Madison Square Garden Entertainment Corp. (MSGE)
🔔 Watch stock
symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
The quality and uniqueness of the assets are real, and the balance sheet is no emergency — but an entry at the all-time high at about 75 times earnings is a bet that the icon premium, the Christmas cluster, floating rates, family control and a politically wobbling $43 million tax privilege will bother no one, permanently. Whoever wants the stock will find more honest entries than the record price; whoever holds it should keep an eye on December ticket sales and the path of interest rates. The decision is yours.
symbol.quality_note
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.
Read the analysis
Stock Watch
This analysis is as of July 15, 2026. Stock Watch will tell you what's changed at MSGE since then.
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Appears in These Scanners
This stock currently matches 18 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 77.30 $ — 92% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
NeutralGeprüft am 14.07.2026 gegen die Geschäftsberichte (10-K) für die Geschäftsjahre 2025 (eingereicht 13.08.2025) und 2024 (16.08.2024) sowie die vier jüngsten Quartalsberichte (10-Q, zuletzt zum 31.03.2026): In den ausgewerteten SEC-Filings von Madison Square Garden Entertainment findet sich kein einziger KI-Bezug — die Volltextsuche nach „artificial intelligence“, „machine learning“, „generative“, „large language“, „LLM“ und „AI“ liefert in allen sechs Dokumenten null Treffer, nicht einmal die sonst übliche Cybersecurity-Floskel. Das Geschäftsmodell (Betrieb ikonischer Veranstaltungshäuser wie Madison Square Garden und Radio City Music Hall, Christmas Spectacular der Rockettes, Arena-Lizenzen an die Knicks und Rangers) wird in den Berichten ohne jeden KI-Baustein beschrieben: weder KI-Umsatzquelle noch dokumentierter operativer KI-Einsatz noch ein konkret benanntes KI-Geschäftsrisiko. Nach dem Kriterienkatalog bleibt es damit beim dokumentierten Negativ-Befund „neutral“.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-05-07 · 10-Q 2026-02-06 · 10-Q 2025-11-06 · 10-Q 2025-05-06 · 10-K 2025-08-13 · 10-K 2024-08-16
Rated on July 14, 2026 · How the Rating Is Built
Analysts & Price Target
The price target sits 1.1% above the current price.
- Consensus
- Strong Buy
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Next Reporting Date
- Expected Earnings per Share
- -0.42 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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Source: fundamental data
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.
| Employees | 1,200 |
|---|---|
| Headquarters | New York, NY |
| Website | msgentertainment.com |
| IPO Date | 9. Apr 2020 |
Management
| Name | Title | Birth Year |
|---|---|---|
| James Lawrence Dolan | Executive Chairman & CEO | 1955 |
| David J. Collins | Executive VP & CFO | 1969 |
| Philip Gerard D'Ambrosio | Executive VP & Treasurer | 1967 |
| Christopher Ripp | Senior VP, Controller & Principal Accounting Officer | 1987 |
| Ari Danes C.F.A. | Senior Vice President of Investor Relations & Treasury | – |
| Allen Lo | Executive VP & Chief Legal Officer | 1968 |
| Jessica Tuttle | Executive Vice President of Productions | – |
| Mark C. Cresitello | Secretary | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 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.