Latest Ratios: P/E Ratio -420.1x · EV/EBITDA 579.1x · ROE N/A. (2013–2025 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.4B | $5.0B | $4.5B | $4.5B | $3.7B | $4.2B | $3.5B | $3.3B | $3.7B | $2.3B | $2.1B |
| Enterprise Value | $10.4B | $6.1B | $5.5B | $5.6B | $4.6B | $5.2B | $4.5B | $3.3B | $2.5B | $1.2B | $647M |
| P/E Ratio → | -420.14 | — | 77.10 | 99.50 | 71.90 | — | — | — | 25.90 | — | — |
| P/S Ratio | 9.05 | 4.84 | 4.41 | 5.13 | 4.49 | 10.02 | 5.83 | 4.55 | 2.35 | 1.77 | 1.90 |
| P/B Ratio | — | — | — | — | — | — | — | 1.23 | 1.39 | 0.93 | 0.82 |
| P/FCF | 106.91 | 57.21 | 49.99 | 30.07 | 20.81 | — | — | — | 127.69 | 13.51 | 39.18 |
| P/OCF | 102.69 | 54.95 | 49.20 | 29.84 | 20.70 | — | 985.66 | 20.58 | 16.63 | 10.75 | 16.84 |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.84 | 5.40 | 6.34 | 5.59 | 12.53 | 7.45 | 4.51 | 1.62 | 0.88 | 0.58 |
| EV / EBITDA | 579.08 | 336.45 | 37.15 | 63.44 | 50.34 | — | — | — | 17.30 | 21.46 | 12.74 |
| EV / EBIT | 704.92 | 1384.68 | 41.60 | 49.91 | 53.55 | — | — | — | 76.33 | — | — |
| EV / FCF | — | 68.93 | 61.13 | 37.22 | 25.90 | — | — | — | 87.64 | 6.75 | 11.96 |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 27.0% | 27.0% | 39.7% | 37.8% | 38.4% | 30.9% | 37.4% | 36.9% | 31.6% | 26.5% | 24.7% |
| Operating Margin | 1.4% | 1.4% | 14.2% | 9.6% | 10.5% | -18.8% | -15.3% | -8.0% | 1.5% | -4.0% | -4.6% |
| Net Profit Margin | -2.2% | -2.2% | 5.7% | 5.4% | 6.2% | -3.4% | -30.2% | 1.6% | 9.1% | -5.5% | -6.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | -14.6% | 0.4% | 5.5% | -2.9% | -4.1% |
| ROA | -1.5% | -1.5% | 4.1% | 3.4% | 3.6% | -1.0% | -7.1% | 0.3% | 3.7% | -2.0% | -2.7% |
| ROIC | 1.5% | 1.5% | 14.7% | 8.5% | 8.1% | -7.3% | -4.0% | -2.1% | 1.2% | -3.3% | -3.4% |
| ROCE | 1.5% | 1.5% | 16.2% | 9.2% | 8.5% | -7.6% | -4.5% | -1.9% | 0.8% | -1.8% | -2.2% |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | — | 0.04 | 0.04 | — |
| Debt / EBITDA | 65.72 | 65.72 | 7.41 | 12.63 | 10.90 | — | — | — | 0.73 | 1.95 | — |
| Net Debt / Equity | — | — | — | — | — | — | — | -0.01 | -0.44 | -0.47 | -0.57 |
| Net Debt / EBITDA | 57.22 | 57.22 | 6.77 | 12.18 | 9.90 | — | — | — | -7.91 | -21.53 | -28.99 |
| Debt / FCF | — | 11.72 | 11.14 | 7.14 | 5.09 | — | — | — | -40.06 | -6.77 | -27.21 |
| Interest Coverage | 0.20 | 0.20 | 4.83 | 4.93 | 7.30 | -7.46 | -20.98 | -11.20 | 9.45 | -18.38 | -37.96 |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.44 | 0.44 | 0.41 | 0.28 | 0.47 | 0.50 | 0.44 | 1.86 | 1.85 | 1.90 | 2.61 |
| Quick Ratio | 0.44 | 0.44 | 0.41 | 0.28 | 0.47 | 0.50 | 0.44 | 1.86 | 1.85 | 1.90 | 2.61 |
| Cash Ratio | 0.27 | 0.27 | 0.18 | 0.08 | 0.21 | 0.20 | 0.31 | 0.03 | 1.64 | 1.67 | 2.39 |
| Asset Turnover | — | 0.66 | 0.71 | 0.63 | 0.59 | 0.29 | 0.47 | 0.19 | 0.41 | 0.35 | 0.31 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 15.29 | 28.46 | 31.08 | 33.58 | 79.21 | 7.05 | 8.00 | 24.74 | 29.01 | 26.21 |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.0% | 0.0% | 0.0% | 3.8% | — | — | 23.5% | — | — | — | — |
| Payout Ratio | — | — | 1.2% | 357.6% | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 1.3% | 1.0% | 1.4% | — | — | — | 3.9% | — | — |
| FCF Yield | 0.9% | 1.7% | 2.0% | 3.3% | 4.8% | — | — | — | 0.8% | 7.4% | 2.6% |
| Buyback Yield | 0.1% | 0.2% | 0.2% | 1.6% | 0.5% | 0.0% | 0.8% | 0.6% | 0.3% | 6.4% | 5.0% |
| Total Shareholder Yield | 0.1% | 0.2% | 0.2% | 5.4% | 0.5% | 0.0% | 24.3% | 0.6% | 0.3% | 6.4% | 5.0% |
| Shares Outstanding | — | $24M | $24M | $24M | $24M | $24M | $24M | $24M | $24M | $24M | $25M |
Linear media revenue decay
