Madison Square Garden Entertainment

MSGE

Entertainment · Communication Services

Price

$79.89

+0.06 (+0.08%)

Market Cap

$3.78B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Good

Cash Flow

Exceptional

Stability

Good

Valuation

Mixed

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Share count rising — dilution

+6.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 44.9M (2022) → 48.0M (2026)

Winston Score History

The full picture

Madison Square Garden Entertainment Corp. owns and operates some of the most famous live entertainment venues in the United States. Its crown jewel is Madison Square Garden in New York City, often called "The World's Most Famous Arena." The company also owns the Beacon Theatre, Radio City Music Hall, and the Hulu Theater, and it hosts concerts, sporting events, and live shows for millions of fans each year.

The company earns money by selling tickets, renting out suites and premium seating, and charging for food and drinks at its venues. It also collects fees from sponsorships and naming rights deals. Operations are concentrated in New York City, which gives the company a strong geographic moat — these iconic venues are impossible to replicate. However, the business depends heavily on filling seats, so an economic slowdown or a drop in consumer spending on live entertainment is a real risk to revenue.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+27.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+61.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (12%)

Research and development spending

Insider Activity

24.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$589M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Madison Square Garden Entertainment grew revenue 27% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

38.6%

Modest — 38.6% gross margin

Profit after running costs

Operating Margin

-17.0%

Losing money on operations — -17.0%

Return on the money invested

ROCE

4.7%

Weak — 4.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+12.5%

Fast-growing sales (+12.5% YoY)

Profit growth

EPS YoY

+80.5%

Earnings growing fast (+80.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

711%

Turns 711% of profit into real cash

Spare cash per sale

FCF Margin

40.5%

Converts sales into free cash efficiently (40.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.35

Conservative — low debt load (0.35)

Covers its interest

Interest Cover

3.54x

Tight — interest eats into profit (3.5x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

57.5x

Expensive — P/E 57.5

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+5.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (57.5 → 51.9)

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Dividends

Not applicable for this business.

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