Madison Square Garden Sports
MSGS on NYSE. Miscellaneous amusement & recreation. Market value $4.9bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to June 2026.
Recent profit includes a big one-time gain on shares the company owns, so we price the company excluding that gain.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Retail & consumer stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $0.63 of spare cash in the past 12 months. A savings account pays about $4.
You pay 339.6 years of operating profit for the business. The average large US company costs around 18.
The filings do not give us enough to work this out.
Quality score: 62 of 100. Price score: 3 of 100. Our list needs 70 on quality and 60 on price.
$400.32 a share, 93% above its 1-year low
Over the past year the price has ranged from $207.90 to $438.93.
Dividend: 0.0% a year
Paid every year for 4 years
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $821m | $887m | $1.0bn | $1.0bn | $1.2bn |
| Operating margin | |||||
| Operating margin | 10.5% | 9.6% | 14.2% | 1.4% | 2.5% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.02bn | 0.02bn | 0.02bn | 0.02bn | 0.02bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)7 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 22.7% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $279 million last quarter, up 37% on a year ago.
- Profit: $28 million, after a loss of $2 million a year ago.
- It keeps 3 cents of each $1 of sales as operating profit, up from 1 cents a year earlier.
- Spare cash over the past 12 months: $61 million, down from $88 million.
- Debt is $94 million more than cash, down from $146 million a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $53m |
| December 2024 | $358m |
| March 2025 | $424m |
| June 2025 | $204m |
| September 2025 | $39m |
| December 2025 | $403m |
| March 2026 | $432m |
| June 2026 | $279m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$8m |
| December 2024 | $1m |
| March 2025 | -$14m |
| June 2025 | -$2m |
| September 2025 | -$9m |
| December 2025 | $8m |
| March 2026 | -$20m |
| June 2026 | $28m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 13 August 2026
- Next quarterly (estimated, 10-Q)
- 7 August 2026
Who owns it
7 long-term investors we follow own it, unchanged from 7 last quarter. 467 funds in all.
- GAMCO InvestorsMario Gabelli
- Value
- $237m
- Share of fund
- 2.1%
- Horizon KineticsMurray Stahl
- Value
- $9m
- Share of fund
- 0.1%
- Southeastern Asset Management (Longleaf)Mason Hawkins
- Value
- $1m
- Share of fund
- <0.1%
- Lindsell TrainNick Train
- Value
- $1m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Ariel InvestmentsJohn Rogers Jr. | $265m | 2.6% | Cut |
| GAMCO InvestorsMario Gabelli | $237m | 2.1% | |
| Gotham Asset ManagementJoel Greenblatt | $53m | 0.1% | Added |
| Horizon KineticsMurray Stahl | $9m | 0.1% | |
| Boyar Asset ManagementMark Boyar | $9m | 5.1% | Cut |
| Southeastern Asset Management (Longleaf)Mason Hawkins | $1m | <0.1% | |
| Lindsell TrainNick Train | $1m | <0.1% |
Largest holders overall
- BlackRock$843mAdded
- Silver Lake Group, L.L.C.$763m
- T. Rowe Price Investment Management$441mAdded
- Vanguard Portfolio Management$384mAdded
- Vanguard Capital Management$321m
- Ariel Investments$265mCut
- Gates Foundation Trust$238m
- GAMCO Investors$237m
- State Street$235mAdded
- Avantyr Capital Partners, LP$188mNew
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- DOLAN MARY SInsider or founderat least 13.2%0.0 pts(filed with 27 related holders)Since 25 February 2026
- Mary S. Dolan, as a Trustee of the Charles F. Dolan Children Trust FBO Deborah Dolan-Sweeney and each of the 2009 Family TrustsInsider or founderat least 12.6%(filed with 20 related holders)Since 28 December 2024
What they said
The disclosure in Item 4 is hereby amended by adding the following to the end thereof: Charles F. Dolan passed away on December 28, 2024. As a result, as described in Exhibit A to Amendment No. 5, each child of Charles F. Dolan has the power to appoint additional or successor…
Read the filing - BlackRock, Inc.Passive investor10.0%+0.6 ptsSince 31 December 2025
- T. Rowe Price Investment Management, Inc.Passive investor5.6%Since 30 June 2026
- GAMCO Asset Management Inc.Passive investorSold down below 5%Since 13 August 2026
What they said
The Reporting Persons file the long form Schedule 13D pursuant to Section 13d-1 of the Securities Exchange Act of 1934 (the "Act") even though they may be technically eligible to file the short form Schedule G. Because the Reporting Persons may regularly communicate with the…
Read the filing - Charles F. Dolan 2009 Family Trust FBO Patrick F. DolanInsider or founderSold down below 5%Since 25 February 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Charles F. Dolan 2009 Revocable TrustInsider or founderSold down below 5%Since 20 February 2026
What they said
The disclosure in Item 4 is hereby amended by adding the following at the end thereof: The information contained in Item 3 of this Amendment No. 8 is incorporated by reference.
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
DOLAN MARY S Insider or founder | at least 13.2%0.0 pts (filed with 27 related holders) | 25 February 2026 | |
Mary S. Dolan, as a Trustee of the Charles F. Dolan Children Trust FBO Deborah Dolan-Sweeney and each of the 2009 Family Trusts Insider or founder | at least 12.6% (filed with 20 related holders) | 28 December 2024 | What they saidThe disclosure in Item 4 is hereby amended by adding the following to the end thereof: Charles F. Dolan passed away on December 28, 2024. As a result, as described in Exhibit A to Amendment No. 5, each child of Charles F. Dolan has the power to appoint additional or successor… Read the filing |
BlackRock, Inc. Passive investor | 10.0%+0.6 pts | 31 December 2025 | |
T. Rowe Price Investment Management, Inc. Passive investor | 5.6% | 30 June 2026 | |
GAMCO Asset Management Inc. Passive investor | Sold down below 5% | 13 August 2026 | What they saidThe Reporting Persons file the long form Schedule 13D pursuant to Section 13d-1 of the Securities Exchange Act of 1934 (the "Act") even though they may be technically eligible to file the short form Schedule G. Because the Reporting Persons may regularly communicate with the… Read the filing |
Charles F. Dolan 2009 Family Trust FBO Patrick F. Dolan Insider or founder | Sold down below 5% | 25 February 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Charles F. Dolan 2009 Revocable Trust Insider or founder | Sold down below 5% | 20 February 2026 | What they saidThe disclosure in Item 4 is hereby amended by adding the following at the end thereof: The information contained in Item 3 of this Amendment No. 8 is incorporated by reference. Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 2 sold $2m.
- Warner BryanSVP, Head of LegalSold
- Date
- 16 September 2026
- Shares
- 628
- Price
- $393.77
- Value
- $247,288
- DOLAN CHARLES PDirectorSold
- Date
- 20 February 2026
- Shares
- 5,659
- Price
- $325.26
- Value
- $2m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 16 September 2026 | Warner Bryan SVP, Head of Legal | Sold | 628 | $393.77 | $247,288 |
| 20 February 2026 | DOLAN CHARLES P Director | Sold | 5,659 | $325.26 | $2m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 13 Aug 2026, plus 2 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
- It isn't cheap on profits: 339.6× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.