Latest Ratios: P/E Ratio 38.2x · EV/EBITDA 18.1x · ROE 6.0%. (2018–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.6B | $3.9B | $1.9B | $1.7B | $1.7B | $2.4B | $2.0B | $1.8B | — | — |
| Enterprise Value | $4.0B | $4.2B | $3.1B | $2.7B | $2.5B | $3.3B | $2.4B | $1.2B | — | — |
| P/E Ratio → | 38.23 | 58.62 | 51.91 | 11.53 | 22.87 | — | — | 10.50 | — | — |
| P/S Ratio | 3.26 | 3.66 | 2.05 | 1.73 | 2.02 | 3.62 | 24.81 | 3.08 | — | — |
| P/B Ratio | 1.66 | 1.74 | — | — | — | — | 4.07 | 0.63 | — | — |
| P/FCF | 9.36 | 46.66 | 20.75 | 19.10 | 14.24 | 29.70 | — | 957.14 | — | — |
| P/OCF | 35.54 | 37.85 | 16.75 | 14.95 | 12.65 | 24.78 | — | 57.20 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.00 | 3.28 | 2.81 | 2.99 | 4.99 | 29.92 | 1.98 | — | — |
| EV / EBITDA | 18.06 | 21.48 | 16.08 | 16.28 | 15.37 | 51.05 | — | 3.69 | — | — |
| EV / EBIT | 28.31 | — | 26.62 | 21.40 | 19.62 | 8838.42 | — | 4.27 | — | — |
| EV / FCF | — | 51.00 | 33.19 | 31.01 | 21.10 | 41.00 | — | 614.57 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 45.1% | 45.1% | 43.2% | 43.0% | 41.3% | 39.6% | 7.3% | 34.9% | 36.1% | 35.8% |
| Operating Margin | 13.3% | 13.3% | 14.3% | 11.7% | 12.3% | -0.9% | -290.0% | 38.5% | -4.3% | -3.2% |
| Net Profit Margin | 6.2% | 6.2% | 4.0% | 15.0% | 9.0% | -20.4% | -267.2% | 29.4% | -1.7% | 0.7% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.0% | 6.0% | — | — | — | -53.6% | -13.0% | 6.2% | -0.7% | 0.3% |
| ROA | 2.3% | 2.3% | 2.3% | 9.8% | 5.2% | -8.3% | -8.1% | 4.9% | -0.5% | 0.2% |
| ROIC | 5.7% | 5.7% | 9.3% | 9.5% | 9.5% | -0.5% | -11.3% | 8.8% | -2.2% | -1.6% |
| ROCE | 6.2% | 6.2% | 12.1% | 11.7% | 11.4% | -0.5% | -10.6% | 7.4% | -1.6% | -1.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.41 | 0.41 | — | — | — | — | 1.48 | 0.09 | 0.02 | 0.04 |
| Debt / EBITDA | 4.62 | 4.62 | 6.25 | 6.45 | 5.46 | 14.98 | — | 0.83 | 0.86 | 1.31 |
| Net Debt / Equity | — | 0.16 | — | — | — | — | 0.84 | -0.22 | 0.00 | 0.00 |
| Net Debt / EBITDA | 1.83 | 1.83 | 6.03 | 6.25 | 5.00 | 14.07 | — | -2.06 | 0.00 | 0.00 |
| Debt / FCF | — | 4.34 | 12.44 | 11.91 | 6.86 | 11.30 | — | -342.57 | — | — |
| Interest Coverage | -1.43 | -1.43 | 2.30 | 2.18 | 2.50 | 0.01 | -6.61 | 638.27 | -0.64 | -2.14 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.22 | 1.22 | 0.47 | 0.43 | 0.55 | 0.63 | 1.27 | 2.80 | 2.84 | 2.80 |
| Quick Ratio | 1.20 | 1.20 | 0.46 | 0.43 | 0.54 | 0.62 | 1.26 | 2.80 | 2.84 | 2.80 |
| Cash Ratio | 0.86 | 0.86 | 0.09 | 0.07 | 0.14 | 0.11 | 0.74 | 2.44 | 2.51 | 2.53 |
| Asset Turnover | — | 0.26 | 0.56 | 0.62 | 0.61 | 0.43 | 0.05 | 0.16 | 0.32 | 0.30 |
| Inventory Turnover | 33.03 | 33.03 | 142.80 | 141.32 | 195.51 | 143.46 | 33.97 | — | — | — |
| Days Sales Outstanding | — | 55.44 | 37.52 | 39.03 | 61.99 | 114.47 | 759.78 | 35.70 | 28.80 | 30.42 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.6% | 1.7% | 1.9% | 8.7% | 4.4% | — | — | 9.5% | — | — |
| FCF Yield | 10.7% | 2.1% | 4.8% | 5.2% | 7.0% | 3.4% | — | 0.1% | — | — |
| Buyback Yield | 0.0% | 0.0% | 2.1% | 3.1% | 1.5% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 2.1% | 3.1% | 1.5% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $48M | $48M | $49M | $51M | $45M | $24M | $24M | $24M | $24M |
Includes 30+ ratios · 9 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MSGE stock.
Madison Square Garden Entertainment Corp.'s current P/E ratio is 38.2x. The historical average is 31.1x. This places it at the 60th percentile of its historical range.
