MeritValue

Madison Square Garden Entertainment Corp.

MSGEdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'

The thesis, from the filings

Madison Square Garden Entertainment Corp. earns about 5% on invested capital, and has bought back 7% of its shares over 5 years. The applicable estimate puts fair value near $14.08 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$582.1M1$779.8M2$959.3M3$942.7M3$1.06B3
Net income−$133.3M4$76.6M5$144.3M6$37.4M6$66.2M6
Operating cash flow$95.4M7$135.7M8$111.3M9$115.3M9$351.4M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$1.32B10$1.28B11$1.21B12$1.17B13$1.11B13
Cash & equivalents$58.1M14$76.1M15$33.3M16$43M17$293.6M17
Diluted shares51.8M52.3M48.6M48.3M48.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$9.54
your share of equity
Profit it earned you last year
$13.79
Free cash flow it threw off
—
Debt you’d be carrying
$231.48

10 shares is a claim on $9.54 of net worth that earned you $13.79 last year, against $231.48 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
5% avg · 5y
FY22 —FY23 —FY24 5%FY25 3%FY26 8%

It earned an average 5% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−7% shares · 5y

Share count is down 7% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 16% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$14.08
assumptions (8)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$66.2M
  • growthAssumed0.0%
Graham Number
$5.44
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-06-30 · accession 0001952073-24-000022 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-06-30 · accession 0001952073-25-000037 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-06-30 · accession 0001628280-26-056286 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-06-30 · accession 0001952073-24-000022 (NetIncomeLoss)
  5. 10-K · period ending 2023-06-30 · accession 0001952073-25-000037 (NetIncomeLoss)
  6. 10-K · period ending 2024-06-30 · accession 0001628280-26-056286 (NetIncomeLoss)
  7. 10-K · period ending 2022-06-30 · accession 0001952073-24-000022 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-06-30 · accession 0001952073-25-000037 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-06-30 · accession 0001628280-26-056286 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-06-30 · accession 0001952073-23-000012 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2023-06-30 · accession 0001952073-24-000022 (LongTermDebtNoncurrent)
  12. 10-K · period ending 2024-06-30 · accession 0001952073-25-000037 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2025-06-30 · accession 0001628280-26-056286 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-06-30 · accession 0001952073-23-000012 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-06-30 · accession 0001952073-24-000022 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-06-30 · accession 0001952073-25-000037 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2025-06-30 · accession 0001628280-26-056286 (CashAndCashEquivalentsAtCarryingValue)