MSGEMadison Square Garden Entertainment Corp.
Services-Miscellaneous Amusement & Recreation
- Revenue
- $1.1B
- 13% YoY
- Operating margin
- 13.3%
- 3.0% YoY
- EBITDA
- $198M
- 9.9% YoY
- Market cap
- $3.9B
- Employees
- —
- Net debt / EBITDA
- 1.2×
- $247M net debt
- AI in 10-K
- 0.4
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 1 of 7
- TSR below peersNo0 of 4 years3+ of last 5 years
- High CEO pay despite TSRNo$12M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo531% of net incomeCash flow under 80% of net income
- Dilutive SBCNo3% of revenueOver 10% of revenue
- Payouts exceed cash flowNo7% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo4% of assetsOver 40% of assets
- Shareholder dissentYes79% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AIYes0.4 per 10K words · 19th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo1.2× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$3.9B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DYes1 filingActive-intent 13D in 18 months
- Net insider sellingNo−$2M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $582M | $780M | $959M | $943M | $1.1B | 13% |
| Operating income | −$6M | $105M | $112M | $122M | $142M | 16% |
| Net income | −$133M | $76M | $144M | $37M | $66M | 77% |
| Operating cash flow | $95M | $136M | $111M | $115M | $351M | 205% |
| Stock-based comp | $39M | $32M | $31M | $28M | $32M | 17% |
| Buybacks | $0 | $25M | $51M | $40M | $25M | 37% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Mar 9, 2026 | DOLAN JAMES LAWRENCE | SCHEDULE 13D/A | 6.6% | Active |
| Feb 27, 2026 | DOLAN JAMES LAWRENCE | SCHEDULE 13D/A | 6.6% | Passive |
| Sep 10, 2025 | DOLAN JAMES LAWRENCE | SCHEDULE 13D/A | 7.1% | Passive |
| Feb 4, 2025 | DOLAN JAMES LAWRENCE | SCHEDULE 13D/A | 6.8% | Passive |
| Dec 31, 2024 | DOLAN CHARLES F | SCHEDULE 13D/A | 1.0% | Passive |
| Mar 19, 2024 | DOLAN CHARLES F | SC 13D/A | 9.5% | Passive |
| Sep 25, 2023 | DOLAN CHARLES F | SC 13D/A | 18.3% | Passive |
| Apr 28, 2023 | DOLAN CHARLES F | SC 13D | — | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $2M · 2
- Net
- −$2M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $15M | $38M | 261 | 98 |
| FY2025 | $14M | $16M | 129 | 116 |
| FY2024 | $10M | $11M | 110 | 102 |
| FY2023 | $9M | $11M | 108 | 101 |