olivLaw · US equity research
Madison Square Garden Sports Corp. MSGS
Services-Miscellaneous Amusement & Recreation · SIC 7990 · Vertical: Services-Miscellaneous Amusement & Recreation (SIC 7990)
Madison Square Garden Sports Corp. (MSGS) owns the New York Knicks (NBA) and New York Rangers (NHL), plus two development teams and a performance center, all playing at Madison Square Garden. In fiscal 2026 revenues reached 1,153.8 million USD, and the Knicks won the NBA championship, making the company relevant amid a proposed separation of its Rangers business.
At the close of 04 Nov 2026, Madison Square Garden Sports Corp. (MSGS) stock was 324.99 USD (+3.22% on the day), with market capitalisation 8.1 bn USD, P/E 1,015.6 on diluted EPS of 0.32 USD over the last 12 months, dividend yield 2.15%, beta 0.71, 52-week range 212.91–416.34 USD. Latest reported quarter (Q4 2026): revenue of 278.7 m USD (+36.7% YoY), net income of 28.3 m USD, diluted EPS 1.15 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 38.6
- weak (30–45)
- Bollinger (20, 2)
- 254.34 – 455.84
- in the lower half of the band · %B 0.35 · band width 56.7%
- SMA 50 / 200
- 380.15 / 356.77
- mixed trend
- MACD (12, 26, 9)
- -23.79 / -21.01
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −18.8% | −1.1% | −17.7 pp | — |
| 3 months | −17.0% | −0.5% | −16.5 pp | — |
| 6 months | −3.0% | +4.4% | −7.4 pp | — |
| Year to date | +25.6% | +12.3% | +13.3 pp | — |
| 1 year | +47.9% | +13.5% | +34.4 pp | −35.5% |
| 3 years | +86.3% | +76.4% | +9.9 pp | −27.0% |
| 5 years | +62.0% | +63.7% | −1.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 53.3 m | 357.8 m | 424.2 m | 204.0 m | 39.5 m | 403.4 m | 432.2 m | 278.7 m |
| SG&A | 52.6 m | 67.9 m | 74.7 m | 70.9 m | 57.8 m | 69.1 m | 73.7 m | 85.4 m |
| Operating income | -8.3 m | 13.3 m | 32.3 m | -22.6 m | -27.4 m | 22.2 m | 2.0 m | 32.2 m |
| Depreciation & amortisation | 782.0 k | 791.0 k | 823.0 k | 822.0 k | 811.0 k | 790.0 k | 790.0 k | 788.0 k |
| Interest expense | 6.1 m | 5.6 m | 5.0 m | 5.0 m | 5.6 m | 6.2 m | 4.8 m | 4.4 m |
| Pre-tax income | -14.6 m | 1.8 m | 22.6 m | -27.1 m | -17.4 m | 15.0 m | -13.3 m | 33.7 m |
| Income tax | -7.0 m | 698.0 k | 36.9 m | -25.3 m | -8.6 m | 6.7 m | 6.7 m | 5.4 m |
| Net income | -7.5 m | 1.1 m | -14.2 m | -1.8 m | -8.8 m | 8.2 m | -20.0 m | 28.3 m |
| Diluted EPS | -0.31 | 0.05 | -0.59 | -0.07 ≈ | -0.37 | 0.34 | -0.83 | 1.15 ≈ |
| Operating cash flow | -26.2 m | 61.8 m ≈ | 6.3 m ≈ | 49.7 m | -85.0 m | 32.4 m ≈ | 57.5 m ≈ | 57.7 m |
| Capex | 359.0 k | 533.0 k ≈ | 2.4 m ≈ | 373.0 k | 371.0 k | 857.0 k ≈ | 143.0 k ≈ | 36.0 k |
| Dividends paid | 440.0 k | 160.0 k ≈ | 33.0 k ≈ | 0 | 340.0 k | 132.0 k ≈ | 0 ≈ | 0 |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 95 percentile of its own 22-quarter history (min 37.3, median 80.1, max 1,375.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.6 bn | 603.3 m | 415.7 m | 821.4 m | 887.4 m | 1.0 bn | 1.0 bn | 1.2 bn |
| Revenue YoY | +4.6% | −63.0% | −31.1% | +97.6% | +8.0% | +15.7% | +1.2% | +11.0% |
