Latest Ratios: P/E Ratio 97.4x · EV/EBITDA 24.5x · ROE N/A. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.5B | $1.9B | $1.7B | $1.7B | $2.4B | $2.0B | $1.8B | — | — |
| Enterprise Value | $4.7B | $3.1B | $2.7B | $2.5B | $3.3B | $2.4B | $1.2B | — | — |
| P/E Ratio → | 97.38 | 51.91 | 11.53 | 22.87 | — | — | 10.50 | — | — |
| P/S Ratio | 3.76 | 2.05 | 1.73 | 2.02 | 3.62 | 24.81 | 3.08 | — | — |
| P/B Ratio | — | — | — | — | — | 4.07 | 0.63 | — | — |
| P/FCF | 38.11 | 20.75 | 19.10 | 14.24 | 29.70 | — | 957.14 | — | — |
| P/OCF | 30.76 | 16.75 | 14.95 | 12.65 | 24.78 | — | 57.20 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.28 | 2.81 | 2.99 | 4.99 | 29.92 | 1.98 | — | — |
| EV / EBITDA | 24.49 | 16.08 | 16.28 | 14.27 | 51.05 | — | 3.69 | — | — |
| EV / EBIT | 35.02 | 26.62 | 21.40 | 19.62 | 8838.42 | — | 4.27 | — | — |
| EV / FCF | — | 33.19 | 31.01 | 21.10 | 41.00 | — | 614.57 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.2% | 43.2% | 43.0% | 41.3% | 39.6% | 7.3% | 34.9% | 36.1% | 35.8% |
| Operating Margin | 14.3% | 14.3% | 11.7% | 12.3% | -0.9% | -290.0% | 38.5% | -4.3% | -3.2% |
| Net Profit Margin | 4.0% | 4.0% | 15.0% | 9.0% | -20.4% | -267.2% | 29.4% | -1.7% | 0.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | -53.6% | -13.0% | 6.2% | -0.7% | 0.3% |
| ROA | 2.3% | 2.3% | 9.8% | 5.2% | -8.3% | -8.1% | 4.9% | -0.5% | 0.2% |
| ROIC | 9.3% | 9.3% | 9.5% | 9.5% | -0.5% | -11.3% | 8.8% | -2.2% | -1.6% |
| ROCE | 12.1% | 12.1% | 11.7% | 11.4% | -0.5% | -10.6% | 7.4% | -1.6% | -1.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | 1.48 | 0.09 | 0.02 | 0.04 |
| Debt / EBITDA | 6.25 | 6.25 | 6.45 | 5.06 | 14.98 | — | 0.83 | 0.86 | 1.31 |
| Net Debt / Equity | — | — | — | — | — | 0.84 | -0.22 | 0.00 | 0.00 |
| Net Debt / EBITDA | 6.03 | 6.03 | 6.25 | 4.64 | 14.07 | — | -2.06 | 0.00 | 0.00 |
| Debt / FCF | — | 12.44 | 11.91 | 6.86 | 11.30 | — | -342.57 | — | — |
| Interest Coverage | 2.30 | 2.30 | 2.18 | 2.50 | 0.01 | -6.61 | 638.27 | -0.64 | -2.14 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.47 | 0.47 | 0.43 | 0.55 | 0.63 | 1.27 | 2.80 | 2.84 | 2.80 |
| Quick Ratio | 0.46 | 0.46 | 0.43 | 0.54 | 0.62 | 1.26 | 2.80 | 2.84 | 2.80 |
| Cash Ratio | 0.09 | 0.09 | 0.07 | 0.14 | 0.11 | 0.74 | 2.44 | 2.51 | 2.53 |
| Asset Turnover | — | 0.56 | 0.62 | 0.61 | 0.43 | 0.05 | 0.16 | 0.32 | 0.30 |
| Inventory Turnover | 142.80 | 142.80 | 141.32 | 195.51 | 143.46 | 33.97 | — | — | — |
| Days Sales Outstanding | — | 37.52 | 39.03 | 61.99 | 114.47 | 759.78 | 35.70 | 28.80 | 30.42 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.0% | 1.9% | 8.7% | 4.4% | — | — | 9.5% | — | — |
| FCF Yield | 2.6% | 4.8% | 5.2% | 7.0% | 3.4% | — | 0.1% | — | — |
| Buyback Yield | 1.1% | 2.1% | 3.1% | 1.5% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 1.1% | 2.1% | 3.1% | 1.5% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $48M | $49M | $51M | $45M | $24M | $24M | $24M | $24M |
Seasonal liquidity and leverage
According to recent financial data, MSGE trades at a forward P/E of 69.98 and an EV/EBITDA of 25.80, suggesting that investors are pricing in the scarcity of its Manhattan real estate assets rather than immediate earnings growth, which remains highly volatile compared to broader entertainment sector peers.
