Madison Square Garden Entertainment Corp. (MSGE)

Price$77.41Cached quoteAs of 2026-09-05 01:11 UTC

AI: Overvalued

Price checkThe shares look expensive unless recent growth and stronger cash generation prove durable.

Using the latest close and roughly 47.3 million shares, equity value is about $3.7 billion. Adding the supplied $881.8 million of net debt and lease obligations gives an enterprise value—share value plus debt and leases, less cash—near $4.6 billion. Fiscal 2026 net income was $66.2 million, so the shares trade at about 56 times earnings. Earnings before interest, taxes, depreciation and amortization, a rough cash-profit measure, were $197.6 million, putting enterprise value near 23 times that measure. That is demanding. Pasted text StockAnalysis.com+1

Big pictureSales and operating profit improved, but the cash surge relied heavily on timing.

Revenue rose 13% to $1.061 billion and operating income rose 16% to $141.5 million; net income improved to $66.2 million from $37.4 million. Operating cash flow jumped to $351.4 million from $115.3 million, but management said $224.7 million of that year-over-year increase came from working-capital changes, including promoter-payment timing and advance ticket sales. That means the cash leap was not purely recurring earnings. Fiscal 2026 also benefited from the Knicks’ championship run and a record Christmas Spectacular, showing how results depend on the event calendar. SEC+1

Business strengthIconic venues and strong ticket demand support pricing power, but leverage still limits downside protection.

MSG hosted about 6.4 million guests across nearly 960 events, while the Christmas Spectacular sold more than 1.2 million tickets across 215 paid performances; fourth-quarter concert revenue also benefited from higher revenue per show. Cash climbed to $293.6 million, but supplied debt and lease obligations were $1.175 billion, leaving roughly $882 million net debt, about 4.5 times the cash-profit measure above. The company repurchased 623,271 shares for about $25 million, while share-based compensation was $32.5 million and diluted weighted-average shares fell only modestly. MSG Entertainment+2SEC+2

What could change the storyMore profitable events could justify the valuation, while weaker bookings or cash normalization would expose it.

Management expects solid adjusted operating income growth in fiscal 2027, and recent concert revenue benefited from both more Garden shows and higher revenue per concert. If the cash-profit measure rises toward $300 million, today’s enterprise-value multiple would fall to roughly 15 times; if it stays near $200 million, the shares remain expensive. A binding Penn Station deal could add value if theater consideration is attractive while the arena stays fully operational. The bear case is weaker bookings, working-capital cash reversing, or redevelopment disrupting events. MSG Entertainment+2SEC+2

AI: News

Fiscal 2026 earnings beatResults topped expectations as concert activity strengthened, supporting hopes that venue demand can keep growing.

On August 12, MSGE reported fiscal fourth-quarter revenue of $196.3 million, up 27% year over year, while the operating loss improved by $17.1 million to $8.6 million. Full-year revenue reached $1.061 billion and operating income rose 16%. The report also showed stronger concert volumes and per-concert revenue. Investor’s Business Daily reported the shares rose about 10% after the results, a market reaction consistent with the earnings surprise rather than proof of lasting value creation. MSG Entertainment+1

Penn Station redevelopment dealA nonbinding Penn Station deal protects arena operations but leaves the theater transfer economics unresolved.

On June 8, MSGE signed a nonbinding memorandum with Penn Transformation Partners for the planned Penn Station redevelopment. It states that Madison Square Garden Arena must remain fully operational and contemplates transferring the Infosys Theater at MSG. No binding transfer price or final terms were disclosed, so the value impact is unresolved. The 2026 annual filing also warns that redevelopment could disrupt Garden operations, making final economics and construction protections important to both asset value and event cash generation. SEC+1

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Revenue

2021

2022

2023

2024

2025

2026

Net income

2021

2022

2023

2024

2025

2026

Free cash flow

2022

2023

2024

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2026

Total cash / debt

CashTotal debt

2021

2022

2023

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2026

Financial statements

	2026	2025	2024	2023	2022	2021
Revenue	$1.06B	$942.7M	$959.3M	$779.8M	$582.1M	$57.5M
Operating expenses	$309.2M	$272.7M	$260.8M	$236.3M	$236.7M	—
Operating income	$141.5M	$122.1M	$111.9M	$105.0M	−$5.6M	−$237.3M
Operating margin	13.34%	12.95%	11.67%	13.47%	−0.97%	−412.77%
EBITDA	$197.6M	$179.9M	$165.8M	$165.5M	$63.9M	−$165.7M
EBITDA margin	18.63%	19.08%	17.29%	21.22%	10.98%	−288.26%
Net income	$66.2M	$37.4M	$144.3M	$76.6M	−$133.3M	−$218.6M
Net profit margin	6.24%	3.97%	15.04%	9.82%	−22.91%	−380.28%
Basic EPSper basic share	$1.39	$0.78	$2.99	$1.48	-$2.58	-$4.22
Diluted EPSper diluted share	$1.38	$0.77	$2.97	$1.47	-$2.58	-$4.22

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of MSGE
Holder	Shares held
ARIEL INVESTMENTS, LLC	5.3M
Jericho Capital Asset Management L.P.	3.66M
BlackRock, Inc.	3.12M
VANGUARD PORTFOLIO MANAGEMENT LLC	1.85M
VANGUARD CAPITAL MANAGEMENT LLC	1.75M
Assenagon Asset Management S.A.	1.73M
Point72 Asset Management, L.P.	1.53M
MORGAN STANLEY	1.27M
GEODE CAPITAL MANAGEMENT, LLC	1.18M
GOLDMAN SACHS GROUP INC	1.14M
Channing Capital Management, LLC	975.01K
STATE STREET CORP	965.74K
DENDUR CAPITAL LP	866K
DIMENSIONAL FUND ADVISORS LP	815.1K
SYSTEMATIC FINANCIAL MANAGEMENT LP	768.69K
Clearbridge Investments, LLC	747.03K
Nuveen, LLC	670.71K
GAMCO INVESTORS, INC. ET AL	605.2K
CITADEL ADVISORS LLC	520K
MILLENNIUM MANAGEMENT LLC	513K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys1$206.3K disclosed value

Sells (SEC code S)7$4.50M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 11, 2026Form 4	D'Ambrosio Philip GerardEVP and Treasurer	SellClass A Common Stock	9.9K	$74.48	$737.9K	15.8K
Feb 20, 2026Form 4	DOLAN CHARLES PDirector	SellClass A Common Stock	19.3K	$63.76	$1.23M	660
Mar 11, 2025Form 4	Charles F. Dolan 2009 Revocable TrustOther	SellClass A Common Stock	3.6K	$32.60	$117.8K	0
Mar 11, 2025Form 4	Charles F. Dolan 2009 Revocable TrustOther	SellClass A Common Stock	2.4K	$32.17	$77.2K	3.6K
Mar 10, 2025Form 4	Charles F. Dolan 2009 Revocable TrustOther	SellClass A Common Stock	2.6K	$31.64	$83.1K	6.0K