| Net income | 11.4 m | -182.4 m | -14.0 m | 51.1 m | 47.8 m | 58.8 m | -22.4 m | 7.8 m |
| Net income YoY | −91.9% | −1,696.1% | unavailable | unavailable | −6.5% | +23.0% | −138.2% | unavailable |
| Diluted EPS | 0.48 | -7.62 | -0.58 | 2.10 | 1.89 | 2.44 | -0.93 | 0.32 |
| Diluted EPS YoY | −91.9% | −1,687.5% | unavailable | unavailable | −10.0% | +29.1% | −138.1% | unavailable |
| net % | 0.7% | -30.2% | -3.4% | 6.2% | 5.4% | 5.7% | -2.2% | 0.7% |
| Free cash flow | -27.6 m | -358.9 m | -35.8 m | 177.1 m | 151.3 m | 90.7 m | 88.0 m | 61.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 164.5 m USD
- Financial debt
- 258.5 m USD
- Net debt
- 94.0 m USD
- Equity
- -263.3 m USD
- Total assets
- 1.5 bn USD
- Debt / equity
- unavailable
- Current ratio
- 0.50x
- ROE
- unavailable
- ROA
- 0.5%
- FCF margin
- 5.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 415.7 m | 821.4 m | 887.4 m | 1.0 bn | 1.0 bn | 1.2 bn | SEC (XBRL)· 13 Aug 2026verified |
| SG&A | 206.7 m | 229.7 m | 249.9 m | 261.4 m | 266.1 m | 286.0 m | SEC (XBRL)· 13 Aug 2026verified |
| Operating income | -78.4 m | 86.1 m | 85.2 m | 146.0 m | 14.8 m | 28.9 m | SEC (XBRL)· 13 Aug 2026verified |
| Depreciation & amortisation | 5.6 m | 5.0 m | 3.6 m | 3.2 m | 3.2 m | 3.2 m | SEC (XBRL)· 13 Aug 2026verified |
| EBITDA | -72.9 m ≈ | 91.1 m ≈ | 88.8 m ≈ | 149.2 m ≈ | 18.0 m ≈ | 32.0 m ≈ | SEC (XBRL)· 13 Aug 2026derived |
| Interest expense | 10.6 m | 11.7 m | 22.9 m | 27.6 m | 21.7 m | 21.1 m | SEC (XBRL)· 13 Aug 2026verified |
| Pre-tax income | -89.3 m | 73.9 m | 89.9 m | 105.7 m | -17.3 m | 18.0 m | SEC (XBRL)· 13 Aug 2026verified |
| Income tax | -73.4 m | 25.1 m | 44.3 m | 46.9 m | 5.2 m | 10.2 m | SEC (XBRL)· 13 Aug 2026verified |
| Net income | -14.0 m | 51.1 m | 47.8 m | 58.8 m | -22.4 m | 7.8 m | SEC (XBRL)· 13 Aug 2026verified |
| Diluted EPS | -0.58 | 2.10 | 1.89 | 2.44 | -0.93 | 0.32 | SEC (XBRL)· 13 Aug 2026verified |
| Weighted average diluted shares | 24.1 m | 24.4 m | 24.2 m | 24.1 m | 24.1 m | 24.3 m | SEC (XBRL)· 13 Aug 2026verified |
| Dividend per share | — | — | 7.00 | 7.00 | 7.00 | 7.00 | SEC (XBRL)· 13 Aug 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 64.9 m | 91.0 m | 40.4 m | 89.1 m | 144.6 m | 164.5 m | SEC (XBRL)· 13 Aug 2026verified |
| Receivables | 74.2 m | 47.2 m | — | — | — | — | SEC (XBRL)· 18 Aug 2022verified |
| Current assets | 185.2 m | 205.3 m | 149.2 m | 216.9 m | 251.1 m | 323.3 m | SEC (XBRL)· 13 Aug 2026verified |
| Property, plant & equipment, net | 35.7 m | 32.9 m | 30.5 m | 28.5 m | 29.0 m | 27.2 m | SEC (XBRL)· 13 Aug 2026verified |
| Goodwill | 227.0 m | 227.0 m | 226.5 m | 226.5 m | 226.5 m | 226.5 m | SEC (XBRL)· 13 Aug 2026verified |
| Intangibles (excl. goodwill) | 1.7 m | 636.0 k | 0 | 0 | 0 | — | SEC (XBRL)· 12 Aug 2025verified |
| Total assets | 1.3 bn | 1.3 bn | 1.3 bn | 1.3 bn | 1.5 bn | 1.5 bn | SEC (XBRL)· 13 Aug 2026verified |
| Accounts payable | 2.2 m | 11.3 m | — | — | — | — | SEC (XBRL)· 18 Aug 2022verified |
| Short-term debt | 30.0 m | 30.0 m | 30.0 m | 30.0 m | 24.0 m | 16.5 m | SEC (XBRL)· 13 Aug 2026verified |
