“Interest expense Interest expense for Fiscal Year 2026 decreased $10,544 to $39,962 as compared to $50,506 in Fiscal Year 2025, primarily due to lower average interest rates and lower average borrowings under the National Properties Facilities (as defined bel…”10-K · Aug 12, 2026 ↗
Madison Square Garden Entertainment Corp.
MSGE
Market read
Madison Square Garden Entertainment Corp.'s current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 3 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 6 directly disclosed connections are confirming.
- Revenue increased 2.3% versus the comparable filing period.
- Operating margin fell 5.6 percentage points.
- Operating cash flow rose sharply, with most of the increase attributed to changes in working capital.
- Interest expense declined as the company reported lower average rates and lower average borrowings under the National Properties Facilities.
Invalidation: The isolated read changes if MSGE's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 3 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 6 directly disclosed connections are confirming.
- Revenue increased 2.3% versus the comparable filing period.
- Operating margin fell 5.6 percentage points.
- Net income decreased 36.4% versus the comparable filing period.
- Net margin fell 1.5 percentage points.
- Operating cash flow rose sharply, with most of the increase attributed to changes in working capital.
- Interest expense declined as the company reported lower average rates and lower average borrowings under the National Properties Facilities.
Company research
Understand the business, not just the ticker
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
- Latest annual revenue changed +12.5% year over year.
- Net margin changed +2.3 percentage points in the latest annual period.
- Operating cash flow covered net income at 5.31x in the latest annual period.
- Capital investment and capacity has repeated favorable evidence across 4 filings.
- Credit and interest rates has repeated adverse evidence across 5 filings.
- P/E is 91% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 22% below the available filing-peer median; determine whether growth and quality justify the difference.
Price as of Sep 11, 2026
79.11Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
Persistent and emerging business drivers
“37 Impairment of long-lived assets Impairment of long-lived assets for Fiscal Year 2026 increased $2,580 to $13,782 as compared to $11,202 in Fiscal Year 2025 due to impairment losses recognized on the Company’s right-of-use lease assets in its New York corpo…”10-K · Aug 12, 2026 ↗
“Investing Activities Net cash used in investing activities for Fiscal Year 2026 increased $6,093 as compared to Fiscal Year 2025 due to an increase in capital expenditures.”10-K · Aug 12, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 3.6× · EV/sales 3.8×. Comparisons use only industry-matched filing peers.
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for MSGE. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
The latest filing shows material pressure
10-Q filed 2026-05-07 against the comparable filing from 2025-05-06.
What improved
- Revenue increased 2.3% versus the comparable filing period.
What weakened
- Operating margin fell 5.6 percentage points.
- Net income decreased 36.4% versus the comparable filing period.
- Net margin fell 1.5 percentage points.
Filing receipts
“Interest expense For the three and nine months ended March 31, 2026, interest expense decreased $2,379 and $7,926, respectively, as compared to the prior year periods primarily due to lower average interest rates and lower average borrowings under the National Properties Facilities (as defined below under Liquidity and Capital Resources).”
“The increase in cash flows from changes in working capital was mainly driven by (i) net cash inflows for accrued and other current and non-current liabilities, primarily due to lower payments to promoters due to the timing of event settlements in the current year period, compared to net cash outflows primarily as a result of employee-related costs and associated payroll taxes, and higher payments to promoters driven by the timing of event settlements in the prior year period, (ii) a larger increase in deferred revenue, due to net cash inflows from ticket sales for future events, and the timing of billings and recognition of sponsorship and signage revenues and (iii) smaller net cash outflow...”
“Financing Activities Net cash used in financing activities for the nine months ended March 31, 2026 decreased by $4,527 to $62,483 as compared to the prior year period primarily due to (i) a decrease in stock repurchases, and (ii) lower principal repayments under the National Properties Facilities, partially offset by (iii) a decrease in proceeds received from borrowings under the National Properties Revolving Credit Facility.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind MSGE
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
DKNGDraftKings Inc.investeeAug 13, 2025 ▾
“The change was primarily due to (i) a decrease in realized and unrealized loss of $2,904 associated with the Company’s investment in Townsquare Media, Inc., and (ii) lower net periodic benefit costs of $1,608 associated with the Company’s pension plans, parti…”
TSQFiling-linked nameinvesteeAug 13, 2025 ▾
“The change was primarily due to (i) a decrease in realized and unrealized loss of $2,904 associated with the Company’s investment in Townsquare Media, Inc., and (ii) lower net periodic benefit costs of $1,608 associated with the Company’s pension plans, parti…”
Depended on by
LLYVALiberty Live Holdings, Inc.competitorFeb 26, 2026 ▾
“Live Nation’s main competitors in venue management include Legends Global, Madison Square Garden Entertainment Corp., The Nederlander Organization and Bowery Presents, in addition to numerous smaller I-11 Table of Contents regional companies in North America,…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 4 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
MSGE is currently a Early Follower in the organic co-movement group Live Entertainment. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.