STUDIO CITY INTERNATIONAL HOLDINGS Ltd
MSC · Hotels & Motels · EDGAR filings ↗
Grade
C58Macau integrated resort recovering on mass-market gaming but still loss-making and heavily levered.
Strengths
- Revenue +8.7% (84th pct) and strong OCF margin (92nd pct); net loss narrowing sharply
- Premium Cotai asset benefiting from Macau visitation recovery
Risks
- Net loss with ROE -11% and interest coverage 0.55x; very high leverage (D/E 3.86, 83rd pct)
- Reliant on Melco gaming concession arrangement and Macau regulatory regime
Notable findings
- No interest coverageInterest coverage 0.55 (cannot cover interest)
- High leverageHigh leverage (debt/equity 3.86)
- Net lossNet loss (net margin -8.5%)
- Weak liquidityCurrent ratio 0.73 (<1)
Key metrics
Operating margin
10.1%
Net margin
-8.5%
Return on equity
-11.2%
Return on assets
-2.1%
ROIC
2.2%
Revenue growth (QoQ)
8.7%
Debt / equity
3.9×
Net debt / EBITDA
6.8×
Interest coverage
0.6×
Current ratio
0.7×
EBITDA
$282M
Tangible book value
$524M
Cash & investments
$109M
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-03-13 | 2025-12-31 | 0001193125-26-105026 ↗ |
| 20-F | 2025-03-21 | 2024-12-31 | 0001193125-25-059760 ↗ |
| 20-F | 2024-03-22 | 2023-12-31 | 0001193125-24-074558 ↗ |
| 20-F | 2023-03-31 | 2022-12-31 | 0001193125-23-086860 ↗ |
| 20-F | 2022-03-31 | 2021-12-31 | 0001193125-22-090604 ↗ |
| 20-F | 2021-03-31 | 2020-12-31 | 0001193125-21-101299 ↗ |
| 20-F | 2020-03-31 | 2019-12-31 | 0001193125-20-091999 ↗ |
| 20-F | 2019-03-29 | 2018-12-31 | 0001193125-19-091865 ↗ |