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Madison Square Garden Sports Corp.
🏹 Trader: 🎯 Near 52W High | BRS 78 Ready View all →
$9.4B
Market Cap
77.1
P/E
99.67
PEG
1.5%
ROCE
8.2%
ROE
-4.41
D/E
2.7%
OPM
-5.3%
% from 52W High
87
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for MSGS including FX impact
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📈 Price History
Ratio Health
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About

Madison Square Garden Sports Corp. operates as a professional sports company in the United States. It owns and operates a portfolio of assets that consists of the New York Knickerbockers of the National Basketball Association (NBA) and the New York Rangers of the National Hockey League. The company’s other professional franchises include development league teams, the Hartford Wolf Pack of the American Hockey League and the Westchester Knicks of the NBA G League. It also operates the Madison Square Garden Training Center, a professional sports team performance center in Greenburgh. The company was formerly known as The Madison Square Garden Company. Madison Square Garden Sports Corp. was incorporated in 2015 and is based in New York, New York.

Key Ratios Snapshot
📈 Growth Pattern
📊 Quick Scorecard
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⭐ Superinvestors Holding MSGS
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 172.0K $55.3M 0.09% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
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📊 MIXED MSG Sports Q2 2026 revenue $403.4M, AOI $29.7M, per-game growth across all categories.
Revenue & Profitability
For the fiscal second quarter 2026, total revenues were $403.4 million, up from $357.8 million in the prior year period. Adjusted Operating Income (AOI) increased $9.4 million to $29.7 million, driven by higher revenues partially offset by higher direct operating expenses including team compensation and luxury tax. At quarter end, cash was approximately $81 million and total debt was $291 million.
Outlook
Management expressed confidence in the trajectory of the business, citing robust consumer and corporate demand. They noted that the RSN industry continues to evolve, but they remain confident in their position as rights holders for two marquee franchises in a large market. The amended local media rights agreements with MSG Networks include reduced annual fees (28% for Knicks, 18% for Rangers) and elimination of escalators, effective January 1, 2025, while new NBA national media deals provide offsetting growth.
Growth Drivers
Key growth levers include per-game revenue increases across ticketing, suites, sponsorship, and food, beverage, and merchandise. New multi-year partnerships with PwC and Polymarket, as well as renewals with Anheuser-Busch and Infosys, are driving sponsorship momentum. Premium hospitality is benefiting from renovated Lexus Level suites and strong suite renewal and new sales activity. The Knicks' increased season ticket prices following a playoff run and the Rangers' centennial merchandise collections also contributed.
Balance Sheet & CapEx
Not discussed in this earnings call.
Margins
AOI increased to $29.7 million from $20.3 million in the prior year quarter, reflecting higher revenues. Direct operating expenses grew due to higher team personnel compensation and corresponding luxury tax, higher revenue sharing expenses net of escrow, and other cost increases. Non-cash arena operating lease costs were $9.9 million versus $9.3 million in the prior year. No explicit margin percentage guidance was provided.
Key Risks
Risks flagged include the potential impact of the Rangers missing the playoffs, which could affect future season ticket prices and playoff game revenue. Management noted that historically they do not raise season ticket prices if a team does not make the playoffs. Additionally, upcoming changes to tax deductibility of compensation effective for the year ended June 30, 2028, are being assessed. The evolving RSN industry poses potential headwinds for local media rights.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-02-05
Fiscal 2026 Q2 saw revenues rise 13% year-over-year to $403 million, with strong per-game growth in ticketing, suites, sponsorship, and merchandise. Marketing partnerships and premium hospitality are on track for further growth, and recent refinancing has enhanced financial flexibility.
Q1 2026 Q1 2026 2025-11-06
Fiscal 2026 began with strong revenue and attendance growth, led by record concert bookings and robust demand for the Christmas Spectacular. Adjusted operating income rose significantly, and advanced ticket sales are pacing up double digits year-over-year. Share repurchases and new sponsorships further support positive momentum.
Q4 2025 Q4 2025 2025-08-12
Fiscal 2025 saw over $1 billion in revenue and strong demand for Knicks and Rangers games, though Q4 revenues declined due to fewer home games. Amended media rights deals will lower local fees but are offset by higher national rights, with fiscal 2026 expected to deliver growth.
Q2 2025 Q2 2025 2025-02-04
Q2 revenue rose to $358M, with strong growth in ticketing, suites, and sponsorships, but adjusted operating income declined due to higher expenses. The company faces RSN industry headwinds but maintains strong liquidity and confidence in long-term growth.
Q4 2024 Q4 2024 2024-08-13
Record fiscal 2024 results were driven by strong team performance, high fan engagement, and robust playoff revenues. The company anticipates modest ticket revenue growth and continued premium hospitality expansion, while monitoring risks from evolving media rights and local network refinancing.
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📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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