Recent News
Nov 7, 2025 — JP Morgan maintained a Neutral stance on Madison Square Garden Entertainment. Nov 17, 2025 — consensus one‑year price target moved higher versus prior estimates. Dec 11, 2025 — Susquehanna kept a Positive rating. Jan 31–Feb 5, 2026 — venue-related security incidents prompted a public warning about lifetime bans, and tour announcements list Madison Square Garden dates for major performers.
Technical Analysis
The ADX sits at 42.46, indicating a very strong trend environment; because ADX measures strength rather than direction, the magnitude signals the current directional readings carry conviction for the near term.
Directional indicators show bearish alignment: DI+ peaked and reversed while DI- dipped then reversed; both readings point to sellers re‑asserting control after a short-term push higher.
MACD sits below its signal line (MACD 1.70 vs signal 1.96) and shows a peak‑and‑reversal pattern, which indicates contracting bullish momentum and favors further downside pressure over the coming weeks.
The Momentum/Regression Oscillator registers +34.09, indicating price sits meaningfully above its modeled target and therefore carries technical susceptibility to a corrective move toward that target.
RSI at 62.96 has peak‑and‑reversed behavior consistent with rolling short‑term momentum rather than fresh accumulation.
Price structure and moving averages show friction around the short horizon: the close at $59.35 trades below the 12‑day EMA ($60.09) and the 20‑day average ($60.37) but remains above the 50‑day ($55.25) and 200‑day ($44.19). That configuration implies short‑term weakness set against a still‑intact longer‑term uptrend.
Bands and support indicate limited immediate room to run: the lower 1x Bollinger band near $59.15 and the super‑trend lower pivot at $58.41 act as proximate technical supports; intraday volume at ~404,314 slightly exceeds the 10‑day average, confirming participation during the recent reversal.
Fundamental Analysis
Profitability and margins: operating loss metrics remain material — EBIT of $-29,391,000 and EBITDA of $-15,317,000 yield an EBIT margin of -18.57%. That margin sits well below the industry peer mean of 25.01% and below the industry peer median of 21.77%.
Margin dynamics show mixed timing: EBIT margin contracted QoQ by roughly 6.03 percentage points, while the YoY change equals +36.45 percentage points relative to the prior-year period, reflecting volatile quarterly comparables.
Earnings per share registered $1.97 versus an estimate of $2.51, producing an EPS surprise of -21.51%.
Valuation multiples present contradictions: trailing PE reads negative at -148.33 while forward PE stands at 68.09; price‑to‑book equals -30.87 with book value per share at approximately $-1.39 and total equity negative $65,798,000. Price‑to‑sales at 12.84 sits below the industry peer mean of 19.71 and near the industry peer median of 13.22.
Cash and leverage: cash and short‑term investments total $29,950,000 against total debt of $1,215,230,000 and net debt of $582,201,000. Debt to assets equals 72.34%, materially above the industry peer mean of 23.55%, and debt to capital registers at 105.72% — a highly leveraged capital structure that increases interest and refinancing sensitivity.
Liquidity ratios remain tight: current ratio 0.48 and quick ratio 0.47 reflect constrained short‑term coverage; net working capital stands at $-283,440,000.
Cash flow and returns: operating cash flow $19,808,000 and free cash flow $13,855,000 produce a free cash flow yield of ~0.68%, slightly below the industry peer mean free cash flow yield of ~0.90%. Return on equity reads 32.91% despite negative total equity, reflecting accounting distortions; return on assets at -1.29% remains negative.
Revenue and growth: total revenue $158,262,000 with reported revenue growth near 2.68%; reported QoQ and YoY growth metrics show pronounced variability across reporting periods and should be interpreted in the context of event timing and seasonal production cycles.
