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Madison Square Garden Sports (MSGS)


Market Price (6/27/2026): $391.05 | Market Cap: $9.5 BilSector: Communication Services | Industry: Movies & Entertainment

Madison Square Garden Sports (MSGS)


Market Price (6/27/2026): $391.05
Market Cap: $9.5 Bil
Sector: Communication Services
Industry: Movies & Entertainment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Low stock price volatility
Vol 12M is 30%

Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization. Themes include Experiential Retail.

Trading close to highs
Dist 52W High is -0.2%, Dist 3Y High is -0.2%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -25 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -2.3%

Expensive valuation multiples
P/SPrice/Sales ratio is 8.8x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 174x

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 51%

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 -4.5%

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 30%
1 Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization. Themes include Experiential Retail.
2 Trading close to highs
Dist 52W High is -0.2%, Dist 3Y High is -0.2%
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -25 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -2.3%
4 Expensive valuation multiples
P/SPrice/Sales ratio is 8.8x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 174x
5 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 51%
6 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 -4.5%
7 Key risks
MSGS key risks include [1] potential reduction in revenue and credit risk exposure from its specific media rights partner, Show more.

MSGS in ETFs

Weight = MSGS's share of each fund

VTI0.01%
ITOT0.01%
IWB0.01%
IJR0.37%
VB0.08%
SLYG0.74%
IJT0.74%
VBK0.18%
+7 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/1/2026

Madison Square Garden Sports (MSGS) stock has gained about 20% since 2/28/2026 because of the following key factors:

1. Proposed Spin-Off of Knicks and Rangers Businesses.

On February 18, 2026, Madison Square Garden Sports announced that its board of directors approved the exploration of a possible spin-off to separate its New York Knicks business from its New York Rangers business. This strategic initiative was identified as a primary catalyst for the stock's sustained momentum, aiming to unlock shareholder value by creating distinct public entities for the franchises and potentially addressing the "Dolan discount" on team valuations.

2. Strong Fiscal Second Quarter 2026 Financial Results.

Reported on February 5, 2026, just prior to the specified period, the company's fiscal second quarter 2026 results (ended December 31, 2025) showcased significant growth. Revenues increased by 13% year-over-year to $403.4 million, beating analyst expectations by 2.14%. Operating income surged by 67% to $22.2 million, and adjusted operating income rose by 47% to $29.7 million compared to the prior year. This was driven by positive momentum in all in-game revenue categories on a per-game basis, including ticketing, suites, sponsorship, and food, beverage, and merchandise, along with increased national media rights fees from new NBA deals.

Show more
Updated on 6/1/2026

Madison Square Garden Sports (MSGS) stock has gained about 20% since 2/28/2026 because of the following key factors:

1. Proposed Spin-Off of Knicks and Rangers Businesses.

On February 18, 2026, Madison Square Garden Sports announced that its board of directors approved the exploration of a possible spin-off to separate its New York Knicks business from its New York Rangers business. This strategic initiative was identified as a primary catalyst for the stock's sustained momentum, aiming to unlock shareholder value by creating distinct public entities for the franchises and potentially addressing the "Dolan discount" on team valuations.

2. Strong Fiscal Second Quarter 2026 Financial Results.

Reported on February 5, 2026, just prior to the specified period, the company's fiscal second quarter 2026 results (ended December 31, 2025) showcased significant growth. Revenues increased by 13% year-over-year to $403.4 million, beating analyst expectations by 2.14%. Operating income surged by 67% to $22.2 million, and adjusted operating income rose by 47% to $29.7 million compared to the prior year. This was driven by positive momentum in all in-game revenue categories on a per-game basis, including ticketing, suites, sponsorship, and food, beverage, and merchandise, along with increased national media rights fees from new NBA deals.

3. Positive Analyst Sentiment and Upgraded Price Targets.

Throughout the period, several Wall Street analysts reiterated "Buy" or "Positive" ratings and increased their price targets for MSGS. For instance, an average price target of $428.67 from Susquehanna, Seaport Global, and Guggenheim as of late May 2026 implied a 12.89% upside from the stock's trading price. Seaport Global notably upgraded its rating to "Buy" from "Neutral" on April 10, 2026, signaling a favorable outlook and contributing to investor confidence.