Madison Square Garden Entertainment Corp.'s current EV/EBITDA is 18.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.7x.
Madison Square Garden Entertainment Corp.'s return on equity (ROE) is 6.0%. The historical average is -9.1%.
Based on historical data, Madison Square Garden Entertainment Corp. is trading at a P/E of 38.2x. This is at the 60th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Madison Square Garden Entertainment Corp. has 45.1% gross margin and 13.3% operating margin. Operating margin between 10-20% is typical for established companies.
Madison Square Garden Entertainment Corp.'s Debt/EBITDA ratio is 4.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Event timing and seasonality
Metrics are mathematically derived from official filings.
Margin Volatility Masks Core Earning Power
MSGE's gross margin swung from 29.6% to 51.8% over the past ten quarters, per reported financials, while operating margin ranged from -19.5% to 35.9%, indicating extreme event-driven variability.
The wide swings in gross and operating margins reflect the company's dependence on the timing and mix of events, with fixed venue costs amplifying the impact of revenue fluctuations. In 2026Q2, operating margin peaked at 35.9% on strong event demand, but by 2026Q4 it collapsed to -19.5% despite revenue growth, suggesting that SG&A spikes and event mix shifts can quickly erode profitability. Investors should focus on normalized margins across a full event cycle rather than any single quarter, as the data suggests the underlying business has high operating leverage that cuts both ways.
Return on Capital Distorted by Spin-Off
ROIC swung from -2.1% in 2026Q4 to 9.9% in 2025Q2, per reported figures, but the 2026Q2 spin-off that added $3.6B in venue assets makes historical comparisons unreliable.
The spin-off in 2026Q2 fundamentally changed the capital base, with total assets jumping from $1.8B to $4.2B, which depresses ROIC in subsequent quarters even if operating income is stable. In 2026Q2, ROIC reached 9.0% on a smaller asset base, but by 2026Q4 it fell to -2.1% as the expanded venue portfolio had not yet generated commensurate earnings. This suggests that the company is in a transitional period where returns on the new asset base are still developing, and investors should monitor whether management can drive utilization of the expanded venues to improve ROIC over time.
Working Capital Cycles Reflect Event Pipeline
Cash conversion cycle swung from -20 days in 2026Q2 to 52 days in 2026Q1, per reported data, driven by DSO ranging from 28 to 75 days and DPO from 11 to 81 days.
The extreme volatility in DSO and DPO suggests that MSGE's working capital is heavily influenced by the timing of ticket sales, receivables from event partners, and payments to vendors around major events. In 2026Q2, the negative CCC of -20 days indicates that the company collected cash from advance ticket sales before paying suppliers, a favorable position that reversed in other quarters. This pattern implies that the company's cash conversion is not a stable efficiency metric but rather a function of the event calendar, and investors should not extrapolate any single quarter's efficiency as a sustainable trend.
Leverage Reshaped by Spin-Off Deleveraging
Debt-to-equity plummeted from 49.0 in 2026Q2 to 0.08 in 2026Q3, per balance sheet data, as total debt fell to $185.7M, but interest coverage turned negative in 2026Q4 at -6.89.
The spin-off dramatically reduced leverage, but the negative interest coverage in 2026Q4 reflects an operating loss rather than excessive debt service, as interest expense appears manageable relative to the reduced debt load. The D/EBITDA of 4.82 in 2026Q3 suggests moderate leverage, but the metric is unreliable given the volatility in EBITDA. Investors should monitor whether the company can generate consistent EBITDA to cover interest costs, as the current low debt levels provide flexibility but the operating losses in weak quarters could strain coverage if sustained.
Liquidity Strengthens with Cash Buffer
Current ratio improved to 1.22 in 2026Q4 from 0.43 a year earlier, per reported figures, with cash at $552.0M, providing a stronger buffer against short-term obligations.
The improvement in liquidity is largely due to the spin-off, which brought in cash and reduced current liabilities, but the quick ratio of 1.20 indicates that inventory is not a significant factor, consistent with a service-oriented business. The cash balance of $552.0M provides a cushion against seasonal downturns, but the company's reliance on event timing means that a weak quarter could still strain liquidity if cash collections lag. The deferred revenue of $158.4M in 2026Q4 suggests advance ticket sales are a source of cash, but the drawdown from $250.0M in 2026Q2 indicates that the pipeline is seasonal.
EV/EBITDA Misleads in Event-Driven Model
EV/EBITDA of 16.37 appears reasonable, but EBITDA is highly volatile and often negative, as seen in 2026Q4 when D/EBITDA was not reported due to negative EBITDA, per financial data.
The EV/EBITDA multiple is commonly used for entertainment companies, but for MSGE it is misleading because EBITDA swings dramatically with event timing and can be negative in weak quarters, making the multiple either artificially low or undefined. A more appropriate metric would be EV/forward revenue or EV/normalized EBITDA, where normalization smooths out the seasonal and event-driven fluctuations. Investors should also consider the impact of the spin-off, which changed the asset base and capital structure, making historical EV/EBITDA comparisons invalid. The forward EV/EBITDA of 46.57 suggests the market is pricing in a significant recovery, but this depends on the event calendar delivering consistent high-demand shows.