Based on reported figures, MSGS trades at an EV/EBITDA multiple of 582.08, which significantly exceeds typical entertainment sector valuations and suggests that investors are pricing the company as a scarce, appreciating trophy asset rather than a traditional cash-flow-generating business model with standard growth expectations.
The extreme valuation multiples indicate that the market is assigning a substantial premium to the underlying franchise rights, effectively ignoring the thin operating margins and negative net income. Investors should monitor whether this valuation floor holds if the transition away from linear media rights continues to pressure the company's core revenue streams.
As reported in financial statements, MSGS maintains a thin operating margin of 1.42%, reflecting the heavy burden of player compensation and league-mandated costs that consume the majority of revenue, leaving little room for operational error or margin expansion during the regular season.
The volatility in gross margins, which dropped to 17.8% in 2026Q3, highlights the structural sensitivity of the business to high fixed-cost obligations. This suggests that profitability is less a function of operational efficiency and more a result of league-level revenue sharing and the timing of postseason success.
According to recent quarterly data, ROIC has fluctuated significantly, reaching a low of -2.6% in 2026Q1 before recovering to 0.2% in 2026Q3, which indicates that the company is struggling to consistently generate returns on its invested capital base amidst seasonal revenue swings.
The inability to maintain positive, compounding returns on capital suggests that the business model is currently optimized for asset retention rather than capital growth. This warrants further investigation into whether management's capital allocation strategy can effectively pivot toward higher-margin digital opportunities without diluting the core franchise value.
Based on the provided financial data, the company's asset turnover remains low at 0.28 in 2026Q3, demonstrating that the business relies heavily on the timing of upfront cash collections from sponsorships and season tickets to manage its seasonal liquidity requirements throughout the year.
The reliance on working capital inflows to bridge seasonal gaps suggests that the company's operational efficiency is highly dependent on customer retention and the timing of league-mandated payments. Investors should monitor the DSO trends, as any delay in collections could exacerbate the company's already tight liquidity position.
As indicated by the reported net margin of -2.16%, the P/E ratio is a fundamentally flawed metric for MSGS, as it fails to account for the non-cash appreciation of the underlying sports franchises and the idiosyncratic nature of league-level revenue distributions.
Analysts should prioritize EV/EBITDA or private market franchise valuation multiples over earnings-based metrics, as the latter are heavily distorted by non-recurring player contract buyouts and accounting nuances. Relying on P/E ratios obscures the true economic value of the company's territorial exclusivity and long-term media rights.
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying MSGS stock.
Madison Square Garden Sports Corp.'s current P/E ratio is -420.1x. The historical average is 68.6x.
Madison Square Garden Sports Corp.'s current EV/EBITDA is 579.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 33.7x.
Based on historical data, Madison Square Garden Sports Corp. is trading at a P/E of -420.1x. Compare with industry peers and growth rates for a complete picture.
Madison Square Garden Sports Corp.'s current dividend yield is 0.01%.
Madison Square Garden Sports Corp. has 27.0% gross margin and 1.4% operating margin.
Madison Square Garden Sports Corp.'s Debt/EBITDA ratio is 65.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.