Start here if you're new
what it is
Madison Square Garden Sports owns the New York Knicks and New York Rangers and makes money from games, media, sponsors, and premium seating.
how it gets paid
Last year Msg Sports made $1.0B in revenue. ticket sales was the main engine at $330M, or 33% of sales.
why it's growing
Revenue grew 1.2% last year. At the time of this writing, these shares have increased in price by about 30% over the trailing 12-month period.
what just happened
Latest quarter revenue hit $443M, up 10% vs. prior year, while EPS came in at $0.34 versus a -$1.16 estimate.
At a glance
B+ balance sheet — decent shape, but not bulletproof
10/100 earnings predictability — expect surprises
12.0% return on capital — nothing to write home about
xvary composite: 47/100 — below average
-$0.50 fy2026 eps est
What they do
Madison Square Garden Sports owns the New York Knicks and New York Rangers and makes money from games, media, sponsors, and premium seating.
You are not buying a generic sports stock. You are buying two scarcity assets in New York. There are only 30 NBA teams and 32 NHL teams, and MSGS owns one of each. That scarcity lets it sell tickets, sponsors, and suite access around brands fans already built into their identity.
How they make money
$1.0B
annual revenue · their business grew +1.2% last year
ticket sales
$330M
+10.0%
suite licenses and premium seating
$190M
+10.0%
sponsorships and advertising
$170M
+1.2%
local media rights
$160M
5.0%
league distributions and other
$150M
+1.2%
The products that matter
NBA franchise operations
New York Knicks
$7.4B franchise value
it's the crown jewel. that $7.4B value supports ticket pricing, sponsor demand, and most of the sum-of-the-parts argument behind the stock.
scarce asset
NHL franchise operations
New York Rangers
2 core team assets
the Rangers are one of only two major assets here. if one team underperforms, 50% of the franchise portfolio feels it.
portfolio balance
premium hospitality sales
Event-Level Suites
launched oct 2025
management rolled this out in october 2025 to squeeze more dollars out of high-demand nights. if margins improve from here, this is one place to look first.
margin watch
Key numbers
1.4%
operating margin
Operating margin → money left after paying to run the business → so what: MSGS kept just $1.40 for every $100 of revenue in its FY2026 outlook.
$267M
long-term debt
Debt → money owed → so what: MSGS carries $267 million of long-term debt, or 4% of capital, which is light for a company worth about $6 billion.
64.1%
voting control
Voting power → who calls the shots → so what: insiders control 64.1% of votes, which means you can buy the stock without controlling the outcome.
5.0%
sales outlook
Projected sales growth → next year's revenue direction → so what: revenue is expected to fall 5.0%, even after the business just posted $1.0 billion in annual sales.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 75 / 100
- long-term debt $267M (4% of capital)
- net profit margin 8.2% — keeps 8 cents of every dollar in revenue
- return on equity 21% — $0.21 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in MSGS 3 years ago → it's now worth $15,210.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
Latest quarter revenue hit $443M, up 10% vs. prior year, while EPS came in at $0.34 versus a -$1.16 estimate.
The quarter showed how lumpy this business is. Annual revenue grew just 1.2% to $1.0 billion, but one strong quarter was enough to produce a large earnings surprise.
$443M
revenue
$0.34
eps
n/a
n/a
the number that mattered
The 10% revenue jump matters most because this is a fixed-cost business, so a small sales lift can swing profit hard.
-
rising national media fees is one factor that bears watching in the months ahead.
-
this positive variable helps to combat declining local television deals.what’s more, the company should also receive a shot in the arm from more sponsorship and marketing revenues, which are poised to lend a helping hand to operating profits. also, msg sports should benefit from continued strong sales of knicks and rangers tickets, along with suite sales, which are higher-margined.
-
the knicks are playing very well and have aspirations for a deep playoff run.the rangers, on the other hand, are unlikely to make the playoffs, and if they do, it will likely be a short stay. digital and fan engagement platforms through a partnership with the prediction site polymarket is also an avenue for growth.
-
how has the stock performed?
-
at the time of this writing, these shares have increased in price by about 30% over the trailing 12-month period.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the #1 risk is the proposed separation of the knicks and rangers.
high
split process creates valuation risk
management said in february 2026 it is considering separating the Knicks and Rangers. if that process drags, gets shelved, or comes with messy governance, the special-situation premium can deflate fast.
impact: the stock already trades above the $241 long-term midpoint at $270.88, so disappointment has room to matter.
high
scarce assets, weak operating margin
the trailing snapshot still shows a -1.5% net margin on $1.07B of revenue. if premium seating and sponsorship momentum cools, the core economics do not leave much room for error.
impact: the company lost money even with trophy assets. that is the part bulls need fixed.
med
media mix can move against you
national media fees are improving, but local television pressure has not disappeared. roughly 30% of revenue comes from sponsorships and media, so rights economics matter more than the logo on the jersey.
impact: weaker rights mix would hit one of the few revenue buckets not tied to fans buying seats on a given night.
low
dual-class control limits your vote
the Dolan family keeps outsized control through dual-class shares. you may benefit if the structure change works. you get limited say if it does not.
impact: governance is not the cash-flow story, but it shapes who decides the cash-flow story.
a stalled separation, weaker premium demand, or worse media mix would pressure a business that lost money on $1.07B of trailing revenue and still gets about 64% of sales from people showing up and paying.
source: institutional data · regulatory filings · risk analysis
Pay attention to
corporate action
split review updates
this is the main event. if the board formalizes a separation, the valuation debate changes from theory to paperwork.
monetization
event-level suite traction
the october 2025 rollout matters because premium inventory is the cleanest path from fan demand to better margins.
team-performance spillover
playoff-driven pricing power
a deep postseason run can lift tickets, suites, and sponsor appetite at the same time. few stocks have a catalyst that depends on wins.
valuation discipline
price versus $241 midpoint
the 3–5 year midpoint sits at $241 while the stock trades at $270.88. the market is already paying for something better than the midpoint case.
Analyst rankings
earnings predictability
10 / 100
in human-speak, analysts do not view this as a clean, steady earnings story.
fy2026 EPS view
-$0.50
the street still sees a loss this year, which means the upside case depends on structure and monetization more than near-term EPS.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 176 buyers vs. 152 sellers in 3q2025. total institutional holdings: 17.8M shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$164
$317
$271
current price
$241
target midpoint · 11% from current · 3-5yr high: $360 (+35% · 8% ann'l return)
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive