Recent News
On January 22, 2026, reports confirmed a 30-night Harry Styles residency at Madison Square Garden running from August 26 to October 31, 2026, with staged ticket-sale windows announced. On December 10, 2025, MSGE announced the New York Philharmonic will perform at Radio City Music Hall using the newly installed Sphere Immersive Sound system. The 2025 Christmas Spectacular closed the Rockettes’ 100th anniversary season with the highest attendance in 25 years, and citywide activations marked the centennial earlier in November 2025.
Technical Analysis
ADX at 47.35 signals very strong trend strength in the stock; trend strength increases the relevance of directional indicators for near-term price bias.
DI+ sits at 35.16 and shows an increasing trend, which provides bullish directional pressure; DI- at 10.35 displayed a dip-and-reversal, a bearish signal that suggests renewed selling pressure has emerged after a prior decline in DI-. The coexistence of a rising DI+ and a DI- dip-and-reversal indicates directional contest, with ADX confirming the contest carries significant strength.
MACD reads 2.17 with the MACD line above the signal line at 1.87 and a rising MACD trend, representing bullish momentum and a recent bullish crossover relative to the signal line.
MRO at 37.61 sits positive, indicating the price sits above the model target and therefore carries potential for a correction; the magnitude suggests a material distance above target that increases the probability of mean reversion pressure.
RSI at 66.24 and rising places momentum near overbought territory without yet exceeding common overbought thresholds; rising RSI supports continued upside but raises the risk of a short-term pullback if momentum cools.
Price relationships reinforce trend bias: the close at $61.24 sits above the 20-day average $57.71, 50-day average $52.86, and 200-day average $42.83, with the 12-day EMA rising and the 26-day EMA below current price — a configuration that supports near-term bullish price action. Price trades just below the 52-week high $61.64 and above the 1x Bollinger upper band $60.77 while remaining below the 2x upper band $63.83, suggesting the move carries upward momentum yet shows signs of stretching.
Volume at 255,872 registers below the 10-day average 358,740 and below the 200-day average 327,404, which reduces conviction for breakout moves; a low-volume advance increases the sensitivity of price to reversals. Short-term support sits near the super trend lower at $57.18 and Ichimoku support levels (Senkou A $50.44, Senkou B $48.70), giving traders observable reference points for downside staging.
Fundamental Analysis
Total revenue for the period stands at $154,138,000 with gross profit $52,148,000 and a gross margin of 33.832%. Operating income registers negative at -$23,211,000 and EBIT at -$30,463,000, producing an EBIT margin of -19.76% versus an industry peer mean of 25.48% and an industry peer median of 34.43%; the company operates with a materially lower EBIT margin relative to the industry peer mean and median.
EPS actual equals -$0.29 against an estimate of -$0.59, producing an EPS surprise of 50.85%, which demonstrates recent earnings outperformance versus consensus estimates. Forward EPS stands at $0.49, with a forward P/E of 74.38 derived from that projection.
Cash and short-term investments total $43,017,000 while operating cash flow sits at -$27,011,000 and free cash flow at -$31,078,000, producing a free cash flow yield of -1.71%; cash generation shows negative operating and free cash flows during the reported period despite sizable cash balances at period start and end. The cash conversion cycle measures 36.55 days, and the company logged a change in working capital of -$17,812,000.
Total debt equals $1,200,833,000 with net debt $556,232,000 and debt-to-assets at 71.91%; debt-to-capital stands at 101.12% and debt-to-EBITDA at -79.89, reflecting leverage that materially exceeds typical peer leverage levels. Total equity appears negative at -$13,300,0 00, producing a negative book value per share $-0.28 and a P/B ratio of -136.78 versus an industry peer mean P/B of 17.97 and median of 20.44; negative equity drives the negative P/B and complicates standard valuation comparisons.
Revenue growth shows a YoY increase of 96.91% but a QoQ decline of 10.02%; operating margin YoY improves 1.48% while quarter-over-quarter operating margin falls 234.79% (reported as -2.34792 in change factor terms). Return on equity prints 2.04% with ROE QoQ up 142.22% but ROE YoY down 170.73%. Asset turnover at 0.0904 trails the industry peer mean 0.2198, reflecting lower asset efficiency.
Valuation: WMDST values the stock as under-valued based on the provided WMDST model. The valuation assessment reflects event pipeline strength and revenue recovery prospects against elevated leverage, negative operating profitability, and negative cash-flow metrics that cap valuation expansion until operational cash-flow turns positive.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-11-06 |
| NEXT REPORT DATE: | 2026-02-05 |
| CASH FLOW | Begin Period Cash Flow | $ 89.5 M |
| Operating Cash Flow | $ -27.01 M | |
| Capital Expenditures | $ -4.07 M | |
| Change In Working Capital | $ -17.81 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -45.94 M | |
| End Period Cash Flow | $ 43.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 154.1 M | |
| Forward Revenue | $ -32.97 M | |
| COSTS | ||
| Cost Of Revenue | $ 102.0 M | |
| Depreciation | $ 15.4 M | |
| Depreciation and Amortization | $ 15.4 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 177.3 M | |
| PROFITABILITY | ||
| Gross Profit | $ 52.1 M | |
| EBITDA | $ -15.03 M | |
| EBIT | $ -30.46 M | |
| Operating Income | $ -23.21 M | |
| Interest Income | $ 881.0 K | |
| Interest Expense | $ 11.7 M | |
| Net Interest Income | $ -10.83 M | |
| Income Before Tax | $ -42.17 M | |
| Tax Provision | $ -14.99 M | |
| Tax Rate | 35.555 % | |
| Net Income | $ -27.18 M | |
| Net Income From Continuing Operations | $ -27.18 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.59 | |
| EPS Actual | $ -0.29 | |
| EPS Difference | $ 0.30 | |
| EPS Surprise | 50.847 % | |
| Forward EPS | $ 0.49 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.7 B | |
| Intangible Assets | $ 132.8 M | |
| Net Tangible Assets | $ -146.14 M | |
| Total Current Assets | $ 237.1 M | |
| Cash and Short-Term Investments | $ 43.0 M | |
| Cash | $ 43.0 M | |
| Net Receivables | $ 66.8 M | |
| Inventory | $ 3.8 M | |
| Long-Term Investments | $ 1.9 M | |
| LIABILITIES | ||
| Accounts Payable | $ 12.1 M | |
| Short-Term Debt | $ 30.5 M | |
| Total Current Liabilities | $ 502.4 M | |
| Net Debt | $ 556.2 M | |
| Total Debt | $ 1.2 B | |
| Total Liabilities | $ 1.7 B | |
| EQUITY | ||
| Total Equity | $ -13.30 M | |
| Retained Earnings | $ 153.0 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ -0.28 | |
| Shares Outstanding | 47.460 M | |
| Revenue Per-Share | $ 3.25 | |
| VALUATION | Market Capitalization | $ 1.8 B |
| Enterprise Value | $ 3.0 B | |
| Enterprise Multiple | -198.062 | |
| Enterprise Multiple QoQ | -405.9 % | |
| Enterprise Multiple YoY | -129.612 % | |
| Enterprise Multiple IPRWA | high: 188.029 median: 66.78 mean: 66.258 low: -24.203 MSGE: -198.062 |
|
| EV/R | 19.314 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | -125.552 | |
| Asset To Liability | 0.992 | |
| Debt To Capital | 1.011 | |
| Debt To Assets | 0.719 | |
| Debt To Assets QoQ | 3.841 % | |
| Debt To Assets YoY | 6768.481 % | |
| Debt To Assets IPRWA | high: 1.012 MSGE: 0.719 median: 0.272 mean: 0.246 low: 0.02 |
|
| Debt To Equity | -90.288 | |
| Debt To Equity QoQ | -171.401 % | |
| Debt To Equity YoY | 12770.918 % | |
| Debt To Equity IPRWA | high: 8.856 mean: 0.67 median: 0.579 low: -4.796 MSGE: -90.288 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | -136.785 | |
| Price To Book QoQ | -183.059 % | |
| Price To Book YoY | 79.214 % | |
| Price To Book IPRWA | high: 27.088 median: 20.436 mean: 17.967 low: -1.867 MSGE: -136.785 |
|
| Price To Earnings (P/E) | -66.866 | |
| Price To Earnings QoQ | -134.356 % | |
| Price To Earnings YoY | -356.268 % | |
| Price To Earnings IPRWA | high: 354.485 median: 165.293 mean: 153.043 MSGE: -66.866 low: -173.324 |
|
| PE/G Ratio | 0.25 | |
| Price To Sales (P/S) | 11.803 | |
| Price To Sales QoQ | 82.418 % | |
| Price To Sales YoY | 24.215 % | |
| Price To Sales IPRWA | high: 33.43 mean: 19.272 MSGE: 11.803 median: 11.465 low: 0.165 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 74.378 | |
| Forward PE/G | -0.278 | |
| Forward P/S | -55.173 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 5.832 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.09 | |
| Asset Turnover Ratio QoQ | -37.949 % | |
| Asset Turnover Ratio YoY | -26.833 % | |
| Asset Turnover Ratio IPRWA | high: 0.689 mean: 0.22 median: 0.211 MSGE: 0.09 low: 0.043 |
|
| Receivables Turnover | 2.038 | |
| Receivables Turnover Ratio QoQ | -25.232 % | |
| Receivables Turnover Ratio YoY | 1.745 % | |
