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Madison Square Garden Entertainment Corp. (MSGE) owns and operates a portfolio of world-class venues, including 'The World's Most Famous Arena,' Madison Square Garden, and Radio City Music Hall.
Investment Thesis
MSGE is an irreplaceable infrastructure play on the live entertainment economy. Following its spin-off from the sports division, MSGE is now a pure-play on the live experience. Their venues are mandatory stops for every major global touring act, providing them with immense pricing power and high-margin recurring revenue from bookings, concessions, and sponsorships. The 'experience economy' is a multi-year structural trend as consumers prioritize live events over physical goods. MSGE's dominant position in the New York market makes it one of the most desirable entertainment assets in the world.
Key Growth Drivers
The New York Venue Monopoly
Controlling the premier arenas and theaters in New York City ensures a perpetual queue of top-tier talent and high-value corporate events.
Live Experience Super-Cycle
The global surge in demand for live concerts and experiential entertainment provides a long-term structural tailwind for MSGE's venue portfolio.
High-Margin Sponsorship Moat
Radio City and MSG are some of the most recognized global brands, allowing MSGE to command record-breaking naming rights and sponsorship deals.
Valuation & Financial Modeling
MSGE trades at an attractive multiple relative to the replacement cost of its iconic venues. Given the stability of its booking revenue and the growth of the experience economy, we believe the stock is significantly undervalued compared to other luxury leisure assets.
Risk Factors & Bear Case
A severe recession would hit discretionary spending on high-priced concert tickets and concessions. Additionally, any localized disruption in the New York tourism market would impact near-term results.
Conclusion
Madison Square Garden Entertainment is a world-class luxury asset. It offers defensive market leadership and a direct play on the growth of live experiences. Rated 'Buy'.
Upcoming Catalysts
No upcoming catalysts identified.
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Relative to Communication Services Sector Median (N=134)
Metric
MSGE
Benchmark
P/E Ratio
47.9x
+84%
EV/EBITDA
23.9x
+380%
Price / Book
79.5x
Implied Value Audit
OVERVALUED
Implied Fair Value (vs Sector)
-86.0%
$8.48Spot: $60.70
Spot
Implied
-50% Delta+50% Delta
Relative valuation derived from Communication Services sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 50GRADE C+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
166.0%
Sector: 1.0%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, Madison Square Garden Entertainment Corp. (MSGE) receives a "Hold" rating with a composite score of 50.9/100, ranked #394 out of 4446 stocks. Key factor scores: Quality 50/100, Value 59/100, Momentum 67/100. This is quantitative analysis only — not investment advice.
Madison Square Garden Entertainment Corp. (MSGE) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does Madison Square Garden Entertainment Corp. Do?
Madison Square Garden Entertainment Corp. engages in live entertainment business. Its operations include a collection of performance venues, the entertainment and sports bookings business, and the Christmas Spectacular Starring the Radio City Rockettes production. The company is based in New York, New York. Madison Square Garden Entertainment Corp. (MSGE) is classified as a mid-cap stock in the Communication Services sector, specifically within the Entertainment industry. The company is led by CEO David F. Byrnes. With a market capitalization of $2.7B, MSGE is one of the notable companies in the Communication Services sector.
Madison Square Garden Entertainment Corp. (MSGE) Stock Rating — Hold (April 2026)
As of April 2026, Madison Square Garden Entertainment Corp. receives a Hold rating with a composite score of 50.9/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.MSGE ranks #394 out of 4,446 stocks in our coverage universe. Within the Communication Services sector, Madison Square Garden Entertainment Corp. ranks #8 of 134 stocks, placing it in the top 10% of its Communication Services peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
MSGE Stock Price and 52-Week Range
Madison Square Garden Entertainment Corp. (MSGE) currently trades at $60.70. The stock lost $0.20 (0.3%) in the most recent trading session. The 52-week high for MSGE is $65.26, which means the stock is currently trading -7.0% from its annual peak. The 52-week low is $28.29, putting the stock 114.6% above its annual trough. Recent trading volume was 44K shares, suggesting relatively thin trading activity.
Is MSGE Overvalued or Undervalued? — Valuation Analysis
Madison Square Garden Entertainment Corp. (MSGE) carries a value factor score of 59/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 47.89x, compared to the Communication Services sector average of 26.08x — a premium of 84%. The price-to-book ratio stands at 79.50x, versus the sector average of 1.87x. The price-to-sales ratio is 2.86x, compared to 0.55x for the average Communication Services stock. On an enterprise value basis, MSGE trades at 23.91x EV/EBITDA, versus 4.98x for the sector.
Overall, MSGE's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
Madison Square Garden Entertainment Corp. Profitability — ROE, Margins, and Quality Score
Madison Square Garden Entertainment Corp. (MSGE) earns a quality factor score of 50/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 166.0%, compared to the Communication Services sector average of 1.0%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at 3.3% versus the sector average of -0.0%.
