What are the investment strengths of Madison Square Garden Sports Corp (MSGS)?

Knicks/Rangers franchise values far exceed 7B market cap - hidden asset play. P/S of 6.8x on depressed revenue masks trophy asset scarcity. FCF positive (29M TTM) despite losses shows cash generation ability; capex under 4M means nearly all operating cash converts to free cash.

What are the investment risks for Madison Square Garden Sports Corp (MSGS)?

Negative equity (-294M) with 1.2B debt and sub-1x interest coverage (4.4M EBITDA vs 21M interest) creates refinancing risk if rates stay elevated. Revenue declined 26% TTM and -7% over 5Y CAGR - structural headwinds from media rights shifts and attendance normalization post-peak.

Madison Square Garden Sports Corp

MSGS

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Madison Square Garden Sports Corp AI Insights

Informational only. Not investment advice.

As of 2026-01-21

Snapshot

Negative equity of -294M with 1.2B debt creates 119% debt-to-assets ratio - franchise value not on balance sheet is the only support.[Common Stockholders Equity]
Revenue down 26% TTM while gross profit fell 31% - operating leverage working in reverse as fixed costs amplify decline.[Total Revenue 1Y Growth]
FCF of 29M TTM despite net loss of -24M - minimal capex (3.6M) preserves cash but limits reinvestment.[Free Cash Flow]

Watch Triggers

EBITDA: Falls below interest expense for 2+ consecutive quarters — Currently 4.4M vs 21M interest - further deterioration signals debt distress
Total Revenue 1Y Growth: Returns to positive territory — 26% decline must stabilize for equity story to work; next media deal is catalyst
Cash and Equivalents: Drops below 30M — 49M cash vs 24M current debt leaves thin buffer; liquidity squeeze possible

Bull Case

Knicks/Rangers franchise values far exceed 7B market cap - hidden asset play. P/S of 6.8x on depressed revenue masks trophy asset scarcity.

Market CapEnterprise ValuePS Ratio

FCF positive (29M TTM) despite losses shows cash generation ability; capex under 4M means nearly all operating cash converts to free cash.

Free Cash FlowCapital ExpenditureCash Flow

Bear Case

Negative equity (-294M) with 1.2B debt and sub-1x interest coverage (4.4M EBITDA vs 21M interest) creates refinancing risk if rates stay elevated.

Total DebtEBITDAInterest Expense

Revenue declined 26% TTM and -7% over 5Y CAGR - structural headwinds from media rights shifts and attendance normalization post-peak.

Total Revenue 1Y GrowthTotal Revenue 5Y GrowthGross Profit 1Y Growth

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

35%

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Forward Thesis

Revenue stabilization required within 12 months or debt refinancing risk materializes.

3-12mhigh

1.2B total debt vs 49M cash
Interest expense 21M exceeds EBITDA of 4M
Current debt of 24M due near-term

Interest coverage <1x (EBITDA 4.4M vs interest 21.2M)Working capital -391M constrains flexibility5Y revenue CAGR -7% shows structural decline

Valuation Context

Caveats

Public Strategies Rankings

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MSGS Fundamentals

Arts, Entertainment, and Recreation → Performing Arts, Spectator Sports, and Related Industries

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$7.61B		—
Enterprise Value	$8.72B		—
P/E Ratio	0.00		—
Total Revenue - TTM	$1.07B	+0.3%	—
Earnings Per Share (diluted) - TTM	$-0.68		—
Operating Margin - TTM	0.42%	-12.4%	—
Net Margin - TTM	-1.55%	-6.9%	—
Free Cash Flow - TTM	$-480,000		—
Return on Common Equity - TTM	0%		—
Beta 5Y (Monthly)	unknown		—

MSGS Dividend History

1 dividend

2022

$7.0000

10/14/22$7.0000

MSGS Stock Splits

No stock splits

MSGS SEC Filings

Filing Date	Report Date	Report Type	Filing Link
02/06/26	12/31/25	10-Q	0001628280-26-006075
10/31/25	09/30/25	10-Q	0001628280-25-047671
08/12/25	06/30/25	Unknown	0001636519-25-000027
05/02/25	03/31/25	10-Q	0001636519-25-000021
02/04/25	12/31/24	10-Q	0001636519-25-000006
11/01/24	09/30/24	10-Q	0001636519-24-000027
08/13/24	06/30/24	10-K	0001636519-24-000015
05/03/24	03/31/24	10-Q	0001636519-24-000006
02/06/24	12/31/23	10-Q	0001636519-24-000003
11/02/23	09/30/23	10-Q	0001636519-23-000012
08/17/23	06/30/23	10-K	0001636519-23-000009
05/04/23	03/31/23	10-Q	0001636519-23-000006
02/07/23	12/31/22	10-Q	0001636519-23-000003
10/27/22	09/30/22	10-Q	0001636519-22-000012
08/18/22	06/30/22	10-K	0001636519-22-000009
05/05/22	03/31/22	10-Q	0001636519-22-000006
02/03/22	12/31/21	10-Q	0001636519-22-000003
11/09/21	09/30/21	10-Q	0001636519-21-000014
08/19/21	06/30/21	10-K	0001636519-21-000010
05/06/21	03/31/21	10-Q	0001636519-21-000006
02/03/21	12/31/20	10-Q	0001636519-21-000003
11/09/20	09/30/20	10-Q	0001636519-20-000031
08/31/20	06/30/20	10-K	0001636519-20-000025
05/11/20	03/31/20	10-Q	0001636519-20-000016
02/07/20	12/31/19	10-Q	0001636519-20-000004
11/08/19	09/30/19	10-Q	0001636519-19-000023
08/20/19	06/30/19	10-K	0001636519-19-000019
05/08/19	03/31/19	10-Q	0001636519-19-000009
02/01/19	12/31/18	10-Q	0001636519-19-000003
11/01/18	09/30/18	10-Q	0001636519-18-000014
08/17/18	06/30/18	10-K	0001636519-18-000010
05/02/18	03/31/18	10-Q	0001636519-18-000006
02/08/18	12/31/17	10-Q	0001636519-18-000003
11/03/17	09/30/17	10-Q	0001636519-17-000013
08/17/17	06/30/17	10-K	0001636519-17-000010
05/04/17	03/31/17	10-Q	0001636519-17-000007
02/03/17	12/31/16	10-Q	0001636519-17-000003
11/04/16	09/30/16	10-Q	0001636519-16-000019
08/19/16	06/30/16	10-K	0001636519-16-000016
05/06/16	03/31/16	10-Q	0001636519-16-000013
02/04/16	12/31/15	10-Q	0001636519-16-000009
11/05/15	09/30/15	10-Q	0001636519-15-000005
09/11/15	06/30/15	10-12B/A	0001193125-15-318614
07/24/15	03/31/15	10-12B/A	0001193125-15-262855
05/08/15	12/31/14	10-12B/A	0001193125-15-179737
11/05/15	09/30/14	10-Q	0001636519-15-000005
07/24/15	06/30/14	10-12B/A	0001193125-15-262855
03/31/14	03/31/14	Unknown	--