4. Continued Revenue Growth in Fiscal Third Quarter 2026.

Despite a decline in operating income, Madison Square Garden Sports reported a 2% year-over-year revenue increase to $432.2 million for its fiscal third quarter ended March 31, 2026, surpassing analyst estimates. This revenue growth was attributed to continued increases in average per-game revenues across all key categories and higher league distributions from new NBA national media rights, even with five fewer home games for the Knicks and Rangers compared to the prior year.

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Stock Movement Drivers

Fundamental Drivers

The 18.5% change in MSGS stock from 2/28/2026 to 6/26/2026 was primarily driven by a 17.6% change in the company's P/S Multiple.
(LTM values as of)22820266262026Change
Stock Price ($)331.66392.9818.5%
Change Contribution By: 
Total Revenues ($ Mil)1,0711,0790.7%
P/S Multiple7.58.817.6%
Shares Outstanding (Mil)24240.0%
Cumulative Contribution18.5%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/26/2026
ReturnCorrelation
MSGS18.5% 
Market (SPY)6.6%36.9%
Sector (XLC)-9.8%30.2%

Fundamental Drivers

The 72.3% change in MSGS stock from 11/30/2025 to 6/26/2026 was primarily driven by a 64.1% change in the company's P/S Multiple.
(LTM values as of)113020256262026Change
Stock Price ($)228.03392.9872.3%
Change Contribution By: 
Total Revenues ($ Mil)1,0251,0795.2%
P/S Multiple5.48.864.1%
Shares Outstanding (Mil)2424-0.2%
Cumulative Contribution72.3%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/26/2026
ReturnCorrelation
MSGS72.3% 
Market (SPY)7.3%26.3%
Sector (XLC)-7.4%16.1%

Fundamental Drivers

The 107.0% change in MSGS stock from 5/31/2025 to 6/26/2026 was primarily driven by a 104.3% change in the company's P/S Multiple.
(LTM values as of)53120256262026Change
Stock Price ($)189.89392.98107.0%
Change Contribution By: 
Total Revenues ($ Mil)1,0631,0791.6%
P/S Multiple4.38.8104.3%
Shares Outstanding (Mil)2424-0.3%
Cumulative Contribution107.0%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/26/2026
ReturnCorrelation
MSGS107.0% 
Market (SPY)25.1%24.9%
Sector (XLC)6.0%17.2%

Fundamental Drivers

The 122.5% change in MSGS stock from 5/31/2023 to 6/26/2026 was primarily driven by a 94.5% change in the company's P/S Multiple.
(LTM values as of)53120236262026Change
Stock Price ($)176.65392.98122.5%
Change Contribution By: 
Total Revenues ($ Mil)9361,07915.3%
P/S Multiple4.58.894.5%
Shares Outstanding (Mil)2424-0.8%
Cumulative Contribution122.5%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/26/2026
ReturnCorrelation
MSGS122.5% 
Market (SPY)81.3%41.0%
Sector (XLC)76.3%34.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
MSGS Return-6%10%-1%24%15%46%115%
Peers Return18%-26%8%32%50%30%142%
S&P 500 Return27%-19%24%23%16%7%96%

Monthly Win Rates [3]
MSGS Win Rate58%67%58%67%33%83% 
Peers Win Rate44%22%35%56%58%67% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
MSGS Max Drawdown-25%-25%-22%-8%-22%-10% 
Peers Max Drawdown-30%-33%-36%-20%-29%-12% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[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] 2026 data is for the year up to 6/26/2026 (YTD)

