MSGKMSG Knickerbockers Corp.

Services-Miscellaneous Amusement & Recreation

Revenue: $1.2B; 11% YoY
Operating margin: 2.5%; 76% YoY
EBITDA: $32M; 78% YoY
Market cap: $7.8B
Employees: —
Net debt / EBITDA: 2.4×; $77M net debt
AI in 10-K: 0.4; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
808% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
1% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
15% of assets
Over 40% of assets
Shareholder dissentYes
59% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 19th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$7.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
3 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$821M	$887M	$1.0B	$1.0B	$1.2B	11%
Operating income	$86M	$85M	$146M	$15M	$29M	95%
Net income	$49M	$46M	$59M	−$22M	$8M	135%
Operating cash flow	$178M	$152M	$92M	$92M	$63M	32%
Capex	$932K	$1M	$1M	$4M	$1M	61%
Stock-based comp	$24M	$25M	$21M	$18M	$22M	20%
Dividends	$0	$171M	$701K	$633K	$472K	25%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 14, 2026	GAMCO INVESTORS, INC. ET AL	SCHEDULE 13D/A	4.6%	Passive
Mar 9, 2026	DOLAN JAMES LAWRENCE	SCHEDULE 13D/A	7.1%	Active
Feb 27, 2026	DOLAN JAMES LAWRENCE	SCHEDULE 13D/A	2.9%	Active
Feb 24, 2026	DOLAN JAMES LAWRENCE	SCHEDULE 13D/A	21.4%	Active
Feb 4, 2025	DOLAN JAMES LAWRENCE	SCHEDULE 13D/A	8.0%	Passive
Dec 31, 2024	DOLAN CHARLES F	SCHEDULE 13D/A	21.2%	Passive
Mar 26, 2020	GAMCO INVESTORS, INC. ET AL	SC 13D/A	—	Passive
Dec 31, 2019	DOLAN CHARLES F	SC 13D/A	0.3%	Passive
Sep 24, 2019	DOLAN CHARLES F	SC 13D/A	21.8%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $2M · 4
Net: −$2M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	244	57
FY2025	—	—	127	67
FY2024	—	—	114	59
FY2023	—	—	114	58
FY2022	—	—	88	58