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Madison Square Garden Entertainment Corp.
(NYSE:MSGE)
Select Model
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Rating:69Neutral
Price Target:
$83.00
▲(8.84% Upside)
Action:Reiterated
Date:07/30/26
MSGE scores as moderately attractive, led by improving financial health (strong free cash flow, solid operating margins, and low leverage) and a supportive earnings outlook driven by strong event bookings. The primary drag is valuation (very high P/E), while technicals are positive but lack confirmation from missing momentum indicators; near-term cost pressure from the earnings call tempers upside.
Positive Factors
Free Cash Flow Strength
Consistent TTM operating cash flow and FCF near $287M provide durable internal funding for capex, working capital and buybacks. Strong cash conversion improves resilience across cycles, supports strategic investments and gives management flexibility despite event-driven revenue lumpiness.
Negative Factors
Volatile Net Income History
Profitability has swung materially over recent years despite strong operating cash generation. This volatility undermines earnings quality and makes forecasting and capital allocation harder, since net income is sensitive to one-off items, tax, non‑operating items and event timing.
Read all positive and negative factors
Positive Factors
Negative Factors
Free Cash Flow Strength
Consistent TTM operating cash flow and FCF near $287M provide durable internal funding for capex, working capital and buybacks. Strong cash conversion improves resilience across cycles, supports strategic investments and gives management flexibility despite event-driven revenue lumpiness.
Read all positive factors
Madison Square Garden Entertainment Corp. (MSGE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.73B
Dividend YieldN/A
Average Volume (3M)543.12K
Price to Earnings (P/E)140.5
Beta (1Y)0.96
Revenue Growth4.51%
EPS Growth-62.44%
CountryUS
Employees6,600
SectorCommunication Services
Sector Strength97
IndustryEntertainment
Share Statistics
EPS (TTM)0.55
Shares Outstanding40,438,480
10 Day Avg. Volume412,819
30 Day Avg. Volume543,121
Financial Highlights & Ratios
PEG Ratio-4.99
Price to Book (P/B)1.31
Price to Sales (P/S)4.13
P/FCF Ratio9.23
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$80.43Price Target Upside5.47% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)2.33
Revenue Forecast (FY)$1.10B
Madison Square Garden Entertainment Corp. Business Overview & Revenue Model
Company Description
Madison Square Garden Entertainment Corp., founded in New York, New York, in 2006, operates within the entertainment sector. The company specializes in producing, presenting, and hosting a diverse array of live events. This includes concerts, fami...
How the Company Makes Money
MSGE primarily generates revenue by promoting and presenting live entertainment events and by operating venues that host those events. Key revenue streams include (1) event-related revenue such as ticket sales and other event receipts tied to conc...
Madison Square Garden Entertainment Corp. Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Aug 14, 2026
Earnings Call Sentiment Positive
The call presented a mix of positive operational momentum and balance-sheet strength (modest revenue growth, strong cash build, robust concert bookings and a growing Christmas Spectacular), offset by near-term margin pressure from higher operating and SG&A costs that reduced adjusted operating income. Management expects expense normalization in the coming quarter and highlighted strong forward bookings and residencies that support optimism for fiscal '27.Positive Updates
Modest Revenue Growth
Reported Q3 revenue of $246.3M, up 2% year-over-year, driven by growth in entertainment offerings (including suite license fees) and higher number of concerts at the Garden.
Negative Updates
Adjusted Operating Income Decline
Q3 adjusted operating income of $46M, a decline of $12M year-over-year (approximately a 21% decrease), primarily due to higher direct operating and SG&A expenses despite revenue growth.
Read all updates
Q3-2026 Updates
Positive
Negative
Modest Revenue Growth
Reported Q3 revenue of $246.3M, up 2% year-over-year, driven by growth in entertainment offerings (including suite license fees) and higher number of concerts at the Garden.
