# Madison Square Garden Entertainment (MSGE.US)

Canonical: https://gigainvestors.com/s/MSGE

Analysis as of: 2026-10-16T07:30:24.786Z. Financial observations: FY2017–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $79.72 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 4

- Operating margin variation: 4.07×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.14×

- FY2018: -0.03×

- FY2019: -0.04×

- FY2020: 0.39×

- FY2021: -2.90×

- FY2022: -0.01×

- FY2023: 0.12×

- FY2024: 0.12×

- FY2025: 0.14×

- FY2026: 0.13×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 3.7%

- ROIC, second-lowest year: -2.8%

- Typical minus recent gross margin: -5.4 pp

- Typical gross margin (annual median): 37.8%

- Recent gross margin (lower of latest and 3-year median): 43.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.8%

- ROIC including acquisitions, ten-year median: 3.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: -2.1%

- FY2019: -2.8%

- FY2020: 8.2%

- FY2021: -22.2%

- FY2022: -0.3%

- FY2023: 14.9%

- FY2024: 11.8%

- FY2025: 8.1%

- FY2026: 3.7%

### economics: pass

- Owner earnings / net income, 5-yr: 2.05×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $392M

- Net income, five-year total: $191M

- Working capital / revenue, annual change: -3.0 pp

- Working capital / revenue, final three-year average: 11.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.60×

- FY2023: 1.59×

- FY2024: 1.21×

- FY2025: 1.95×

- FY2026: 1.55×

### management: pass

- buybacks leaned toward cheaper years (informational)

- Per-share earnings: -0.75 to 1.38 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -1.5%

- Diluted shares, 5-year annual growth: -1.5%

- Per-share value change: $2.12

- Per-share value, starting three-year median: -$0.75

- Per-share value, ending three-year median: $1.38

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 2.2%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: $25M

- ROIC, last three-year median: 8.1%

Chart: Earnings per share; fiscal year observations.

- FY2017: -$4.57

- FY2018: $0.29

- FY2019: -$0.75

- FY2020: $7.11

- FY2021: -$4.22

- FY2022: -$2.58

- FY2023: $1.47

- FY2024: $2.97

- FY2025: $0.77

- FY2026: $1.38

### accounting: fail

- latest-year receivables to sales index (DSRI) exceeds 1.465

- restructuring or one-time charges in at least three of five years

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -0.9%

- Receivables to sales index (DSRI): 1.48×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 30.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.55×

- Accounting red flags: 3

- Goodwill and intangibles / equity: 0.04×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -4.2%

- FY2019: -3.3%

- FY2020: 3.8%

- FY2021: -4.2%

- FY2022: -15.0%

- FY2023: -4.2%

- FY2024: 2.1%

- FY2025: -4.7%

- FY2026: -0.9%

## Holders

- [John Rogers](https://gigainvestors.com/AI): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 162% since Oct 2023 · "MSGE Stock Breaks Out On Blowout Earnings As Concert Volumes Double" (finance.yahoo.com, Aug 2026) · sales +12.5%

Story as of 2026-10-16T09:59:12.686Z; price observation 2026-10-15.

- 2025-08-13: Madison Square Garden Takes Hit From Concert Slowdown, Stock Falls ([finance.yahoo.com](https://finance.yahoo.com/news/madison-square-garden-takes-hit-132232630.html))

- 2026-08-12: MSGE Stock Breaks Out On Blowout Earnings As Concert Volumes Double ([finance.yahoo.com](https://finance.yahoo.com/m/aac65a2c-5b69-376a-8f23-43e6e79bfb46/msge-stock-breaks-out-on.html))

### Sales · FY2025–2026

sales +12.5%; source https://www.sec.gov/Archives/edgar/data/1952073/000162828026056286/msge-20260630.htm; observed 2026-08-12.

- FY2017: $711M 

- FY2018: $989M 

- FY2019: $1.0B 

- FY2020: $585M 

- FY2021: $82M 

- FY2022: $653M 

- FY2023: $851M 

- FY2024: $959M 

- FY2025: $943M 

- FY2026: $1.1B 

### Gross margin · FY2026

gross margin 45.1%; source https://www.sec.gov/Archives/edgar/data/1952073/000162828026056286/msge-20260630.htm; observed 2026-08-12.