How Low Can It Go

EventMSGSS&P 500
2025 US Tariff Shock
  % Loss-15.4%-18.8%
  % Gain to Breakeven18.2%23.1%
  Time to Breakeven77 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-14.1%-9.5%
  % Gain to Breakeven16.4%10.5%
  Time to Breakeven102 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-22.9%-24.5%
  % Gain to Breakeven29.6%32.4%
  Time to Breakeven82 days427 days
2020 COVID-19 Crash
  % Loss-39.0%-33.7%
  % Gain to Breakeven64.0%50.9%
  Time to Breakeven1655 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-21.4%-19.2%
  % Gain to Breakeven27.3%23.8%
  Time to Breakeven113 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-11.6%-12.2%
  % Gain to Breakeven13.1%13.9%
  Time to Breakeven22 days62 days

Compare to BATRA, TKO, LYV, SPHR

In The Past

Madison Square Garden Sports's stock fell -15.4% during the 2025 US Tariff Shock. Such a loss loss requires a 18.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventMSGSS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-22.9%-24.5%
  % Gain to Breakeven29.6%32.4%
  Time to Breakeven82 days427 days
2020 COVID-19 Crash
  % Loss-39.0%-33.7%
  % Gain to Breakeven64.0%50.9%
  Time to Breakeven1655 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-21.4%-19.2%
  % Gain to Breakeven27.3%23.8%
  Time to Breakeven113 days105 days

Compare to BATRA, TKO, LYV, SPHR

In The Past

Madison Square Garden Sports's stock fell -15.4% during the 2025 US Tariff Shock. Such a loss loss requires a 18.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Madison Square Garden Sports (MSGS)

Madison Square Garden Sports Corp. (MSGS) is a professional sports company primarily engaged in the ownership and operation of major sports franchises. Its core assets include two iconic professional teams based in New York: the New York Knickerbockers of the National Basketball Association (NBA) and the New York Rangers of the National Hockey League (NHL). These teams represent the company's most significant revenue-generating and brand-defining properties.

The company's portfolio extends beyond its flagship NBA and NHL teams to include development league affiliates, such as the Hartford Wolf Pack (AHL) and the Westchester Knicks (NBA G League), which nurture talent for its top-tier franchises. MSGS has also diversified into the burgeoning esports sector, owning Knicks Gaming (NBA 2K League) and holding a controlling interest in Counter Logic Gaming (CLG), a North American esports organization. Complementing these teams, MSGS operates professional sports team performance centers, including the Madison Square Garden Training Center.

The primary products and services of Madison Square Garden Sports are live professional sporting events, team merchandise, and content related to its franchises. Its main customers are sports fans who attend games, purchase merchandise, and consume broadcast content, along with corporate sponsors and advertisers seeking to connect with these highly engaged audiences. The company serves a broad market of sports enthusiasts, encompassing local New York metropolitan area residents as well as national and international fans of basketball, hockey, and esports.

AI Analysis | Feedback

Here are 1-3 brief analogies for Madison Square Garden Sports (MSGS):

  • It's like TKO Group Holdings (which owns UFC and WWE), but instead of owning entire sports leagues, MSGS owns specific, iconic professional sports teams like the New York Knicks (NBA) and New York Rangers (NHL).
  • Think of it as a specialized Liberty Media, focused on owning a portfolio of highly valuable professional sports franchises (Knicks, Rangers) rather than a broader array of entertainment businesses.

AI Analysis | Feedback

  • Professional Basketball Team Ownership & Operation: The company owns and operates the New York Knicks of the NBA and the Westchester Knicks of the NBA G League, providing professional basketball entertainment.
  • Professional Ice Hockey Team Ownership & Operation: The company owns and operates the New York Rangers of the NHL and the Hartford Wolf Pack of the AHL, providing professional ice hockey entertainment.
  • Esports Organization Ownership & Operation: The company owns and operates Knicks Gaming and a controlling interest in Counter Logic Gaming (CLG), providing esports entertainment.

AI Analysis | Feedback

Madison Square Garden Sports (MSGS) primarily serves a combination of individual fans and various corporate entities. Given that the core product (sports and esports entertainment) is ultimately consumed by individuals, we will describe up to three categories of customers it serves.

