# Madison Square Garden Entertainment Corp. (MSGE)

> Source: Nexqual · https://nexqual.com/MSGE · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Madison Square Garden Entertainment Corp. (MSGE), nexqual.com/MSGE" · informational, not investment advice.

**Price:** USD 78.41 (-2.39% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 80.33 · day 78.21–80.08 · 52w 43.33–90.41 · market cap $3.71B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.06B, net income $66.2M (6.2% margin) (SEC filings).
- Valuation: P/E 56.0x (avg 40.6x at the last 3 fiscal year-ends), EV/EBITDA 20.2x, net debt $277M.
- 1 of 80 tracked superinvestors hold MSGE (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $738K; 1 not under a Rule 10b5-1 plan ($738K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +71.8% vs S&P 500 +14.9%; 5Y +153.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.08, revenue estimate $208M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $653M | $851M | $959M | $943M | $1.06B | $1.06B |
| Operating income | -$5.6M | $105M | $112M | $122M | $142M | $142M |
| Net income | -$133M | $76.6M | $144M | $37.4M | $66.2M | $66.2M |
| EPS (diluted) | -$2.58 | $1.47 | $2.97 | $0.77 | $1.38 | — |
| Operating margin | -0.9% | 12.3% | 11.7% | 13.0% | 13.3% | 13.3% |
| Net margin | -20.4% | 9.0% | 15.0% | 4.0% | 6.2% | 6.2% |
| Revenue growth | +698.8% | +30.3% | +12.7% | -1.7% | +12.5% | — |
| Cash + short-term investments | $58.1M | $76.1M | $33.3M | $43.0M | $294M | — |
| Total debt | $664M | $646M | $615M | $599M | $571M | — |
Fiscal years end Jun. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 56.0x · P/S 3.5x · EV/EBITDA 20.2x · EV/Sales 3.8x · P/B 81.0x · Earnings yield 1.78% · Buyback yield (TTM) 0.67% · Net debt $277M · EV $3.99B
P/E at fiscal year-ends: Jun 2026 58.7x, Jun 2025 51.6x, Jun 2024 11.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold MSGE. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| John Rogers | Ariel Investments | 4.28% | $429M | Reduced -13.2% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-11 | D'Ambrosio Philip Gerard | EVP and Treasurer | 9,907 | $738K | 38.6% | No | Too little history (no open-market trades in 2023 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-20 | Piper Sandler | Initiated | Neutral | $86 |
| 2026-08-14 | B of A Securities | Target raised | Buy | $80 → $96 |
| 2026-08-13 | JP Morgan | Target raised | Neutral | $75 → $83 |
| 2026-08-13 | Guggenheim | Target raised | Buy | $82 → $103 |
| 2026-08-13 | Susquehanna | Target raised | Positive | $80 → $103 |
| 2026-08-13 | BTIG | Target raised | Buy | $86 → $100 |
| 2026-07-21 | JP Morgan | Target raised | Neutral | $67 → $75 |
| 2026-07-09 | Goldman Sachs | Downgrade | Buy → Neutral | $72 → $82 |
| 2026-06-29 | Seaport Global | Downgrade | Buy → Neutral |  |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2023-04-17) |
|---|---|---|
| Total return | +71.8% | +153.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +72.2% | +30.2% |
| Volatility (annualized) | 30.2% | 34.3% |
| Max drawdown | -14.3% (Aug 2026→Sep 2026) | -31.5% (Oct 2024→Mar 2025) |

## Peers (Entertainment)
LION (Lionsgate Studios Corp) USD 12.7 +0.16% · MANU (Manchester) USD 20.78 -0.38% · BATRA (Atlanta Braves Holdings, Inc. -) USD 54.69 -0.78% · SPHR (Sphere Entertainment Co.) USD 111.61 -2.16% · VSNT (Versant Media Group, Inc.) USD 32.29 +3.00% · CNK (Cinemark Holdings Inc Cinemark ) USD 39.61 -0.78%

## More
Full page: https://nexqual.com/MSGE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Revenues from entertainment offerings | $152.7M | 77.8% | +28.6% |
| Ticketing and venue license fee revenues | $103.4M | 52.7% | +40.6% |
| Food, beverage, and merchandise direct operating expenses | $32.2M | 16.4% | +21.8% |
| Other | $1.6M | 0.8% | -18.5% |
| Total revenue | $196.3M | 100% | — |
The lines above cover 147.6% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.08 | $-0.28 | -129.1% | $208.2M | 2 |
| Next quarter (ends 2026-12-31) | $2.51 | $2.85 | -12.1% | $465.2M | 2 |
| Current fiscal year (ends 2027-06-30) | $2.76 | $2.53 | +9.1% | $1.12B | 2 |
| Next fiscal year (ends 2028-06-30) | $2.90 | $0.00 | — | $1.18B | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±8.9%; last 8 reports averaged ±5.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 38.5% | ±8.9% |
| 2026-12-18 | 56 | 36.5% | ±11.7% |
| 2027-01-15 | 84 | 33.3% | ±13.1% |
| 2027-04-16 | 175 | 35.3% | ±19.8% |