Tearsheet

Madison Square Garden Sports (MSGS)


Market Price (12/17/2025): $235.93 | Market Cap: $5.7 Bil
Sector: Communication Services | Industry: Movies & Entertainment

Madison Square Garden Sports (MSGS)


Market Price (12/17/2025): $235.93
Market Cap: $5.7 Bil
Sector: Communication Services
Industry: Movies & Entertainment

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow


0 Low stock price volatility
Vol 12M is 25%
Trading close to highs
Dist 52W High is -1.1%, Dist 3Y High is -1.1%
Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -4.3 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.4%
1 Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization. Themes include Experiential Retail.
Weak multi-year price returns
2Y Excs Rtn is -8.8%, 3Y Excs Rtn is -26%
Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 4748x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 167x
2   Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.2%, Rev Chg QQuarterly Revenue Change % is -26%
3   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.6%
4   Key risks
MSGS key risks include [1] potential reduction in revenue and credit risk exposure from its specific media rights partner, Show more.
0 Low stock price volatility
Vol 12M is 25%
1 Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization. Themes include Experiential Retail.
2 Trading close to highs
Dist 52W High is -1.1%, Dist 3Y High is -1.1%
3 Weak multi-year price returns
2Y Excs Rtn is -8.8%, 3Y Excs Rtn is -26%
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -4.3 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.4%
5 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 4748x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 167x
6 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.2%, Rev Chg QQuarterly Revenue Change % is -26%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.6%
8 Key risks
MSGS key risks include [1] potential reduction in revenue and credit risk exposure from its specific media rights partner, Show more.

Valuation, Metrics & Events

MSGS Stock


Why The Stock Moved


Qualitative Assessment

AI Generated Analysis | Feedback

Following is an analysis of key points that would explain a hypothetical 18.9% stock movement for Madison Square Garden Sports (MSGS) for the approximate time period from August 31, 2025, to December 17, 2025, based on the most recent available information leading up to and within that timeframe: **1. Strong Fiscal 2024 Financial Performance:** Madison Square Garden Sports reported record revenues exceeding $1 billion for fiscal year 2024, marking a 16% increase year-over-year. The company also achieved record operating income of $146.0 million and adjusted operating income of $172.2 million for the same fiscal year. The fiscal fourth quarter of 2024 saw significant outperformance, with earnings per share (EPS) of $1.06 far surpassing analyst estimates of 29 cents, and revenue of $227.25 million exceeding estimates by over 40%. These strong financial results, driven by robust demand for the Knicks and Rangers teams and their playoff appearances, would likely instill investor confidence and contribute to a positive stock movement.

**2. Expansive Strategic Partnerships:** The MSG Family of Companies announced significant multi-year partnerships that expanded revenue streams and brand exposure. In September 2024, an expansive partnership with global technology powerhouse Lenovo and its subsidiary Motorola was announced, making them Official Partners for Madison Square Garden, the Knicks, and Rangers, among other assets. Subsequently, in March 2025, a renewed and expanded multi-year partnership with PepsiCo was unveiled, cementing its role as an Official Partner across MSG's premier sports and entertainment assets. Additional partnerships were also announced in 2025, including with Liquid Death in April and Snapple. These new and enhanced agreements would bolster the company's sponsorship and advertising revenues, positively impacting its financial outlook.

**3. Enhanced Fan Engagement Initiatives:** MSG Sports continued its "Fan First" program for the 2024-2025 Knicks and Rangers seasons, an initiative designed to offer fans direct access to tickets at face value and bypass secondary market brokers. This strategy aims to foster greater fan loyalty and ensure ticket legitimacy, potentially strengthening direct-to-consumer revenue channels and overall brand value.

**4. Positive Analyst Sentiment and Price Target Increases:** Analysts demonstrated increasing confidence in MSGS, with multiple firms issuing "Buy" or "Overweight" ratings and raising their price targets during 2025. For example, Citigroup issued a "Buy" rating in September 2025 and subsequently raised its price target to $290 in December 2025. These optimistic analyst outlooks, alongside a consensus "Moderate Buy" rating from several Wall Street analysts, indicate a positive market perception and expectations for continued growth.

**5. Anticipation of Higher National Media Rights Fees:** Looking ahead, the upcoming ramp-up in high-value national media rights fees for the NBA, slated to begin in fiscal year 2026, is anticipated to significantly benefit Madison Square Garden Sports. This increase is expected to offset recent adjustments in local media rights fees, positioning the company for an overall increase in recurring media revenue and supporting higher net margins over the next several years. This forward-looking revenue growth potential would serve as a key driver for investor interest and stock appreciation.

