Recent News
Nov. 6, 2025 — MSGE published FY2025 presentation slides showing $942.7M revenue, strong adjusted operating income, and record Christmas Spectacular attendance. Nov. 7, 2025 — JP Morgan maintained Neutral coverage. Dec. 4, 2025 — MSGE announced a multi-year technology partnership with Cisco to upgrade venue networking and make systems AI‑ready. Dec. 11, 2025 — Susquehanna maintained a Positive recommendation. Dec. 19, 2025 — Broker consensus averaged a Hold rating across recent coverage updates.
Technical Analysis
ADX at 38.87 indicates a strong underlying trend; strength of that trend amplifies the near-term impact of other momentum signals and supports the constructive profile noted above.
Directional indicators split: DI+ at 28.73 has been decreasing, which carries bearish directional pressure, while DI- at 12.89 shows a peak-and-reversal pattern that implies a bullish tilt as downward pressure on the negative directional index lessens; the mix suggests directional tussle rather than a clean trend reversal.
MACD sits at 1.37 below its signal line of 1.47 and shows a peak-and-reversal pattern, signaling bearish momentum; that counterbalances moving-average and momentum evidence when projecting short-window price behavior.
MRO reads 35.59 with a dip-and-reversal pattern; the positive MRO implies the price currently sits above the model target and therefore carries measurable downside potential, even as the oscillator’s recent dip-and-reversal signals emerging internal momentum.
RSI at 60.93 and rising indicates above‑average buying pressure without overbought extremes, which supports the thesis of continued near-term strength while leaving room for consolidation.
Price sits at $53.89, above the 12‑day EMA ($53.31) and the 20‑day average ($53.38), and well above the 200‑day average ($40.99); proximity to the upper Bollinger band ($54.52) and a SuperTrend lower support at $51.32 frame a near-term upside target range while flagging nearby support for pullbacks.
Volume of 328,673 slightly exceeds the 10‑day average (236,975) and aligns with the momentum indicators, reinforcing the short‑term directional bias toward higher prices while technical momentum indicators caution that strength carries measurable retracement risk.
Fundamental Analysis
WMDST values the stock as under‑valued.
Profitability and margins: EBIT of $-30,463,000 yields an EBIT margin of -19.76%. That margin compares to an industry peer mean of 25.48% and an industry peer median of 34.43%, placing MSGE well below typical peer profitability levels. QoQ, EBIT margin moved by -276.90% and YoY changed by 225.85% (both values per reported metrics), reflecting large period‑to‑period swings in operating leverage and expense timing.
Revenues and growth: Total revenue of $154,138,000 and YoY revenue growth of 96.91% contrast with a sequential (QoQ) revenue decline of -10.02%, indicating strong year‑over‑year recovery from prior-year comparisons but a near-term quarter slip that will drive attention on cadence of events and ticketing.
Earnings and cash flow: Reported EPS came in at $-0.29 versus an estimate of $-0.59, producing an EPS beat of $0.30 and an EPS surprise ratio of 50.85%. Operating cash flow stands at $-27,011,000 and free cash flow at $-31,078,000, with a free cash flow yield of -1.71% compared with an industry peer mean of 0.63%, highlighting negative free cash conversion in the period despite the EPS beat.
Balance sheet and leverage: Total debt equals $1,200,833,000 with net debt of $556,232,000; debt to assets registers at 71.91% and debt to capital at 101.12%, signaling elevated leverage relative to typical corporate capital structures. Cash and short‑term investments total $43,017,000, producing a cash ratio of 8.56% and a current ratio of 0.47, both reflecting constrained near‑term liquidity relative to typical operating cycles.
Valuation multiples: Price‑to‑sales sits at 11.80 while price‑to‑book reads $-136.78 (negative book value). Forward EPS is $0.49 with a forward PE around 74.38; those forward multiples reflect market expectations for profit inflection even as current margins remain negative. Asset turnover at 0.0904 falls below the industry peer mean of 0.2198, indicating lower revenue generated per dollar of assets.
Key operational metrics: Gross margin at 33.83% and a Christmas Spectacular franchise that drove meaningful attendance and revenue in FY2025 support revenue mix strength, while operating margin of -15.06% and operating income loss of $-23,211,000 underline that operating leverage and non‑recurring items remain the primary drivers of near‑term earnings volatility.
Brief valuation context: WMDST’s under‑valued designation reflects the combination of a market pricing that anticipates recovery (forward EPS and price targets) versus present margin, leverage, and cash flow deficits. The balance between upcoming event cadence, operational EBITDA improvement, and deleveraging will determine whether the market re-rates current multiples.
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 % |
|