TacticScaleWhat Madison Square Garden Sports Does & How It Makes Money (MSGS)
Updated October 2026 · reflects Madison Square Garden Sports's latest reported financials
Pro sports company owning the New York Knicks and Rangers. It makes money from its pro sports franchises, mainly through team-related revenue like game-day ticket sales, media rights, sponsorships and league revenue sharing.
How Madison Square Garden Sports makes money
It makes money from its pro sports franchises, mainly through team-related revenue like game-day ticket sales, media rights, sponsorships and league revenue sharing.
What Madison Square Garden Sports does
Madison Square Garden Sports Corp. is a U.S. professional sports company whose portfolio centers on two major New York franchises: the NBA's New York Knicks and the NHL's New York Rangers. Development-league affiliates round it out: the Hartford Wolf Pack of the American Hockey League and the Westchester Knicks of the NBA G League. The company also operates the Madison Square Garden Training Center in Greenburgh, New York, a performance facility for its teams. Formerly known as The Madison Square Garden Company, it was incorporated in 2015 and is headquartered in New York City. Its value is closely tied to owning marquee teams in the largest U.S. media market.
Products & services
- New York Knicks (NBA)
- New York Rangers (NHL)
- Hartford Wolf Pack (AHL)
- Westchester Knicks (NBA G League)
- Madison Square Garden Training Center
What is Madison Square Garden Sports worth?
On an owner-earnings DCF, Madison Square Garden Sports's most-likely value is about $97 versus a recent price near $402 (76% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$49) with a margin of safety — so the honest verdict here is “Stretched — richly priced.” Fair value earns its keep only at the extremes, not in the wide middle.
Today's $402 is above even the optimistic Bull case ($154) — the market expects faster, longer growth than modeled here. Expensive unless that extra growth actually shows up.
⚠ High leverage — net debt is 6.8× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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