MSGE
Madison Square Garden Entertainment Corp.
MSGE's fundamentals are strong: revenue grew 24% and it turned 26% of its revenue into free cash flow. At 39x earnings, it's trading below its usual 52x. Analysts expect that strong growth to continue, though they disagree widely on how much.
MSGE Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Healthy |
MSGE's revenue, profitability, cash flow and balance sheet are all currently healthy.
MSGE PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 13x | $26.77 | -66% |
| Forward | 33x | $78.80 | — |
| Current | 39x | $78.80 | — |
| Fair | 52x | $105 | +33% |
| Expensive | 69x | $139 | +77% |
Historical ranges are pointers, not guarantees.
MSGE's PE is in its fair range at 39x. If earnings grow as analysts expect, today's price would be 33x next year's earnings.
MSGE Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for MSGE, with profitability improving. However, they disagree widely on these estimates.
MSGE Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.40 | +18% |
| Q3 2026 | $2.03 | +186% |
| Q2 2026 | $1.38 | +79% |
| Q1 2026 | $1.03 | -61% |
| Q4 2025 | $1.09 | -57% |
| Q3 2025 | $0.71 | -80% |
| Q2 2025 | $0.77 | -74% |
| Q3 2021 | -$15.88 | -$15.48 |
| Q2 2021 | -$17.02 | -1873% |
MSGE's earnings per share have fallen from their peak: $2.03 over the past year, against $3.57 in late 2024.
MSGE Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $217.1M | +37% |
| Q2 2026 | $271.1M | +76% |
| Q1 2026 | $246.3M | +1.6% |
| Q4 2025 | $459.9M | +13% |
| Q3 2025 | $158.3M | +14% |
| Q2 2025 | $154.1M | -17% |
| Q1 2025 | $242.5M | +6.2% |
| Q4 2024 | $407.4M | +1.2% |
MSGE's revenue has grown year over year for five quarters in a row: $217M last quarter, up 37% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 4.5% | +23 points |
| Q2 2026 | -3.2% | +14 points |
| Q1 2026 | 6.5% | -4.7 points |
| Q4 2025 | 36% | +1.5 points |
| Q3 2025 | -19% | -5.5 points |
| Q2 2025 | -17% | -12 points |
| Q1 2025 | 11% | +3.9 points |
| Q4 2024 | 34% | 0 points |
MSGE's operating margin was 4.5% last quarter, up 23 points from the same quarter a year ago.
MSGE Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$26.2M | -232% |
| Q2 2026 | -$16.6M | +$10.4M |
| Q1 2026 | $183.9M | +224% |
| Q4 2025 | $164.4M | +46% |
| Q3 2025 | $19.8M | +$47.2M |
| Q2 2025 | -$27M | -12841% |
| Q1 2025 | $56.8M | +876% |
| Q4 2024 | $112.9M | +8.7% |
MSGE usually generates cash, though not every quarter: the latest was −$26M, but it generated $305M over the past year.
MSGE Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -3K shares |
| 1 year | +1.1% | +517K shares |
| 3 years | -4.8% | -2.4M shares |
| 5 years | +99% | +23.9M shares |
| Available history | +100% | +24M shares |
MSGE has 48M diluted shares, up 1.1% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $25M |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | $25M |
| Q2 2025 | — |
| Q1 2025 | $14.7M |
| Q4 2024 | $25M |
MSGE spent $25M buying back its own shares over the past year, down 61% from the year before.
MSGE Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.6x | Healthy |
| Q2 2026 | 1.4x | Healthy |
| Q1 2026 | 1.4x | Healthy |
| Q4 2025 | 2.2x | Moderate |
| Q3 2025 | 3.5x | Elevated |
| Q2 2025 | 3.1x | Elevated |
| Q1 2025 | 2.7x | Moderate |
| Q4 2024 | 3.0x | Elevated |
MSGE's net debt is about 1.6 years of its operating earnings (EBITDA), down from 3.5 years a year ago.
MSGE Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 56.9 | Neutral |
| Stochastic | 27.7 | Neutral |
MSGE's weekly RSI is 57 (neutral) and its Stochastic is 28 (neutral).
MSGE PE vs Communication Services Sector
| Metric | MSGE | Sector median | Relative |
|---|---|---|---|
| PE | 39x | 16x | 135% above |
| PE % | 45 | 25 | 20 pts above |
MSGE is trading at 39x earnings, a 135% premium to the Communication Services sector's median of 16x.
MSGE Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $79.0 | 0.2% below |
| 20 week MA | $78.4 | 0.5% above |
| 50 week MA | $68.8 | 15% above |
| 100 week MA | $53.6 | 47% above |
MSGE's trend is up, with a small recent dip: it's below only its 8-week average, and 47% above its 100-week average.
MSGE Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2023 | $59.0 | $31.8 | -46% |
| 2024 | $31.8 | $33.3 | +4.6% |
| 2025 | $33.3 | $54.0 | +62% |
| 2026 YTD | $54.0 | $78.8 | +46% |
MSGE has finished higher in two of the last three years. It's up 46% so far in 2026.