A Business at a Glance
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Madison Square Garden Sports Corp.
MSGS
$9.6B
Mkt Cap
$396.40
+0.53%
Madison Square Garden Sports Corp. (MSGS) has a 5-year average return on invested capital (ROIC) of 18.2%. This indicates strong capital allocation and a potential competitive advantage.
Madison Square Garden Sports Corp. (MSGS) has a market capitalization of $9.6B. It is classified as a mid-cap stock.
Yes, Madison Square Garden Sports Corp. (MSGS) pays a dividend with a trailing twelve-month yield of 0.00%.
Madison Square Garden Sports Corp. (MSGS) operates in the Services-Miscellaneous Amusement & Recreation industry, within the Consumer Cyclical sector.
Madison Square Garden Sports Corp. (MSGS) reported annual revenue of $1.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
Madison Square Garden Sports Corp. (MSGS) has a net profit margin of -2.2%. The company is currently unprofitable.
Madison Square Garden Sports Corp. (MSGS) generated $88 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Item 1. Business Madison Square Garden Sports Corp., is a Nevada corporation with our principal executive offices at Two Pennsylvania Plaza, New York, NY 10121. Unless the context otherwise requires, all references to “we,” “us,” “our,” “MSG Sports” or the “Company” refer collectively to Madison Square Garden Sports Corp., a holding company, and its direct and indirect subsidiaries. We conduct substantially all of our business activities discussed in this Annual Report on Form 10-K through MSG Sports, LLC and its direct and indirect subsidiaries. The Company was originally incorporated in Delaware on March 4, 2015 as an indirect, wholly-owned subsidiary of MSG Networks Inc. (“MSG Networks”). All of the outstanding common stock of the Company was distributed to MSG Networks stockholders (the “MSGS Distribution”) on September 30, 2015. On April 17, 2020, the Company distributed all of the outstanding common stock of Sphere Entertainment Co.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.1B | 1.0B | 1.0B | 887M | 821M | 416M |
| Net Income | -22M | -22M | 59M | 46M | 51M | -14M |
| EPS | $-0.93 | $-0.93 | $2.44 | $1.89 | $2.10 | $-0.58 |
| Free Cash Flow | 53M | 88M | 91M | 151M | 177M | -36M |
| ROIC | -1.4% | 1.1% | 6.6% | 3.9% | 89.1% | -9.5% |
| Gross Margin | - | 27.3% | 40.0% | 38.2% | 39.1% | 32.2% |
| Debt/Equity | 0.00 | -1.03 | -1.15 | -0.96 | -1.70 | -1.88 |
| Dividends/Share | $0.02 | $0.03 | $0.03 | $7.00 | $0.00 | $0.00 |
| Operating Income | -26M | 15M | 146M | 85M | 86M | -78M |
| Operating Margin | -2.4% | 1.4% | 14.2% | 9.6% | 10.5% | -18.9% |
| ROE | 0.0% | 8.2% | -19.5% | -18.9% | -29.1% | 6.8% |
| Shares Outstanding | 24M | 24M | 24M | 24M | 24M | 24M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 914M | 1.1B | 1.1B | 1.3B | 1.6B | 1.6B | 603M | 416M | 821M | 887M | 1.0B | 1.0B | 1.1B |
| Gross Margin | 21.8% | 28.9% | 32.4% | 33.2% | 25.4% | 73.0% | 40.3% | 32.2% | 39.1% | 38.2% | 40.0% | 27.3% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 221M | 238M | 334M | 407M | 291M | 327M | 320M | 207M | 230M | 250M | 261M | 266M | 271M |
