The company's financial position appears strained as the current ratio has deteriorated from 2.88 in 2023Q3 to 0.73 in 2025Q4, indicating significant pressure on short-term liquidity.
Studio City International Holdings Limited (MSC) balance sheet — 11-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Total Current Assets | 109.3M | 131.49M | 166.37M | 316.05M | 553.85M | 563.69M | 607.82M | 414.44M | 459.04M | 460.93M | 397.22M | 661.07M |
| Cash & Short-Term Investments | 86.97M | 109.4M | 127.63M | 228.04M | 509.52M | 499.29M | 575.22M | 299.37M | 345.85M | 358.28M | 336.78M | 285.07M |
| Cash Only | 86.97M | 109.4M | 127.63M | 228.04M | 509.52M | 499.29M | 575.22M | 299.37M | 345.85M | 348.4M | 336.78M | 285.07M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.88M | 0 | 0 |
| Accounts Receivable | 2.38M | 2.62M | 2.29M | 43.25M | 484K | 15.94M | 10.83M | 63.39M | 44.05M | 40.17M | 4.4M | 5.65M |
| Days Sales Outstanding | 1.07 | 1.38 | 1.3 | 35.43 | 15.3 | 54.46 | 80.32 | 36.92 | 28.15 | 27.16 | 3.78 | 29.75 |
| Inventory | 8.36M | 8.73M | 7.31M | 5.76M | 5.12M | 5.83M | 9.3M | 9.76M | 9.9M | 10.14M | 9.48M | 8.1M |
| Days Inventory Outstanding | 12.88 | 13.93 | 11.91 | 12.19 | 23.73 | 25.86 | 42.63 | 24.53 | 28.18 | 28.42 | 20.79 | 102.74 |
| Other Current Assets | 11.59M | 10.74M | 0 | 39M | 0 | 0 | 13K | 27.73M | 31.58M | 34.4M | 34.33M | 362.26M |
| Total Non-Current Assets | 2.6B | 2.66B | 2.82B | 2.92B | 3.04B | 2.76B | 2.44B | 2.3B | 2.34B | 2.47B | 2.62B | 2.73B |
| Property, Plant & Equipment | 2.44B | 2.5B | 2.66B | 2.79B | 2.88B | 2.59B | 2.23B | 2.14B | 2.18B | 2.28B | 2.42B | 2.52B |
| Fixed Asset Turnover | 0.28x | 0.28x | 0.24x | 0.16x | 0.00x | 0.04x | 0.02x | 0.29x | 0.26x | 0.24x | 0.18x | 0.03x |
| Goodwill | 97.55M | 99.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 102.63M | 105.31M | 110.02M | 114.89M | 120.11M | 118.89M | 121.54M | 125.67M | 129M | 132.32M |
| Long-Term Investments | 388K | 130K | 130K | 0 | 0 | 0 | 0 | 0 | 129K | 130K | 130K | 0 |
| Other Non-Current Assets | 65.76M | 69.14M | 52.5M | 26.99M | 46.81M | 48.1M | 86.76M | 43M | 45.9M | 60.85M | 76.38M | 80.61M |
| Total Assets | 2.71B | 2.8B | 2.99B | 3.24B | 3.59B | 3.32B | 3.04B | 2.71B | 2.8B | 2.93B | 3.02B | 3.39B |
| Asset Turnover | 0.25x | 0.25x | 0.21x | 0.14x | 0.00x | 0.03x | 0.02x | 0.23x | 0.20x | 0.18x | 0.14x | 0.02x |
| Asset Growth % | -24.38% | -6.33% | -7.76% | -9.93% | 8.27% | 9.04% | 12.23% | -3.22% | -4.28% | -3.12% | -10.92% | - |
| Total Current Liabilities | 472.53M | 180.04M | 180.76M | 156.78M | 247.39M | 254.73M | 162.15M | 100.17M | 438.97M | 178.07M | 193.44M | 327.21M |
| Accounts Payable | 3.62M | 6.4M | 3.29M | 2.45M | 501K | 211K | 206K | 3.34M | 6.42M | 2.72M | 3.48M | 0 |
| Days Payables Outstanding | 6.26 | 10.22 | 5.36 | 5.19 | 2.32 | 0.94 | 0.94 | 8.38 | 18.27 | 7.63 | 7.63 | - |
| Short-Term Debt | 348.74M | 0 | 21.6M | 0 | 0 | 0 | 0 | 0 | 347.74M | 0 | 0 | 74.63M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 4.43M | 1.79M | 2.26M | 2.4M | 3.95M | 4.38M | 4.41M | 4.21M | 0 |
