Madison Square Garden Entertainmen (MSGE)
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Madison Square Garden, Radio City Music Hall, the Rockettes: Madison Square Garden Entertainment owns stages everyone knows — and shows up in our value scanner built on Joel Greenblatt's Magic Formula, surrounded by a dozen momentum signals near the all-time high. We read the annual report (10-K) for fiscal year 2025 and the quarterly report (10-Q) as of March 31, 2026: 18 percent of revenue comes from a single show born in 1933, the holiday quarter earns more operating profit than the entire year, $609 million of debt carries entirely floating rates — and the Dolan family controls 64 percent of the votes with 3.6 percent of the Class A shares. Not investment advice — just a front-row seat when the house lights come up behind the stage.
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
–Not yet rated — we only show a category once an SEC-backed file with at least two cited passages is available. How the Rating Is Built
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 1.56 | -40.20 | 407 | 1.20 | 18.60 | 113 | 104 |
| 2025: Q1 | 0.17 | 188.60 | 243 | 6.20 | 3.30 | 57 | 54 |
| 2025: Q2 | -0.57 | -140.60 | 154 | -17.20 | -17.60 | -27 | -31 |
| 2025: Q3 | -2.13 | – | 158 | 14.10 | -63.90 | 20 | 14 |
| 2025: Q4 | 1.94 | 24.10 | 460 | 12.90 | 20.20 | 164 | 170 |
| 2026: Q1 | 0.14 | -14.40 | 246 | 1.60 | 2.10 | 184 | 174 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
Five uncopyable stages — among them the world's best-known arena — plus the rights to the Christmas Spectacular and the Rockettes (since 1933, about 1.1 million tickets per season) and 35-year agreements with the Knicks and Rangers through 2055. Pricing power and base revenues no competitor can rebuild (10-K, fiscal year 2025).
Operating income grows steadily: $105.0 to $111.9 to $122.1 million (fiscal years 2023 through 2025, adjusted $222.5 million); the first nine months of fiscal year 2026 delivered plus 10 percent revenue and plus 18 percent net income on low capital needs (capex fiscal year 2025: $22.2 million).
18 percent of revenue from a single show, the holiday quarter earns more operating profit than the entire year ($139.0 against $122.1 million in fiscal year 2025), two of four quarters are structurally loss-making, almost everything hangs on New York — and the company's own risk report calls the revenue irreplaceable in a worst case.
$586.5 million of debt (March 31, 2026) is moderate against adjusted operating income (leverage roughly 2.6 times, covenants met, Altman Z 4.1) — but 100 percent floating rate (interest coverage only a good 2), and about $205 million of share buybacks have pushed equity to the zero line (June 30, 2025: −$13.3 million; March 31, 2026: +$48.0 million).
The Dolan family controls 64 percent of the votes with 3.6 percent of the Class A shares, simultaneously controls the anchor tenant (MSG Sports) and uses the NYSE exemptions for controlled companies; a takeover premium is impossible against the family's will. For that, the buyer at the all-time high pays about 75 times the net income of the last four quarters — plus a political risk named property-tax exemption ($43.0 million in fiscal year 2025, more than the annual profit).
MSG Entertainment is the opposite of a warning-scanner case: trophy assets, a steadily growing operation, plannable contracts through 2055 and no whiff of insolvency. But the value label from our Greenblatt scanner misleads — the spectacular return on capital is an artifact of the nearly vanished equity, while the buyer really pays about 75 times annual earnings for a business that makes its profit in eight December weeks, whose interest bill hangs on a floating rate, and in which Class A shareholders can decide nothing against the Dolan family. A great company and a sportily priced stock are two different things. Not investment advice.
- MSGE reports in an offset fiscal year ending June 30; "fiscal year 2025" means July 2024 through June 2025. All periods are explicitly dated in the text.
- The fourth quarter of fiscal year 2025 is calculated as the difference between full-year and nine-month figures (revenue $154.1 million, operating income −$25.8 million).
- Price and valuation figures are dated July 8, 2026 (about $78.80 per share, about $3.7 billion in market value, all-time high); analyses are evergreen, daily prices are not a buy argument.
- The metric "about 102 percent institutional ownership" is a free-float artifact: institutional positions are measured against the freely tradable Class A shares; the Dolan family's Class B shares do not trade on the exchange.
About the Company
Madison Square Garden Entertainment Corp. ist über ihre Tochtergesellschaften im Live-Unterhaltungsgeschäft tätig.
| IPO Year | 2020 |
|---|---|
| Next Earnings | 12. Aug 2026 |
Chart
Data as of: July 2, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.