| EBIT | -114M | N/A | -59M | -56M | -18M | -58M | -94M | -78M | 86M | 85M | 146M | 15M | -26M |
| Op. Margin | -12.5% | N/A | -5.3% | -4.3% | -1.2% | -3.6% | -15.6% | -18.9% | 10.5% | 9.6% | 14.2% | 1.4% | -2.4% |
| Net Income | -117M | -41M | -77M | -73M | 142M | 11M | -182M | -14M | 51M | 46M | 59M | -22M | -22M |
| Net Margin | -12.8% | -3.8% | -6.9% | -5.5% | 9.1% | 0.7% | -30.2% | -3.4% | 6.2% | 5.2% | 5.7% | -2.2% | -2.1% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | N/A | N/A | -4.1% | -2.9% | 5.5% | 0.4% | -13.2% | -9.5% | 89.1% | 3.9% | 6.6% | 1.1% | -1.4% |
| ROE | N/A | -3.4% | -4.1% | -2.9% | 5.7% | 0.4% | -15.1% | 6.8% | -29.1% | -18.9% | -19.5% | 8.2% | 0.0% |
| ROA | N/A | -3.8% | -2.7% | -2.0% | 3.8% | 0.3% | -7.3% | -1.1% | 3.9% | 3.5% | 4.4% | -1.6% | -1.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 137M | 69M | 126M | 224M | 218M | 161M | 3.6M | -35M | 178M | 152M | 92M | 92M | 55M |
| Free Cash Flow | -168M | 5.3M | 54M | 179M | 26M | -28M | -359M | -36M | 177M | 151M | 91M | 88M | 53M |
| Owner Earnings | 32M | -50M | -1.2M | 75M | 48M | -17M | -147M | -71M | 149M | 124M | 68M | 70M | 30M |
| CapEx | 305M | 64M | 72M | 44M | 192M | 189M | 362M | 466K | 932K | 1.2M | 1.5M | 3.6M | 1.7M |
| Maint. CapEx | 92M | 109M | 102M | 107M | 122M | 119M | 93M | 5.6M | 5.0M | 3.6M | 3.2M | 3.2M | 3.2M |
| Growth CapEx | 213M | 0 | 0 | 0 | 69M | 70M | 269M | 0 | 0 | 0 | 0 | 403K | 0 |
| D&A | 92M | 109M | 102M | 107M | 122M | 119M | 93M | 5.6M | 5.0M | 3.6M | 3.2M | 3.2M | 3.2M |
| CapEx/OCF | N/A | N/A | 57.0% | 20.4% | 88.2% | 117.1% | 10159.1% | N/A | 0.5% | 0.8% | 1.6% | 4.0% | 3.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 171M | 701K | 633K | 472K |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 4.2% | 0.0% | 0.0% | 0.0% |
| Share Buybacks | 0 | 0 | 106M | 148M | 12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.0% | N/A | 2.7% | 3.2% | 0.2% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 14M | 10M | 24M | 41M | 48M | 59M | 57M | 30M | 24M | 25M | 21M | 18M | 21M |
| Debt Repayment | 0 | 0 | 0 | 0 | 688K | 109M | 5.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | N/A | 105M | 105M | -107M | 272M | 320M | 159M | 285M | 216M | 146M | 151M |
| Cash & Equiv. | 6.1M | 14M | 1.4B | 931K | 1.1M | 4.3M | 78M | 65M | 91M | 40M | 89M | 145M | 107M |
| Long-Term Debt | N/A | N/A | N/A | 105M | 101M | 0 | 350M | 355M | 220M | 295M | 275M | 267M | 242M |
| Debt/Equity | N/A | 0.76 | 0.37 | 0.04 | 0.04 | 0.00 | -1.69 | -1.88 | -1.70 | -0.96 | -1.15 | -1.03 | 0.00 |
| Interest Coverage | -74.6 | N/A | -28.9 | -13.4 | -5.2 | -11.7 | -21.0 | -7.4 | 7.3 | 3.7 | 5.3 | 0.7 | 0.7 |
| Equity | N/A | 1.2B | 2.6B | 2.4B | 2.5B | 2.6B | -207M | -204M | -147M | -337M | -266M | -281M | -295M |
| Total Assets | N/A | 2.1B | 3.5B | 3.7B | 3.7B | 3.8B | 1.2B | 1.3B | 1.3B | 1.3B | 1.3B | 1.5B | 1.5B |
| Total Liabilities | N/A | 926M | 958M | 1.2B | 1.1B | 1.1B | 1.4B | 1.5B | 1.4B | 1.7B | 1.6B | 1.8B | 1.8B |