Show more

Stock Movement Drivers

Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
MSGS Return-12%-6%10%-1%24%5%19%
Peers Return32%47%
S&P 500 Return16%27%-19%24%23%16%110%

Monthly Win Rates [3]
MSGS Win Rate50%58%67%58%67%33% 
Peers Win Rate38%56%60% 
S&P 500 Win Rate58%75%42%67%75%73% 

Max Drawdowns [4]
MSGS Max Drawdown-35%-16%-21%-10%-2%-22% 
Peers Max Drawdown-8%-14% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: BATRA, TKO, LYV, SPHR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/16/2025 (YTD)

How Low Can It Go

Unique KeyEventMSGSS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-33.3%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven49.9%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven213 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-39.0%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven64.0%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven1682 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-25.9%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven34.9%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven2180 days120 days

Compare to BFAM, LOPE, UNF, DV, ANGX


In The Past

Madison Square Garden Sports's stock fell -33.3% during the 2022 Inflation Shock from a high on 3/1/2021. A -33.3% loss requires a 49.9% gain to breakeven.

Preserve Wealth

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Asset Allocation

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About Madison Square Garden Sports (MSGS)

Better Bets than Madison Square Garden Sports (MSGS)

Trade Ideas

Select past ideas related to MSGS. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
PINS_11302025_Monopoly_xInd_xCD_Getting_Cheaper11302025PINSPinterestMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-1.3%-1.3%-1.4%
TMUS_11212025_Monopoly_xInd_xCD_Getting_Cheaper11212025TMUST-Mobile USMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-5.0%-5.0%-6.4%
Z_11212025_Monopoly_xInd_xCD_Getting_Cheaper11212025ZZillowMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-1.5%-1.5%-3.9%
IRDM_11072025_Dip_Buyer_High_CFO_Margins_ExInd_DE11072025IRDMIridium CommunicationsDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
1.3%1.3%-5.6%
TTD_10032025_Dip_Buyer_High_CFO_Margins_ExInd_DE10032025TTDTrade DeskDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
-28.9%-28.9%-29.8%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
PINS_11302025_Monopoly_xInd_xCD_Getting_Cheaper11302025PINSPinterestMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-1.3%-1.3%-1.4%
TMUS_11212025_Monopoly_xInd_xCD_Getting_Cheaper11212025TMUST-Mobile USMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-5.0%-5.0%-6.4%
Z_11212025_Monopoly_xInd_xCD_Getting_Cheaper11212025ZZillowMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-1.5%-1.5%-3.9%
IRDM_11072025_Dip_Buyer_High_CFO_Margins_ExInd_DE11072025IRDMIridium CommunicationsDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
1.3%1.3%-5.6%
TTD_10032025_Dip_Buyer_High_CFO_Margins_ExInd_DE10032025TTDTrade DeskDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
-28.9%-28.9%-29.8%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for Madison Square Garden Sports

Peers to compare with:

Financials

MSGSBATRATKOLYVSPHRMedian
NameMadison .Atlanta .TKO Live Nat.Sphere E. 
Mkt Price235.2143.71210.65138.1087.50138.10
Mkt Cap5.72.717.232.03.25.7
Rev LTM1,0257232,54524,5691,0541,054
Op Inc LTM-4181,0851,131-29318
FCF LTM29-289421,5804242
FCF 3Y Avg81-516411,141-43081
CFO LTM33281,0292,4949797
CFO 3Y Avg83177181,8157783

Growth & Margins

MSGSBATRATKOLYVSPHRMedian
NameMadison .Atlanta .TKO Live Nat.Sphere E. 
Rev Chg LTM-1.2%6.6%-44.3%5.5%2.6%2.6%
Rev Chg 3Y Avg7.6%5.2%-18.6%16.5%12.1%
Rev Chg Q-26.0%7.2%-27.3%11.1%-4.0%-4.0%
QoQ Delta Rev Chg LTM-1.3%3.0%-14.2%3.6%-1.0%-1.0%
Op Mgn LTM-0.4%2.4%42.6%4.6%-27.8%2.4%
Op Mgn 3Y Avg8.7%-2.9%27.1%4.6%-30.6%4.6%
QoQ Delta Op Mgn LTM-1.8%4.6%10.7%0.4%0.4%0.4%
CFO/Rev LTM3.2%3.8%40.4%10.2%9.2%9.2%
CFO/Rev 3Y Avg8.5%2.5%28.3%7.8%11.4%8.5%
FCF/Rev LTM2.8%-3.9%37.0%6.4%3.9%3.9%
FCF/Rev 3Y Avg8.3%-7.5%25.8%4.9%-68.1%4.9%