| Receivables Turnover Ratio IPRWA | high: 8.063 median: 7.318 mean: 6.462 MSGE: 2.038 low: 1.025 |
|
| Inventory Turnover | 26.088 | |
| Inventory Turnover Ratio QoQ | -33.32 % | |
| Inventory Turnover Ratio YoY | -12.758 % | |
| Inventory Turnover Ratio IPRWA | MSGE: 26.088 high: 18.007 mean: 10.887 median: 9.661 low: 1.31 |
|
| Days Sales Outstanding (DSO) | 44.781 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 36.548 | |
| Cash Conversion Cycle Days QoQ | 52.059 % | |
| Cash Conversion Cycle Days YoY | 13.857 % | |
| Cash Conversion Cycle Days IPRWA | high: 64.386 MSGE: 36.548 mean: -58.172 low: -120.049 median: -120.049 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -0.581 | |
| CapEx To Revenue | -0.026 | |
| CapEx To Depreciation | -0.264 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 555.5 M | |
| Net Invested Capital | $ 585.9 M | |
| Invested Capital | $ 585.9 M | |
| Net Tangible Assets | $ -146.14 M | |
| Net Working Capital | $ -265.27 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.086 | |
| Current Ratio | 0.472 | |
| Current Ratio QoQ | -17.51 % | |
| Current Ratio YoY | 8.977 % | |
| Current Ratio IPRWA | high: 2.85 mean: 1.375 median: 1.341 MSGE: 0.472 low: 0.379 |
|
| Quick Ratio | 0.465 | |
| Quick Ratio QoQ | -17.728 % | |
| Quick Ratio YoY | 9.18 % | |
| Quick Ratio IPRWA | high: 2.748 median: 1.87 mean: 1.664 MSGE: 0.465 low: 0.361 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -79.89 | |
| Cost Of Debt | 0.627 % | |
| Interest Coverage Ratio | -2.602 | |
| Interest Coverage Ratio QoQ | -213.343 % | |
| Interest Coverage Ratio YoY | 227.209 % | |
| Interest Coverage Ratio IPRWA | high: 20.883 median: 20.883 mean: 16.131 MSGE: -2.602 low: -16.147 |
|
| Operating Cash Flow Ratio | -0.005 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 10.803 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -4.0 % | |
| Revenue Growth | -36.429 % | |
| Revenue Growth QoQ | -10.023 % | |
| Revenue Growth YoY | 96.914 % | |
| Revenue Growth IPRWA | high: 14.763 % median: 5.087 % mean: 4.83 % low: -19.193 % MSGE: -36.429 % |
|
| Earnings Growth | -267.647 % | |
| Earnings Growth QoQ | 200.379 % | |
| Earnings Growth YoY | -111.895 % | |
| Earnings Growth IPRWA | high: 310.0 % median: 8.775 % mean: -5.645 % MSGE: -267.647 % low: -350.0 % |
|
| MARGINS | ||
| Gross Margin | 33.832 % | |
| Gross Margin QoQ | -20.816 % | |
| Gross Margin YoY | -1.168 % | |
| Gross Margin IPRWA | high: 86.664 % median: 51.934 % mean: 46.008 % MSGE: 33.832 % low: 2.57 % |
|
| EBIT Margin | -19.763 % | |
| EBIT Margin QoQ | -276.898 % | |
| EBIT Margin YoY | 225.853 % | |
| EBIT Margin IPRWA | high: 35.466 % median: 34.428 % mean: 25.478 % low: -16.541 % MSGE: -19.763 % |
|
| Return On Sales (ROS) | -15.059 % | |
| Return On Sales QoQ | -234.792 % | |
| Return On Sales YoY | 148.293 % | |
| Return On Sales IPRWA | high: 34.07 % median: 34.07 % mean: 26.422 % MSGE: -15.059 % low: -21.003 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -31.08 M | |
| Free Cash Flow Yield | -1.708 % | |
| Free Cash Flow Yield QoQ | -149.767 % | |
| Free Cash Flow Yield YoY | 597.143 % | |
| Free Cash Flow Yield IPRWA | high: 6.823 % mean: 0.632 % median: 0.445 % MSGE: -1.708 % low: -3.158 % |
|
| Free Cash Growth | -157.716 % | |
| Free Cash Growth QoQ | 228.5 % | |
| Free Cash Growth YoY | -340.069 % | |
| Free Cash Growth IPRWA | high: 228.358 % mean: -12.543 % median: -14.79 % MSGE: -157.716 % low: -265.486 % |
|
| Free Cash To Net Income | 1.144 | |
| Cash Flow Margin | -1.543 % | |
| Cash Flow To Earnings | 0.087 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -1.594 % | |
| Return On Assets QoQ | -430.021 % | |
| Return On Assets YoY | -135.861 % | |
| Return On Assets IPRWA | high: 5.943 % median: 5.943 % mean: 3.823 % MSGE: -1.594 % low: -8.033 % |
|
| Return On Capital Employed (ROCE) | -2.609 % | |
| Return On Equity (ROE) | 2.043 | |
| Return On Equity QoQ | 142.224 % | |
| Return On Equity YoY | -170.726 % | |
| Return On Equity IPRWA | MSGE: 2.043 high: 0.125 median: 0.125 mean: 0.081 low: -0.212 |
|
| DuPont ROE | 1440.202 % | |
| Return On Invested Capital (ROIC) | -3.35 % | |
| Return On Invested Capital QoQ | -226.846 % | |
| Return On Invested Capital YoY | -106.389 % | |
| Return On Invested Capital IPRWA | high: 8.325 % median: 8.325 % mean: 5.845 % low: -1.898 % MSGE: -3.35 % |
|