Read all positive updates
Company Guidance
Management said they expect to close fiscal 2026 “on a positive note,” citing a significant increase in Garden concerts in fiscal Q4 and that they remain “on track to deliver robust full‑year growth in revenue and adjusted operating income (AOI).” Key metrics: Q3 revenues $246.3M (up 2% YoY) and AOI $46M (down $12M YoY); venues hosted >1.4M guests across >165 events; venue operating costs rose $2.4M YoY (driven partly by several million dollars of higher health‑care costs); F&B per‑caps at concerts were up while merchandise per‑caps were down; concert sell‑through and pacing for the next two quarters are ahead of last year with the Garden pacing to shatter its single‑quarter concert record (highlighted by Harry Styles 30‑night residency, Bon Jovi 9 shows, “Fish” 5 shows and Joe Hisaishi 7 nights at Radio City). Holiday asset metrics: the Christmas Spectacular generated ~ $195M across 215 paid performances (16 in Q3) and 230 shows are on sale for 2026 (mid‑single‑digit show count increase). Balance sheet and capital allocation: $323M unrestricted cash (up from $157M at 12/31), $587M debt, ~623K shares repurchased for $25M YTD with ~$45M remaining authorization; SG&A growth is expected to begin normalizing in the June quarter and into fiscal 2027.Madison Square Garden Entertainment Corp. Financial Statement Overview
Summary
Income Statement
71
Positive
Balance Sheet
76
Positive
Cash Flow
73
Positive
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 708.33M | 942.73M | 959.26M | 851.50M | 653.49M |
| Gross Profit | 0.00 | 407.09M | 412.22M | 351.57M | 258.70M |
| EBITDA | -60.03M | 173.84M | 180.02M | 202.91M | 69.90M |
| Net Income | -112.03M | 37.43M | 144.30M | 76.60M | -133.34M |
Balance Sheet | |||||
| Total Assets | 4.04B | 1.67B | 1.55B | 1.40B | 1.53B |
| Cash, Cash Equivalents and Short-Term Investments | 552.02M | 43.02M | 33.26M | 76.09M | 58.10M |
| Total Debt | 191.16M | 1.20B | 1.07B | 902.92M | 956.79M |
| Total Liabilities | 1.81B | 1.68B | 1.58B | 1.47B | 1.53B |
| Stockholders Equity | 2.23B | -13.30M | -23.16M | -69.47M | -1.48M |
Cash Flow | |||||
| Free Cash Flow | 316.98M | 93.08M | 87.08M | 120.51M | 79.55M |
| Operating Cash Flow | 286.78M | 115.30M | 111.27M | 135.69M | 95.35M |
| Investing Cash Flow | -34.92M | -23.69M | -62.37M | 30.30M | 45.44M |
| Financing Cash Flow | -106.99M | -81.62M | -99.69M | -144.22M | -396.29M |
Madison Square Garden Entertainment Corp. Technical Analysis
Positive
76.26
Price Trends
74.52
Positive
67.99
Positive
60.79
Positive
Market Momentum
0.64
Positive
53.94
Neutral
76.14
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 76.26 is above the 20-day moving average (MA) of 75.91, above the 50-day MA of 74.52, and above the 200-day MA of 60.79, indicating a bullish trend. The MACD of 0.64 indicates Positive momentum. The RSI at 53.94 is Neutral, neither overbought nor oversold. The STOCH value of 76.14 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 (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $2.61B | 63.80 | 11.87% | ― | 14.79% | 22.14% | |
69 Neutral | $3.73B | 140.47 | 8.89% | ― | 4.51% | -62.44% | |
63 Neutral | $5.31B | 154.76 | 1.51% | ― | 17.17% | -187.98% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
50 Neutral | $2.47B | -2.65 | 29.45% | ― | 6.41% | -19.34% | |
48 Neutral | $3.98B | -18.70 | 16.27% | ― | -17.64% | -54.79% | |
46 Neutral | $1.24B | -12.20 | -2.66% | ― | -6.04% | -339.14% |
* Communication Services Sector Average
MSGE
Madison Square Garden Entertainment Corp.
77.26
40.38
109.49%
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Madison Square Garden Entertainment Corp. Corporate Events
Business Operations and Strategy
MSG Entertainment Signs MOU for Penn Station Redevelopment
Neutral
Jun 8, 2026
On June 8, 2026, Madison Square Garden Entertainment Corp. said that a subsidiary had signed a non-binding memorandum of understanding with Penn Transformation Partners, the Amtrak-selected master developer for the Penn Station redevelopment, to e...
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.