MSGS
Madison Square Garden Sports Corp.
Next earnings Aug 10, 2026 (after close) · consensus $0.52 EPS, $217M rev
Last earnings -0.7% on 2026-05-08
$395.16
▼ -1.95%$395.16▲ +89.46%
over 1Y
L $192.65H $403.03
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-2.0%
1W+4.3%
1M+3.3%
3M+21.8%
YTD+52.7%
1Y+89.5%
Hold
Conviction
Horizon
Long (>12mo)
Street · 15 analysts
Buy
A trophy-asset stock (Knicks + Rangers) whose value sits in franchise scarcity, not in the small GAAP loss or negative book.
Revenue (FY2025) $1.04B · FY2025
Madison Square Garden Sports owns two of the most valuable franchises in professional sports — the NBA's New York Knicks and the NHL's New York Rangers. That ownership is the entire investment case, and it makes conventional financial analysis nearly useless here. FY2025 (year ended June 30, 2025) revenue was essentially flat at $1.04B (+1.2%), the company posted a small net loss of -$22.4M (a -$0.93 EPS) versus $58.8M of income the prior year, and stockholders' equity is negative at -$281M. The operating margin of 1.4% and negative book value are artifacts of the structure — franchises carried at historical cost while their private-market values run into the billions, plus heavy NBA luxury-tax, revenue-sharing and league-assessment costs that the MD&A cites as the swing into a loss.
The cash and balance-sheet picture is steadier than the income statement: operating cash flow held at $91.6M (-0.6%), cash rose 62.2% to $145M, and debt is modest (long-term $267M, down 2.9%). But the company carries large off-balance-sheet and contractual commitments — guaranteed player employment contracts and long-term arena lease obligations totaling several billion over time — and pays only a token dividend. The 10-K's risk list underscores the operating reality: results hinge on team popularity and competitiveness, player-compensation/luxury-tax dynamics, league CBAs, NBA/NHL work-stoppage risk, and the health of regional sports network economics (MSG Networks' solvency).
Is MSGS a buy? The one-page verdict, explained →
The options angle
model · matches our verdictCovered call~90d expiry
- Long 100 shares @ ~395.16
- Short call 415 @ ~14.68 est
debit $38,048max +$3,452max −$38,047BE 380.48
HOLD means own it, don't chase it — harvesting premium against the position matches the verdict.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $416M | $821M | $887M | $1.03B | $1.04B |
| Gross profit | — | — | — | — | — |
| Operating income | -$78.4M | $86.1M | $85.2M | $146M | $14.8M |
| Net income | -$14.0M | $51.1M | $47.8M | $58.8M | -$22.4M |
| Diluted EPS | -$0.58 | $2.10 | $1.89 | $2.44 | -$0.93 |
| Net margin | -3.4% | 6.2% | 5.4% | 5.7% | -2.2% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$9.66B
EV / EBITDA535.9
EV / Sales9.3
EV / FCF109.8
P / FCF108.1
PEG (trailing)—
Earnings yield-0.2%
FCF yield0.9%
Quality & risk
ROIC (est.)—
Free cash flow$88.0M
Total debt$291M
Net cash-$146M
Altman Z-Score3.61 safe
Piotroski F-Score4/8
Capital returns
Buyback yield0.0%
Dividend yield (est.)0.0%
Shareholder yield0.0%
Shares Δ YoY+0.3%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsSome governance/structural items recently, but no outright red flags.
- 8-K Earnings results2026-05-08
- 10-Q Quarterly report2026-05-08
- 8-K Officer / director change2026-05-04
- 8-K Officer / director change2026-02-18
- 10-Q Quarterly report2026-02-06
- 8-K Earnings results2026-02-05
- 8-K Shareholder vote2025-12-09
- 8-K Officer / director change2025-11-21
- 10-Q Quarterly report2025-10-31
Recent filings
all on EDGAR ↗4Period ending 2026-06-012026-06-03open ↗4Period ending 2026-06-012026-06-03open ↗3Period ending 2026-05-112026-05-15open ↗144Filing2026-05-14open ↗10-QPeriod ending 2026-03-312026-05-08open ↗8-KPeriod ending 2026-05-082026-05-08open ↗8-KPeriod ending 2026-04-282026-05-04open ↗4Period ending 2026-04-162026-04-20open ↗SCHEDULE 13G/AFiling2026-03-27open ↗SCHEDULE 13D/AFiling2026-03-09open ↗SCHEDULE 13D/AFiling2026-02-27open ↗4Period ending 2026-02-202026-02-24open ↗
Frequently asked
- Is Madison Square Garden Sports Corp. (MSGS) a buy?
- MSGS currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. A trophy-asset stock (Knicks + Rangers) whose value sits in franchise scarcity, not in the small GAAP loss or negative book.
- What is Madison Square Garden Sports Corp.'s quality score?
- MSGS scores 39.66430452621139/100 (grade F) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001636519, latest 10-Q filed 2026-05-08) · EODHD · Proprietary analysis · as of 6/21/2026, 8:51:52 PM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 4:51 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.