| Other Current Liabilities | 101.97M | 158.38M | 49.08M | 7.51M | 0 | 0 | 0 | 0 | 0 | 103.5M | 112.25M | 214.04M |
| Current Ratio | 0.23x | 0.73x | 0.92x | 2.02x | 2.24x | 2.21x | 3.75x | 4.14x | 1.05x | 2.59x | 2.05x | 2.02x |
| Quick Ratio | 0.21x | 0.68x | 0.88x | 1.98x | 2.22x | 2.19x | 3.69x | 4.04x | 1.02x | 2.53x | 2.00x | 2.00x |
| Cash Conversion Cycle | 7.69 | 5.09 | 7.86 | 42.43 | 36.71 | 79.38 | 122.01 | 53.06 | 38.06 | 47.96 | 16.94 | - |
| Total Non-Current Liabilities | 1.69B | 2.04B | 2.16B | 2.35B | 2.47B | 2.12B | 1.61B | 1.45B | 1.27B | 2.01B | 2.01B | 2.01B |
| Long-Term Debt | 1.67B | 2.04B | 2.14B | 2.34B | 2.43B | 2.09B | 1.58B | 1.44B | 1.26B | 2B | 1.99B | 1.98B |
| Capital Lease Obligations | 47.73M | 12.1M | 12.23M | 12.25M | 13.5M | 14.8M | 17.14M | 13.72M | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 228K | 60K | 77K | 309K | 382K | 0 | 448K | 1.45M | 1.04M | 588K | 827K | 0 |
| Other Non-Current Liabilities | 8.24M | -5.8M | 4.12M | 3.21M | 21.63M | 17.77M | 11.78M | 3.15M | 4.02M | 9.51M | 19.13M | 23.45M |
| Total Liabilities | 2.16B | 2.22B | 2.34B | 2.51B | 2.72B | 2.37B | 1.78B | 1.55B | 1.71B | 2.19B | 2.21B | 2.33B |
| Total Debt | 2.03B | 2.05B | 2.18B | 2.35B | 2.45B | 2.1B | 1.6B | 1.45B | 1.61B | 2B | 1.99B | 2.06B |
| Net Debt | 1.94B | 1.94B | 2.05B | 2.12B | 1.94B | 1.6B | 1.03B | 1.15B | 1.26B | 1.65B | 1.66B | 1.77B |
| Debt / Equity | 3.68x | 3.57x | 3.37x | 3.22x | 2.80x | 2.23x | 1.26x | 1.25x | 1.19x | 2.70x | 2.44x | 1.94x |
| Debt / EBITDA | 6.90x | 7.26x | 8.95x | 16.73x | - | - | - | 4.14x | 5.26x | 7.79x | 17.01x | - |
| Net Debt / EBITDA | 6.61x | 6.88x | 8.43x | 15.11x | - | - | - | 3.29x | 4.13x | 6.43x | 14.14x | - |
| Interest Coverage | 0.71x | 0.54x | 0.26x | -0.13x | -2.91x | -2.32x | -2.88x | 1.33x | 0.87x | 0.52x | -0.52x | -5.05x |
| Total Equity | 550.38M | 573.38M | 646.52M | 728.98M | 876.14M | 944.18M | 1.27B | 1.16B | 1.35B | 740.04M | 816.48M | 1.06B |
| Equity Growth % | -48.11% | -11.31% | -11.31% | -16.8% | -7.21% | -25.52% | 9.41% | -14.13% | 82.33% | -9.36% | -22.93% | - |
| Book Value per Share | 11.43 | 11.91 | 13.43 | 15.14 | 17.90 | 40.79 | 54.77 | 19.17 | 28.18 | 9.96 | 10.99 | 14.26 |
| Total Shareholders' Equity | 502.87M | 523.89M | 590.74M | 728.98M | 876.14M | 944.18M | 1.27B | 1.16B | 1.1B | 740.04M | 816.48M | 1.06B |
| Common Stock | 84K | 84K | 84K | 84K | 84K | 44K | 44K | 31K | 31K | 18K | 18K | 18K |
| Retained Earnings | -1.95B | -1.95B | -1.9B | -1.8B | -1.67B | -1.34B | -1.09B | -764.53M | -798.1M | -773.17M | -696.73M | -453.94M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -23.26M | 618K | 8.7M | -12.66M | -11.67M | -6.14M | 11.88M | 269K | -14.06M | 488K | 488K | 427K |
| Minority Interest | 47.51M | 49.49M | 55.78M | 0 | 0 | 0 | 0 | 0 | 252.93M | 0 | 0 | 0 |
Quick answers to the most common questions about buying MSC stock.
As of 2025, Studio City International Holdings Limited (MSC) had total assets of $2.80B including $131.5M in current assets.