  1. Individual Sports and Esports Fans: This is the largest and most direct customer base for MSGS. It includes individuals who purchase tickets to attend live professional sports games (New York Knicks, New York Rangers, Hartford Wolf Pack, Westchester Knicks) and esports events. This category also encompasses fans who buy team merchandise (jerseys, apparel, memorabilia) and consume concessions at venues. Furthermore, it extends to individuals who engage with and support the company's esports franchises, Knicks Gaming and Counter Logic Gaming, potentially through viewership, merchandise, or subscriptions.

  2. Media and Broadcasting Companies: These are corporate customers that acquire media rights from MSGS to broadcast games and related content for its NBA and NHL teams (and potentially development league games or esports events) across various platforms, including television, radio, and digital streaming. These agreements are a significant source of revenue, allowing broadcasters to monetize viewership through advertising and subscription fees.

  3. Corporate Sponsors and Advertisers: This category includes a wide range of businesses that partner with MSGS's teams and properties for branding, marketing, and promotional purposes. These companies pay for advertising space within arenas, team sponsorships, naming rights, and other integrated marketing opportunities to reach the large and engaged audience of sports and esports fans. These partnerships contribute significantly to the teams' revenue streams.

AI Analysis | Feedback

  • Madison Square Garden Entertainment (MSGE)

AI Analysis | Feedback

Here is the management team for Madison Square Garden Sports (MSGS):

James L. Dolan, Executive Chairman and Chief Executive Officer

James L. Dolan is the Executive Chairman and Chief Executive Officer of Madison Square Garden Sports Corp. He also serves as Executive Chairman and Chief Executive Officer of Madison Square Garden Entertainment Corp. and Sphere Entertainment Co.. Mr. Dolan was the CEO of Cablevision Systems Corporation from 1995 until its sale to Altice in June 2016. He also served as CEO of Rainbow Media Holdings, a programming subsidiary of Cablevision that spun off in 2011 to become AMC Networks. Mr. Dolan founded the original company in 2010 when Cablevision spun off its Madison Square Garden properties.

Victoria Mink, Executive Vice President, Chief Financial Officer and Treasurer

Victoria Mink serves as the Executive Vice President, Chief Financial Officer and Treasurer of Madison Square Garden Sports Corp. In this role, she provides strategic financial insight and oversees all financial and accounting matters. Prior to MSG Sports becoming a standalone company in April 2020, Ms. Mink was Executive Vice President and Chief Financial Officer at The Madison Square Garden Company, where she helped lead the spin-off of MSG's entertainment businesses from its sports business. She was appointed Chief Financial Officer in 2018. It was announced in February 2026 that Ms. Mink will be leaving the company, but will continue temporarily in her role to assist with a possible spin-off transaction and facilitate a smooth transition.

Jamaal Lesane, Chief Operating Officer

Jamaal Lesane has served as the Chief Operating Officer of MSG Sports since July 2024. In this capacity, he collaborates with executive leadership to enhance the company's portfolio and support its long-term strategy and growth, overseeing business operations for teams including the New York Knicks and New York Rangers. Mr. Lesane joined the MSG Family of Companies in 2008 and has held various positions of increasing responsibility, including Executive Vice President and General Counsel for MSG Sports since March 2022. Before joining MSG in 2008, he was an Associate Counsel at HBO from 2006 to 2007 and an associate at Covington & Burling LLP from 2001 to 2006.

Chris Drury, President and General Manager, New York Rangers

Chris Drury is the President and General Manager of the New York Rangers. A former professional hockey player, Drury has transitioned into an executive role within the Rangers organization.

Leon Rose, President, New York Knicks

Leon Rose is the President of the New York Knicks. Before joining the Knicks, Rose was a prominent National Basketball Association (NBA) player agent, representing numerous high-profile athletes.

