Cash flow reporting remains erratic, with a notable disconnect between the $7.8 million net loss and $65.6 million in operating cash flow observed in 2023Q4, followed by a lack of subsequent transparent disclosures.
Studio City International Holdings Limited (MSC) cash flow statement — 11-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Cash from Operations | 0 | 210.32M | 189.9M | -18.89M | -178.78M | -136.84M | -181.63M | 228.5M | 139.52M | 68.31M | 14.58M | -113.05M |
| Operating CF Margin % | - | 30.28% | 29.71% | -4.24% | -1548.1% | -128.05% | -369.1% | 36.46% | 24.42% | 12.65% | 3.43% | -163.06% |
| Operating CF Growth % | 0% | 10.75% | 1105.08% | 89.43% | -30.64% | 24.66% | -179.48% | 63.78% | 104.23% | 368.57% | 112.9% | - |
| Net Income | -39.94M | -64.3M | -105.83M | -133.52M | -361.31M | -302M | -406.53M | 43.63M | -20.75M | -76.44M | -242.79M | -232.56M |
| Depreciation & Amortization | 0 | 212.02M | 205.06M | 169.4M | 126.96M | 127.63M | 160.56M | 171.94M | 167.89M | 176.33M | 171.86M | 40.97M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 361K | 438K | 791K | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | -361K | 20.97M | -791K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 39.94M | 5.19M | 5.37M | -11.36M | 2.02M | 10.48M | 28.02M | 19.25M | 11.69M | 28.62M | 51.31M | 23.31M |
| Working Capital Changes | 0 | 57.41M | 85.3M | -43.41M | 53.56M | 5.64M | 36.32M | -6.32M | -19.32M | -60.2M | 34.2M | 55.23M |
| Change in Receivables | 0 | -341K | 41.14M | -42.68M | -16K | -91K | 1.25M | 324K | 241K | 442K | 2.84M | -6.25M |
| Change in Inventory | 0 | 17.11M | 8.43M | -339K | 4.07M | -1.79M | 2.13M | 3.62M | -9.39M | -7.22M | 6.13M | -20.64M |
| Change in Payables | 0 | 748K | 13.63M | -20.72M | 10.88M | -6.02M | 11.61M | 9.52M | -4.81M | 5.82M | -4.25M | 33.22M |
| Cash from Investing | 0 | -85.15M | -108.46M | -161.54M | -453.39M | -407.24M | -195.51M | -90.92M | -147.51M | -55.34M | -106.71M | -972.53M |
| Capital Expenditures | 0 | -61.97M | -86.76M | -156.82M | -452.13M | -404.48M | -188.54M | -78.59M | -153.25M | -43.8M | -111.73M | -871.07M |
| CapEx % of Revenue | 0% | 8.92% | 13.57% | 35.2% | 3915.19% | 378.49% | 383.14% | 12.54% | 26.83% | 8.11% | 26.32% | 1256.34% |
| Acquisitions | 0 | -30.73M | -31.3M | 0 | 9K | -2.42M | 2.64M | -13.71M | -13.36M | -2.84M | -8.49M | -47.03M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 7.55M | 9.6M | -4.72M | -1.27M | -336K | -6.98M | 1.38M | 9.23M | -2.73M | 13.51M | -54.42M |
| Cash from Financing | 0 | -143.11M | -183.26M | -100.9M | 643.11M | 471.51M | 623.89M | -189.98M | 5.15M | -1.28M | -122.79M | -2.89M |
| Debt Issued (Net) | 0 | -143.11M | -175.38M | -100.37M | 350M | 505.25M | 150M | -184.91M | -400M | 0 | -95.56M | 0 |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 299.16M | -445K | 499.22M | -5.06M | 405.15M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.06M | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | -7.88M | -530K | -6.05M | -33.3M | -25.33M | 0 | 0 | -1.28M | -27.23M | -2.89M |
| Net Change in Cash | -10.98M | -18.23M | -100.41M | -281.48M | 10.23M | -75.94M | 248.27M | -50.33M | -5.36M | 11.68M | -214.92M | -1.09B |
| Free Cash Flow | 0 | 148.35M | 103.14M | -175.72M | -630.9M | -541.32M | -370.16M | 149.92M | -13.73M | 24.52M | -97.15M | -984.13M |
| FCF Margin % | 0% | 21.36% | 16.14% | -39.44% | -5463.29% | -506.53% | -752.24% | 23.92% | -2.4% | 4.54% | -22.88% | -1419.4% |
| FCF Growth % | - | 43.83% | 158.7% | 72.15% | -16.55% | -46.24% | -346.91% | 1191.97% | -156% | 125.23% | 90.13% | - |
| FCF per Share | 0.00 | 3.08 | 2.14 | -3.65 | -12.89 | -23.39 | -15.99 | 2.48 | -0.29 | 0.33 | -1.31 | -13.25 |