| Long-term debt | 355.0 m | 220.0 m | 295.0 m | 275.0 m | 267.0 m | 242.0 m | SEC (XBRL)· 13 Aug 2026verified |
| Current liabilities | 368.3 m | 438.3 m | 520.5 m | 522.0 m | 563.5 m | 642.4 m | SEC (XBRL)· 13 Aug 2026verified |
| Total liabilities | 1.5 bn | 1.4 bn | 1.7 bn | 1.6 bn | 1.8 bn | 1.8 bn | SEC (XBRL)· 13 Aug 2026verified |
| Equity | -201.9 m | -145.4 m | -337.2 m | -266.3 m | -281.4 m | -263.3 m † | SEC (XBRL)· 13 Aug 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -35.3 m | 178.1 m | 152.5 m | 92.1 m | 91.6 m | 62.7 m | SEC (XBRL)· 13 Aug 2026verified |
| Capex | 466.0 k | 932.0 k | 1.2 m | 1.5 m | 3.6 m | 1.4 m | SEC (XBRL)· 13 Aug 2026verified |
| Free cash flow | -35.8 m ≈ | 177.1 m ≈ | 151.3 m ≈ | 90.7 m ≈ | 88.0 m ≈ | 61.3 m ≈ | SEC (XBRL)· 13 Aug 2026derived |
| Investing cash flow | -466.0 k | -2.9 m | -17.8 m | -8.9 m | -6.9 m | -2.2 m | SEC (XBRL)· 13 Aug 2026verified |
| Financing cash flow | 17.2 m | -156.1 m | -185.3 m | -28.8 m | -26.4 m | -49.1 m | SEC (XBRL)· 13 Aug 2026verified |
| Dividends paid | 0 | 0 | 170.9 m | 701.0 k | 633.0 k | 472.0 k | SEC (XBRL)· 13 Aug 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 32 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 8.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Quality76
- Growth38
- Balance sheet36
- Returns40
- Valuation3
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.66 – 123.71 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)43.05 – 68.04 (Mid 52.75)WACC 9.2% · starting FCFF 79.0 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA6.50 – 11.46 (Mid 9.55)5 companies used · median multiple 10.4x · quartiles 8.0x – 11.8xBRSL, DIS, FBYD, MTN, PRKS
- Peers: P/E4.66 – 11.98 (Mid 9.06)8 companies used · median multiple 28.3x · quartiles 14.6x – 37.4xBRSL, DIS, MSGE, MTN, PRKS, PRSU, RSI, SEAT
- Dividend discount (DDM)91.99 – 123.71 (Mid 105.51)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 32/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 0.7% | 53 (vs peers) | 7% |
| FCF conversion · Quality | 789.5% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 9.1% | 76 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | -44.7% | 0 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 2.9x | 71 (vs peers) | 12% |
| Interest coverage · Balance sheet | 1.4x | 0 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 0.5x | 0 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 1,015.6x | 0 (vs peers) | 12% |
| EV/EBITDA · Valuation | 255.7x | 0 (vs peers) | 12% |
| FCF yield · Valuation | 0.8% | 9 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 0.8% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet36/100 · 3/3 factors with a value
- Growth38/100 · 2/2 factors with a value
- Quality76/100 · 2/3 factors with a value
- Returns40/100 · 2/2 factors with a value
- Valuation3/100 · 3/3 factors with a value
Memo
MSG KNICKERBOCKERS CORP. (MSGS). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.2 bn USD in 2026; YoY growth 11.0%; net margin 0.7%; net debt/EBITDA 2.9x.