AI Analysis | Feedback

Key Risks to Madison Square Garden Sports (MSGS)

  1. Dependence on Team Performance and Fan Engagement: The financial success of Madison Square Garden Sports is highly dependent on the on-court and on-ice performance of its flagship teams, the New York Knicks (NBA) and New York Rangers (NHL). Poor team performance can lead to decreased fan interest, lower attendance, reduced merchandise sales, and potentially impact the value of local broadcasting and sponsorship agreements, directly affecting revenue streams.
  2. Impact of Collective Bargaining Agreements and Potential Labor Disputes: The operations and financial results of MSGS are significantly influenced by the collective bargaining agreements (CBAs) between the National Basketball Association (NBA) and the National Hockey League (NHL) and their respective players' associations. Future labor disputes, such as strikes or lockouts, could result in the cancellation or postponement of games, leading to a substantial loss of revenue from ticket sales, media rights, and sponsorships.
  3. Evolving Media Landscape and Volatility of Broadcasting Rights Revenue: A significant portion of revenue for professional sports organizations, including MSGS, is derived from media rights. The rapidly evolving media landscape, including shifts in consumer viewing habits towards streaming services and cord-cutting, introduces uncertainty regarding future broadcasting agreements. Changes in the value or structure of these agreements could negatively impact the company's long-term revenue growth and profitability.

AI Analysis | Feedback

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AI Analysis | Feedback

Here are the addressable market sizes for Madison Square Garden Sports' main products and services:

  • New York Knickerbockers (NBA): The National Basketball Association (NBA) generated a total league revenue of approximately US$ 11.3 billion in 2024. Projections indicate that revenues for the NBA are expected to exceed US$ 12 billion in 2025, with some estimates reaching US$ 12.5 billion for the 2024-2025 season. The NBA market size is forecast to grow from USD 12.94 billion in 2025 to USD 20.04 billion by 2031, with North America being the largest market, contributing 74.78% of the 2025 value. This market size is for North America and globally.
  • New York Rangers (NHL): The National Hockey League (NHL) had annual revenues of approximately US$ 6.5 billion in the most recent season (reported in October 2025). Other reports indicate that the NHL's annual revenue rose to an estimated US$ 6.2 billion for the 2023/2024 season, and US$ 6.8 billion for the 2022-2023 seasons. This market size is for North America and globally.
  • Knicks Gaming and Counter Logic Gaming (Esports): The global esports market size was valued at approximately USD 1.3 billion in 2023, USD 1.75 billion in 2024, and USD 2.3 billion in 2023. Projections show the global esports market could reach USD 10.3 billion by 2034 or even USD 16.7 billion by 2033. North America held a dominant share in the esports market, with revenues of USD 0.83 billion in 2023 and USD 754.8 million in 2024. The North American esports market is projected to reach US$ 2,552.7 million by 2030, growing at a CAGR of 22.3% from 2025 to 2030. This market size is for North America and globally.
  • Hartford Wolf Pack (AHL) and Westchester Knicks (NBA G League): null
  • Professional Sports Team Performance Centers: null

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for Madison Square Garden Sports (MSGS) over the next 2-3 years:

  1. Increased National Media Rights Fees: The company anticipates higher national media rights fees, particularly due to the NBA's new national media rights deals which commenced with the 2025-26 NBA regular season. This is expected to contribute positively to revenue for the New York Knicks.
  2. Strong Demand and Pricing in Ticketing, Suites, and Merchandise: Madison Square Garden Sports has observed sustained consumer and corporate demand for the New York Knicks and New York Rangers, leading to increases in key in-game revenue categories like ticketing, premium hospitality (suites), and merchandise sales. High season ticket renewal rates for both teams, aided by optimizing pricing, along with record-setting merchandise sales and robust suite renewals, indicate continued growth potential.
  3. Growth in Sponsorship and Marketing Partnerships: The company is focused on leveraging its iconic brands to secure and expand lucrative sponsorship and marketing partnerships. Recent developments, such as the Rangers' first-ever jersey patch partnership, highlight opportunities to monetize new inventory like digital arena advertising and further grow sponsorship revenue.
  4. Team Performance and Playoff Appearances: The on-court and on-ice success of the Knicks and Rangers directly influences ticket sales, ancillary revenues, and sponsorship appeal. Consistent strong team performance and deeper playoff runs by either franchise can significantly boost revenue through increased games, higher attendance, and enhanced fan engagement.
  5. Diversification of Revenue Streams: MSG Sports is exploring opportunities to diversify its revenue streams beyond traditional avenues. This includes deepening partnerships with sports betting entities, developing a potential direct-to-consumer (DTC) media product, and capitalizing on the growing international popularity of the NBA and NHL to expand into global markets. The company also aims to leverage digital engagement to capture new revenue streams and deepen fan connections.

