Madison Square Garden Entertainment Corp. (MSGE) Financial Ratios
8 years of historical data (2018–2025) · Communication Services · Entertainment
EV/EBITDA
↓
24.11
-1% vs avg
5yr avg: 24.42
30Y Low3.7·High51.0
P/FCF
↓
37.32
↑+78% vs avg
5yr avg: 20.95
30Y Low14.2·High29.7
P/B Ratio
N/A
—
5yr avg: 4.07
30Y Low0.6·High4.1
ROE
↓
N/A
—
5yr avg: -33.3%
30Y Low-54%·High6%
Debt/EBITDA
↓
6.25
↓-24% vs avg
5yr avg: 8.19
30Y Low0.8·High15.0
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
MSGE Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Madison Square Garden Entertainment Corp. trades at 95.4x earnings, 231% above its 5-year average of 28.8x, sitting at the 100th percentile of its historical range. Compared to the Communication Services sector median P/E of 15.3x, the stock trades at a premium of 523%. On a free-cash-flow basis, the stock trades at 37.3x P/FCF, 78% above the 5-year average of 20.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.5B | $1.9B | $1.7B | $1.7B | $2.4B | $2.0B | $1.8B | — | — |
| Enterprise Value | $4.6B | $3.1B | $2.7B | $2.5B | $3.3B | $2.4B | $1.2B | — | — |
| P/E Ratio → | 95.36 | 51.91 | 11.53 | 22.87 | — | — | 10.50 | — | — |
| P/S Ratio | 3.68 | 2.05 | 1.73 | 2.02 | 3.62 | 24.81 | 3.08 | — | — |
| P/B Ratio | — | — | — | — | — | 4.07 | 0.63 | — | — |
| P/FCF | 37.32 | 20.75 | 19.10 | 14.24 | 29.70 | — | 957.14 | — | — |
| P/OCF | 30.13 | 16.75 | 14.95 | 12.65 | 24.78 | — | 57.20 | — | — |
P/E links to full P/E history page with 30-year chart
MSGE EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Madison Square Garden Entertainment Corp.'s enterprise value stands at 24.1x EBITDA, roughly in line with its 5-year average of 24.4x. The Communication Services sector median is 9.6x, placing the stock at a 151% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.28 | 2.81 | 2.99 | 4.99 | 29.92 | 1.98 | — | — |
| EV / EBITDA | 24.11 | 16.08 | 16.28 | 14.27 | 51.05 | — | 3.69 | — | — |
| EV / EBIT | 34.47 | 26.62 | 21.40 | 19.62 | 8838.42 | — | 4.27 | — | — |
| EV / FCF | — | 33.19 | 31.01 | 21.10 | 41.00 | — | 614.57 | — | — |
MSGE Profitability
Margins and return-on-capital ratios measuring operating efficiency
Madison Square Garden Entertainment Corp. earns an operating margin of 14.3%, above the Communication Services sector average of 1.6%. Operating margins have expanded from 12.3% to 14.3% over the past 3 years, signaling improving operational efficiency. ROIC of 9.3% represents adequate returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.2% | 43.2% | 43.0% | 41.3% | 39.6% | 7.3% | 34.9% | 36.1% | 35.8% |
| Operating Margin | 14.3% | 14.3% | 11.7% | 12.3% | -0.9% | -290.0% | 38.5% | -4.3% | -3.2% |
| Net Profit Margin | 4.0% | 4.0% | 15.0% | 9.0% | -20.4% | -267.2% | 29.4% | -1.7% | 0.7% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | -53.6% | -13.0% | 6.2% | -0.7% | 0.3% |
| ROA | 2.3% | 2.3% | 9.8% | 5.2% | -8.3% | -8.1% | 4.9% | -0.5% | 0.2% |
| ROIC | 9.3% | 9.3% | 9.5% | 9.5% | -0.5% | -11.3% | 8.8% | -2.2% | -1.6% |
| ROCE | 12.1% | 12.1% | 11.7% | 11.4% | -0.5% | -10.6% | 7.4% | -1.6% | -1.1% |
MSGE Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Madison Square Garden Entertainment Corp. carries a Debt/EBITDA ratio of 6.3x, which is highly leveraged (73% above the sector average of 3.6x). Net debt stands at $1.2B ($1.2B total debt minus $43M cash). Interest coverage of just 2.3x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | 1.48 | 0.09 | 0.02 | 0.04 |
| Debt / EBITDA | 6.25 | 6.25 | 6.45 | 5.06 | 14.98 | — | 0.83 | 0.86 | 1.31 |
| Net Debt / Equity | — | — | — | — | — | 0.84 | -0.22 | 0.00 | 0.00 |