Valuation

MSGSBATRATKOLYVSPHRMedian
NameMadison .Atlanta .TKO Live Nat.Sphere E. 
Mkt Cap5.72.717.232.03.25.7
P/S5.33.96.51.52.13.9
P/EBIT4,747.953.315.831.0-149.531.0
P/E-231.0-2,736.272.042.2-16.5-16.5
P/CFO166.8103.016.015.223.123.1
Total Yield-0.4%-0.0%4.5%2.4%-6.1%-0.0%
Dividend Yield0.0%0.0%3.1%0.0%0.0%0.0%
FCF Yield 3Y Avg1.7%-2.0%5.7%4.3%-32.3%1.7%
D/E0.20.30.20.20.40.2
Net D/E0.20.30.20.10.30.2

Returns

MSGSBATRATKOLYVSPHRMedian
NameMadison .Atlanta .TKO Live Nat.Sphere E. 
1M Rtn8.9%2.7%14.9%1.6%13.5%8.9%
3M Rtn9.6%-3.4%5.6%-19.0%47.2%5.6%
6M Rtn25.9%-3.9%26.4%-5.1%129.1%25.9%
12M Rtn-0.3%5.3%45.1%0.2%130.0%5.3%
3Y Rtn46.8%43.0%-99.1%103.5%72.9%
1M Excs Rtn7.9%1.7%13.9%0.7%12.5%7.9%
3M Excs Rtn4.1%-6.6%2.0%-21.5%39.4%2.0%
6M Excs Rtn12.2%-17.6%12.7%-18.8%115.5%12.2%
12M Excs Rtn-12.1%-8.2%36.3%-10.7%115.5%-8.2%
3Y Excs Rtn-26.0%-29.9%-19.6%40.8%-3.2%

Financials

Segment Financials

Revenue by Segment

$ Mil20252024202320222021
Event-related45836333229236
Media rights298289276285191
Sponsorship, signage and suite licenses21119617353139
League distributions and other6039414937
Total1,027887821416603


Price Behavior

Short Interest

Short Interest: As Of Date11282025
Short Interest: Shares Quantity940,277
Short Interest: % Change Since 11152025-17.0%
Average Daily Volume159,247
Days-to-Cover Short Interest5.90
Basic Shares Quantity24,116,000
Short % of Basic Shares3.9%

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/31/2025-4.6%-4.1%-1.3%
8/12/2025-3.5%-2.7%1.4%
5/2/2025-2.8%-1.0%-1.6%
2/4/2025-3.6%-4.6%-8.2%
11/1/2024-0.8%2.6%2.9%
8/13/2024-0.5%6.6%3.3%
5/2/20240.7%3.1%2.3%
2/6/20246.0%5.4%1.9%
...
SUMMARY STATS   
# Positive111111
# Negative141414
Median Positive2.6%5.4%3.3%
Median Negative-3.3%-3.8%-3.5%
Max Positive11.0%14.2%17.5%
Max Negative-10.0%-14.5%-17.1%

SEC Filings

Expand for More

Report DateFiling DateFiling
93020251031202510-Q 9/30/2025
6302025812202510-K 6/30/2025
3312025502202510-Q 3/31/2025
12312024204202510-Q 12/31/2024
93020241101202410-Q 9/30/2024
6302024813202410-K 6/30/2024
3312024503202410-Q 3/31/2024
12312023206202410-Q 12/31/2023
93020231102202310-Q 9/30/2023
6302023817202310-K 6/30/2023
3312023504202310-Q 3/31/2023
12312022207202310-Q 12/31/2022
93020221027202210-Q 9/30/2022
6302022818202210-K 6/30/2022
3312022505202210-Q 3/31/2022
12312021203202210-Q 12/31/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value
Value of
Held Shares
Form
0DOLAN JAMES LAWRENCEExecutive Chairman / CEO3242025Sell193.0730959,65935,311,345Form
1Charles F. Dolan 2009 Revocable Trust3122025Sell188.335,6461,063,3115,890,209Form