Valuation posture: the current valuation, as determined by WMDST, classifies the stock as under‑valued. That view rests on cash‑flow generation and venue franchise value but must weigh heavily against elevated leverage, constrained liquidity ratios, and recent negative EPS surprise.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2026-02-03 |
| NEXT REPORT DATE: | 2026-05-05 |
| CASH FLOW | Begin Period Cash Flow | $ 43.5 M |
| Operating Cash Flow | $ 19.8 M | |
| Capital Expenditures | $ -5.95 M | |
| Change In Working Capital | $ 24.8 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -13.07 M | |
| End Period Cash Flow | $ 30.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 158.3 M | |
| Forward Revenue | $ -55.55 M | |
| COSTS | ||
| Cost Of Revenue | $ 102.4 M | |
| Depreciation | $ 14.1 M | |
| Depreciation and Amortization | $ 14.1 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 173.0 M | |
| PROFITABILITY | ||
| Gross Profit | $ 55.9 M | |
| EBITDA | $ -15.32 M | |
| EBIT | $ -29.39 M | |
| Operating Income | $ -14.77 M | |
| Interest Income | $ 520.0 K | |
| Interest Expense | $ 11.0 M | |
| Net Interest Income | $ -10.51 M | |
| Income Before Tax | $ -40.42 M | |
| Tax Provision | $ -18.77 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ -21.65 M | |
| Net Income From Continuing Operations | $ -21.65 M | |
| EARNINGS | ||
| EPS Estimate | $ 2.51 | |
| EPS Actual | $ 1.97 | |
| EPS Difference | $ -0.54 | |
| EPS Surprise | -21.514 % | |
| Forward EPS | $ 0.64 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.7 B | |
| Intangible Assets | $ 132.8 M | |
| Net Tangible Assets | $ -198.64 M | |
| Total Current Assets | $ 264.2 M | |
| Cash and Short-Term Investments | $ 29.9 M | |
| Cash | $ 29.9 M | |
| Net Receivables | $ 81.2 M | |
| Inventory | $ 4.6 M | |
| Long-Term Investments | $ 1.9 M | |
| LIABILITIES | ||
| Accounts Payable | $ 14.3 M | |
| Short-Term Debt | $ 30.5 M | |
| Total Current Liabilities | $ 547.7 M | |
| Net Debt | $ 582.2 M | |
| Total Debt | $ 1.2 B | |
| Total Liabilities | $ 1.7 B | |
| EQUITY | ||
| Total Equity | $ -65.80 M | |
| Retained Earnings | $ 131.4 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ -1.39 | |
| Shares Outstanding | 47.229 M | |
| Revenue Per-Share | $ 3.35 | |
| VALUATION | Market Capitalization | $ 2.0 B |
| Enterprise Value | $ 3.2 B | |
| Enterprise Multiple | -210.014 | |
| Enterprise Multiple QoQ | 6.035 % | |
| Enterprise Multiple YoY | -45.828 % | |
| Enterprise Multiple IPRWA | high: 155.939 mean: 78.722 median: 69.962 low: -118.636 MSGE: -210.014 |
|
| EV/R | 20.326 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | -25.53 | |
| Asset To Liability | 0.962 | |
| Debt To Capital | 1.057 | |
| Debt To Assets | 0.723 | |
| Debt To Assets QoQ | 0.598 % | |
| Debt To Assets YoY | 5636.955 % | |
| Debt To Assets IPRWA | high: 1.022 MSGE: 0.723 median: 0.263 mean: 0.236 low: 0.013 |
|
| Debt To Equity | -18.469 | |
| Debt To Equity QoQ | -79.544 % | |
| Debt To Equity YoY | 4327.767 % | |
| Debt To Equity IPRWA | high: 8.494 mean: 0.623 median: 0.557 low: -4.611 MSGE: -18.469 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | -30.875 | |
| Price To Book QoQ | -77.428 % | |
| Price To Book YoY | -24.573 % | |
| Price To Book IPRWA | high: 25.535 median: 19.682 mean: 17.09 low: -2.514 MSGE: -30.875 |
|
| Price To Earnings (P/E) | -148.325 | |
| Price To Earnings QoQ | 121.824 % | |
| Price To Earnings YoY | 44.234 % | |
| Price To Earnings IPRWA | high: 593.049 mean: 196.121 median: 188.737 low: -138.317 MSGE: -148.325 |
|
| PE/G Ratio | 3.019 | |
| Price To Sales (P/S) | 12.836 | |
| Price To Sales QoQ | 8.757 % | |
| Price To Sales YoY | -10.675 % | |
| Price To Sales IPRWA | high: 32.951 mean: 19.715 median: 13.217 MSGE: 12.836 low: 0.154 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 68.091 | |
| Forward PE/G | -1.386 | |
| Forward P/S | -39.154 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -1.315 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.094 | |
| Asset Turnover Ratio QoQ | 4.501 % | |
| Asset Turnover Ratio YoY | 7.73 % | |
| Asset Turnover Ratio IPRWA | high: 0.675 mean: 0.222 median: 0.191 MSGE: 0.094 low: 0.052 |
|
| Receivables Turnover | 2.139 | |
| Receivables Turnover Ratio QoQ | 4.981 % | |
| Receivables Turnover Ratio YoY | 33.23 % | |