The estimated value range is 24.77–40.01 USD per share (median of 4 methods, agreement: low); assumptions are illustrative. Against the central value of 31.15 USD, the price of 324.99 USD leaves a potential of -90.4% (value / price − 1) and a margin of safety of -943.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 32/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 789.5%
- Revenue CAGR 3Y: 9.1%
- Net debt / EBITDA: 2.9x
- Payout ratio (FCF): 0.8%
What contradicts it
- EPS CAGR 3Y: -44.7%
- Interest coverage: 1.4x
- Current ratio: 0.5x
- P/E (TTM): 1,015.6x
- EV/EBITDA: 255.7x
- FCF yield: 0.8%
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC.
Versus the vertical median
Services-Miscellaneous Amusement & Recreation (SIC 7990) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DISWalt Disney Co | 205.4 bn | 24.5 | 7.8% | 8.7% | +3.4% | +14% / +28% |
| MTNVail Resorts, Inc. | 5.6 bn | 38.5 | 44.4% | 5.2% | −4.3% | +13% / −27% |
| RSIRush Street Interactive, Inc. | 2.4 bn | 39.4 | 23.0% | 2.6% | +22.8% | −35% / +183% |
| BRSLBrightstar Lottery PLC | 1.9 bn | 13.5 | 11.6% | 5.9% | −0.0% | −36% / −63% |
| PRKSUnited Parks & Resorts Inc. | 1.7 bn | 14.9 | — | 8.1% | −3.6% | +5% / −23% |
| PRSUPursuit Attractions and Hospitality, Inc. | 1.5 bn | 32.1 | 7.7% | 9.6% | +23.4% | +57% / +62% |
| NIPGNIP Group Inc. | 413.9 m | — | -15.9% | -14.9% | +1.9% | −92% / unavailable |
| SEGSeaport Entertainment Group Inc. | 275.7 m | — | -22.6% | -91.4% | +18.3% | +0% / unavailable |
| GENIGenius Sports Limited | 59.2 m | — | -17.2% | -16.7% | +31.0% | −41% / +7% |
| SEATVivid Seats Inc. | 30.8 m | 0.0 | 2,000.9% | 278.1% | −30.5% | −64% / −98% |
| GRSDGrandstand Limited | 29.3 m | — | -28.5% | -19.9% | +30.1% | −85% / −91% |
| FCHLFitness Champs Holdings Limited | 11.4 m | — | -349.1% | -32.9% | +4.7% | −100% / unavailable |
| FBYDFalcon’s Beyond Global, Inc. | 68 | — | -100.8% | -36.0% | +120.8% | −67% / −35% |
| MSGEMadison Square Garden Entertainment Corp. | — | 37.1 | — | 8.6% | +12.5% | +52% / +149% |
| CDROCodere Online Luxembourg, S.A. | — | — | 17.3% | 1.9% | +24.2% | +19% / +159% |
| MSGSMsg Knickerbockers Corp. | — | 1,015.6 | — | 0.7% | +11.0% | +48% / +86% |
| ENHAEnhanced Group Inc. | — | — | -1,903.4% | — | unavailable | unavailable / unavailable |
| DKNGDraftkings Inc. | — | — | -21.1% | -2.7% | +27.0% | −29% / −38% |
| STUBStubhub Holdings, Inc. | — | — | -145.8% | -91.3% | −1.4% | −46% / unavailable |
| XPOFXponential Fitness, Inc. | — | — | — | -401.5% | −20.7% | −33% / −68% |
| GDHGGolden Heaven Group Holdings Ltd. | — | — | -6.5% | -56.2% | −31.5% | −74% / −100% |
1- and 3-year price returns: for MSGS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 195.57 Total return -40% · Per year -40% | 345.01 Total return 6% · Per year 6% | 518.68 Total return 60% · Per year 60% |
| 3 years | 207.93 Total return -36% · Per year -14% | 410.99 Total return 27% · Per year 8% | 675.78 Total return 108% · Per year 28% |
| 5 years | 221.08 Total return -32% · Per year -7% | 489.59 Total return 51% · Per year 9% | 880.45 Total return 172% · Per year 22% |
- Exit P/E± 102.75
- Net margin± 71.92
- Annual revenue growth± 56.52
- Annual dilution± 6.04
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Madison Square Garden Sports Corp. (MSGS) owns the New York Knicks (NBA) and New York Rangers (NHL), plus two development teams and a performance center, all playing at Madison Square Garden. In fiscal 2026 revenues reached 1,153.8 million USD, and the Knicks won the NBA championship, making the company relevant amid a proposed separation of its Rangers business 12.
