Recent News
Feb 3, 2026 — Company reported fiscal second-quarter results and highlighted the Christmas Spectacular’s record attendance. Jan 7, 2026 — Company announced the 2025 Christmas Spectacular closed with its highest attendance in 25 years. Jan 28, 2026 — MSG Entertainment expanded a multi-year digital partnership with a technology provider. Additional company releases in January and February described event lineups, venue partnerships, and the rollout of immersive-sound technology at Radio City Music Hall.
Technical Analysis
Directional indicators show a strong trend environment: ADX at 32.37 signals a robust trend. DI+ presents a dip & reversal (DI+ = 26.29), which reads as bullish for near-term directional bias; DI- shows a peak & reversal (DI- = 15.66), which also reads as bullish because DI- has declined.
MACD shows a dip & reversal (MACD = 1.55, MACD signal = 1.53) and has crossed above its signal line, a bullish momentum confirmation that supports continuation of the current move.
MRO sits positive at 33.34 with a dip & reversal; because MRO is positive, price currently trades above the model target and the indicator signals potential for mean reversion downward despite the recent bullish momentum.
RSI at 63.37 with a peak & reversal indicates the market has reached a relatively high momentum state and faces an elevated probability of short-term consolidation.
Price sits above near-term averages: the 12-day EMA and 20-day average (price close $63.15 vs 12-day EMA $61.69 and 20-day average $61.26), and well above the 200-day average ($45.51), which aligns with the valuation view that the market currently prices a premium for recovery in live events. Bollinger bands show price near the upper 1x band ($63.02), signaling limited immediate upside without a new volatility expansion. Volume today (213,399) runs below the 10-day average (343,828), so momentum lacks intraday volume confirmation relative to the recent average.
Fundamental Analysis
Revenue and top-line: total revenue equals $158,262,000. Revenue growth (period) registers 2.68%; reported revenue growth year-over-year shows -110.51% as provided. Receivables turnover improved by 33.23% year-over-year (receivables turnover YoY = 0.3323), while asset turnover remains low at 0.09449, though slightly higher than the industry peer low of 0.05162 and well below the industry peer mean of 0.22176.
Profitability: EBIT equals -$29,391,000, producing an EBIT margin of -18.57% compared with an industry peer range where the low sits at -24.85%, the industry peer mean at 25.01%, and the industry peer median at 21.77%. Quarter-over-quarter, EBIT margin declined by 6.03%, while year-over-year the EBIT margin improved by 36.45% relative to the prior-year period.
Earnings and analyst context: Reported EPS actual = $1.97 versus an estimate of $2.51, yielding an EPS surprise of -21.51%. Forward EPS equals $0.64375 with a forward P/E of 68.09. Trailing P/E shows a negative value as provided (PE = -148.33), while price-to-sales sits at 12.84.
Cash flow and leverage: Operating cash flow totaled $19,808,000 with free cash flow $13,855,000 and free cash flow yield about 0.68%. Cash and short-term investments equal $29,950,000; cash conversion cycle days measure 34.60 days. Liquidity metrics remain constrained: current ratio = 0.48 and quick ratio = 0.47, both below the industry peer mean current-ratio benchmark of 1.43 and quick-ratio mean of 1.81. Total debt stands at $1,215,230,000 with net debt $582,201,000; debt-to-assets equals 72.34% and debt-to-capital 105.72%, highlighting meaningful leverage on the balance sheet.
Returns: Return on equity registers 32.91% as provided, while return on assets sits negative at -1.29%. Interest coverage remains negative at -2.67, reflecting the current operating losses relative to interest expense.
Valuation summary: The current valuation as determined by WMDST: under-valued. That view reflects a combination of strong event-driven revenue momentum, modest positive free cash flow, and elevated leverage that compresses credit and solvency metrics. Comparisons to the industry peer range show margins and liquidity lag the peer mean and median, while attendance and venue partnerships supply measurable operational upside.
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: -7.376 % 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 % |
|