Madison Square Garden Sports Corp.

Services-Miscellaneous Amusement & Recreation

MSGSStrained7 of 11 basics passed

$402.30

-1.20%

Market cap $9.69B

$402.30

-1.20%

Market cap $9.69B

Madison Square Garden Sports Corp is owns and operates a portfolio of assets featuring some of the recognized teams in all of sports, including the Knicks of the National Basketball Association (NBA) and the Rangers of the National Hockey League (NHL). The company has one operating and reportable segment.

It is a $9.69B consumer company. Revenue grew 11.0% over the last year, it keeps 1¢ of every dollar of sales as profit, and its net debt equals ~16.3 years of free cash flow. It trades at 1248.6× earnings — near the highest of its own history.

Website: msgsports.com
Location: New York, NY
Employees: 1 017
Sector: Consumer Cyclical
Founded: 2010

Share price · 3 years

$178.96 → $402.30+124.8%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $1.15B
Profit: keeps 1¢ of every $1 sold; $7.76M
Free cash flow: cash left after running the business; $61.3M
Net debt: debt minus cash on hand; $996M
P/E: years of profit in the price; 1248.6
EPS: earnings per share, TTM; $0.32
Dividend: pays out 2% of profit · 1% of FCF; 0.00%
Shares: down 2% since 2016 — buybacks; 24.3M
Volatility: beta vs the market — under 1 swings less; 0.58

Revenue, last 10 years

52-week range

Low $212.91$402.30High $416.34

Today's price is 93% of the way from the year's low to its high.

P/E vs its history4y

1146.5×median 80.6×

Higher than 100% of past days — near the highest of its own history.

Valuation vs own history

P/E

1146.5×

P/S

9.0×

EV/EBITDA

1716.3×

FCF yield

0.5%

25%

Share of the last ~5 years that was pricier than today (unusually expensive vs its own history). Based on the daily valuation record.

Insider activity · 90 days

-$247Knet selling

Purchases$0

Sales$247K

Insiders trading, last 14d0 buy · 0 sell

Standing in Consumer Cyclical

Size$9.69Btop 79%
Revenue growth+9%top 37%
Net margin1%top 93%
Return on equity-7%top 93%
P/E1248.6×top 99%
Dividend yield0.00%top 100%

Ranked against 99 Consumer Cyclical companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Valuation, Growth, Profitability, Health, Quality and Moat lag behind.

Valuation17

P/E vs own history100th pct · 0/25
FCF yield0.6% · 5/25
P/S8.4x · 12/25
EV/EBITDA307.9x · 0/25

Growth12

Revenue CAGR8.9% · 12/25
Net income CAGR-37.6% · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growthn/a · 0/25

Profitability16

ROIC1.1% · 5/25
ROE-6.8% · 0/25
Net margin0.7% · 6/25
Operating margin2.5% · 5/25

Health10

Altman Zn/a · 0/25
Current ratio0.50 · 0/25
Interest coverage2.8x · 10/25
Net cash / debtD/A 65% · 0/25

Quality40

Piotroski F6/9 · 15/25
Beneish M-7.69 · 25/25
FCF conversion-237% · 0/25
Margin stabilityσ 39.1% · 0/25

Moat30

ROIC >12% years1/8 yrs · 0/25
Median gross margin45.9% · 20/25
FCF-positive years8/11 yrs · 10/25
Worst-year net marginworst -30.2% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2022Financial
Positive free cash flow every year since
5-year streak
2020Milestone
The Madison Square Garden Company rebranded as Madison Square Garden Sports Corp
FY2018Financial
Turned profitable
$142M net income after a loss year
FY2018Financial
Best year on record
$142M net income
Aug 17, 2016Acquisition
MSG acquired a 12% stake in digital media, broadcasting
FY2016Financial
Revenue already above $1B
$1.12B in first reported year
2015Milestone
The original company spun off the sports and entertainment division into a separate company and the…
2010Founded
The original company was established in 2010 when Cablevision spun off the New York Knicks, New York Rangers,…
2010Milestone
Cablevision spun off the MSG properties, including the sports franchises, into the Madison Square…
1994Acquisition
Viacom purchased majority ownership of Paramount Communications, but quickly sold MSG to Cablevision and…
1989Milestone
Gulf and Western changed its name to Paramount Communications, reflecting its ownership of Paramount…
Aug 19, 1977Acquisition
Gulf and Western Industries, which began purchasing Madison Square Garden stock in 1969 and by 1977 owned 81%,…
Apr 7, 1960Acquisition
The Madison Square Garden Corporation merged with Graham-Paige
1946Milestone
At the behest of Ned Irish, the Madison Square Garden Corporation became a charter member of the National…