SWOT
Strengths
- Iconic teams with globally recognised brands, one of which, the Knicks, won the NBA championship in 2026 12.
- A strong presence in the nation's largest media market and a broad, loyal fan base 1.
- Long-term partnerships with MSG Entertainment for suites, sponsorships and arena, plus national media rights through the NBA and NHL 1.
Weaknesses
- Heavy dependence on team popularity and sporting success, which makes revenue volatile from season to season 1.
- The company does not own the arena where it plays, creating reliance on license agreements with MSG Entertainment 1.
- Player salaries and NBA luxury tax costs are high and can rise without full control by the company 1.
Opportunities
- The proposed separation of the Rangers business could create two entities with distinct investment profiles if completed 12.
- New NBA and NHL media contracts could support longer-term recurring revenue 12.
- Corporate demand for suites and sponsorships could grow, especially if the teams stay competitive 2.
Threats
- Intense competition in the New York area for fans, audiences and advertising could erode market share 1.
- Lower local media rights from MSG Networks could hurt revenue if that network's financial position weakens 12.
- Economic, geopolitical and regulatory risks could reduce demand for tickets and premium services 1.
Risks
- Dependence on sporting performancehigh
Revenue depends on team popularity and success, and a weak season could reduce ticket, sponsorship and playoff revenue.
- Arena license agreementsmedium
The company does not own the arena, and any problems at MSG Entertainment or failure to renew agreements could affect operations.
- Local media rightsmedium
Lower fees from MSG Networks or its financial difficulties could reduce revenue from local telecasts.
- Salary costs and NBA taxlow
Player salaries are rising and a luxury tax could apply, which could reduce operating margins if revenue does not grow in parallel.
Investment thesis
What would need to be true (bull case)
- Revenue growth of 11% in fiscal 2026 and the Knicks championship show the company's ability to turn sporting success into revenue 12.
- If the Rangers separation is completed, the two entities could have clearer strategies and risk profiles for investors 12.
- Long-term media contracts and corporate demand for suites could provide a more stable revenue base over time 12.
What would break the thesis
- Revenue remains highly sensitive to sporting results, and a weak season could reverse recent gains 1.
- The Rangers separation may generate costs, delays or tax obligations, and its completion is not assured 12.
- Reliance on agreements with MSG Entertainment and MSG Networks could expose the company to partner problems 12.
What to watch
- Completion of the proposed Rangers separation and the approval conditionsOctober 2026
- Revenue and operating results for the first quarter of fiscal 2027Q1 2027
- Development of local media rights and the financial position of MSG Networks2027
- Sporting performance of the Knicks and Rangers and demand for tickets and suitesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company owns and operates a portfolio of professional sports teams in New York, mainly the Knicks of the NBA and the Rangers of the NHL, both playing home games at Madison Square Garden Arena, which the company does not own but operates under license agreements with MSG Entertainment 1. Revenue comes from ticket sales, facility fees, league media rights distributions, local telecast fees from MSG Networks, suite and club licenses, sponsorships, and food, beverage and merchandise sales 1. Fiscal 2026, ended June 30, 2026, was marked by the Knicks winning the NBA championship, and the company reported revenue growth of 11% over the prior year 12.
