Forensic Analysis · General / Diversified · as of Jun 27, 2026
Madison Square Garden Sports Corp. (MSGS)
A forensic read on Madison Square Garden Sports Corp. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-1.8
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-6.8%
ROE
$9.5B
Market cap
0.01%
Dividend yield
Madison Square Garden Sports Corp. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -1.8, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
1%Return on invested capital.Return on invested capital is 1% and slipping from 7% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
-0.4%/yrShare-count dilution.Diluted share count changed -1% over the last 3 years to FY2025 (-0.4%/yr). Roughly flat — buybacks are about offsetting stock comp, not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
2% of revStock-based comp load.Stock-based compensation ran 2% of revenue and 20% of free cash flow in FY2025 — about $0.74 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
-100%Dividend — cut.The payout was CUT ~100% in FY2024 (from FY2023). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies — weigh the cut when judging reliability.
Key fundamentals
Net Margin-2.2%
Free Cash Flow$88.0M
Latest Revenue$1.04B
Revenue Growth YoY+1.2%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Madison Square Garden Sports Corp.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about MSGS's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown