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Madison Square Garden Entertainment Corp.
(NYSE:MSGE)
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Rating:72Outperform
Price Target:
$94.00
▲(18.25% Upside)
Action:Upgraded
Date:08/18/26
MSGE scores well on improving financial performance and strong cash generation, reinforced by constructive technical momentum (price above key moving averages and positive MACD). The main constraint on the overall score is valuation, with a very high P/E, while the latest earnings call adds support via upbeat FY27 growth expectations despite noted leverage, cost, and execution risks.
Positive Factors
Revenue and Operating Profit Growth
Strong revenue growth alongside healthy operating margins indicates improving event economics and operating leverage. Continued FY27 growth guidance suggests the company may sustain business expansion beyond a single reporting period.
Negative Factors
Earnings Consistency Risk
Operating improvement has not yet translated into consistently positive bottom-line earnings. Historical losses and profit volatility indicate sensitivity to event timing, show mix and costs, making durable earnings quality less predictable.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Operating Profit Growth
Strong revenue growth alongside healthy operating margins indicates improving event economics and operating leverage. Continued FY27 growth guidance suggests the company may sustain business expansion beyond a single reporting period.
Read all positive factors
Madison Square Garden Entertainment Corp. (MSGE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.81B
Dividend YieldN/A
Average Volume (3M)543.12K
Price to Earnings (P/E)57.2
Beta (1Y)0.89
Revenue Growth12.52%
EPS Growth82.30%
CountryUS
Employees6,600
SectorCommunication Services
Sector Strength97
IndustryEntertainment
Share Statistics
EPS (TTM)1.39
Shares Outstanding40,438,480
10 Day Avg. Volume412,819
30 Day Avg. Volume543,121
Financial Highlights & Ratios
PEG Ratio0.74
Price to Book (P/B)1.72
Price to Sales (P/S)3.62
P/FCF Ratio46.13
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$88.75Price Target Upside11.65% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)2.38
Revenue Forecast (FY)$1.12B
Madison Square Garden Entertainment Corp. Business Overview & Revenue Model
Company Description
Madison Square Garden Entertainment Corp., founded in New York, New York, in 2006, operates within the entertainment sector. The company specializes in producing, presenting, and hosting a diverse array of live events. This includes concerts, fami...
How the Company Makes Money
MSGE primarily generates revenue by promoting and presenting live entertainment events and by operating venues that host those events. Key revenue streams include (1) event-related revenue such as ticket sales and other event receipts tied to conc...
Madison Square Garden Entertainment Corp. Earnings Call Summary
Earnings Call Date:Aug 12, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call communicates a strongly positive operating and financial performance: full-year revenues above $1 billion, AOI up 18% to $262 million, robust Q4 revenue/AOI improvement, record Christmas Spectacular results, strong booking momentum at the Garden, meaningful partnership renewals, and continued share repurchases. Offsetting items include theater pacing lag, higher operating and SG&A expenses, a leverage position with $579M debt and $32M annual interest, working capital timing (cash due to promoters), and uncertainty around the proposed Infosys Theater transfer (including potential tax implications and concentration risk). Overall, the positives (broad revenue and AOI growth, event demand, record seasonal performance, bookings and commercial momentum) materially outweigh the manageable operational and balance-sheet headwinds.Positive Updates
Strong Full-Year Financial Performance
Full year revenues exceeded $1.0 billion and adjusted operating income (AOI) was $262 million, representing year-over-year increases of approximately 13% (revenues) and 18% (AOI).
Negative Updates
Theaters Business Pacing and Event Mix
Theaters are pacing behind bookings goals (about 60% to goal vs. Garden's ~90%), with fewer theater concerts in Q4 and a slower start for the September quarter. Family shows faced a tough comparable due to the absence of Cirque du Soleil holiday runs, creating near-term pressure in that category.
Read all updates
Q4-2026 Updates
Positive
Negative
Strong Full-Year Financial Performance
Full year revenues exceeded $1.0 billion and adjusted operating income (AOI) was $262 million, representing year-over-year increases of approximately 13% (revenues) and 18% (AOI).