| Intangibles | N/A | 22M | 16M | 257M | 244M | 6.3M | 2.8M | 1.7M | 636K | 0 | 0 | 0 | 104M |
| Retained Earnings | N/A | N/A | -76M | -148M | -11M | 29M | -44M | -79M | -36M | -174M | -115M | -138M | -158M |
| Working Capital | N/A | -365M | 989M | 688M | 650M | 653M | -162M | -183M | -233M | -371M | -305M | -312M | -342M |
| Current Assets | N/A | 169M | 1.6B | 1.4B | 1.4B | 1.4B | 128M | 185M | 205M | 149M | 217M | 251M | 296M |
| Current Liabilities | N/A | 534M | 615M | 762M | 766M | 760M | 290M | 368M | 438M | 521M | 522M | 564M | 638M |
| Per Share Data | |||||||||||||
| EPS | -4.69 | -1.63 | -3.12 | -3.05 | 5.94 | 0.48 | -7.62 | -0.58 | 2.10 | 1.89 | 2.44 | -0.93 | -0.93 |
| Owner EPS | 1.27 | -1.99 | -0.05 | 3.15 | 2.00 | -0.73 | -6.13 | -2.97 | 6.11 | 5.11 | 2.81 | 2.92 | 1.25 |
| Book Value | N/A | 49.01 | 104.41 | 101.00 | 106.41 | 110.08 | -8.65 | -8.49 | -6.04 | -13.93 | -11.06 | -11.66 | -12.23 |
| Cash Flow/Share | 5.50 | 2.78 | 5.08 | 9.37 | 9.13 | 6.77 | 0.15 | -1.47 | 7.31 | 6.30 | 3.83 | 3.79 | -0.79 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 | 0.00 | 7.00 | 0.03 | 0.03 | 0.02 |
| Shares Out. | 24.9M | 25.0M | 24.8M | 23.8M | 23.8M | 23.8M | 23.9M | 24.1M | 24.3M | 24.2M | 24.1M | 24.1M | 24.1M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | 48.8 | 397.4 | N/A | N/A | 68.7 | 97.9 | 77.1 | N/A | -428.2 |
| P/FCF | N/A | N/A | 51.5 | 18.2 | 191.6 | N/A | N/A | N/A | 19.8 | 29.6 | 50.0 | 57.2 | 180.6 |
| EV/EBIT | N/A | N/A | N/A | N/A | 251.1 | N/A | N/A | N/A | 41.6 | 57.8 | 31.9 | 339.9 | N/A |
| Price/Book | N/A | N/A | 1.5 | 1.9 | 2.7 | 1.7 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Sales | N/A | N/A | 3.5 | 3.1 | 3.3 | 6.5 | 7.1 | 9.5 | 4.9 | 4.8 | 4.3 | 4.8 | 8.9 |
| FCF Yield | N/A | N/A | 1.4% | 3.9% | 0.4% | -0.6% | -10.8% | -0.9% | 5.0% | 3.2% | 2.0% | 1.7% | 0.6% |
| Market Cap | 0 | N/A | 3.9B | 4.6B | 6.9B | 4.5B | 3.3B | 4.1B | 3.5B | 4.7B | 4.5B | 5.0B | 9.6B |
| Avg. Price | 0.00 | N/A | 111.07 | 124.02 | 155.39 | 198.96 | 179.78 | 163.59 | 163.89 | 169.16 | 183.17 | 205.87 | 396.40 |
| Year-End Price | 0.00 | N/A | 112.45 | 136.61 | 206.64 | 190.73 | 138.84 | 168.78 | 144.31 | 185.10 | 188.13 | 208.57 | 396.40 |
Madison Square Garden Sports Corp. passes 0 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average ROIC is 18.2% with a gross margin of 35.3%. At current prices, the estimated annualized return to fair value is +47.3%.
Madison Square Garden Sports Corp. (MSGS) reported earnings per share (EPS) of $-0.93 in its most recent fiscal year.
Madison Square Garden Sports Corp. (MSGS) has a return on equity (ROE) of 8.2%. This indicates moderate shareholder returns.
Madison Square Garden Sports Corp. (MSGS) has a 5-year average gross margin of 35.3%. This indicates decent pricing power.
The Ledger Terminal provides 12 years of financial data for Madison Square Garden Sports Corp. (MSGS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Madison Square Garden Sports Corp. (MSGS) has a book value per share of $-11.66, based on its most recent annual SEC filing.