Madison Square Garden Entertainment Corp.
MSGE Communication Services Entertainment
Madison Square Garden Entertainment Corp.’s revenue for fiscal 2026 (year ended June 2026) was $1.1 billion, up 12.5% from fiscal 2025. In the quarter to June 2026, revenue grew 27.4%, EPS grew 63.2%, free cash flow grew 33.3% and total debt fell 4.75%, each against the same quarter a year earlier.
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Madison Square Garden Entertainment Corp. (MSGE) Beneish M-score
Madison Square Garden Entertainment Corp.'s Beneish M-score for fiscal 2026 is −3.01; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −3.01 | (0.27) |
| FY2025 | −2.74 | (0.33) |
| FY2024 | −2.41 | 0.47 |
| FY2023 | −2.88 | (4.54) |
| FY2022 | 1.66 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.16 | — | 1.06 | |
| Gross margin index | 0.96 | — | 0.51 | |
| Asset quality index | 0.87 | — | 0.35 | |
| Sales growth index | 1.13 | — | 1.00 | |
| Depreciation index | 1.00 | — | 0.12 | |
| SG&A index | 1.05 | — | −0.18 | |
| Total accruals to total assets | (0.15) | — | −0.69 | |
| Leverage index | 1.04 | — | −0.34 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.01 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| VSNT Versant Media Group, Inc. compare | −3.6× |
| MANU Manchester United Ltd. compare | −3.5× |
| BATRA Atlanta Braves Holdings, Inc. compare | −3.0× |
| MSGE Madison Square Garden Entertainment Corp. | −3.0× |
| IMAX IMAX Corporation compare | −2.9× |
| AMC AMC Entertainment Holdings, Inc. compare | −2.9× |
| CNK Cinemark Holdings Inc compare | −2.6× |
| BATRK Atlanta Braves Holdings, Inc. compare | −2.5× |
| SPHR Sphere Entertainment Co. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI