Madison Square Garden Entertainment

MSGE

Entertainment · Communication Services

Price

$75.25

+1.23 (+1.66%)

Market Cap

$3.56B

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+100.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 24.2M (2021) → 48.3M (2025)

Madison Square Garden Entertainment Corp. owns and operates some of the most famous live entertainment venues in the United States. Its crown jewel is Madison Square Garden in New York City, often called "The World's Most Famous Arena." The company also owns the Beacon Theatre, Radio City Music Hall, and the Hulu Theater, and it hosts concerts, sporting events, and live shows for millions of fans each year.

The company earns money by selling tickets, renting out suites and premium seating, and charging for food and drinks at its venues. It also collects fees from sponsorships and naming rights deals. Operations are concentrated in New York City, which gives the company a strong geographic moat — these iconic venues are impossible to replicate. However, the business depends heavily on filling seats, so an economic slowdown or a drop in consumer spending on live entertainment is a real risk to revenue.

Winston Score History

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-17.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-140.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (12%)

Research and development spending

Insider Activity

24.9%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~4 months

$43M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Madison Square Garden Entertainment has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

48.8%

Healthy — 48.8% gross margin

Operating Margin

-16.7%

Losing money on operations — -16.7%

ROCE

-4.4%

Weak — -4.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+5.7%

Slow sales growth (5.7% YoY)

EPS YoY

-58.5%

Earnings shrinking (-58.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

412%

Turns 412% of profit into real cash

FCF Margin

19.2%

Converts sales into free cash efficiently (19.2%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

3.04x

Tight — interest eats into profit (3.0x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

68.4x

Expensive — P/E 68.4

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+42.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (68.4 → 26.1)

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Dividends

Not applicable for this business.

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