MeritValue

STUDIO CITY INTERNATIONAL HOLDINGS Ltd

MSCdata completeness 75%10 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'pretaxIncome'

The thesis, from the filings

STUDIO CITY INTERNATIONAL HOLDINGS Ltd earns about -24% on equity. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$106.9M1$11.5M2$445.5M3$639.1M3$694.6M3
Net income−$252.6M4−$326.5M5−$133.5M6−$96.7M6−$58.8M6
Operating cash flow−$136.8M7−$178.8M8−$18.9M9$189.9M9$210.3M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$4.17B10$4.87B11$4.67B12$4.33B13$4.05B13
Cash & equivalents$499.3M14$509.5M15$228M16$127.6M17$109.4M17
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on equity
-24% avg · 5y
FY21 -32%FY22 -41%FY23 -20%FY24 -16%FY25 -11%

It earned an average -24% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001193125-24-074558 (Revenues)
  2. 20-F · period ending 2022-12-31 · accession 0001193125-25-059760 (Revenues)
  3. 20-F · period ending 2023-12-31 · accession 0001193125-26-105026 (Revenues)
  4. 20-F · period ending 2021-12-31 · accession 0001193125-24-074558 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001193125-25-059760 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001193125-26-105026 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001193125-24-074558 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001193125-25-059760 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001193125-26-105026 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001193125-23-086860 (LongTermDebtNoncurrent)
  11. 20-F · period ending 2022-12-31 · accession 0001193125-24-074558 (LongTermDebtNoncurrent)
  12. 20-F · period ending 2023-12-31 · accession 0001193125-25-059760 (LongTermDebtNoncurrent)
  13. 20-F · period ending 2024-12-31 · accession 0001193125-26-105026 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2021-12-31 · accession 0001193125-23-086860 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2022-12-31 · accession 0001193125-24-074558 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2023-12-31 · accession 0001193125-25-059760 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2024-12-31 · accession 0001193125-26-105026 (CashAndCashEquivalentsAtCarryingValue)