- FY2017: 27.3% 

- FY2018: 35.8% 

- FY2019: 36.1% 

- FY2020: 34.9% 

- FY2021: 7.3% 

- FY2022: 39.6% 

- FY2023: 41.3% 

- FY2024: 43.0% 

- FY2025: 43.2% 

- FY2026: 45.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in entertainment; annual sales are USD 1.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1952073/000162828026056286/msge-20260630.htm (filed 2026-08-12); FY2026: revenue 1060784000; grossProfit 478485000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 43% to 45.1% during 2024–26; it earns 3.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-12); FY2024: grossProfit / revenue = 43%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-12); FY2025: grossProfit / revenue = 43.2%.

- Source: https://www.sec.gov/Archives/edgar/data/1952073/000162828026056286/msge-20260630.htm (filed 2026-08-12); FY2026: grossProfit / revenue = 45.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-12); 10-year return on capital observations [[2018,-0.020721593815245555],[2019,-0.028349715138393395],[2020,0.08206548505863309],[2021,-0.22185267064632339],[2022,-0.002809074568983156],[2023,0.14916818575053367],[2024,0.11848279030088263],[2025,0.0811984007066645],[2026,0.03650579499893655]]; median 0.03650579499893655. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 2 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-12); FY2018: growth capex 75304000; upkeep 112058000; owner earnings 6898000. Growth capex / owner earnings = 10.916787474630327.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-12); FY2020: growth capex 0; upkeep 29644000; owner earnings 230218000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-12); FY2023: growth capex 0; upkeep 15188000; cash acquisitions 0; owner earnings 121872000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-12); FY2024: growth capex 0; upkeep 24181000; cash acquisitions 0; owner earnings 173995000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-12); FY2025: growth capex 0; upkeep 22222000; cash acquisitions 0; owner earnings 72977000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1952073/000162828026056286/msge-20260630.htm (filed 2026-08-12); FY2026: growth capex 0; upkeep 19365000; owner earnings 102890000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-12); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,0],[2021,1771000],[2022,2256000],[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 3.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MSGE.US SharesStats.PercentInsiders = 3.8899999999999997 percentage points; cache date 2026-10-16.

### What the price says

The price is 3.6 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-12); Closing price 79.72 USD; reporting-to-trading FX 1; FY2026 annual sales per share 22.0987458855881; price multiple 3.607444531591728. FY2026 cash earnings/share 2.143452356151827. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2023-04: $32.27 per share

- 2023-05: $35.09 per share

- 2023-06: $33.62 per share

- 2023-07: $34.84 per share

- 2023-08: $32.09 per share

- 2023-09: $32.91 per share

- 2023-10: $30.48 per share

- 2023-11: $30.28 per share

- 2023-12: $31.79 per share

- 2024-01: $33.34 per share

- 2024-02: $38.49 per share

- 2024-03: $39.21 per share

- 2024-04: $39.15 per share

- 2024-05: $35.54 per share

- 2024-06: $34.23 per share

- 2024-07: $39.49 per share

- 2024-08: $42.22 per share

- 2024-09: $42.53 per share

- 2024-10: $41.71 per share

- 2024-11: $36.99 per share

- 2024-12: $35.60 per share

- 2025-01: $36.34 per share

- 2025-02: $34.53 per share

- 2025-03: $32.74 per share

- 2025-04: $32.44 per share

- 2025-05: $37.11 per share

- 2025-06: $39.97 per share

- 2025-07: $37.79 per share

- 2025-08: $40.71 per share

- 2025-09: $45.24 per share

- 2025-10: $44.16 per share

- 2025-11: $49.47 per share

- 2025-12: $53.89 per share

- 2026-01: $61.87 per share

- 2026-02: $63.14 per share

- 2026-03: $58.91 per share

- 2026-04: $66.92 per share

- 2026-05: $70.53 per share

- 2026-06: $80.89 per share

- 2026-07: $77.26 per share

- 2026-08: $77.69 per share

- 2026-09: $80.11 per share

- 2026-10: $79.72 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1952073/000162828026056286/msge-20260630.htm); period 2026-06-30, filed 2026-08-12.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.