AI Analysis | Feedback

Share Repurchases

  • Madison Square Garden Sports Corp. had approximately $184.6 million remaining under its stock repurchase authorization as of June 30, 2024.
  • During the fiscal year ended June 30, 2024, the company did not repurchase any shares under its share repurchase program.
  • In October 2022, the Board of Directors authorized a $75 million accelerated share repurchase program. This was part of an existing share repurchase authorization that had approximately $260 million remaining prior to the execution of the ASR program.

Share Issuance

  • Share-based compensation expense, which typically involves the issuance of new shares, was $21.29 million for the fiscal year ended June 30, 2024, $25.20 million for fiscal year 2023, and $24.25 million for fiscal year 2022.
  • In February 2026, trusts related to the Dolan family received Class B Common Stock as partial repayment of promissory notes. For example, one trust received 11,000 shares and another received 18,703 shares, with each Class B share valued at $326.83.
  • The number of shares outstanding has remained relatively stable at approximately 0.024 billion from 2021 to 2025, with minor percentage declines in some years (e.g., 0.41% in 2024, 0.86% in 2023) and a slight increase in others (e.g., 0.23% in Q4 2025 year-over-year).

Capital Expenditures

  • Capital expenditures for the last 12 months were approximately -$3.96 million.
  • Annual capital expenditures were approximately -$3.62 million for fiscal year 2025, -$1.45 million for fiscal year 2024, -$1.18 million for fiscal year 2023, -$0.93 million for fiscal year 2022, and -$0.47 million for fiscal year 2021.

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Peer Comparisons

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Financials

MSGSBATRATKOLYVSPHRMedian
NameMadison .Atlanta .TKO Live Nat.Sphere E. 
Mkt Price392.9856.51215.88179.46169.85179.46
Mkt Cap9.53.616.741.76.19.5
Rev LTM1,0797575,06325,6121,3261,326
Op Inc LTM-2520936744-6120
FCF LTM53-481,6981,205333333
FCF 3Y Avg73-608031,078-14673
CFO LTM55-81,8172,413373373
CFO 3Y Avg7579211,889164164

Growth & Margins

MSGSBATRATKOLYVSPHRMedian
NameMadison .Atlanta .TKO Live Nat.Sphere E. 
Rev Chg LTM1.6%12.5%2.7%12.6%20.2%12.5%
Rev Chg 3Y Avg5.1%8.2%90.2%13.3%67.0%13.3%
Rev Chg Q1.9%52.5%25.9%12.1%37.7%25.9%
QoQ Delta Rev Chg LTM0.7%3.4%6.9%1.6%8.7%3.4%
Op Inc Chg LTM-127.4%162.4%111.8%-23.2%78.9%78.9%
Op Inc Chg 3Y Avg-50.0%40.8%164.9%-1.2%6.3%6.3%
Op Mgn LTM-2.3%2.6%18.5%2.9%-4.6%2.6%
Op Mgn 3Y Avg5.0%-3.3%9.8%3.7%-22.5%3.7%
QoQ Delta Op Mgn LTM-2.7%0.3%0.9%-2.0%7.5%0.3%
CFO/Rev LTM5.1%-1.1%35.9%9.4%28.2%9.4%
CFO/Rev 3Y Avg7.2%1.1%18.7%7.9%13.8%7.9%
FCF/Rev LTM4.9%-6.4%33.5%4.7%25.2%4.9%
FCF/Rev 3Y Avg7.0%-8.8%16.1%4.5%-27.2%4.5%

