The company maintains a highly leveraged capital structure with $1.1B in total debt against a negative equity base of -$263.3M, resulting in a chronic working capital deficit reflected in a current ratio of 0.50.
Madison Square Garden Sports Corp. (MSGS) balance sheet — 14-year assets, liabilities & shareholders' equity history
| Metric | Jun'26 | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 |
|---|
| Total Current Assets | 323.29M | 249.95M | 215.8M | 148.09M | 205.27M | 183.49M | 127.6M | 1.41B | 1.41B | 1.45B | 1.6B | 168.63M | 157.92M | 0 |
| Cash & Short-Term Investments | 164.51M | 153.19M | 94.91M | 40.46M | 91.02M | 72.04M | 90.67M | 25.84M | 1.26B | 1.27B | 1.47B | 26.8M | 15.97M | 0 |
| Cash Only | 164.51M | 153.19M | 94.91M | 40.46M | 91.02M | 72.04M | 90.67M | 25.84M | 1.26B | 1.27B | 1.47B | 26.8M | 15.97M | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 88.29M | 43.53M | 80.09M | 75.57M | 75.57M | 90.22M | 11.65M | 15.98M | 105.66M | 104.8M | 80.08M | 82.9M | 82.06M | 0 |
| Days Sales Outstanding | 27.93 | 15.29 | 28.46 | 31.08 | 33.58 | 79.21 | 7.05 | 8 | 24.74 | 29.01 | 26.21 | 28.24 | 32.78 | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 27.39M | 9.81M | 9.84M | 7.29M | 19.87M | 4.51M | 4.65M | 1.35B | 23.85M | 48.65M | 25.34M | 35.06M | 38.45M | 0 |
| Total Non-Current Assets | 1.21B | 1.33B | 1.23B | 1.26B | 1.2B | 1.24B | 1.16B | 2.42B | 2.41B | 2.3B | 2.01B | 1.98B | 1.98B | 0 |
| Property, Plant & Equipment | 767.74M | 789.42M | 723.11M | 745.78M | 719.67M | 739.24M | 757.65M | 31.27M | 1.25B | 1.16B | 1.16B | 1.19B | 1.23B | 0 |
| Fixed Asset Turnover | 1.50x | 1.32x | 1.42x | 1.19x | 1.14x | 0.56x | 0.80x | 23.33x | 1.24x | 1.14x | 0.96x | 0.90x | 0.74x | - |
| Goodwill | 226.52M | 226.52M | 226.52M | 226.52M | 226.96M | 226.96M | 226.96M | 226.96M | 392.51M | 380.09M | 277.17M | 277.17M | 277.17M | 0 |
| Intangible Assets | 103.64M | 103.64M | 103.64M | 103.64M | 112.78M | 113.84M | 114.9M | 118.46M | 419.79M | 423.82M | 182.58M | 189.17M | 193.11M | 0 |
| Long-Term Investments | 65.62M | 54.72M | 62.54M | 52.97M | 2.74M | 0 | 0 | 0 | 209.95M | 242.29M | 265.26M | 249.39M | 225.63M | 0 |
| Other Non-Current Assets | 22.07M | 13.9M | 14.68M | 38.01M | 35.7M | 30.48M | 6.69M | 1.97B | 45.36M | 58.36M | 54.49M | 75.88M | 52.06M | 0 |
| Total Assets | 1.54B | 1.58B | 1.44B | 1.4B | 1.4B | 1.42B | 1.29B | 3.83B | 3.83B | 3.75B | 3.61B | 2.15B | 2.14B | 0 |
| Asset Turnover | 0.75x | 0.66x | 0.71x | 0.63x | 0.59x | 0.29x | 0.47x | 0.19x | 0.41x | 0.35x | 0.31x | 0.50x | 0.43x | - |
| Asset Growth % | -2.73% | 9.63% | 2.7% | 0.25% | -1.43% | 10.19% | -66.38% | 0.13% | 2.12% | 3.8% | 68.13% | 0.55% | - | - |
| Total Current Liabilities | 642.43M | 563.52M | 521.98M | 520.53M | 438.3M | 368.28M | 290.25M | 760.02M | 765.5M | 762.04M | 614.82M | 533.72M | 549.04M | 0 |
| Accounts Payable | 18.41M | 14.14M | 16.62M | 14.94M | 11.26M | 19.32M | 20.25M | 1.24M | 42.61M | 41.66M | 29.21M | 4.89M | 9.36M | 0 |
| Days Payables Outstanding | 8.06 | 6.81 | 9.79 | 9.87 | 8.13 | 24.52 | 19.58 | 0.99 | 14.58 | 15.7 | 12.69 | 2.14 | 4.24 | - |
| Short-Term Debt | 0 | 24M | 30M | 30M | 30M | 71.95M | 39.13M | 0 | 4.37M | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 165.42M | 164.18M | 148.68M | 157.05M | 132.37M | 131.03M | 126.35M | 110.26M | 324.75M | 390.18M | 332.42M | 311.32M | 291.87M | 0 |
