Madison Square Garden Sports (MSGS)
NYSE:MSGS
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Madison Square Garden Sports
(NYSE:MSGS)
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Rating:51Neutral
Price Target:
$342.00
▲(1.78% Upside)
Action:ReiteratedDate:05/05/26
The score is held down primarily by weaker recent fundamentals (TTM losses and cash flow reversal) and balance-sheet risk from negative equity, despite supportive technical momentum. Valuation is a headwind due to the very high P/E, while the latest earnings call was broadly positive on revenue/operational trends but acknowledged media-rights and cost pressures.
Positive Factors
Sustained Revenue Growth & Event Monetization
Madison Square Garden Sports shows durable top-line expansion driven by higher per-game spending and more home games. Strong event monetization across tickets, F&B and merchandise supports recurring cash flow diversification and resilience versus single-product models over the medium term.
Negative Factors
Negative Shareholders' Equity & High Historical Leverage
Consistently negative equity combined with elevated historical debt burdens constrains capital structure flexibility and raises solvency risk in downturns. This structural leverage profile limits capacity for M&A, buybacks or aggressive investment without deleveraging or external capital, affecting long-term strategic optionality.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Growth & Event Monetization
Madison Square Garden Sports shows durable top-line expansion driven by higher per-game spending and more home games. Strong event monetization across tickets, F&B and merchandise supports recurring cash flow diversification and resilience versus single-product models over the medium term.
Read all positive factors
Madison Square Garden Sports (MSGS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.19B
Dividend YieldN/A
Average Volume (3M)221.72K
Price to Earnings (P/E)189.6
Beta (1Y)0.73
Revenue Growth0.26%
EPS Growth-129.07%
CountryUS
Employees533
SectorCommunication Services
Sector Strength97
IndustryEntertainment
Share Statistics
EPS (TTM)-0.69
Shares Outstanding19,539,816
10 Day Avg. Volume214,322
30 Day Avg. Volume221,724
Financial Highlights & Ratios
PEG Ratio1.63
Price to Book (P/B)-17.88
Price to Sales (P/S)4.84
P/FCF Ratio57.21
Enterprise Value/Market Cap1.23
Enterprise Value/Revenue9.42
Enterprise Value/Gross Profit36.41
Enterprise Value/Ebitda554.96
Forecast
1Y Price Target
$378.17Price Target Upside12.54% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)-0.22
Revenue Forecast (FY)$1.00B
Madison Square Garden Sports Business Overview & Revenue Model
Company Description
Madison Square Garden Sports Corp. operates as a professional sports company. The company owns and operates a portfolio of assets that consists of the New York Knickerbockers of the National Basketball Association (NBA) and the New York Rangers of...
How the Company Makes Money
MSGS generates revenue primarily by monetizing its professional sports franchises across several key streams. (1) Game-day revenue: The company earns money from ticket sales for home games (including season tickets and premium seating), as well as...
Madison Square Garden Sports Key Performance Indicators (KPIs)
Madison Square Garden Sports Earnings Call Summary
Earnings Call Date:Feb 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:May 08, 2026
Earnings Call Sentiment Positive
The call presented a solid operational and financial quarter with meaningful top-line growth (total revenue +12.7%, event revenues +20%, suites & sponsorship +24%) and a sizable AOI increase (~46%). Management highlighted strong fan engagement (94% season-ticket renewals), record single-game merchandise sales, successful partnership and suite initiatives, and improved financing terms. Key risks include a 4% decline in media rights due to amended local deals, rising team personnel and luxury tax costs, a timing benefit that will reverse in H2, RSN industry uncertainty, and modest cash vs. debt. Overall, positive operational momentum and strategic actions outweigh the identified headwinds.Positive Updates
Revenue Growth
Total revenues of $403.4M in fiscal Q2 FY2026, up from $357.8M in prior-year quarter, an increase of approximately 12.7% YoY driven by more home games and higher per-game revenues across categories.
Negative Updates
Local Media Rights Reduction
National and local media rights fees were $122.3M, down 4% YoY, primarily due to amended local media rights agreements with MSG Networks that included 18% reductions in annual rights fees (effective Jan 1, 2025) and eliminated escalators.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth
Total revenues of $403.4M in fiscal Q2 FY2026, up from $357.8M in prior-year quarter, an increase of approximately 12.7% YoY driven by more home games and higher per-game revenues across categories.