On a margin basis, Madison Square Garden Entertainment Corp. reports gross margins of 40.3%, compared to 56.4% for the sector. The operating margin is 3.7% (sector: 0.4%). Net profit margin stands at -1.0%, versus -0.9% for the average Communication Services stock. Revenue growth is running at 101.4% on a trailing basis, compared to 3.0% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
MSGE Debt, Balance Sheet, and Financial Health
Madison Square Garden Entertainment Corp. has a debt-to-equity ratio of 1540.0%, compared to the Communication Services sector average of 82.0%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. The current ratio is 0.68x, which may signal near-term liquidity tightness. Total debt on the balance sheet is $555M.
MSGE has a beta of 0.99, meaning it is roughly in line with the broader market in terms of price volatility. The stability factor score for Madison Square Garden Entertainment Corp. is 71/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
Madison Square Garden Entertainment Corp. Revenue and Earnings History — Quarterly Trend
In TTM 2026, Madison Square Garden Entertainment Corp. reported revenue of $999M and earnings per share (EPS) of $1.96. Net income for the quarter was $60M. Gross margin was 40.3%. Operating income came in at $143M.
In Q2 2026, Madison Square Garden Entertainment Corp. reported revenue of $460M and earnings per share (EPS) of $1.96. Net income for the quarter was $93M. Gross margin was 53.8%. Operating income came in at $164M.
In Q1 2026, Madison Square Garden Entertainment Corp. reported revenue of $158M and earnings per share (EPS) of $-0.46. Net income for the quarter was $-22M. Gross margin was 35.3%. Revenue grew 14.1% year-over-year compared to Q1 2025. Operating income came in at $-30M.
In FY 2025, Madison Square Garden Entertainment Corp. reported revenue of $943M and earnings per share (EPS) of $0.78. Net income for the quarter was $37M. Gross margin was 43.2%. Revenue grew -1.7% year-over-year compared to FY 2024. Operating income came in at $122M.
Over the past 8 quarters, Madison Square Garden Entertainment Corp. has demonstrated a growth trajectory, with revenue expanding from $228M to $999M. Investors analyzing MSGE stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
MSGE Dividend Yield and Income Analysis
Madison Square Garden Entertainment Corp. (MSGE) does not currently pay a dividend. This is common among smaller companies in the Entertainment industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Communication Services dividend stocks may want to explore other Communication Services stocks or use the stock screener to filter by dividend yield.
MSGE Momentum and Technical Analysis Profile
Madison Square Garden Entertainment Corp. (MSGE) has a momentum factor score of 67/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 21/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 10/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
MSGE vs Competitors — Communication Services Sector Ranking and Peer Comparison
Comparing MSGE against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full MSGE vs S&P 500 (SPY) comparison to assess how Madison Square Garden Entertainment Corp. stacks up against the broader market across all factor dimensions.
MSGE Next Earnings Date
No upcoming earnings date has been announced for Madison Square Garden Entertainment Corp. (MSGE) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy MSGE? — Investment Thesis Summary
Madison Square Garden Entertainment Corp. presents a balanced picture with arguments on both sides. Price momentum is positive at 67/100, suggesting the trend favors buyers. Low volatility (stability score 71/100) reduces downside risk.
In summary, Madison Square Garden Entertainment Corp. (MSGE) earns a Hold rating with a composite score of 50.9/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on MSGE stock.
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Execution Benchmarks audit
Revenue Growth
YOY expansion rate
101.4%
Sector: 3.0%
+3322% VS SCTR
Gross Margin
Core pricing power
40.3%
Sector: 56.4%
-28% VS SCTR
Operating Margin
Operating efficiency
3.7%
Sector: 0.4%
+769% VS SCTR
Net Margin
Bottom-line conversion
-1.0%
Sector: -0.9%
+20% VS SCTR
Return on Equity
Equity capital efficiency
166.0%
Sector: 1.0%
+17011% VS SCTR
Return on Assets
Asset base utilization
3.3%
Sector: -0.0%
-8300% VS SCTR
Debt/Equity
Financial leverage load
1540.0%
Sector: 82.0%
-1778% VS SCTR
Dividend Yield
Direct cash return
0.0%
Sector: 0.0%
-NaN% VS SCTR
+4151%
Price / Sales
2.9x
+420%
Madison Square Garden Entertainment Corp. exhibits a 1259% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
3.3%
Sector: -0.0%
Gross Margin
Pricing power and cost efficiency
40.3%
Sector: 56.4%
Operating Margin
Core business profitability
3.7%
Sector: 0.4%
Net Margin
Bottom-line profitability
-1.0%
Sector: -0.9%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.