# Madison Square Garden Sports Corp. (MSGS) — Stock CV

Madison Square Garden Sports Corp. 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.

> 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.

## Identity

- **Ticker**: MSGS
- **Sector**: Consumer Cyclical
- **Industry**: Services-Miscellaneous Amusement & Recreation
- **Headquarters**: NEW YORK, NY
- **Employees**: 1 017
- **Website**: https://www.msgsports.com
- **Market cap**: $9.69B
- **Last price**: $402.30
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $1.15B
- **Net income**: $7.76M
- **Free cash flow**: $61.3M
- **Net debt**: $996M
- **P/E**: 1248.6
- **Revenue growth (YoY)**: 11.0%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 17 |
| Growth | 12 |
| Profitability | 16 |
| Health | 10 |
| Quality | 40 |
| Moat | 30 |

## Qualifications (beginner checklist) — 7 of 11 passed

- [x] Revenue growing — +11.0% YoY
- [x] Profitable — $7.76M TTM
- [ ] Profit growing — -45.5% YoY
- [x] Generates cash — $61.3M TTM
- [ ] Debt under control — ~16.3y of cash flow to repay
- [x] Established company — $9.69B market cap
- [x] Not printing shares — +0.5% shares over ~5y
- [x] Proven track record — 6/11 profitable years
- [ ] Financially stable — health score 10/100
- [x] Pays a dividend — yield 0.00%
- [ ] Valuation not extreme — P/E 1248.6

## Experience (career milestones)

- **FY2022** — Positive free cash flow every year since: 5-year streak
- **2020** — The Madison Square Garden Company rebranded as Madison Square Garden Sports Corp
- **FY2018** — Turned profitable: $142M net income after a loss year
- **FY2018** — Best year on record: $142M net income
- **Aug 17, 2016** — MSG acquired a 12% stake in digital media, broadcasting
- **FY2016** — Revenue already above $1B: $1.12B in first reported year
- **2015** — The original company spun off the sports and entertainment division into a separate company and the…
- **2010** — The original company was established in 2010 when Cablevision spun off the New York Knicks, New York Rangers,…
- **2010** — Cablevision spun off the MSG properties, including the sports franchises, into the Madison Square…
- **1994** — Viacom purchased majority ownership of Paramount Communications, but quickly sold MSG to Cablevision and…
- **1989** — Gulf and Western changed its name to Paramount Communications, reflecting its ownership of Paramount…
- **Aug 19, 1977** — Gulf and Western Industries, which began purchasing Madison Square Garden stock in 1969 and by 1977 owned 81%,…
- **Apr 7, 1960** — The Madison Square Garden Corporation merged with Graham-Paige
- **1946** — At the behest of Ned Irish, the Madison Square Garden Corporation became a charter member of the National…

## 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

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2022 | $821M | $51.1M | $177M |
| FY2023 | $887M | $47.8M | $151M |
| FY2024 | $1.03B | $58.8M | $90.7M |
| FY2025 | $1.04B | -$22.4M | $88.0M |
| FY2026 | $1.15B | $7.76M | $61.3M |

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Source: https://stockcv.com/MSGS — derived from company filings; may be delayed or incomplete. Information, not investment advice.