| Net Debt / EBITDA | 6.03 | 6.03 | 6.25 | 4.64 | 14.07 | — | -2.06 | 0.00 | 0.00 |
| Debt / FCF | — | 12.44 | 11.91 | 6.86 | 11.30 | — | -342.57 | — | — |
| Interest Coverage | 2.30 | 2.30 | 2.18 | 2.50 | 0.01 | -6.61 | 638.27 | -0.64 | -2.14 |
MSGE Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.47x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 0.55x to 0.47x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.47 | 0.47 | 0.43 | 0.55 | 0.63 | 1.27 | 2.80 | 2.84 | 2.80 |
| Quick Ratio | 0.46 | 0.46 | 0.43 | 0.54 | 0.62 | 1.26 | 2.80 | 2.84 | 2.80 |
| Cash Ratio | 0.09 | 0.09 | 0.07 | 0.14 | 0.11 | 0.74 | 2.44 | 2.51 | 2.53 |
| Asset Turnover | — | 0.56 | 0.62 | 0.61 | 0.43 | 0.05 | 0.16 | 0.32 | 0.30 |
| Inventory Turnover | 142.80 | 142.80 | 141.32 | 195.51 | 143.46 | 33.97 | — | — | — |
| Days Sales Outstanding | — | 37.52 | 39.03 | 61.99 | 114.47 | 759.78 | 35.70 | 28.80 | 30.42 |
MSGE Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Madison Square Garden Entertainment Corp. returns 1.1% to shareholders annually primarily through share buybacks. The earnings yield of 1.0% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.0% | 1.9% | 8.7% | 4.4% | — | — | 9.5% | — | — |
| FCF Yield | 2.7% | 4.8% | 5.2% | 7.0% | 3.4% | — | 0.1% | — | — |
| Buyback Yield | 1.1% | 2.1% | 3.1% | 1.5% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 1.1% | 2.1% | 3.1% | 1.5% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $48M | $49M | $51M | $45M | $24M | $24M | $24M | $24M |
Peer Comparison
Compare MSGE with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 MSGEYou | $3B | 95.4 | 24.1 | 37.3 | 43.2% | 14.3% | — | 9.3% | 6.3 |
 LYV | $40B | -713.5 | 20.4 | 119.3 | 23.0% | 5.9% | 26.4% | 19.7% | 5.6 |
 EPR | $4B | 17.5 | 13.6 | 10.5 | 44.7% | 52.5% | 11.8% | 5.3% | 5.8 |
 CHDN | $6B | 16.6 | 11.3 | 12.4 | 33.6% | 25.2% | 35.2% | 9.4% | 5.3 |
 AMC | $2B | -2.3 | 5.1 | — | 75.0% | 38.1% | — | 23.7% | 4.4 |
 CNK | $4B | 32.5 | 13.6 | 22.3 | 18.6% | 11.0% | 27.2% | 7.5% | 7.0 |
 IMAX | $2B | 70.4 | 16.1 | 20.1 | 57.9% | 23.3% | 8.7% | 12.7% | 1.9 |
 TKO | $39B | 88.0 | 29.0 | 33.4 | 49.6% | 20.3% | 2.2% | 6.1% | 2.8 |
 SPOT | $96B | 38.9 | 35.3 | 29.3 | 32.0% | 12.8% | 31.9% | 40.5% | 1.0 |
 DIS | $180B | 15.2 | 11.5 | 17.9 | 37.8% | 14.6% | 11.3% | 6.9% | 2.3 |
 CMCSA | $82B | 4.2 | 5.0 | 3.7 | 60.1% | 16.7% | 21.6% | 8.2% | 3.0 |
| Communication Services Median | — | 15.3 | 9.6 | 11.4 | 48.5% | 1.6% | 2.0% | 2.6% | 3.6 |
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Includes 30+ ratios · 8 years · Updated daily
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MSGE — Frequently Asked Questions
Quick answers to the most common questions about buying MSGE stock.
What is Madison Square Garden Entertainment Corp.'s P/E ratio?
Madison Square Garden Entertainment Corp.'s current P/E ratio is 95.4x. The historical average is 24.2x. This places it at the 100th percentile of its historical range.
What is Madison Square Garden Entertainment Corp.'s EV/EBITDA?
Madison Square Garden Entertainment Corp.'s current EV/EBITDA is 24.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.3x.
Is MSGE stock overvalued?
Based on historical data, Madison Square Garden Entertainment Corp. is trading at a P/E of 95.4x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Madison Square Garden Entertainment Corp.'s profit margins?
Madison Square Garden Entertainment Corp. has 43.2% gross margin and 14.3% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Madison Square Garden Entertainment Corp. have?
Madison Square Garden Entertainment Corp.'s Debt/EBITDA ratio is 6.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.