# Madison Square Garden Sports Corp. (MSGS)

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

**Price:** USD 389.48 (-5.55% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 412.37 · day 387.84–413.5 · 52w 207.9–438.93 · market cap $9.38B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.15B, net income $7.8M (0.7% margin), free cash flow $61.3M (SEC filings).
- Valuation: P/E 1208.7x (avg 666.5x at the last 2 fiscal year-ends), EV/EBITDA 295.6x, net debt $94.0M.
- Earnings quality: non-operating income -$10.9M vs operating income $28.9M over the last four quarters; P/E excluding non-operating income ≈632.2x (estimate: non-operating income taxed at the company's 35% effective rate).
- 4 of 80 tracked superinvestors hold MSGS (13F, Q2 2026): 0 new, 0 added, 1 reduced, 3 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $247K; 1 not under a Rule 10b5-1 plan ($247K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.13 on a 1–5 scale) (8 analysts), mean target USD 480.67 (range 415–584).
- Total return with dividends: 1Y +72.2% vs S&P 500 +14.9%; 5Y +124.0% vs S&P 500 +80.3%.
- Next earnings: 2026-10-30, EPS estimate USD -1.15, revenue estimate $40.6M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $821M | $887M | $1.03B | $1.04B | $1.15B | $1.15B |
| Operating income | $86.1M | $85.2M | $146M | $14.8M | $28.9M | $28.9M |
| Net income | $51.1M | $47.8M | $58.8M | -$22.4M | $7.8M | $7.8M |
| EPS (diluted) | $2.10 | $1.89 | $2.44 | -$0.93 | $0.32 | — |
| Free cash flow | $177M | $151M | $90.7M | $88.0M | $61.3M | $61.3M |
| Operating margin | 10.5% | 9.6% | 14.2% | 1.4% | 2.5% | 2.5% |
| Net margin | 6.2% | 5.4% | 5.7% | -2.2% | 0.7% | 0.7% |
| Revenue growth | +97.6% | +8.0% | +15.7% | +1.2% | +11.0% | — |
| Cash + short-term investments | $91.0M | $40.4M | $89.1M | $145M | $165M | — |
| Total debt | $250M | $325M | $305M | $291M | $259M | — |
Fiscal years end Jun. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 1208.7x · P/E ex non-operating (est.) ≈632.2x · P/S 8.1x · EV/EBITDA 295.6x · EV/Sales 8.2x · P/FCF 153.1x · FCF yield 0.65% · Earnings yield 0.08% · Dividend yield (paid, TTM) 0.01% · Net debt $94.0M · EV $9.47B
P/E at fiscal year-ends: Jun 2026 1256.0x, Jun 2024 77.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
4 of 80 tracked investors hold MSGS. 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 | 2.64% | $265M | Reduced -8.2% |
| Bill Gates | Gates Foundation Trust | 0.69% | $238M | Unchanged |
| Mason Hawkins | Southeastern Asset Management | 0.07% | $1.3M | Unchanged |
| Lindsell Train |  | 0.04% | $1.1M | Unchanged |

## 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 |
|---|---|---|---|---|---|---|---|
| 2026-09-16 | Warner Bryan | SVP, Head of Legal | 628 | $247K | 100% | No | Too little history (no open-market trades in 2023–2025) |
% 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
Consensus Buy (mean 2.13 on a 1–5 scale), 8 analysts; mean target USD 480.67 (low 415, high 584).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-14 | JP Morgan | Target raised | Overweight | $450 → $485 |
| 2026-08-14 | Susquehanna | Target raised | Positive | $430 → $477 |
| 2026-08-14 | Guggenheim | Target raised | Buy | $522 → $584 |
| 2026-07-23 | Guggenheim | Target raised | Buy | $470 → $522 |
| 2026-07-21 | JP Morgan | Target raised | Overweight | $400 → $450 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +72.2% | +124.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +72.5% | +17.5% |
| Volatility (annualized) | 29.6% | 25.4% |
| Max drawdown | -10.1% (Feb 2026→Mar 2026) | -31.9% (Nov 2021→Sep 2022) |

## Peers (Entertainment)
LLYVK (Liberty Live Holdings, Inc. - S) USD 101.23 +0.73% · SIRI (SiriusXM Holdings Inc.) USD 27.54 +2.15% · WMG (Warner Music Group Corp.) USD 31.69 +0.80% · NWS (News Corporation) USD 33.95 +2.01% · CNK (Cinemark Holdings Inc Cinemark ) USD 39.61 -0.78% · VSNT (Versant Media Group, Inc.) USD 32.29 +3.00%

## More
Full page: https://nexqual.com/MSGS · 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 |
|---|---|---|---|
| Event-related | $200.7M | 72.0% | +43.0% |
| Sponsorship, signage and suite licenses | $39.1M | 14.0% | +22.7% |
| Media rights | $27.7M | 9.9% | -0.3% |
| League distributions and other | $11.3M | 4.1% | +183.3% |
| Total revenue | $278.7M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 16% of revenue from unnamed direct customers (10-K, filed 2026-08-13).

## Company outlook (8-K filed 2026-08-13)

- "REPORTS FISCAL 2026 FOURTH QUARTER AND FULL-YEAR RESULTS Fiscal 2026 Highlighted by the New York Knicks Winning the NBA Championship Proposed Spin-off of New York Rangers Business Expected to be Completed by the End of October 2026 NEW YORK, N.Y., August 13, 2026 - Madison Square Garden Sports Corp."
- "The Company currently expects to complete the spin-off by the end of October 2026, subject to various conditions, including Company board approval."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-1.15 | $-0.87 | +32.0% | $40.6M | 6 |
| Next quarter (ends 2026-12-31) | $0.34 | $0.80 | -57.3% | $430.2M | 6 |
| Current fiscal year (ends 2027-06-30) | $-1.14 | $-0.60 | +88.4% | $1.08B | 6 |
| Next fiscal year (ends 2028-06-30) | $-1.96 | $0.23 | -953.6% | $1.12B | 6 |