Studio City International Holdings Limited (MSC) carries total debt of $2.05B, offset by $109.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Studio City International Holdings Limited (MSC) has total shareholders' equity (book value) of $523.9M ($11.91 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Studio City International Holdings Limited (MSC) reported a current ratio of 0.73x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Liquidity and Debt Overhang
Asset Base Erosion Amidst Stagnation
According to the latest quarterly balance sheet data, total assets have contracted from $3.3 billion in 2023Q3 to $2.8 billion by 2025Q4, reflecting a persistent decline in the company's resource base as it struggles to generate sufficient returns to offset ongoing depreciation and operational losses.
The consistent reduction in total assets suggests that the company is failing to replace its capital base effectively, which may indicate a long-term weakening of its competitive position. Investors should monitor whether this contraction is a deliberate downsizing or a symptom of an inability to reinvest in the property's unique entertainment infrastructure.
Liquidity Buffer Nearing Critical Thresholds
As reported in recent financial statements, the current ratio has deteriorated significantly from 2.88 in 2023Q3 to 0.73 in 2025Q4, signaling that the company's ability to cover short-term obligations with liquid assets has become increasingly compromised over the last two years.
A current ratio below 1.0 implies that the company may face difficulty meeting its immediate liabilities without external financing or further support from its parent entity. This trend warrants close investigation, as it suggests that the cash runway is narrowing rapidly in the face of persistent operational cash outflows.
Leverage Remains Elevated Despite Deleveraging
Based on reported figures, the debt-to-equity ratio has remained stubbornly high, fluctuating between 3.22 and 3.73 over the last ten quarters, which indicates that the company's capital structure remains heavily reliant on debt despite the completion of its major Phase 2 expansion project.
The persistent D/E ratio suggests that the company has not successfully deleveraged, leaving it vulnerable to interest rate volatility and refinancing risks. Given the negative net margins, this high leverage appears to be a structural burden that may continue to constrain financial flexibility for the foreseeable future.
Equity Erosion Through Retained Losses
As evidenced by the company's financial disclosures, retained earnings have deepened to a deficit of $2.0 billion by 2025Q4, highlighting a consistent pattern of value destruction that has significantly eroded the shareholder equity base over the observed ten-quarter period.
The accumulation of these losses suggests that the business model has yet to achieve the necessary scale or efficiency to become self-sustaining. This persistent deficit may indicate that the company's equity is effectively being supported by external capital injections rather than organic profitability, which poses a long-term risk to minority shareholders.