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Owns iconic live-entertainment venues (Madison Square Garden, Radio City Music Hall) and the Tao Group nightlife business.
Owns iconic live-entertainment venues (Madison Square Garden, Radio City Music Hall) and the Tao Group nightlife business.
Earns ticket revenue and a share of food, drink and merchandise sales from events at its venues, venue-use fees from the Knicks and Rangers teams, which sit in a separate company, sponsorship income, and seasonal revenue from the Christmas Spectacular and Tao's nightlife venues. It has been a separate company since the 2023 spin-off from Sphere Entertainment.
Moat: narrow (brand, scale, installed base). Irreplaceable, iconic venues in prime markets, but exposed to touring/event booking cycles.
Headquarters: New York, New York, United States · Founded: 2020 · Employees: 6,260
Size Madison Square Garden Entertainment (MSGE) is a United States Communication Services company (Movies/Entertainment) with a market value of $3.65B, the 1403rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $77.06 on 6 Nov 2026.
Performance Over six months the shares gained 18.1%, against +10.4% for the median peer and -1.1% for the United States market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 16.4% over the last twelve months (peer median +1.9%); the operating margin is 17.3% (peer median 7.3%).
Valuation It trades at 32.1× forward earnings against a peer median of 34.1× (8th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +67%, so the hurdle is -62 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.5 points above its cost of capital (7.1% WACC).
Backlog Backlog (remaining performance obligations) was $772M at 30 Sep 2026, up 24% on a year earlier — 0.6 years of trailing revenue. Backlog detail →
Credit Madison Square Garden Entertainment has 1 bond outstanding ($259M).
Short interest Short interest is 6.1% of the free float (15 Oct 2026).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | $1.12B | $1.06B | $943M | $959M | $851M |
| Revenue growth | — | +13% | -2% | +13% | — |
| Gross profit | $457M | $422M | $349M | $337M | $291M |
| EBITDA | $250M | $226M | $192M | $183M | $184M |
| Net income | $96.7M | $66.2M | $37.4M | $144M | $76.6M |
| Free cash flow | n/a | $323M | $93.1M | $87.1M | $121M |
| Capital expenditure | n/a | $28.3M | $22.2M | $24.2M | $15.2M |
| Total debt | $1.16B | $1.18B | $1.20B | $1.07B | $903M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Madison Square Garden Entertainment MSGE | $3.65B | +18% | +16% | 17% | 32.1× | 5.0% |
| Live Nation Entertainment LYV | $41.3B | +7% | +11% | 6% | 125.4× | 18.6% |
| Sphere Entertainment SPHR | $4.31B | -10% | +17% | -2% | n/a | 7.0% |
| CTS Eventim AG & Co. KGaA EVD.DE | $6.68B | +11% | +14% | 15% | 18.4× | 6.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MSGE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.6% | +13.5% | 2nd lowest of 21 |
| 6-month return | +18.1% | +10.4% | 7th highest of 21 |
| Distance from 52-week high | -14.8% | -15.7% | 11th highest of 21 |
| Revenue growth (TTM) | +16.4% | +1.9% | 4th highest of 21 |
| Operating margin | 17.3% | 7.3% | 4th highest of 21 |
| Forward P/E | 32.1× | 34.1× | 8th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 5.0% | 2.4% | 7th most demanding of 14 |
| Growth delivered (Del g) | +66.9% | +12.7% | highest of 14 |
| Hurdle (Req g minus delivered) | -61.9 pp | -12.2 pp | least demanding of 14 |
| ROIC minus cost of capital | +8.5 pp | -1.2 pp | 3rd highest of 21 |
| EV / EBITDA | 18.5× | 10.2× | most expensive of 11 |
| Net debt / EBITDA | 3.9× | 2.8× | 4th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Madison Square Garden Entertainment MSGE | United States | $3.65B | +18% | +16% | 17% | 32.1× | 5.0% | +66.9% |
| Banijay BNJ.AS | Netherlands | $3.83B | -13% | +7% | 14% | 8.0× | -4.5% | +18.1% |
| Manchester United MANU | United States | $3.90B | +15% | +5% | -2% | 142.1× | 18.3% | +6.5% |
| Atlanta Braves BATRA | United States | $3.23B | +1% | +6% | -9% | n/a | n/a | n/a |
| Itv ITV.L | United Kingdom | $3.23B | -16% | +2% | 13% | 8.3× | -2.8% | +4.8% |
| Toei Animation 4816.T | Japan | $4.17B | +23% | -2% | 31% | 27.9× | 0.5% | +12.7% |
| Lionsgate Studios LION | United States | $4.24B | +16% | -8% | 6% | 52.8× | 18.6% | -8.0% |
| China Film 600977.SS | China | $4.48B | +16% | 0% | -9% | 141.5× | -7.1% | +10.4% |
| Cinemark CNK | United States | $4.51B | +44% | +13% | 15% | 14.8× | 2.4% | +35.3% |
| Ruyi Film Entertainment 002739.SZ | China | $2.94B | -9% | -8% | 3% | 34.1× | 6.7% | +15.4% |
| AMC Entertainment AMC | United States | $2.80B | +109% | +6% | 5% | n/a | n/a | n/a |
| Zhejiang Huace Film & TV 300133.SZ | China | $2.79B | +15% | +44% | 8% | 50.4× | n/a | n/a |
| Toei 9605.T | Japan | $2.77B | +5% | +3% | 20% | 23.5× | -3.3% | +11.5% |
| Benefit Systems BFT.WA | Poland | $5.18B | +54% | +40% | 19% | 23.7× | 13.4% | +34.3% |
| China Star Entertainment 0326.HK | Hong Kong | $2.54B | -10% | -69% | -157% | n/a | n/a | n/a |
| Beijing Enlight Media 300251.SZ | China | $5.49B | -16% | -71% | -57% | 179.5× | n/a | n/a |
| Shanghai Film 601595.SS | China | $2.40B | +47% | -18% | -2% | 264.9× | 57.0% | +24.4% |
| MSG Rangers MSGR | United States | $2.37B | +1,624% | +2% | -9% | n/a | n/a | n/a |
| Beijing Jetsen Technology 300182.SZ | China | $2.36B | +6% | -23% | 9% | 37.1× | n/a | n/a |
| Prime Focus PFOCUS.NS | India | $2.36B | -7% | +29% | 16% | n/a | 26.0% | +12.6% |
| Genting Singapore G13.SI | Singapore | $5.76B | -10% | +2% | 15% | 19.1× | -5.0% | +18.2% |
Madison Square Garden Entertainment has 1 bond outstanding with $259M face value.
Madison Square Garden Entertainment reported $772M of remaining performance obligations at 30 Sep 2026, up 24% from a year earlier and up 5% from the previous quarter. That is 0.6 years of trailing revenue already under contract. Book-to-bill last quarter: 1.19.