Madison Square Garden Sports Corp.
MSGS · Services-Miscellaneous Amusement & Recreation · 24.9M shares · +0%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: -$13M (gross $12M, SBC $25M)
Reference price $324.98 · est. market cap ~$8.1B — last insider sale, 2026-02-20 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C65Owner of iconic Knicks/Rangers franchises with high asset value but thin, slightly negative earnings.
Strengths
- Irreplaceable, scarce sports franchises in the largest U.S. media market with national/local media rights
- Positive FCF ($88M) and modest ROE (~8%, ~50th pct)
Risks
- Negative net margin (-2.2%) and ROA (-1.5%); low current ratio (0.45, ~20th pct)
- Earnings depend on team success and on MSG Networks counterparty health; substantial subsidiary debt maturing 2026
Notable findings
- RestatementIn 2021, each of New York Knicks, LLC and New York Rangers, LLC, each wholly-owned subsidiaries of the Company, amended and restated its prior credit agreement (as amended, amended and restated, suppl 8-K ↗
- Negative equityNegative book equity (debt/equity -0.95)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Weak liquidityCurrent ratio 0.45 (<1)
- Net lossNet loss (net margin -2.2%)
- Strong balance sheetStrong balance sheet — $145M cash & investments
- Insider sellingInsider selling — 3 open-market sale(s) by 1 insider(s) (~$2M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
1.4%
Net margin
-2.2%
Return on equity
8.0%
Return on assets
-1.5%
Revenue growth (QoQ)
7.1%
Net-income growth
-138.2%
Debt / equity
-0.9×
Net debt / EBITDA
6.8×
Current ratio
0.4×
Free cash flow
$88M
EBITDA
$18M
Tangible book value
-$508M
Cash & investments
$145M
Stock comp / revenue
1.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-02-20 | DOLAN CHARLES P | Sell | 1.3K | $325.78 |
| 2026-02-20 | DOLAN CHARLES P | Sell | 4.1K | $324.98 |
| 2026-02-20 | DOLAN CHARLES P | Sell | 331 | $326.62 |
| 2025-09-15 | Mink Victoria | Option exercise | 998 | — |
| 2025-09-15 | Mink Victoria | Option exercise | 131 | — |
| 2025-09-15 | Mink Victoria | Tax withheld | 1.7K | $210.95 |
| 2025-09-15 | Mink Victoria | Option exercise | 4.0K | — |
| 2025-09-15 | Mink Victoria | Tax withheld | 2.0K | $210.95 |
| 2025-09-15 | DOLAN JAMES LAWRENCE | Option exercise | 6.4K | — |
| 2025-09-15 | DOLAN JAMES LAWRENCE | Option exercise | 5.2K | — |
| 2025-09-15 | DOLAN JAMES LAWRENCE | Option exercise | 6.5K | — |
| 2025-09-15 | DOLAN JAMES LAWRENCE | Tax withheld | 10.0K | $210.95 |
| 2025-09-15 | DOLAN JAMES LAWRENCE | Tax withheld | 11K | $210.95 |
| 2025-09-15 | Warner Bryan | Option exercise | 291 | — |
| 2025-09-15 | Warner Bryan | Tax withheld | 117 | $210.95 |
| 2025-09-15 | Lesane Jamaal T | Option exercise | 830 | — |
| 2025-09-15 | Lesane Jamaal T | Option exercise | 842 | — |
| 2025-09-15 | Lesane Jamaal T | Option exercise | 1.2K | — |
| 2025-09-15 | Lesane Jamaal T | Tax withheld | 1.6K | $210.95 |
| 2025-09-15 | Lesane Jamaal T | Option exercise | 2.7K | — |
| 2025-09-15 | Lesane Jamaal T | Tax withheld | 1.5K | $210.95 |
| 2025-09-15 | Granville-Smith David | Option exercise | 6.5K | — |
| 2025-09-15 | Granville-Smith David | Option exercise | 1.7K | — |
| 2025-09-15 | Granville-Smith David | Option exercise | 1.4K | — |
| 2025-09-15 | Granville-Smith David | Tax withheld | 5.1K | $210.95 |
