Madison Square Garden Entertainment Corp. (MSGE) stock analysis
Close on Nov 11, 2026Market cap $3.77BP/E 39.3Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Weak5 of 30 checks passed
Madison Square Garden Entertainment passes 5 of the 30 checks behind our score; 12 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 1/6
- Past performance
- 3/6
- Financial health
- 1/6
- Dividend
- 0/6
What stands out
Return on capital over 10%
Return on invested capital was 31.9%, above the 10% that usually covers the cost of capital.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 54.2% of total debt.
Growing faster than the industry
Revenue grew 16.4% over the last twelve months; the Miscellaneous Amusement and Recreation median is 9.8%.
Net margin above its 5-year average
Net margin was 8.6% over the last twelve months, against a 5-year average of 2.8%.
What to watch
Margin of safety under 20%
The price is 31.9% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $79.79 is above our fair value estimate of $60.48.
High debt
Debt is 4730% of shareholders' equity, above the 40% we consider low.
Revenue growing under 10% a year
Revenue grew 7.6% a year over the last three fiscal years, short of the 10% we look for.
Valuation0/6
P/E above its 5-year median
Madison Square Garden Entertainment's P/E of 39.3 is above its own 5-year median of 30.3.
P/E above the industry
Madison Square Garden Entertainment's P/E of 39.3 is above the Miscellaneous Amusement and Recreation median of 35.3.
EV/EBITDA above its 5-year median
Madison Square Garden Entertainment's EV/EBITDA of 17.5 is above its 5-year median of 15.8.
P/B above the industry
Madison Square Garden Entertainment's price-to-book of 316.73 is above the Miscellaneous Amusement and Recreation median of 3.09.
Trading above fair value
The share price of $79.79 is above our fair value estimate of $60.48.
Margin of safety under 20%
The price is 31.9% above fair value, so there is no margin of safety.
Growth1/6
Revenue growing under 10% a year
Revenue grew 7.6% a year over the last three fiscal years, short of the 10% we look for.
EPS growing under 10% a year
Diluted EPS grew -2.1% a year over the last three fiscal years.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 16.4% over the last twelve months; the Miscellaneous Amusement and Recreation median is 9.8%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
This company does not report gross profit.
Past performance3/6
Return on equity
Needs positive equity and five years of results.
Return on capital over 10%
Return on invested capital was 31.9%, above the 10% that usually covers the cost of capital.
Return on equity against the industry
Needs positive equity.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin above its 5-year average
Net margin was 8.6% over the last twelve months, against a 5-year average of 2.8%.
Net margin above the industry
Madison Square Garden Entertainment's net margin of 8.6% is above the Miscellaneous Amusement and Recreation median of 1.6%.
Financial health1/6
High debt
Debt is 4730% of shareholders' equity, above the 40% we consider low.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 54.2% of total debt.
Interest not well covered
Operating income covers interest expense 4.8 times; we look for at least 5.
Short-term assets don't cover short-term debts
Current assets are 0.62 times current liabilities.
Bankruptcy risk in the grey zone
The Altman Z-score is 2.15; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
Madison Square Garden Entertainment has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$60.48
The share price is 32% above this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 33.7× | 30.3× | 35.3× | $68.36 | 44% |
| EV/EBITDA | 13.5× | 15.8× | 12.4× | $59.65 | 39% |
| P/Bleft out, too far from the others | 3.1× | – | 3.1× | $0.78 | – |
| Earnings power | 9.8% cost of equity | – | – | $41.38 | 17% |
| Fair value | $60.48 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 30.3
- Miscellaneous Amusement and Recreation median 35.3
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $36.04M
- Value traded per 1% price move
- $21.06M
Downside
Low risk
- Typical loss in a bad month
- 9.7%
- Volatility (annualized)
- 30%
- Sharpe ratio, 1 year
- 1.89
- Beta to the S&P 500 (5Y)
- 0.99
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2020 to 2026
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +12.5% | +7.6% | +66.9% | – | |
| Operating income | +15.9% | +10.5% | – | – | |
| Net income | +76.8% | -4.8% | – | – | |
| EPS, diluted | +79.2% | -2.1% | – | – |
Returns and balance sheet
7 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2020 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 407.5% | |
| Return on assets | – | – | 3.7% | |
| Current ratio | – | – | 0.70 | |
| Debt to equity | – | – | 12.47 | |
| Net debt to EBITDA | – | – | 1.40× | |
| Interest coverage | – | -7.0× | 3.5× | |
| Diluted shares | – | 52M | 48M |
Cash use needs five years of cash flow figures
Madison Square Garden Entertainment does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2026 | 6.2% | 0.59× | 110.99× | 407.5% |
| FY2025 | 4.0% | 0.59× | -88.37× | -205.3% |
| FY2024 | 15.0% | 0.65× | -31.89× | -311.5% |
| FY2023 | 9.0% | 0.58× | -41.27× | -215.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
- ProfitableNet income above zero$66.19M
- Cash generatingOperating cash flow above zero$351.44M
- Return on assets improvedROA up on the prior year2.4% → 4.0%
- Earnings backed by cashOperating cash flow above net income$351.44M vs $66.19M
- Less leverageLong-term debt to assets fell34.1% → 27.9%
- Better liquidityCurrent ratio rose0.47 → 0.70
- No dilutionShare count did not rise48M → 48M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.61 → 0.64
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