Studio City International Holdings Limited (MSC) Balance Sheet
MSC balance sheet, 2025
December 31, 2025 · U.S. dollars$2.80B assets = $2.22B liabilities + $573.4M equity
Both columns are drawn to the same scale: what MSC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MSC financial health
Descriptive bands, not a rating. Fiscal 2025.
MSC balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $3.02B2016 | $2.80B2025 | −0.9%/yr | |
| Total liabilities | $2.21B2016 | $2.22B2025 | +0.1%/yr | |
| Shareholders’ equity | $816.5M2016 | $523.9M2025 | −4.8%/yr | |
| Cash & short-term investments | $336.8M2016 | $109.4M2025 | −11.7%/yr | |
| Total debt | $2.14B2016 | $2.05B2025 | −0.5%/yr | |
| Net cash (debt) | −$1.80B2016 | −$1.94B2025 | −$138.3M | |
| Working capital | $203.8M2016 | −$48.6M2025 | −$252.3M | |
| Book value per share | $10.992016 | $10.882025 | −0.1%/yr | |
| Current ratio | 2.052016 | 0.732025 | −1.32 | |
| Debt / equity | 2.622016 | 3.912025 | +1.29 | |
| Shares outstanding | 74.3M2016 | 48.1M2025 | −4.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MSC assets
MSC liabilities and equity
MSC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MSC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $109.4M | $127.6M | $228.0M | $509.5M | $499.3M | $575.2M | $299.4M | $345.9M | $358.3M | $336.8M |
| Cash & equivalents | $109.4M | $127.6M | $228.0M | $509.5M | $499.3M | $575.2M | $299.4M | $345.9M | $348.4M | $336.8M |
| Short-term investments | — | — | — | — | — | — | — | $0 | $9.9M | $0 |
| Receivables | $2.6M | $2.3M | $43.2M | $484,000 | $15.9M | $10.8M | $63.4M | $44.1M | $40.2M | $4.4M |
| Inventory | $8.7M | $7.3M | $5.8M | $5.1M | $5.8M | $9.3M | $9.8M | $9.9M | $10.1M | $9.5M |
| Other current assets | $10.7M | $29.1M | $39.0M | $38.7M | $42.6M | $12.5M | $41.9M | $59.2M | $52.3M | $46.6M |
| Total current assets | $131.5M | $166.4M | $316.1M | $553.8M | $563.7M | $607.8M | $414.4M | $459.0M | $460.9M | $397.2M |
| Property, plant & equipment (net) | $2.50B | $2.66B | $2.79B | $2.88B | $2.59B | $2.23B | $2.14B | $2.18B | $2.28B | $2.42B |
| Goodwill & intangible assets | $198.1M | $102.6M | $105.3M | $110.0M | $114.9M | $120.1M | $118.9M | $121.5M | $125.7M | $129.0M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $52.6M | $27.0M | $46.8M | $48.1M | $86.8M | $43.0M | $45.9M | $60.9M | $76.4M |
| Total assets | $2.80B | $2.99B | $3.24B | $3.59B | $3.32B | $3.04B | $2.71B | $2.80B | $2.93B | $3.02B |
| Liabilities | ||||||||||
| Accounts payable | $6.4M | $3.3M | $2.5M | $501,000 | $211,000 | $206,000 | $3.3M | $6.4M | $2.7M | $3.5M |
| Short-term debt | $0 | $23.1M | $1.1M | $1.1M | $899,000 | $995,000 | $895,000 | $347.7M | $123.0M | $145.7M |
| Deferred revenue | — | — | $4.4M | $1.8M | $2.3M | $2.4M | $3.9M | $4.4M | $4.4M | $4.2M |
| Total current liabilities | $180.0M | $180.8M | $156.8M | $247.4M | $254.7M | $162.2M | $100.2M | $439.0M | $178.1M | $193.4M |
| Long-term debt | $2.02B | $2.14B | $2.34B | $2.43B | $2.09B | $1.58B | $1.44B | $1.26B | $2.00B | $1.99B |
| Lease obligations | $14.1M | $13.8M | $13.3M | $14.6M | $14.8M | $17.1M | $14.6M | — | — | — |
| Other long-term liabilities | $18.4M | $16.4M | $15.8M | $35.5M | $32.6M | $29.5M | $18.3M | $5.1M | $10.1M | $20.0M |
| Total liabilities | $2.22B | $2.34B | $2.51B | $2.72B | $2.37B | $1.78B | $1.55B | $1.71B | $2.19B | $2.21B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $84,000 | $84,000 | $84,000 | $84,000 | $44,000 | $44,000 | $31,000 | $31,000 | $18,000 | $18,000 |
| Retained earnings (deficit) | −$1.95B | −$1.90B | −$1.80B | −$1.67B | −$1.34B | −$1.09B | −$764.5M | −$798.1M | −$773.2M | −$696.7M |