The company has said it is exploring a possible spin-off of the Rangers business from the Knicks business, through a tax-free distribution to shareholders via a new entity, MSGS Spinco, Inc. 1. It expects to complete the separation by the end of October 2026, subject to conditions including board approval, league approval and an effective Form 10 registration statement 2. Until then the Rangers remain in continuing operations 1.
Revenue figures show dependence on sporting performance and playoffs: in the fiscal 2026 fourth quarter revenues rose 37%, mainly from higher playoff-related revenues compared with the prior year 2. The company notes that revenue is concentrated in the second and third fiscal quarters due to the NBA and NHL seasons 1.
Segments
Knicks (NBA)
The Knicks are an original NBA franchise with three NBA championships, including the 2026 title, and are the company's main revenue driver, especially from tickets, suites and playoffs 12.
Rangers (NHL)
The Rangers are one of the NHL's Original Six franchises, have won four Stanley Cups, and are the subject of the proposed spin-off, remaining in continuing operations until any distribution is completed 1.
Development teams and training center
The Westchester Knicks (NBAGL) and Hartford Wolf Pack (AHL) support player development, and the Greenburgh training center of about 114,000 square feet supports team preparation 1.
Market context
Demand for tickets and corporate hospitality depends on team popularity and success, and the company reports robust consumer and corporate demand for both the Knicks and the Rangers during the year 2. Per-game revenue rose in every in-arena category, including tickets, suites, sponsorship and food, beverage and merchandise 2.
Trends
- Lower local media rightsheadwind
Amendments to local telecast agreements with MSG Networks reduced local rights fees, and if this trend continues it could weigh on revenue 2.
- Team performance and playoffsmixed
On-court success, including the Knicks championship, generated extra playoff and merchandise revenue; if performance declines, these gains could shrink 12.
- Rangers separationmixed
The proposed spin-off could change the company's structure and create two separately listed entities, but it involves costs, uncertainty and possible tax obligations 12.
Competitive position
The company competes with other sports and entertainment options in New York, including other professional teams in baseball, football, women's hockey and women's basketball, as well as other leisure options 1. Competition for tickets, audiences and advertising is intense, and the company acknowledges that rivals may have greater resources 1.
Within the NBA and NHL, teams also compete for players, and rivals in the same leagues may offer salaries or conditions that could affect the company's ability to retain talent 1.
- Brooklyn Nets
NBA team in the New York metropolitan area that competes with the Knicks for basketball fans.
- New York Islanders and New Jersey Devils
NHL teams in the New York area that compete with the Rangers for hockey fans.
- New York Yankees and New York Mets
Baseball teams in New York that compete for fan attention and advertising.
- New York Giants and New York Jets
American football teams that compete for entertainment and sponsorship budgets.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- MSG Sports criticizes NYPD and Mamdani over Knicks Game 4 securityThe Guardian World · 10 Jun 2026 · RO
- MSG Sports Shares Rally to Record as Knicks Reach NBA FinalsBloomberg Markets · 26 May 2026 · EN
The latest news item in our archive is from 10 Jun 2026; the newest SEC filing is from 27 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report27 Oct 2026Material agreement · Acquisition or disposition of assets · Departure or appointment of officers · Amendments to articles or bylaws · Financial statements and exhibits
- Proxy statement27 Oct 2026
- Current report (amendment)09 Oct 2026Other events
- Current report30 Sept 2026Material agreement · Departure or appointment of officers · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report22 Sept 2026Departure or appointment of officers
- Annual report13 Aug 2026
- Current report13 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report08 May 2026
- Current report08 May 2026Results of operations · Financial statements and exhibits
- Current report04 May 2026Departure or appointment of officers · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-06-30 · SEC / Madison Square Garden Sports Corp. · 13 Aug 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / Madison Square Garden Sports Corp. · 13 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.