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$20 822 today — price return only

$1.2B revenue in FY2026

Revenue up 11.0% year over year

Positive free cash flow 5 years in a row

1 017 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Revenue growing 11.0% year over year

Watch-outs

Loss-making in 4 of the recent years
Net debt equals ~16.3 years of free cash flow

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

7 of 11 checks passed

Revenue growing — the company sells more than a year ago+11.0% YoY
Profitable — makes more than it spends$7.76M TTM
Profit growing — earnings are higher than last year-45.5% YoY
Generates cash — cash left after running and investing$61.3M TTM
Debt under control — could handle its obligations~16.3y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$9.69B market cap
Not printing shares — share count not ballooning — you keep your slice+0.5% shares over ~5y
Proven track record — years of profitability behind it6/11 profitable years
Financially stable — balance sheet not near distresshealth score 10/100
Pays a dividend — returns cash to shareholdersyield 0.00%
Valuation not extreme — price not wildly above earningsP/E 1248.6

Peer comparisonMadison Square Garden Sports Corp. vs 6 largest consumer cyclical peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
MSGS this company	$9.7B	1248.6	+11.0%	0.7%	Strained
AMZN Amazon.Com Inc	$2.8T	20.9	+15.8%	17.4%	Mixed
TSLA Tesla, Inc.	$1.5T	397.1	+11.8%	3.7%	Strong
NFLX NetFlix Inc	$292.8B	21.4	+16.0%	28.2%	Solid
HD Home Depot, Inc.	$290.4B	20.4	-16.0%	8.7%	Solid
DIS The Walt Disney Company	$186.5B	21.7	+4.6%	8.7%	Solid
MCD McDonald's Corporation	$166.9B	18.9	+6.3%	31.7%	Strained

Head-to-head: MSGS vs AMZN · MSGS vs TSLA · MSGS vs NFLX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 3Buy 8Hold 4

Appendix · Financial records

The full statements behind this CV, FY2016–FY2026. For readers who want to check the numbers.

Profit & lossRevenue $1.15B · net income $7.76M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2026 revenue flows to profit

RevenueNet income

Revenue (TTM)

$1.15B

YoY 11.0%

Net income (TTM)

$7.76M

Margin 0.7%

Gross margin

33.6%

Operating margin

2.5%

P/E ratio

1248.6

Dividend yield

0.00%

Income statement — full detail

Figures in USD billions · EPS in USD

	2021	2022	2023	2024	2025	2026
Revenue	0.4	0.8	0.9	1.0	1.0	1.2
Gross profit	—	0.4	0.4	0.5	0.4	0.4
Operating income (EBIT)	-0.1	0.1	0.1	0.1	0.0	0.0
Net income	-0.0	0.1	0.0	0.1	-0.0	0.0
EPS (diluted)	-0.58	2.10	1.98	2.44	-0.93	0.32

Cash flowFree cash flow $61.3M · operating cash flow $62.7M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$61.3M

Margin 5.3%

Operating cash flow (TTM)

$62.7M

FCF margin

4.9%

Cash flow statement — full detail

Figures in USD billions

	2021	2022	2023	2024	2025	2026
Operating cash flow	-0.0	0.2	0.2	0.1	0.1	0.1
Capital expenditure	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Free cash flow	-0.0	0.2	0.2	0.1	0.1	0.1
FCF margin	-8.6%	21.6%	17.0%	8.8%	8.5%	5.3%

Balance sheetAssets $1.54B · net debt $996M (FY2026)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $1.54B of assets is financed

117%

Liabilities $1.80B — borrowed moneyEquity -$263M — owners' stake

Cash vs debt

Total debt $1.16B − cash $165M = net debt $996M

Cash on hand covers 14% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

2.8x

EBIT ÷ interest expense

ROE

-6.8%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2021	2022	2023	2024	2025	2026
Cash & equivalents	0.1	0.1	0.0	0.1	0.1	0.2
Total assets	1.3	1.3	1.3	1.3	1.5	1.5
Total liabilities	1.5	1.4	1.7	1.6	1.8	1.8
Total debt	0.4	0.3	0.3	0.3	0.3	1.2
Equity	-0.2	-0.1	-0.3	-0.3	-0.3	-0.3
Net debt	0.3	0.2	0.3	0.2	0.1	1.0

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of MSGS on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $402.30 · market cap $9.69B.