| Other Current Liabilities | 386.37M | 98.92M | 133.93M | 144.31M | 119.28M | 55.72M | 33.07M | 571M | 269.79M | 191.34M | 133.83M | 121.51M | 147.91M | 0 |
| Current Ratio | 0.50x | 0.44x | 0.41x | 0.28x | 0.47x | 0.50x | 0.44x | 1.86x | 1.85x | 1.90x | 2.61x | 0.32x | 0.29x | - |
| Quick Ratio | 0.50x | 0.44x | 0.41x | 0.28x | 0.47x | 0.50x | 0.44x | 1.86x | 1.85x | 1.90x | 2.61x | 0.32x | 0.29x | - |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.16B | 1.3B | 1.19B | 1.22B | 1.11B | 1.25B | 1.2B | 368.55M | 433.61M | 487.97M | 411.83M | 391.95M | 396.95M | 0 |
| Long-Term Debt | 242M | 267M | 275M | 295M | 220M | 355M | 350M | 0 | 101.33M | 105.43M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 843.98M | 841.05M | 749.95M | 746.44M | 699.59M | 691.15M | 679.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 107.79M | 112.48M | 112.92M | 107.4M | 110.89M | 113.3M | 107.62M | 172.63M | 234.19M | 263.7M | 206.94M | 212.84M | 0 |
| Other Non-Current Liabilities | 71.98M | 82.18M | 47.6M | 53.6M | 49.42M | 65.77M | 60.2M | 260.93M | 159.65M | 148.35M | 148.13M | 185M | 184.12M | 0 |
| Total Liabilities | 1.8B | 1.86B | 1.71B | 1.74B | 1.55B | 1.62B | 1.49B | 1.13B | 1.2B | 1.25B | 1.03B | 925.67M | 945.99M | 0 |
| Total Debt | 1.14B | 1.18B | 1.11B | 1.12B | 993.29M | 1.12B | 1.07B | 0 | 105.7M | 105.43M | 0 | 0 | 0 | 0 |
| Net Debt | 979.3M | 1.03B | 1.01B | 1.08B | 902.27M | 1.05B | 977.51M | -25.84M | -1.15B | -1.17B | -1.47B | -26.8M | -15.97M | 0 |
| Debt / Equity | - | - | - | - | - | - | - | - | 0.04x | 0.04x | - | - | - | - |
| Debt / EBITDA | 35.69x | 65.72x | 7.41x | 12.63x | 10.90x | - | - | - | 0.73x | 1.95x | - | - | - | - |
| Net Debt / EBITDA | 30.56x | 57.22x | 6.77x | 12.18x | 9.90x | - | - | - | -7.91x | -21.53x | -28.99x | -0.25x | - | - |
| Interest Coverage | 1.85x | 0.20x | 4.83x | 4.93x | 7.30x | -7.46x | -20.98x | -11.20x | 9.45x | -18.38x | -37.96x | -16.11x | -75.42x | -25.93x |
| Total Equity | -263.3M | -281.44M | -266.31M | -337.23M | -145.38M | -201.87M | -203.44M | 2.71B | 2.63B | 2.5B | 2.59B | 1.22B | 1.19B | 916.76M |
| Equity Growth % | 6.45% | -5.68% | 21.03% | -131.97% | 27.98% | 0.77% | -107.52% | 2.88% | 5.21% | -3.32% | 111.43% | 2.69% | 29.94% | - |
| Book Value per Share | -10.86 | -11.68 | -11.05 | -13.94 | -5.96 | -8.37 | -8.50 | 113.24 | 110.32 | 104.83 | 104.48 | 49.11 | 47.79 | 35.65 |
| Total Shareholders' Equity | -263.3M | -281.44M | -266.31M | -337.23M | -147.09M | -204.31M | -206.99M | 2.62B | 2.54B | 2.41B | 2.59B | 1.22B | 1.19B | 916.76M |
| Common Stock | 249K | 249K | 249K | 249K | 249K | 249K | 249K | 249K | 249K | 249K | 249K | 1.26B | 1.23B | 941.98M |
| Retained Earnings | -129.86M | -137.6M | -115.14M | -173.91M | -35.7M | -78.9M | -43.6M | 29M | -11.06M | -148.41M | -75.69M | 0 | 0 | 0 |
| Treasury Stock | -149.86M | -158.54M | -169.55M | -179.41M | -128.03M | -146.73M | -167.43M | -207.79M | -223.66M | -242.08M | -101.88M | 0 | 0 | 0 |
| Accumulated OCI | -916K | -897K | -952K | -1.01M | -1.19M | -2.03M | -2.14M | -46.92M | -46.92M | -34.12M | -42.61M | -40.22M | -36.02M | -25.22M |
| Minority Interest | 0 | 0 | 0 | 0 | 1.71M | 2.44M | 3.55M | 85.89M | 94.24M | 92.33M | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying MSGS stock.
