At a glance
Madison Square Garden Sports Corp is worth $7.23B, about 939 times its fiscal 2026 earnings. Revenue grew 11.0% to $1.15B in fiscal 2026, with 0.7% kept as profit; over 5 years it has grown 22.6% a year. It pays a dividend, and returned $172.7M to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned +32.2% over the past year with dividends reinvested and +10.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 24.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months after the low.
The business in plain English
As of June 30, 2026, MSG Knickerbockers Corp., formerly Madison Square Garden Sports Corp., owned the New York Knicks of the National Basketball Association (NBA) and the New York Rangers of the National Hockey League (NHL). It also owned two minor-league teams that develop players, the Westchester Knicks and the Hartford Wolf Pack, and ran a training center in Greenburgh, NY.
Its teams play in the New York area, the nation's largest media market. In the fiscal year ended June 30, 2026, revenue was $1.15 billion. Event-related revenue from home games, such as tickets, made up 46.5%. Media rights made up 25.6%. That covers a share of the NBA's and NHL's national deals with partners such as Disney and Amazon, plus fees from MSG Networks for local broadcasts. Sponsorship, signage and suite licenses brought in 22.1%, and league distributions and other items 5.7%. The company does not own Madison Square Garden, where both teams play. It uses the arena under agreements with MSG Entertainment that run to June 2055 and share suite, food and merchandise revenue.
In February 2026 the board began exploring a spin-off of the Rangers into a separate public company. Shareholders would get one new share for every two they hold. The revenue figures above include both teams.
Price history
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MSGS +32.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Event-related | $536.5M | 46.5% |
| Media rights | $295.7M | 25.6% |
| Sponsorship, signage and suite licenses | $255.3M | 22.1% |
| League distributions and other | $66.2M | 5.7% |
Latest results
- In Q4 FY2026 (ended Jun 30, 2026), revenue was $278.7M, up 36.7% from a year earlier, and net income was $28.3M.
- For fiscal 2026, revenue was $1.15B (+11.0% year over year; +22.6% a year from FY2021 to FY2026) with a 0.7% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +22.6% good |
|---|---|
| Operating margin | 2.5% weak |
| Free cash flow margin | 5.3% watch |
| Return on assets (FY2026) | 0.5% weak |
| Net cash (cash minus debt) | $-94.0M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $415.7M | $-14.0M | $-35.8M |
| FY2022 | $821.4M | $51.1M | $177.1M |
| FY2023 | $887.4M | $47.8M | $151.3M |
| FY2024 | $1.03B | $58.8M | $90.7M |
| FY2025 | $1.04B | $-22.4M | $88.0M |
| FY2026 | $1.15B | $7.8M | $61.3M |
Valuation snapshot
| Market value | $7.23B |
|---|---|
| P/E ratio | 938.5 |
| Dividend yield | 0% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MSGS price data to Oct 28, 2026 | +16.1% | +32.2% | +22.1% | +10.8% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +16.1% |
| 2025 | +14.6% |
| 2024 | +24.1% |
| 2023 | -0.8% |
| 2022 | +10.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 13.1% over that stretch · deepest drop along the way 24.5%, back to its old high 2.7 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (24 read): 0 open-market purchases and 1 sales ($247K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 16, 2026 | Bryan Warner SVP, Head of Legal | sell | $247K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10% | Dec 31, 2025 |
| T. Rowe Price Investment Management, Inc. | 5.6% | Jun 30, 2026 |
ETFs with the most weight in MSGS
| PSCU Invesco S&P SmallCap Utilities & Communication Services ETF | 4.77% |
| PEJ Invesco Leisure and Entertainment ETF | 3.02% |
| HSMV First Trust Horizon Managed Volatility Small/Mid ETF | 1.59% |
| XSLV Invesco S&P SmallCap Low Volatility ETF | 1.13% |
| SIXS ETC 6 Meridian Small Cap Equity ETF | 1.11% |
| CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF | 0.86% |
| NIXT Research Affiliates Deletions ETF | 0.81% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 0.5% |
What could go wrong
- Results hinge on the Knicks and Rangers winning. Ticket, sponsorship and media income depend on the teams' popularity and success. Deep playoff runs add extra home games and revenue, but they cannot be counted on. Player injuries and costly roster decisions can hurt.
- The company does not own its arena. The teams rent Madison Square Garden from MSG Entertainment under agreements running to June 2055. If the arena is poorly run, or a New York City real estate tax exemption is withdrawn, results could suffer.