The elevated valuation multiples appear to reflect a 'trophy asset' premium, as the market assigns value to the irreplaceable nature of the Garden rather than the underlying cash flow consistency. This pricing suggests that investors may be looking past the current earnings volatility, though the lack of a clear PEG ratio indicates that growth expectations are not currently anchored to fundamental earnings expansion.
Based on reported figures, MSGE's ROIC has fluctuated significantly, peaking at 13.5% in 2024Q2 before dropping to 1.1% in 2026Q3, which highlights the difficulty of compounding returns when the business model is tethered to the extreme seasonal event cycles of its core New York venue portfolio.
The erratic trend in ROIC suggests that the company struggles to maintain efficient capital deployment across all four quarters, as the high fixed-cost base of the venues creates a drag on returns during off-peak periods. Investors should monitor whether management can improve asset utilization during 'dark nights' to stabilize these returns, as current levels appear insufficient to consistently exceed the cost of capital.
As reported in financial statements, MSGE's cash conversion cycle remains highly irregular, with DSO fluctuating between 27 and 75 days, indicating that the company's ability to manage working capital is heavily dependent on the timing of large-scale event settlements and seasonal sponsorship payments throughout the fiscal year.
The wide variance in DSO and DPO suggests that the company's cash flow is subject to the timing of third-party event promoters and the seasonal nature of the Christmas Spectacular. This lack of consistency in working capital management may force the company to maintain higher liquidity buffers than would otherwise be necessary for a more stable, recurring revenue business.
Based on recent SEC filings, MSGE's current ratio has consistently remained below 1.0, reaching a low of 0.43 in 2024Q4, which suggests a structural reliance on incoming event revenue to meet immediate operational obligations and highlights the company's vulnerability to any sudden disruption in its event calendar.
The persistent sub-1.0 current ratio indicates that the company operates with minimal liquidity headroom, leaving little margin for error during periods of low event activity. This position warrants further investigation into the company's access to revolving credit facilities, as the current balance sheet structure appears ill-equipped to handle prolonged operational shutdowns or unexpected spikes in maintenance capital requirements.
As indicated by the company's extreme earnings volatility, the P/E ratio is a fundamentally flawed metric for MSGE, as it obscures the underlying cash-generating capacity of the venue portfolio by failing to account for the massive, non-cash depreciation charges associated with its iconic, high-value Manhattan real estate assets.
Investors should prioritize EV/EBITDA or FCF-based valuation metrics, as these better capture the operational reality of a venue-heavy business model where depreciation is a significant accounting expense but not a cash outflow. Relying on P/E ratios in this context may lead to an inaccurate assessment of the company's true earning power and its ability to fund future capital improvements.
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Quick answers to the most common questions about buying MSGE stock.
Madison Square Garden Entertainment Corp.'s current P/E ratio is 97.4x. The historical average is 24.2x. This places it at the 100th percentile of its historical range.
Madison Square Garden Entertainment Corp.'s current EV/EBITDA is 24.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.3x.
Based on historical data, Madison Square Garden Entertainment Corp. is trading at a P/E of 97.4x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Madison Square Garden Entertainment Corp. has 43.2% gross margin and 14.3% operating margin. Operating margin between 10-20% is typical for established companies.
Madison Square Garden Entertainment Corp.'s Debt/EBITDA ratio is 6.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.