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In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
MSC's Price-to-Net-Net-Working-Capital is not ranked *
in the Travel & Leisure industry.
Industry Median: 6.47 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Studio City International Holdings (NYSE:MSC) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Studio City International Holdings Net-Net Working Capital Related Terms
Studio City International Holdings Net-Net Working Capital Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Studio City International Holdings Net-Net Working Capital Chart
MSC vs FLL, CPHC, BALY: Net-Net Working Capital Comparison
For the Resorts & Casinos subindustry, Studio City International Holdings's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Studio City International Holdings Price-to-Net-Net-Working-Capital vs Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Studio City International Holdings's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Studio City International Holdings's Price-to-Net-Net-Working-Capital falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of $-10.61 mean?
Studio City International Holdings (MSC) has a Net-Net Working Capital of $-10.61 as of Jun. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Studio City International Holdings According to the industry distribution chart, Studio City International Holdings ranks #999999 out of 211 companies in the Travel & Leisure industry.
Is Studio City International Holdings' Net-Net Working Capital too high?
Studio City International Holdings' current Net-Net Working Capital is $-10.61. Based on the distribution chart, Studio City International Holdings ranks #999999 out of 211 companies in the Travel & Leisure industry, which is in the bottom quartile relative to peers. Overall, Studio City International Holdings has a GF Score™ of 51/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Studio City International Holdings' Net-Net Working Capital compare to FLL and CPHC?
According to the Travel & Leisure industry distribution chart, Studio City International Holdings ranks #999999 out of 211 companies for Net-Net Working Capital. This places Studio City International Holdings in the lower half of its industry. The industry median Net-Net Working Capital is 6.47. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Travel & Leisure company?
The median Net-Net Working Capital among Travel & Leisure companies is 6.47, based on 211 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Studio City International Holdings For the Travel & Leisure industry, the median Net-Net Working Capital is 6.47 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Studio City International Holdings's current Net-Net Working Capital is $-10.61. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Studio City International Holdings stock overvalued right now?
Based on GuruFocus' analysis, Studio City International Holdings (MSC) is currently considered Possible Value Trap. The stock's GF Value™ is $5.19, compared to a current price of $1.75 — trading 66.3% below its estimated fair value. The current Net-Net Working Capital is $-10.61. Studio City International Holdings' overall GF Score™ is 51/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Studio City International Holdings (MSC), the current Net-Net Working Capital is $-10.61 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Studio City International Holdings (MSC) Overvalued in 2026?
Based on GuruFocus' analysis, Studio City International Holdings stock appears to be undervalued.
The current stock price of $1.75 is trading 66.3% below its estimated GF Value™ of $5.19.
GuruFocus considers Studio City International Holdings to be Possible Value Trap.
Key valuation signals for MSC:
Net-Net Working Capital: $-10.61
GF Value™: $5.19 vs. price of $1.75 (66.3% below fair value)
No single metric tells the full story. See the MSC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Studio City International Holdings Ltd is a gaming, retail, and entertainment resort located in Cotai, Macau. It operates Studio City Casino with around 250 mass-market gaming tables; including tables for VIP rolling chip operations, and 552 gaming machines. Studio City features luxury hotel rooms, diverse food and beverage establishments, and complementary retail space. In addition, the company offers non-gaming attractions, including the world's first figure-8 Ferris wheel, a deluxe nightclub and karaoke venue, a live performance arena, an outdoor and an indoor water park. Geographically, the company derives the majority of its revenue from the Macau region.
51GF Score
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