Madison Square Garden Entertainment Corp. (MSGE)
NYSE:MSGE
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Madison Square Garden Entertainment Corp.
(NYSE:MSGE)
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Rating:65Neutral
Price Target:
$60.00
▼(-1.30% Downside)
Action:ReiteratedDate:03/28/26
The score reflects strong cash generation and a constructive earnings outlook, tempered by elevated balance-sheet leverage and currently weak technical momentum. Low valuation provides support but does not fully offset financial risk.
Positive Factors
Strong free cash flow generation
Material trailing‑12‑month operating cash flow (~$214M) and FCF (~$207M) with a 47.6% FCF increase underpin durable internal funding. This cash conversion supports debt reduction, opportunistic buybacks and reinvestment in venues, improving resilience through event seasonality and low recurring capex needs.
Negative Factors
Very high leverage
Extremely elevated debt relative to equity and periods of negative equity materially constrain financial flexibility. High leverage increases refinancing and covenant risk, limits ability to absorb demand shocks, and slows sustainable deleveraging even with strong cash flow unless principal reductions are sustained.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow generation
Material trailing‑12‑month operating cash flow (~$214M) and FCF (~$207M) with a 47.6% FCF increase underpin durable internal funding. This cash conversion supports debt reduction, opportunistic buybacks and reinvestment in venues, improving resilience through event seasonality and low recurring capex needs.
Read all positive factors
Madison Square Garden Entertainment Corp. (MSGE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.87B
Dividend YieldN/A
Average Volume (3M)316.18K
Price to Earnings (P/E)6.9
Beta (1Y)1.04
Revenue Growth0.68%
EPS Growth-80.73%
CountryUS
Employees1,200
SectorConsumer Cyclical
Sector Strength84
IndustryEntertainment
Share Statistics
EPS (TTM)1.94
Shares Outstanding40,406,345
10 Day Avg. Volume285,030
30 Day Avg. Volume316,184
Financial Highlights & Ratios
PEG Ratio-0.69
Price to Book (P/B)-144.35
Price to Sales (P/S)2.04
P/FCF Ratio20.63
Enterprise Value/Market Cap1.58
Enterprise Value/Revenue4.48
Enterprise Value/Gross Profit9.70
Enterprise Value/Ebitda23.14
Forecast
1Y Price Target
$68.88Price Target Upside13.31% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)1.17
Revenue Forecast (FY)$1.02B
Madison Square Garden Entertainment Corp. Business Overview & Revenue Model
Company Description
Madison Square Garden Entertainment Corp. engages in the entertainment business. It produces, presents, or hosts various live entertainment events, including concerts, family shows, and special events, as well as sporting events, such as professio...
How the Company Makes Money
MSGE primarily generates revenue from producing and presenting live events and operating entertainment venues. Key revenue streams generally include: (1) Event-related revenue from ticket sales for concerts and other live entertainment, including ...
Madison Square Garden Entertainment Corp. Earnings Call Summary
Earnings Call Date:Feb 03, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational and financial momentum driven by a record Christmas Spectacular, double-digit revenue and adjusted operating income growth, improved cash generation, robust bookings (including a major Harry Styles residency), and positive sponsorship and premium-hospitality trends. Offsetting items include elevated SG&A driven by one-time charges and higher labor costs, some concert mix-related weakness in F&B per caps, and softness in international tourism. On balance, the positive operational and financial developments materially outweigh the transitory and mix-related challenges.Positive Updates
Revenue and Adjusted Operating Income Growth
Reported fiscal Q2 revenues of $459.9M (rounded to $460M), up 13% year-over-year; adjusted operating income of $190.4M, up 16% year-over-year.
Negative Updates
Elevated SG&A and One-Time Charges
SG&A was elevated year-over-year, including $4M of executive transition costs and a $2M prior-year true-up. Company expects an additional ~ $8M of severance related to a voluntary exit program (primarily in the March quarter); SG&A growth (even excluding one-offs) was above long-term expectations and is expected to normalize by the June quarter.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue and Adjusted Operating Income Growth
Reported fiscal Q2 revenues of $459.9M (rounded to $460M), up 13% year-over-year; adjusted operating income of $190.4M, up 16% year-over-year.