Read all positive updates
Company Guidance
Management reiterated confidence in ongoing momentum and long‑term value creation while providing several concrete metrics: Q2 revenues were $403.4M (vs. $357.8M a year ago) with adjusted operating income of $29.7M (up $9.4M), driven by 39 pre/regular‑season home games (vs. 35), a ~94% combined Knicks/Rangers season‑ticket renewal rate, and per‑game increases across ticketing, suites, sponsorship and food/beverage/merchandise (event‑related revenues $167.2M, +20% YoY; suites & sponsorship $98.5M, +24% YoY; national/local media rights $122.3M, -4% YoY). AOI included $9.9M of noncash arena lease costs (vs. $9.3M), while direct operating expenses rose due to higher team compensation, luxury tax and revenue‑sharing; single‑game merchandise sales were among the highest in each team’s history and per‑cap spend was higher. Balance sheet and liquidity metrics: cash ≈ $81M, debt $291M ( $267M Knicks revolver; $24M NHL advance), Knicks revolver capacity increased $150M to $425M, and recently refinanced facilities extend maturities to Nov 2030 with lower borrowing rates. Management reiterated capital allocation priorities (maintain liquidity, strong balance sheet, be opportunistic on other uses including possible future returns of capital), noted no current minority‑sale activity but would not rule it out, and said changes to compensation tax deductibility will be assessed (effective for the year ended June 30, 2028).Madison Square Garden Sports Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
24
Negative
Cash Flow
38
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.07B | 1.04B | 1.03B | 887.45M | 821.35M | 415.72M |
| Gross Profit | 276.96M | 280.88M | 407.47M | 335.06M | 315.75M | 128.26M |
| EBITDA | 18.17M | 7.60M | 136.42M | 116.38M | 90.71M | -73.18M |
| Net Income | -16.56M | -22.44M | 58.77M | 47.79M | 51.13M | -13.95M |
Balance Sheet | ||||||
| Total Assets | 1.54B | 1.58B | 1.44B | 1.40B | 1.40B | 1.42B |
| Cash, Cash Equivalents and Short-Term Investments | 81.30M | 153.19M | 94.91M | 40.46M | 91.02M | 72.04M |
| Total Debt | 2.03B | 1.18B | 1.11B | 1.12B | 993.29M | 1.12B |
| Total Liabilities | 1.83B | 1.86B | 1.71B | 1.74B | 1.55B | 1.62B |
| Stockholders Equity | -282.08M | -281.44M | -266.31M | -337.23M | -147.09M | -204.31M |
Cash Flow | ||||||
| Free Cash Flow | 2.77M | 87.99M | 90.68M | 151.29M | 177.12M | -35.79M |
| Operating Cash Flow | 3.48M | 91.61M | 92.13M | 152.47M | 178.06M | -35.33M |
| Investing Cash Flow | -7.36M | -6.92M | -8.90M | -17.76M | -2.93M | -466.00K |
| Financing Cash Flow | -30.67M | -26.41M | -28.79M | -185.27M | -156.14M | 17.16M |
Madison Square Garden Sports Technical Analysis
Positive
336.02
Price Trends
314.75
Positive
285.08
Positive
248.02
Positive
Market Momentum
6.24
Negative
61.53
Neutral
58.57
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MSGS, the sentiment is Positive. The current price of 336.02 is above the 20-day moving average (MA) of 322.50, above the 50-day MA of 314.75, and above the 200-day MA of 248.02, indicating a bullish trend. The MACD of 6.24 indicates Negative momentum. The RSI at 61.53 is Neutral, neither overbought nor oversold. The STOCH value of 58.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MSGS.
Madison Square Garden Sports Risk Analysis
Madison Square Garden Sports disclosed 32 risk factors in its most recent earnings report. Madison Square Garden Sports reported the most risks in the "Legal & Regulatory" 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 Sports Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $3.12B | 6.89 | -618.85% | ― | 5.65% | -58.63% | |
62 Neutral | $36.11B | -1,724.77 | 4.89% | 1.07% | 68.85% | 1638.30% | |
61 Neutral | $4.84B | 13.10 | 1.51% | ― | 18.81% | ― | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
56 Neutral | $3.16B | -16.01 | -4.46% | ― | 10.52% | 26.43% | |
51 Neutral | $8.19B | 189.56 | 5.81% | ― | 0.26% | -129.07% | |
44 Neutral | $3.14B | 123.67 | -4.66% | ― | 8.87% | 93.13% |
* Communication Services Sector Average
MSGS
Madison Square Garden Sports
340.18
149.55
78.45%
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SPHR
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MSGE
Madison Square Garden Entertainment Corp.
66.00
30.40
85.39%
BATRA
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53.14
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21.49%
Madison Square Garden Sports Corporate Events
Business Operations and StrategyExecutive/Board Changes
Madison Square Garden Sports Names New Chief Financial Officer
Positive
May 4, 2026
On April 28, 2026, Madison Square Garden Sports Corp. announced the appointment of Paul DiCicco as Executive Vice President, Chief Financial Officer and Treasurer, effective May 11, 2026 or a later agreed date, succeeding current CFO Victoria Mink...
Business Operations and StrategyExecutive/Board Changes
MSG Sports Explores Spin-Off of Knicks and Rangers
Neutral
Feb 18, 2026
On February 17, 2026, Madison Square Garden Sports Corp. announced that Executive Vice President, Chief Financial Officer and Treasurer Victoria Mink will leave the company, though she will remain in her role for a period to support a potential sp...
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.