MSGE
Madison Square Garden Entertainment Corp.
MSGE has a slight edge over RDDT overall, supported by lower modeled downside and stronger modeled upside.
RDDT
Reddit, Inc.
RDDT offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
MSGE Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Healthy |
MSGE's revenue, profitability, cash flow and balance sheet are all currently healthy.
RDDT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
RDDT'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.
RDDT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 16x | $99.55 | — |
| Current | 20x | $99.55 | — |
| Cheap | 35x | $171 | +72% |
| Fair | 46x | $228 | +129% |
| Expensive | 53x | $262 | +163% |
Historical ranges are pointers, not guarantees.
RDDT has the edge over MSGE in the historical PE scenario, which offers more potential upside but is not a forecast.
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.
RDDT Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| Low |
Analysts expect strong earnings and revenue growth for RDDT, 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 has the stronger earnings trend. Trailing diluted EPS is up 186% for MSGE versus RDDT down 39%.
RDDT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.32 | +29% |
| Q3 2024 | -$7.98 | -$7.17 |
| Q2 2024 | -$8.19 | -$7.15 |
| Q1 2024 | -$8.38 | -$7.25 |
| Q4 2023 | -$0.56 | +$0.41 |
| Q3 2023 | -$0.81 | -$0.02 |
| Q2 2023 | -$1.04 | -$0.48 |
| Q1 2023 | -$1.13 | -$0.48 |
| Q4 2022 | -$0.97 | -$0.19 |
RDDT has returned to profit: it earned $4.90 per share over the past year, after losing money the year before.
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.
RDDT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $895M | +53% |
| Q2 2026 | $804.9M | +61% |
| Q1 2026 | $663.4M | +69% |
| Q4 2025 | $725.6M | +70% |
| Q3 2025 | $584.9M | +68% |
| Q2 2025 | $499.6M | +78% |
| Q1 2025 | $392.4M | +61% |
| Q4 2024 | $427.7M | +71% |
RDDT has the edge over MSGE on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 29% | +5.5 points |
| Q2 2026 | 29% | +15 points |
| Q1 2026 | 28% | +27 points |
| Q4 2025 | 32% | +20 points |
| Q3 2025 | 24% | +22 points |
| Q2 2025 | 14% | +25 points |
| Q1 2025 | 1% | +244 points |
| Q4 2024 | 12% | +11 points |
RDDT has the edge over MSGE on profitability, with a higher operating margin.
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.
RDDT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $362.6M | +98% |
| Q2 2026 | $260.7M | +135% |
| Q1 2026 | $311.2M | +146% |
| Q4 2025 | $263.6M | +196% |
| Q3 2025 | $183.1M | +161% |
| Q2 2025 | $110.8M | +308% |
| Q1 2025 | $126.6M | +333% |
| Q4 2024 | $89.2M | +$111.2M |
RDDT has the edge over MSGE on cash flow, with more consistent year-over-year improvement.
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.
RDDT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -169K shares |
| 1 year | -0.4% | -868K shares |
| 3 years | +24% | +38.5M shares |
| 5 years | +24% | +38.5M shares |
RDDT has the edge over MSGE on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $100.4M |
| Q2 2026 | $234.6M |
| Q1 2026 | $5M |
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
| Q1 2023 | $4.2M |
| Q4 2022 | — |
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.
RDDT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.5x | Net Cash |
| Q2 2026 | -1.9x | Net Cash |
| Q1 2026 | -2.2x | Net Cash |
| Q4 2025 | -2.1x | Net Cash |
| Q3 2025 | -3.3x | Net Cash |
| Q2 2025 | -5.0x | Net Cash |
| Q1 2025 | -13.1x | Net Cash |
RDDT has the edge over MSGE on leverage, with a lower net debt burden relative to earnings.
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).
RDDT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 34.8 | Neutral |
| Stochastic | 6.5 | Oversold |
RDDT's weekly RSI is 35 (neutral) and its Stochastic is 6 (oversold).
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.
RDDT PE vs Communication Services Sector
| Metric | RDDT | Sector median | Relative |
|---|---|---|---|
| PE | 20x | 16x | 23% above |
| PE % | 5 | 23 | 18 pts below |
RDDT has the edge over MSGE on valuation relative to its sector.
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 has stronger trend alignment. MSGE is above 3 of 4 weekly averages versus RDDT above 0 of 4.
RDDT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $130.6 | 24% below |
| 20 week MA | $151.7 | 34% below |
| 50 week MA | $165.0 | 40% below |
| 100 week MA | $167.1 | 40% below |
RDDT is in a downtrend: it's below all four of its weekly moving averages, and 40% below 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 the edge over RDDT on returns for 2026, with the stronger performance.
RDDT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $46.0 | $173.5 | +277% |
| 2025 | $173.5 | $225.8 | +30% |
| 2026 YTD | $225.8 | $99.6 | -56% |
RDDT has finished every year since 2024 higher, and it's down 56% so far in 2026.