| Accumulated other comprehensive income | $618,000 | $8.7M | −$12.7M | −$11.7M | −$6.1M | $11.9M | $269,000 | −$14.1M | $488,000 | $488,000 |
| Total shareholders' equity | $523.9M | $590.7M | $729.0M | $876.1M | $944.2M | $1.27B | $1.16B | $1.10B | $740.0M | $816.5M |
| Key figures | ||||||||||
| Total debt | $2.05B | $2.18B | $2.35B | $2.45B | $2.10B | $1.60B | $1.45B | $1.61B | $2.12B | $2.14B |
| Net cash (debt) | −$1.94B | −$2.05B | −$2.12B | −$1.94B | −$1.60B | −$1.03B | −$1.15B | −$1.26B | −$1.76B | −$1.80B |
| Working capital | −$48.6M | −$14.4M | $159.3M | $306.5M | $309.0M | $445.7M | $314.3M | $20.1M | $282.9M | $203.8M |
| Tangible book value | $325.7M | $488.1M | $623.7M | $766.1M | $829.3M | $1.15B | $1.04B | $974.9M | $614.4M | $687.5M |
| Book value per share | $10.88 | $12.27 | $15.14 | $17.90 | — | — | $19.17 | $22.90 | $9.96 | $10.99 |
| Shares outstanding | 48.1M | 48.1M | 48.1M | 48.9M | — | — | 60.5M | 47.9M | 74.3M | 74.3M |
| Current ratio | 0.73 | 0.92 | 2.02 | 2.24 | 2.21 | 3.75 | 4.14 | 1.05 | 2.59 | 2.05 |
| Quick ratio | 0.62 | 0.72 | 1.73 | 2.06 | 2.02 | 3.61 | 3.62 | 0.89 | 2.24 | 1.76 |
| Debt / equity | 3.91 | 3.69 | 3.22 | 2.80 | 2.23 | 1.26 | 1.25 | 1.47 | 2.87 | 2.62 |
| Equity / assets | 18.7% | 19.8% | 22.5% | 24.4% | 28.4% | 41.6% | 42.7% | 39.1% | 25.3% | 27.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $118.2M | $87.0M | $109.4M | $99.4M | $173.5M | $97.8M | $127.6M | $113.2M | $185.9M | $218.0M | $228.0M | $293.0M |
| Cash & equivalents | $118.2M | $87.0M | $109.4M | $99.4M | $173.5M | $97.8M | $127.6M | $113.2M | $185.9M | $218.0M | $228.0M | $293.0M |
| Receivables | $1.8M | $2.4M | $2.6M | $1.3M | $2.0M | $2.4M | $2.3M | $1.9M | $10.7M | $33.1M | $43.2M | $41.6M |
| Inventory | $8.5M | $8.4M | $8.7M | $7.7M | $7.2M | $7.8M | $7.3M | $6.7M | $6.1M | $6.0M | $5.8M | $5.7M |
| Other current assets | $12.1M | $11.6M | $10.7M | $8.6M | $16.9M | $34.6M | $29.1M | $32.3M | $24.5M | $33.6M | $39.0M | $39.8M |
| Total current assets | $140.5M | $109.3M | $131.5M | $117.1M | $199.5M | $142.6M | $166.4M | $154.1M | $227.2M | $290.7M | $316.1M | $380.0M |
| Property, plant & equipment (net) | $2.40B | $2.44B | $2.50B | $2.54B | $2.56B | $2.62B | $2.67B | $2.69B | $2.72B | $2.75B | $2.79B | $2.81B |
| Goodwill & intangible assets | $96.6M | $195.1M | $198.1M | $99.9M | $99.9M | $101.6M | $102.6M | $103.3M | $103.7M | $104.3M | $105.3M | $106.2M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $63.9M | $0 | $0 | $62.8M | $60.1M | $57.2M | $49.8M | $32.8M | $42.7M | $34.4M | $27.0M | $21.3M |
| Total assets | $2.70B | $2.71B | $2.80B | $2.82B | $2.92B | $2.92B | $2.99B | $2.98B | $3.09B | $3.18B | $3.24B | $3.32B |
| Liabilities | ||||||||||||
| Accounts payable | $3.9M | $3.6M | $6.4M | $2.6M | $2.9M | $2.4M | $3.3M | $5.8M | $2.5M | $19.9M | $2.5M | $2.0M |
| Short-term debt | $14.5M | $348.7M | — | — | $51.3M | $21.6M | $23.1M | $34.2M | — | — | $1.1M | $1.1M |
| Deferred revenue | — | — | — | — | — | — | $5.6M | $6.9M | — | — | $4.4M | $4.5M |
| Total current liabilities | $184.1M | $472.5M | $180.0M | $154.0M | $208.4M | $141.5M | $180.8M | $152.5M | $161.1M | $115.7M | $156.8M | $131.9M |
| Long-term debt | $1.96B | $1.67B | $2.02B | $2.06B | $2.11B | $2.14B | $2.14B | $2.14B | $2.23B | $2.34B | $2.34B | $2.43B |
| Lease obligations | $11.4M | $12.2M | $14.1M | $11.9M | $11.5M | $12.4M | $13.8M | $12.0M | $11.7M | $12.5M | $13.3M | $12.0M |
| Other long-term liabilities | $20.8M | $20.5M | $18.4M | $17.5M | $16.2M | $16.8M | $16.4M | $16.3M | $16.1M | $16.2M | $15.8M | $15.3M |
| Total liabilities | $2.17B | $2.16B | $2.22B | $2.23B | $2.34B | $2.30B | $2.34B | $2.31B | $2.41B | $2.47B | $2.51B | $2.58B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $84,000 | $84,000 | $84,000 | $84,000 | $84,000 | $84,000 | $84,000 | $84,000 | $84,000 | $84,000 | $84,000 | $84,000 |