As of 2026, Madison Square Garden Sports Corp. (MSGS) had total assets of $1.54B including $323.3M in current assets.
Madison Square Garden Sports Corp. (MSGS) carries total debt of $1.14B, offset by $164.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Madison Square Garden Sports Corp. (MSGS) has total shareholders' equity (book value) of $-263.3M ($-10.86 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Madison Square Garden Sports Corp. (MSGS) reported a current ratio of 0.50x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Negative equity and high leverage
Metrics are mathematically derived from official filings.
Leverage Deepens Despite Asset Growth
The balance sheet has deteriorated over the past two years, with total liabilities growing to $1.8B against a shrinking equity base of -$263.3M, suggesting that operational losses and debt accumulation are outpacing asset growth.
The persistent negative equity position, which has widened from -$266.3M in Q4 2024 to -$263.3M in Q4 2026, indicates that cumulative losses are eroding the company's net worth. This trend, combined with a current ratio that has remained below 0.50 for most of the period, signals a balance sheet that is structurally reliant on external financing and may be vulnerable to operational shocks.
High Leverage Constrains Financial Flexibility
Total debt stands at $1.1B as of Q4 2026, a level that appears strategically high given the company's negative equity and the asset-light nature of its franchise holdings, which may limit refinancing options.
The debt load is substantial relative to the company's tangible asset base, as the $226.5M in goodwill represents a significant portion of total assets. This leverage profile suggests that the company's capital structure is driven by the need to finance its high fixed-cost operations and potential franchise-related investments, rather than by a conservative, cash-rich strategy. The absence of a reported D/E ratio due to negative equity underscores the severity of the leverage position.
Asset Base Dominated by Intangibles and Cash
The asset mix is heavily weighted towards goodwill ($226.5M) and cash ($164.5M), with minimal net property, plant, and equipment, indicating an asset-light model where value resides in intangible franchise rights.
The near-zero PPE balance in Q4 2026, after fluctuating significantly in prior quarters, suggests potential accounting reclassifications or the use of off-balance-sheet financing for arena-related assets. This structure means the company's primary assets are non-depreciable intangibles and liquid cash, which provides some operational flexibility but also concentrates risk in the valuation of its sports franchises.
Chronic Working Capital Deficit Persists
A current ratio of 0.50 in Q4 2026 indicates that current liabilities consistently exceed current assets, a structural deficit that appears to be managed through the seasonal timing of cash inflows from ticket sales and sponsorships.
The liquidity position is chronically tight, with the current ratio rarely exceeding 0.50 over the past ten quarters. This suggests the company operates with a permanent working capital deficit, relying on the predictable, lumpy cash flows from its sports seasons to meet short-term obligations. While this may be manageable in normal operations, it leaves minimal buffer for unexpected disruptions.
Negative Equity Reflects Sustained Losses
Shareholders' equity has been negative for the entire period, ending at -$263.3M in Q4 2026, driven by accumulated retained earnings losses of -$129.9M and likely significant share repurchases or dividends.
The persistent negative equity position is a direct result of the company's historical operating losses and capital return programs. This accounting reality means the company's book value is negative, placing greater emphasis on the market value of its underlying sports franchises as the true source of shareholder value. It also implies that the company cannot easily raise traditional equity capital without addressing this structural deficit.
Deferred Revenue Volatility Masks Demand
The extreme volatility in deferred revenue, from $606K in Q2 2026 to $331.2M in Q1 2026, suggests that headline liquidity metrics are highly distorted by the timing of season ticket and sponsorship payments.
This massive swing in deferred revenue indicates that a significant portion of the company's reported cash and current liabilities is tied to advance payments for future services. Consequently, the current ratio and cash position at any given quarter-end may not reflect the true underlying liquidity or operational cash flow generation, making point-in-time balance sheet analysis potentially misleading without adjusting for this seasonal, contract-driven liability.