| FCF Conversion (FCF/Net Income) | -0.00x | -3.58x | -1.96x | 0.14x | 0.55x | 0.54x | 0.56x | 6.81x | -6.46x | -0.89x | -0.06x | 0.49x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying MSC stock.
Studio City International Holdings Limited (MSC) generated $210.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Studio City International Holdings Limited (MSC) generated $148.3M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Studio City International Holdings Limited (MSC) spent $62.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Persistent Negative Cash Generation
Earnings Quality Remains Fundamentally Disconnected
As reported in recent financial statements, the company exhibits a persistent inability to convert net income into operating cash flow, with the 2023Q4 data showing a significant divergence where a $7.8M net loss was paradoxically accompanied by $65.6M in reported operating cash flow.
This disconnect suggests that the reported operating cash flow is heavily influenced by non-cash adjustments or working capital swings rather than core operational profitability. Investors should monitor whether this pattern indicates aggressive accounting for accruals or simply the volatility inherent in the company's gaming-adjacent service model.
Free Cash Flow Trajectory Remains Uncertain
Based on the provided quarterly data, the company's free cash flow trajectory appears highly erratic, with a single positive quarter of $36.4M in 2023Q4 followed by a complete cessation of reported cash flow metrics in subsequent periods, signaling potential liquidity reporting gaps.
The lack of consistent positive free cash flow generation suggests that the capital-intensive nature of the Cotai property continues to consume any potential surplus. The absence of recent data points warrants further investigation into whether the company has entered a period of sustained cash burn or if reporting structures have shifted.
Capital Intensity Obscures Operational Efficiency
According to historical filings, the company's capital expenditure reached 20.6% of revenue in 2023Q4, reflecting the heavy investment required to maintain the Phase 2 expansion assets and the unique entertainment-heavy infrastructure that defines the Studio City property's competitive positioning.
This high level of capital intensity suggests that the company must maintain significant ongoing investment to keep its non-gaming attractions relevant. It remains unclear if these expenditures are purely for maintenance or if they represent ongoing growth initiatives that continue to pressure the company's overall cash position.
Working Capital Volatility Impacts Liquidity
Data from 2023Q4 indicates a substantial working capital outflow of $84.1M, which appears to have been a primary driver of the company's cash flow volatility during that period, as reported in the latest available comprehensive cash flow disclosures.
Such large swings in working capital suggest that the company's cash position is highly sensitive to the timing of payments and receivables within its complex service agreement structure. This volatility may indicate that the company lacks the working capital efficiency seen in more diversified, mature gaming operators.
Service Agreements Mask True Cash Reality
As noted in financial disclosures, the company's reliance on a service agreement with Melco Resorts obscures the true underlying cash productivity of the casino floor, as gaming revenue is effectively shared and reported on a net basis.
This structure makes it difficult to assess the true cash-generating potential of the gaming operations independently of the parent company's influence. Investors should be cautious, as the reported cash flow figures may not fully reflect the economic reality of the gaming license's performance.