Read all positive updates
Company Guidance
Management guided to continued top-line and AOI growth in fiscal 27, expecting another year of “solid” revenue and adjusted operating income expansion after fiscal 26 results of >$1.0B in revenue and $262M AOI (up 13% and 18% year over year); they highlighted Q4 revenue of $196.3M (up 27% YoY) and Q4 AOI of $18.6M (a $19.9M improvement vs. a prior -$1.3M AOI), and said they expect to grow event counts year over year (Garden bookings ~90% to goal, theaters ~60%), driven primarily by concerts (including a 30‑date Harry Styles residency) plus special events and marquee sports (NCAA East Regionals in March); they expect Christmas Spectacular revenue to rise with 230 shows on sale (vs. 215 last year), having sold >1.2M tickets across 215 paid performances and generated ~ $195M last season; balance‑sheet and cash‑flow metrics called out include $294M unrestricted cash, ~$579M debt, $32M of net interest in fiscal 26, anticipated significant underlying free cash flow in fiscal 27 (partially offset by interest, cash taxes, capex and working capital timing), and an Arena license fee cash component of ~ $47M in fiscal 27 that will grow ~3% annually; they also noted $25M of share repurchases in FY26 (623k shares) and $205M repurchased (6.1M shares) since the 2023 spin‑off.Madison Square Garden Entertainment Corp. Financial Statement Overview
Summary
Income Statement
71
Positive
Balance Sheet
76
Positive
Cash Flow
73
Positive
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.06B | 942.73M | 959.26M | 851.50M | 653.49M |
| Gross Profit | 478.49M | 407.09M | 412.22M | 351.57M | 258.70M |
| EBITDA | 273.98M | 173.84M | 180.02M | 202.91M | 69.90M |
| Net Income | 66.19M | 37.43M | 144.30M | 76.60M | -133.34M |
Balance Sheet | |||||
| Total Assets | 4.04B | 1.67B | 1.55B | 1.40B | 1.53B |
| Cash, Cash Equivalents and Short-Term Investments | 552.02M | 43.02M | 33.26M | 76.09M | 58.10M |
| Total Debt | 913.31M | 1.20B | 1.07B | 902.92M | 956.79M |
| Total Liabilities | 1.81B | 1.68B | 1.58B | 1.47B | 1.53B |
| Stockholders Equity | 2.23B | -13.30M | -23.16M | -69.47M | -1.48M |
Cash Flow | |||||
| Free Cash Flow | 83.22M | 93.08M | 87.08M | 120.51M | 79.55M |
| Operating Cash Flow | 102.58M | 115.30M | 111.27M | 135.69M | 95.35M |
| Investing Cash Flow | -19.63M | -23.69M | -62.37M | 30.30M | 45.44M |
| Financing Cash Flow | -52.13M | -81.62M | -99.69M | -144.22M | -396.29M |
Madison Square Garden Entertainment Corp. Technical Analysis
Positive
79.49
Price Trends
77.92
Positive
72.36
Positive
64.19
Positive
Market Momentum
1.00
Positive
49.81
Neutral
12.09
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MSGE, the sentiment is Positive. The current price of 79.49 is below the 20-day moving average (MA) of 80.32, above the 50-day MA of 77.92, and above the 200-day MA of 64.19, indicating a neutral trend. The MACD of 1.00 indicates Positive momentum. The RSI at 49.81 is Neutral, neither overbought nor oversold. The STOCH value of 12.09 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MSGE.
Madison Square Garden Entertainment Corp. Risk Analysis
Madison Square Garden Entertainment Corp. disclosed 40 risk factors in its most recent earnings report. Madison Square Garden Entertainment Corp. reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Madison Square Garden Entertainment Corp. Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $2.96B | 70.36 | 11.87% | ― | 14.79% | 22.14% | |
72 Outperform | $3.81B | 57.19 | 5.95% | ― | 12.52% | 82.30% | |
72 Outperform | $5.74B | -68.73 | -3.17% | ― | 17.17% | -187.98% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
55 Neutral | $3.51B | -28.05 | 9.60% | ― | -8.00% | 41.10% | |
50 Neutral | $2.37B | -2.45 | 31.43% | ― | 6.41% | -19.34% | |
47 Neutral | $990.65M | -2.57 | -4.75% | ― | -3.13% | -1084.25% |
* Communication Services Sector Average
MSGE
Madison Square Garden Entertainment Corp.
79.49
40.08
101.70%
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Madison Square Garden Entertainment Corp. Corporate Events
Business Operations and Strategy
MSG Entertainment Signs MOU for Penn Station Redevelopment
Neutral
Jun 8, 2026
On June 8, 2026, Madison Square Garden Entertainment Corp. said that a subsidiary had signed a non-binding memorandum of understanding with Penn Transformation Partners, the Amtrak-selected master developer for the Penn Station redevelopment, to e...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.