Madison Square Garden Entertainment Corp
MSGEBuild a strategy around MSGE
Madison Square Garden Entertainment Corp AI Insights
Informational only. Not investment advice.Snapshot
- Negative equity (-65.8M) with 1.2B debt creates 7.4x debt/EBITDA leverage - balance sheet severely strained despite positive FCF.[Common Stockholders Equity]
- FCF of 140M TTM (14.6% margin) vs industry median FCF of -22M - rare cash generator in capital-intensive sector.[Free Cash Flow TTM]
- Operating margin 14.4% TTM is 4x industry median (3.5%) - MSG venue economics deliver pricing power.[Operating Margin TTM]
Watch Triggers
- Total Debt: Refinancing announcement or debt maturity schedule disclosure — 1.2B debt with negative equity - refinancing terms will determine equity survival.
- Interest Expense TTM: Rises above 50M or interest coverage falls below 2x — Currently 2.2x coverage - further deterioration threatens cash flow.
- Free Cash Flow TTM: Falls below 100M or turns negative — 140M FCF is only buffer against debt service - loss invalidates thesis.
Bull Case
Iconic MSG venue is irreplaceable NYC asset with 43.9% gross margin and 140M FCF - operating leverage accelerates as events normalize.
P/S of 2.9x vs industry median 1.4x justified by 4x operating margin advantage - premium asset deserves premium multiple.
Bear Case
Negative equity (-65.8M) and 7.4x debt/EBITDA create existential refinancing risk - equity could be wiped in restructuring.
EPS declined 69% YoY despite 14% revenue growth - interest burden consuming operating gains.
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
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Forward Thesis
Debt refinancing risk will dominate equity value over next 12-18 months as 1.2B matures.
- Interest expense 47.5M consumes 81% of pretax income
- Cash of only 30M vs 30M current debt due
- Negative equity limits refinancing options
Gross profit growth of 36% YoY signals post-pandemic venue utilization inflection.
- Revenue up 14% while gross profit up 36%
- Gross margin expanded to 43.9% TTM
- Fixed-cost leverage on incremental revenue
Valuation Context
Caveats
MSGE Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$3.51B | — | ||
$4.38B | — | ||
72 | — | ||
$1.02B | +4.5% | — | |
$1.03 | -50.7% | — | |
14.9% | -0.7% | — | |
4.81% | -8.7% | — | |
$312.73M | +161.0% | — | |
170% | — | ||
Beta 5Y (Monthly) | unknown | — |
MSGE Dividend History
MSGE Stock Splits
MSGE SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
05/07/26 | 03/31/26 | 10-Q | |
02/06/26 | 12/31/25 | 10-Q | |
11/06/25 | 09/30/25 | 10-Q | |
08/13/25 | 06/30/25 | Unknown | |
05/06/25 | 03/31/25 | 10-Q | |
02/06/25 | 12/31/24 | 10-Q | |
11/08/24 | 09/30/24 | 10-Q | |
08/16/24 | 06/30/24 | 10-K | |
05/09/24 | 03/31/24 | 10-Q | |
02/07/24 | 12/31/23 | 10-Q | |
11/07/23 | 09/30/23 | 10-Q | |
08/18/23 | 06/30/23 | 10-K | |
05/18/23 | 03/31/23 | 10-Q | |
03/30/23 | 12/31/22 | 10-12B/A | |
11/07/23 | 09/30/22 | 10-Q | |
03/30/23 | 06/30/22 | 10-12B/A | |
05/18/23 | 03/31/22 | 10-Q |