- Local TV income has already fallen. Fees from MSG Networks for local broadcasts have fallen and hurt results. The company warns that further cuts could be large, including cuts caused by a possible MSG Networks bankruptcy. Those deals expire after the 2028-29 seasons.
- Rangers spin-off carries tax and value risks. The proposed Rangers separation may not happen as described. If it is treated as taxable, it could bring a large tax bill. The two companies' shares together may also be worth less than before.
- The Dolan family controls the company. The Dolan family can block or force a sale. As a so-called controlled company, it opts out of some NYSE governance rules and shares directors and officers with MSG Entertainment and Sphere Entertainment.
- Debt and a record of losses. The company had $258.5 million of debt and $164.5 million of cash and investments as of June 30, 2026. It has posted losses before, including in fiscal 2025, and may need more financing.
Recent events
- Major agreement signed; Acquisition or sale of assets completed; Executive or board change; Bylaws or fiscal year changed
- Major agreement signed; Executive or board change; Investor presentation or announcement; Other company announcement
- Executive or board change
- Quarterly results released
- Quarterly results released
- Executive or board change
- Executive or board change; Other company announcement
- Quarterly results released
- Shareholder vote results
- Executive or board change
For income and retirement investors
MSGS offers little steady income. The company paid $170.9 million in dividends in fiscal 2023, equal to $7 a share, but payments since have been small. In fiscal 2026 it paid $472,000, about 6% of earnings and 0.8% of free cash flow (cash left after operating costs and investment). The dividend yield was 0% as of October 28, 2026, and there is no streak of dividend increases. The company bought back no shares from fiscal 2022 through fiscal 2026, so income would have to come from selling shares.
In the 2022 bear market (a long, deep fall in stock prices), the shares dropped 24.5% from their April high to their September low. They recovered by December 22, 2022, about 2.7 months later. They also fell 27.9% in the month to October 28, 2026, around an October 27 filing that reported a completed asset transaction. Single stocks carry more risk than diversified funds that spread money across many companies.
Questions investors ask
How does MSG Knickerbockers make money?
Mainly from Knicks and Rangers home games and the audiences they draw. In the fiscal year ended June 30, 2026, event-related revenue such as tickets made up 46.5% of its $1.15 billion in revenue. Media rights added 25.6%. These include a share of NBA and NHL national deals and local broadcast fees from MSG Networks. Sponsorship, signage and suite licenses brought in 22.1%, and league distributions and other items 5.7%. Revenue grew 11% in fiscal 2026.
Does MSGS pay a dividend?
Not in any meaningful way since fiscal 2023. The dividend yield was 0% as of October 28, 2026. The company paid $170.9 million in dividends in fiscal 2023, equal to $7 a share. In each of the next three fiscal years, payments were $701,000 or less, and there is no record of yearly increases. It bought back no shares from fiscal 2022 through fiscal 2026, so shareholder returns have come from the share price.
Is MSG Sports spinning off the New York Rangers?
It was exploring one as of its annual report filed August 13, 2026. Shareholders would get one share of a new Rangers company for every two shares held, in a planned tax-free distribution. Since then the company has been renamed MSG Knickerbockers Corp. It also filed an October 27, 2026 report on a completed asset transaction, and its shares fell 27.2% in the week to October 28. A spin-off normally lowers the original company's share price as value moves into the new shares, so the company's filings are worth checking.
Is MSGS profitable?
Yes, but only barely in its latest fiscal year. For the year ended June 30, 2026, it earned $7.8 million, just 0.7% of its $1.15 billion in revenue, or $0.32 per share. It lost $22.4 million in fiscal 2025. Free cash flow was $61.3 million in fiscal 2026. Because earnings were so thin, the price-to-earnings ratio (share price divided by yearly earnings per share) was about 939 as of October 28, 2026. The share price reflects far more than the company's yearly profits.
Who controls MSG Knickerbockers Corp.?
The Dolan family. Its control lets the family block or cause a sale of the company and influence other major decisions. The company has chosen controlled-company status, which lets it opt out of some New York Stock Exchange governance rules. It shares directors and officers with MSG Entertainment, Sphere Entertainment and AMC Global Media. Large outside holders include BlackRock, which reported owning 10% as of December 31, 2025, and T. Rowe Price Investment Management, at 5.6% as of June 30, 2026.