| 2025-09-15 | Shvartsman Alexander | Option exercise | 343 | — |
| 2025-09-15 | Shvartsman Alexander | Option exercise | 278 | — |
| 2025-09-15 | Shvartsman Alexander | Option exercise | 274 | — |
| 2025-09-15 | Shvartsman Alexander | Tax withheld | 321 | $210.95 |
| 2025-09-15 | Shvartsman Alexander | Option exercise | 1.1K | — |
| 2025-09-15 | Shvartsman Alexander | Tax withheld | 395 | $210.95 |
| 2025-09-15 | DOLAN QUENTIN F | Option exercise | 27 | — |
| 2025-09-15 | DOLAN QUENTIN F | Option exercise | 50 | — |
| 2025-09-15 | DOLAN QUENTIN F | Tax withheld | 34 | $210.95 |
| 2025-09-15 | DOLAN JAMES LAWRENCE | Option exercise | 20K | — |
| 2025-09-15 | Mink Victoria | Option exercise | 1.2K | — |
| 2025-09-15 | Mink Victoria | Option exercise | 1.0K | — |
| 2025-03-20 | DOLAN JAMES LAWRENCE | Sell | 309 | $193.07 |
| 2025-03-20 | DOLAN JAMES LAWRENCE | Sell | 411 | $195.93 |
| 2025-03-20 | DOLAN JAMES LAWRENCE | Sell | 3.3K | $197.71 |
| 2025-03-20 | DOLAN JAMES LAWRENCE | Sell | 2.6K | $198.77 |
| 2025-03-20 | DOLAN JAMES LAWRENCE | Sell | 3.0K | $199.62 |
| 2025-03-20 | DOLAN JAMES LAWRENCE | Sell | 825 | $200.47 |
| 2025-03-20 | DOLAN JAMES LAWRENCE | Sell | 5.2K | $193.17 |
| 2025-03-11 | Charles F. Dolan 2009 Revocable Trust | Sell | 400 | $190.11 |
| 2025-03-11 | Charles F. Dolan 2009 Revocable Trust | Sell | 1.7K | $187.27 |
| 2025-03-11 | Charles F. Dolan 2009 Revocable Trust | Sell | 2.1K | $188.17 |
| 2025-03-11 | Charles F. Dolan 2009 Revocable Trust | Sell | 867 | $189.05 |
| 2025-03-10 | Charles F. Dolan 2009 Revocable Trust | Sell | 861 | $192.32 |
| 2025-03-10 | Charles F. Dolan 2009 Revocable Trust | Sell | 767 | $193.79 |
| 2025-03-10 | Charles F. Dolan 2009 Revocable Trust | Sell | 318 | $194.92 |
| 2025-03-10 | Charles F. Dolan 2009 Revocable Trust | Sell | 217 | $195.41 |
| 2025-03-10 | Charles F. Dolan 2009 Revocable Trust | Sell | 5.6K | $188.33 |
| 2025-03-10 | Charles F. Dolan 2009 Revocable Trust | Sell | 10K | $189.45 |
| 2025-03-10 | Charles F. Dolan 2009 Revocable Trust | Sell | 12K | $190.28 |
| 2025-03-10 | Charles F. Dolan 2009 Revocable Trust | Sell | 1.4K | $191.10 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-08 | ResultsExhibits | filing ↗ |
| 2026-05-04 | Exec/director changeExhibits | filing ↗ |
| 2026-02-18 | Exec/director changeOther | filing ↗ |
| 2026-02-05 | ResultsExhibits | filing ↗ |
| 2025-12-09 | Shareholder vote | filing ↗ |
| 2025-11-21 | Exec/director changeExhibits | filing ↗ |
| 2025-11-07 | Material agreementExhibits | filing ↗ |
| 2025-10-31 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-Q | 2026-05-08 | 2026-03-31 | 0001628280-26-032888 ↗ |
| 8-K | 2026-05-08 | 2026-05-08 | 0001628280-26-032551 ↗ |
| 8-K | 2026-05-04 | 2026-04-28 | 0001193125-26-204017 ↗ |
| 8-K | 2026-02-18 | 2026-02-17 | 0001193125-26-056081 ↗ |
| 10-Q | 2026-02-06 | 2025-12-31 | 0001628280-26-006075 ↗ |
| 8-K | 2026-02-05 | 2026-02-05 | 0001628280-26-005609 ↗ |
| 8-K | 2025-12-09 | 2025-12-08 | 0001193125-25-312756 ↗ |
| 8-K | 2025-11-21 | 2025-11-19 | 0001193125-25-291372 ↗ |
| 8-K | 2025-11-07 | 2025-11-06 | 0001193125-25-272394 ↗ |
| 10-Q | 2025-10-31 | 2025-09-30 | 0001628280-25-047671 ↗ |
| 8-K | 2025-10-31 | 2025-10-31 | 0001628280-25-047676 ↗ |
| 10-K | 2025-08-12 | 2025-06-30 | 0001636519-25-000027 ↗ |