Valuation

MSGSBATRATKOLYVSPHRMedian
NameMadison .Atlanta .TKO Live Nat.Sphere E. 
Mkt Cap9.53.616.741.76.19.5
P/S8.84.83.31.64.64.6
P/Op Inc-385.8182.317.856.1-99.417.8
P/EBIT-448.4136.618.147.528.828.8
P/E-425.5-160.873.8498.550.950.9
P/CFO173.5-448.49.217.316.316.3
Total Yield-0.2%-0.6%5.6%0.2%2.0%0.2%
Dividend Yield0.0%0.0%4.3%0.0%0.0%0.0%
FCF Yield 3Y Avg1.4%-2.2%5.8%3.6%-12.2%1.4%
D/E0.10.20.30.30.20.2
Net D/E0.10.20.30.00.10.1

Returns

MSGSBATRATKOLYVSPHRMedian
NameMadison .Atlanta .TKO Live Nat.Sphere E. 
1M Rtn7.3%4.8%15.5%7.7%29.2%7.7%
3M Rtn26.3%22.3%14.5%23.2%59.1%23.2%
6M Rtn51.1%32.2%0.1%23.1%81.8%32.2%
12M Rtn90.1%14.5%24.5%21.9%306.8%24.5%
3Y Rtn116.1%84.9%122.0%103.8%521.9%116.1%
1M Excs Rtn9.5%7.0%17.7%10.0%31.4%10.0%
3M Excs Rtn11.2%7.5%-1.0%6.1%43.3%7.5%
6M Excs Rtn46.5%26.3%-5.6%18.1%74.4%26.3%
12M Excs Rtn70.3%-4.6%4.6%2.0%309.2%4.6%
3Y Excs Rtn54.0%16.4%53.5%34.0%461.1%53.5%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Event-related46345836333229
Media rights286298289276285
Sponsorship, signage and suite licenses23021119617353
League distributions and other6160394149
Total1,0391,027887821416


Operating Income by Segment
$ Mil2019201820172016
Madison Square Garden Sports123127119110
Madison Square Garden Entertainment8686-4-32
Inter-segment eliminations-0-0  
Purchase accounting adjustments-22-23-13 
Corporate and Other-200-171-163 
All Other   -136
Total-1419-60-59


Price Behavior

Price Behavior
Market Price$392.98 
Market Cap ($ Bil)9.5 
First Trading Date10/07/2014 
Distance from 52W High-0.2% 
   50 Days200 Days
DMA Price$357.52$285.77
DMA Trendupup
Distance from DMA9.9%37.5%
 3M1YR
Volatility26.4%29.7%
Downside Capture26.7624.58
Upside Capture95.5596.84
Correlation (SPY)32.6%26.2%
MSGS Betas & Captures as of 5/31/2026

 1M2M3M6M1Y3Y
Beta0.170.580.790.780.650.71
Up Beta-1.920.480.750.420.570.67
Down Beta-1.18-0.420.721.020.920.83
Up Capture141%89%89%146%90%45%
Bmk +ve Days13283667141432
Stock +ve Days10192864135400
Down Capture77%56%74%28%23%82%
Bmk -ve Days7132757109318
Stock -ve Days10223560114350

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MSGS
MSGS94.7%29.6%2.26-
Sector ETF (XLC)1.9%13.5%-0.1016.1%
Equity (SPY)21.2%12.4%1.2624.6%
Gold (GLD)21.8%27.7%0.7016.7%
Commodities (DBC)21.8%18.6%0.925.9%
Real Estate (VNQ)16.1%13.6%0.8520.5%
Bitcoin (BTCUSD)-44.7%42.5%-1.2716.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MSGS
MSGS19.8%25.5%0.69-
Sector ETF (XLC)7.3%20.7%0.2736.4%
Equity (SPY)13.4%17.1%0.6140.3%
Gold (GLD)17.8%18.3%0.799.8%
Commodities (DBC)7.4%19.5%0.289.3%
Real Estate (VNQ)3.4%18.9%0.0833.1%
Bitcoin (BTCUSD)10.7%54.0%0.3920.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MSGS
MSGS13.2%27.1%0.49-
Sector ETF (XLC)8.7%22.2%0.4544.4%
Equity (SPY)15.2%18.0%0.7248.6%
Gold (GLD)11.8%16.1%0.602.6%
Commodities (DBC)5.9%18.0%0.2617.2%
Real Estate (VNQ)5.6%20.7%0.2341.7%
Bitcoin (BTCUSD)54.6%66.4%0.9515.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date6152026
Short Interest: Shares Quantity1.3 Mil
Short Interest: % Change Since 5312026-4.2%
Average Daily Volume0.3 Mil
Days-to-Cover Short Interest4.4 days
Basic Shares Quantity24.2 Mil
Short % of Basic Shares5.4%

