Madison Square Garden Sports (MSGS) Stock Analysis & Winston Score

Madison Square Garden Sports Corp. owns two of the most famous sports teams in the United States: the New York Knicks (NBA basketball) and the New York Rangers (NHL hockey). Both teams play their home games at Madison Square Garden arena in New York City, one of the most recognized sports venues in the world. The company sits at the center of professional sports in the largest media market in the country.

The company earns money through ticket sales, suite rentals, merchandise, and its share of national TV and media rights deals negotiated by the NBA and NHL leagues. It operates almost entirely in the New York market, making it heavily dependent on one city and two teams. The Knicks and Rangers carry strong brand loyalty built over decades, which gives the company pricing power with fans and sponsors, but the main risk is that team performance directly affects ticket demand, revenue, and overall fan engagement.

Winston Score History

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

-10.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-107.0% 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

13.6%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$153M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Madison Square Garden Sports's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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.

Share count broadly stable

−0.2% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 24.1M (2021) → 24.1M (2025)

Score breakdown

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Quality

Gross Margin

23.7%

Thin — 23.7% gross margin

Operating Margin

-11.1%

Losing money on operations — -11.1%

ROCE

-236.1%

Weak — -236.1% return on capital

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

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Growth

Sales YoY

+0.3%

Nearly flat sales (0.3% YoY)

EPS YoY

-129.2%

Earnings shrinking (-129.2% YoY)

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

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

0.1%

Thin free cash flow (0.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

N/A

—

Data not available

Interest Cover

0.21x

Dangerous — barely covers interest (0.2x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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