Madison Square Garden Sports Corp. (MSGS) intrinsic value & 10-year financials
Madison Square Garden Sports Corp. (MSGS) has a Graham intrinsic value of $14.61 per share. At $396.10 on Oct 17, 2026, the stock trades 2611% above that value. Over the last 10 fiscal years revenue shrank 0.8% a year to $1.0B, with an average return on invested capital of 0.8%.
- Graham intrinsic value
- $14.61
- Share price (Oct 17, 2026)
- $396.10
- Price vs Graham value
- 2611% above
- Market cap
- $9.5B
- Revenue (FY2025)
- $1.0B
- Revenue growth (10-yr CAGR)
- -0.8%
- ROIC (10-yr avg)
- 0.8%
- Free cash flow (FY2025)
- $88.0M
MSGS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.0B | -$22.4M | -$0.93 | $88.0M | 1.4% | 2.1% |
| FY2024 | $1.0B | $58.8M | $2.44 | $90.7M | 14.2% | 11.7% |
| FY2023 | $887.4M | $47.8M | $1.89 | $151.3M | 9.6% | 6.3% |
| FY2022 | $821.4M | $51.1M | $2.10 | $177.1M | 10.5% | 7.6% |
| FY2021 | $415.7M | -$14.0M | -$0.58 | -$35.8M | -18.9% | -5.1% |
| FY2020 | $603.3M | -$182.4M | -$7.62 | -$358.9M | -15.6% | -8.0% |
| FY2019 | $729.4M | $11.4M | $0.48 | -$27.6M | -1.9% | -0.8% |
| FY2018 | $712.4M | $141.6M | $5.94 | $28.7M | 2.6% | 1.4% |
| FY2017 | $1.3B | -$72.7M | -$3.05 | $172.4M | -4.6% | -4.5% |
| FY2016 | $1.1B | -$77.3M | -$3.12 | $54.1M | -5.3% | -2.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Madison Square Garden Sports Corp. is facing top-line stagnation, with revenue contracting over the decade.
Madison Square Garden Sports Corp. has historically struggled to out-earn its cost of capital, averaging just 0.8% ROIC.
Madison Square Garden Sports Corp. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Madison Square Garden Sports Corp. is modeled at -0.8% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $14.61 per share.