| Receivables Turnover Ratio IPRWA | high: 8.376 mean: 6.355 median: 5.21 MSGE: 2.139 low: 1.288 |
|
| Inventory Turnover | 24.482 | |
| Inventory Turnover Ratio QoQ | -6.156 % | |
| Inventory Turnover Ratio YoY | -0.303 % | |
| Inventory Turnover Ratio IPRWA | MSGE: 24.482 high: 18.73 median: 9.984 mean: 9.609 low: 1.444 |
|
| Days Sales Outstanding (DSO) | 42.657 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 34.601 | |
| Cash Conversion Cycle Days QoQ | -5.326 % | |
| Cash Conversion Cycle Days YoY | -17.709 % | |
| Cash Conversion Cycle Days IPRWA | high: 68.402 MSGE: 34.601 median: -0.636 mean: -8.617 low: -91.156 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -0.558 | |
| CapEx To Revenue | -0.038 | |
| CapEx To Depreciation | -0.423 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 515.9 M | |
| Net Invested Capital | $ 546.4 M | |
| Invested Capital | $ 546.4 M | |
| Net Tangible Assets | $ -198.64 M | |
| Net Working Capital | $ -283.44 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.055 | |
| Current Ratio | 0.482 | |
| Current Ratio QoQ | 2.214 % | |
| Current Ratio YoY | -3.433 % | |
| Current Ratio IPRWA | high: 2.739 mean: 1.434 median: 1.168 MSGE: 0.482 low: 0.309 |
|
| Quick Ratio | 0.474 | |
| Quick Ratio QoQ | 2.045 % | |
| Quick Ratio YoY | -3.603 % | |
| Quick Ratio IPRWA | high: 2.623 median: 2.081 mean: 1.805 MSGE: 0.474 low: 0.287 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -79.339 | |
| Cost Of Debt | 0.721 % | |
| Interest Coverage Ratio | -2.665 | |
| Interest Coverage Ratio QoQ | 2.43 % | |
| Interest Coverage Ratio YoY | 98.244 % | |
| Interest Coverage Ratio IPRWA | high: 104.375 mean: 39.246 median: 10.09 MSGE: -2.665 low: -9.125 |
|
| Operating Cash Flow Ratio | -0.038 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 11.797 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.598 % | |
| Revenue Growth | 2.676 % | |
| Revenue Growth QoQ | -107.346 % | |
| Revenue Growth YoY | -110.514 % | |
| Revenue Growth IPRWA | high: 22.255 % median: 3.854 % mean: 3.804 % MSGE: 2.676 % low: -14.52 % |
|
| Earnings Growth | -49.123 % | |
| Earnings Growth QoQ | -81.646 % | |
| Earnings Growth YoY | -61.733 % | |
| Earnings Growth IPRWA | high: 128.571 % mean: -7.371 % median: -18.359 % MSGE: -49.123 % low: -125.0 % |
|
| MARGINS | ||
| Gross Margin | 35.316 % | |
| Gross Margin QoQ | 4.386 % | |
| Gross Margin YoY | 19.468 % | |
| Gross Margin IPRWA | high: 86.351 % median: 45.155 % mean: 42.767 % MSGE: 35.316 % low: 2.658 % |
|
| EBIT Margin | -18.571 % | |
| EBIT Margin QoQ | -6.031 % | |
| EBIT Margin YoY | 36.451 % | |
| EBIT Margin IPRWA | high: 32.152 % mean: 25.014 % median: 21.774 % MSGE: -18.571 % low: -24.848 % |
|
| Return On Sales (ROS) | -9.331 % | |
| Return On Sales QoQ | -38.037 % | |
| Return On Sales YoY | -31.44 % | |
| Return On Sales IPRWA | high: 28.22 % median: 28.016 % mean: 23.418 % MSGE: -9.331 % low: -24.352 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 13.9 M | |
| Free Cash Flow Yield | 0.682 % | |
| Free Cash Flow Yield QoQ | -139.93 % | |
| Free Cash Flow Yield YoY | -140.863 % | |
| Free Cash Flow Yield IPRWA | high: 7.053 % mean: 0.899 % MSGE: 0.682 % median: 0.521 % low: -14.855 % |
|
| Free Cash Growth | -144.581 % | |
| Free Cash Growth QoQ | -8.328 % | |
| Free Cash Growth YoY | -121.596 % | |
| Free Cash Growth IPRWA | high: 2001.807 % mean: 46.281 % median: 17.337 % MSGE: -144.581 % low: -740.0 % |
|
| Free Cash To Net Income | -0.64 | |
| Cash Flow Margin | -13.066 % | |
| Cash Flow To Earnings | 0.955 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -1.293 % | |
| Return On Assets QoQ | -18.883 % | |
| Return On Assets YoY | 5.81 % | |
| Return On Assets IPRWA | high: 6.386 % mean: 4.35 % median: 2.024 % MSGE: -1.293 % low: -10.786 % |
|
| Return On Capital Employed (ROCE) | -2.596 % | |
| Return On Equity (ROE) | 0.329 | |
| Return On Equity QoQ | -83.894 % | |
| Return On Equity YoY | -17.051 % | |
| Return On Equity IPRWA | MSGE: 0.329 high: 0.229 mean: 0.092 median: 0.026 low: -0.066 |
|
| DuPont ROE | 54.748 % | |
| Return On Invested Capital (ROIC) | -4.25 % | |
| Return On Invested Capital QoQ | 26.866 % | |
| Return On Invested Capital YoY | -104.843 % | |
| Return On Invested Capital IPRWA | high: 6.929 % mean: 6.005 % median: 2.594 % MSGE: -4.25 % low: -5.58 % |
|