, driven by stronger mass market casino performance an...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.