Deep Value: cash covers more than 100% of the stock price

This company holds roughly $118M in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Studio City International Holdings Limited

MSC

Gambling, Resorts & Casinos · Consumer Cyclical

Price

$1.87

+0.07 (+3.89%)

Market Cap

$90.0M

Exchange

New York Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Share count rising — dilution

+108.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 23.1M (2021) → 48.1M (2025)

Winston Score History

The full picture

Studio City International Holdings operates Studio City, a large casino and entertainment resort located in Cotai, Macau. The property features a casino floor, hotel rooms, restaurants, retail shops, and entertainment attractions. Its main customers are gamblers and tourists, primarily from mainland China and other parts of Asia.

The company earns money through casino gaming revenue, hotel stays, food and beverage sales, and entertainment. It operates entirely in Macau, one of the only places in the world where casino gambling is legal in China, which gives the region a unique geographic advantage. However, Studio City competes against several larger, better-funded rivals on the Cotai Strip, and its small scale limits its ability to attract the highest-spending VIP gamblers. The key risk is that Macau's gaming revenue depends heavily on travel policies and economic conditions in mainland China, meaning any restrictions on cross-border travel or a slowdown in consumer spending could significantly hurt the business.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-13.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-312.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

64.7%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$118M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Studio City International Holdings Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

38.1%

Modest — 38.1% gross margin

Profit after running costs

Operating Margin

9.1%

Modest — 9.1% operating margin

Return on the money invested

ROCE

3.0%

Weak — 3.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+0.7%

Nearly flat sales (+0.7% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

4.08

Heavy debt load (4.08)

Covers its interest

Interest Cover

0.61x

Dangerous — barely covers interest (0.6x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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