Read all positive updates
Company Guidance
Management said it is “confident” it’s on a clear path to deliver robust fiscal 2026 revenue and adjusted operating income growth, citing Q2 results of $459.9M revenue (+13% YoY) and $190.4M AOI (+16% YoY), operational momentum from ~2.9M guests at >475 events, the Christmas Spectacular’s 215 paid performances (vs. 200), >1.2M tickets sold and ~ $195M season revenue with per‑show revenue up mid‑single‑digits and record F&B/merch per‑caps, stronger concert bookings (Garden bookings goal exceeded and pacing well ahead for FY27 including a 30‑night Harry Styles residency with 11.5M presale registrations and a 9‑night Bon Jovi run), and higher per‑game revenues from the Knicks/Rangers; on capital and liquidity they noted $157M unrestricted cash (up from $30M), total debt $594M (net debt ~ $437M) after paying the full $20M revolver, ~623k shares repurchased for $25M YTD with ~$45M buyback capacity remaining, no major capex flagged, near‑term SG&A headwinds (including $4M exec transition, $2M true‑up and ~ $8M severance in March) expected to normalize by June, and a commitment to opportunistic shareholder returns as the business delevers.Madison Square Garden Entertainment Corp. Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
28
Negative
Cash Flow
74
Positive
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.01B | 942.73M | 959.26M | 851.50M | 653.49M | 81.81M |
| Gross Profit | 468.07M | 407.09M | 412.22M | 351.57M | 258.70M | 5.96M |
| EBITDA | 196.32M | 173.84M | 180.02M | 202.91M | 69.90M | -151.28M |
| Net Income | 51.92M | 37.43M | 144.30M | 76.60M | -133.34M | -218.61M |
Balance Sheet | ||||||
| Total Assets | 1.82B | 1.67B | 1.55B | 1.40B | 1.53B | 1.70B |
| Cash, Cash Equivalents and Short-Term Investments | 157.58M | 43.02M | 33.26M | 76.09M | 58.10M | 317.82M |
| Total Debt | 1.76B | 1.20B | 1.07B | 902.92M | 956.79M | 735.92M |
| Total Liabilities | 1.79B | 1.68B | 1.58B | 1.47B | 1.53B | 1.20B |
| Stockholders Equity | 36.01M | -13.30M | -23.16M | -69.47M | -1.48M | 495.90M |
Cash Flow | ||||||
| Free Cash Flow | 206.96M | 93.08M | 87.08M | 120.51M | 79.55M | -158.43M |
| Operating Cash Flow | 213.99M | 115.30M | 111.27M | 135.69M | 95.35M | -148.12M |
| Investing Cash Flow | -22.70M | -23.69M | -62.37M | 30.30M | 45.44M | -10.34M |
| Financing Cash Flow | -88.93M | -81.62M | -99.69M | -144.22M | -396.29M | 473.49M |
Madison Square Garden Entertainment Corp. Technical Analysis
Positive
60.79
Price Trends
59.70
Positive
56.80
Positive
49.41
Positive
Market Momentum
0.54
Negative
58.18
Neutral
74.19
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MSGE, the sentiment is Positive. The current price of 60.79 is above the 20-day moving average (MA) of 58.41, above the 50-day MA of 59.70, and above the 200-day MA of 49.41, indicating a bullish trend. The MACD of 0.54 indicates Negative momentum. The RSI at 58.18 is Neutral, neither overbought nor oversold. The STOCH value of 74.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MSGE.
Madison Square Garden Entertainment Corp. Risk Analysis
Madison Square Garden Entertainment Corp. disclosed 40 risk factors in its most recent earnings report. Madison Square Garden Entertainment Corp. reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Madison Square Garden Entertainment Corp. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $1.99B | 56.84 | 10.67% | ― | 9.30% | 67.19% | |
65 Neutral | $2.87B | 6.89 | -618.85% | ― | 0.68% | -80.73% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | $4.58B | 13.10 | 1.51% | ― | 24.54% | -119.75% | |
51 Neutral | $3.21B | -14.33 | 20.86% | ― | 97.19% | -21.46% | |
45 Neutral | $845.06M | -1.27 | 35.45% | ― | 9.74% | 12.29% | |
45 Neutral | $1.23B | -64.47 | -1.49% | ― | -10.68% | -127.54% |
* Consumer Cyclical Sector Average
MSGE
Madison Square Garden Entertainment Corp.
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Madison Square Garden Entertainment Corp. Corporate Events
Business Operations and StrategyExecutive/Board Changes
Madison Square Garden Entertainment Signs New Executive Agreement
Positive
Mar 27, 2026
Madison Square Garden Entertainment Corp. entered into a new employment agreement on March 24, 2026, with Executive Vice President and Treasurer Philip D’Ambrosio, effective April 1, 2026, setting a minimum annual base salary of $750,000 and...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.