Earnings Returns History

Updated 6/11/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/8/2026-0.7%5.0%15.4%
2/5/2026-4.7%-2.3%9.1%
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%
...
SUMMARY STATS   
# Positive101112
# Negative141312
Median Positive2.5%5.4%5.7%
Median Negative-3.1%-3.5%-3.5%
Max Positive11.0%14.2%17.5%
Max Negative-10.0%-14.5%-14.4%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/8/2026-0.7%5.0%15.4%
2/5/2026-4.7%-2.3%9.1%
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%
11/2/2023-0.8%-4.2%-1.9%
8/17/2023-10.0%-14.5%-13.4%
5/4/2023-1.0%-8.8%-14.4%
2/7/20233.8%3.6%4.8%
10/27/20222.4%-0.7%6.6%
8/18/20221.8%-3.2%-12.3%
5/5/2022-3.3%-9.1%-3.2%
2/3/20222.8%7.4%-3.7%
11/10/20211.5%-3.5%-12.5%
8/19/20212.1%11.2%15.7%
5/5/2021-0.3%0.3%-2.4%
2/3/20212.6%5.4%17.0%
11/9/202011.0%14.2%17.5%
8/14/2020-4.0%-3.4%-2.2%
SUMMARY STATS   
# Positive101112
# Negative141312
Median Positive2.5%5.4%5.7%
Median Negative-3.1%-3.5%-3.5%
Max Positive11.0%14.2%17.5%
Max Negative-10.0%-14.5%-14.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/08/202610-Q
12/31/202502/06/202610-Q
09/30/202510/31/202510-Q
06/30/202508/12/202510-K
03/31/202505/02/202510-Q
12/31/202402/04/202510-Q
09/30/202411/01/202410-Q
06/30/202408/13/202410-K
03/31/202405/03/202410-Q
12/31/202302/06/202410-Q
09/30/202311/02/202310-Q
06/30/202308/17/202310-K
03/31/202305/04/202310-Q
12/31/202202/07/202310-Q
09/30/202210/27/202210-Q
06/30/202208/18/202210-K
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/08/202610-Q
12/31/202502/06/202610-Q
09/30/202510/31/202510-Q
06/30/202508/12/202510-K
03/31/202505/02/202510-Q
12/31/202402/04/202510-Q
09/30/202411/01/202410-Q
06/30/202408/13/202410-K
03/31/202405/03/202410-Q
12/31/202302/06/202410-Q
09/30/202311/02/202310-Q
06/30/202308/17/202310-K
03/31/202305/04/202310-Q
12/31/202202/07/202310-Q
09/30/202210/27/202210-Q
06/30/202208/18/202210-K
03/31/202205/05/202210-Q
12/31/202102/03/202210-Q
09/30/202111/09/202110-Q
06/30/202108/19/202110-K
03/31/202105/06/202110-Q
12/31/202002/03/202110-Q
09/30/202011/09/202010-Q
06/30/202008/31/202010-K
03/31/202005/11/202010-Q
12/31/201902/07/202010-Q
09/30/201911/08/201910-Q
06/30/201908/20/201910-K

Insider Activity

Updated 4/26/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Dolan, Charles PDirectSell2242026325.265,6591,840,621141,486Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Dolan, Charles PDirectSell2242026325.265,6591,840,621141,486Form

Industry Resources

Communication Services Resources
Variety
The Hollywood Reporter
Adweek
Movies & Entertainment Resources
Deadline
IndieWire
Screen Daily
Core Cache Last Updated: 6/26/2026