| Retained earnings (deficit) | −$1.97B | −$1.95B | −$1.95B | −$1.93B | −$1.92B | −$1.91B | −$1.90B | −$1.87B | −$1.85B | −$1.81B | −$1.80B | −$1.78B |
| Accumulated other comprehensive income | −$26.1M | −$23.3M | $618,000 | $115,000 | −$29.0M | $2.1M | $8.7M | $4.0M | −$11.2M | −$17.9M | −$12.7M | −$21.0M |
| Total shareholders' equity | $484.5M | $502.9M | $523.9M | $543.9M | $533.3M | $568.2M | $646.5M | $613.8M | $678.0M | $646.3M | $729.0M | $740.2M |
| Key figures | ||||||||||||
| Total debt | $1.99B | $2.03B | $2.05B | $2.07B | $2.18B | $2.18B | $2.18B | $2.19B | $2.25B | $2.35B | $2.35B | $2.45B |
| Net cash (debt) | −$1.87B | −$1.94B | −$1.94B | −$1.97B | −$2.00B | −$2.08B | −$2.05B | −$2.07B | −$2.06B | −$2.13B | −$2.12B | −$2.16B |
| Working capital | −$43.7M | −$363.2M | −$48.6M | −$36.9M | −$8.8M | $1.0M | −$14.4M | $1.6M | $66.1M | $175.0M | $159.3M | $248.1M |
| Tangible book value | $387.8M | $307.8M | $325.7M | $444.0M | $433.5M | $466.6M | $543.9M | $510.5M | $574.3M | $542.0M | $623.7M | $634.0M |
| Book value per share | $10.06 | $10.44 | $10.88 | $11.30 | $11.08 | $11.80 | $13.43 | $12.75 | $14.08 | $13.42 | $3.79 | $15.37 |
| Shares outstanding | 48.1M | 48.1M | 48.1M | 48.1M | 48.1M | 48.1M | 48.1M | 48.1M | 48.1M | 48.1M | 192.6M | 48.1M |
| Current ratio | 0.76 | 0.23 | 0.73 | 0.76 | 0.96 | 1.01 | 0.92 | 1.01 | 1.41 | 2.51 | 2.02 | 2.88 |
| Quick ratio | 0.65 | 0.19 | 0.62 | 0.65 | 0.84 | 0.71 | 0.72 | 0.75 | 1.22 | 2.17 | 1.73 | 2.54 |
| Debt / equity | 4.10 | 4.03 | 3.91 | 3.80 | 4.08 | 3.83 | 3.37 | 3.56 | 3.31 | 3.63 | 3.22 | 3.31 |
| Equity / assets | 18.0% | 18.6% | 18.7% | 19.3% | 18.3% | 19.4% | 21.7% | 20.6% | 21.9% | 20.4% | 22.5% | 22.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 13, 2026); data from EODHD.
MSC financial position
At the end of fiscal 2025 (December 31, 2025), Studio City International had total assets of $2.8 billion (down 6.3% from a year earlier), total liabilities of $2.2 billion and shareholders' equity of $523.9 million. It held $109.4 million in cash and short-term investments against $2.0 billion of debt, net debt of $1.9 billion. Its current ratio was 0.73. In the latest quarter (ended June 30, 2026) total assets were $2.7 billion and equity $484.5 million.
Related: MSC income statement, MSC cash flow statement, MSC key metrics. See the MSC stock overview for the latest quote and news.
MSC balance sheet FAQ
What are Studio City International's total assets?
Studio City International reported total assets of $2.8 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.0 billion a year earlier.
How much debt does Studio City International have?
Studio City International had $2.0 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 3.91.
How much cash does Studio City International have?
Studio City International held $109.4 million in cash and short-term investments at the end of fiscal 2025; with $2.0 billion of debt that is net debt of $1.9 billion.
What is Studio City International's book value?
Studio City International's shareholders' equity (book value) was $523.9 million at the end of fiscal 2025, or $10.88 per share.
What is Studio City International's current ratio?
Studio City International had current assets of $131.5 million and current liabilities of $180.0 million, a current ratio of 0.73 (current liabilities exceed current assets).
How much goodwill does Studio City International have?
Studio City International carried $198.1 million of goodwill and intangible assets, 7.1% of total assets, at the end of fiscal 2025.