The Madison Square Garden Company
MSGS Communication Services Entertainment
The Madison Square Garden Company’s revenue for fiscal 2026 (year ended June 2026) was $1.2 billion, up 11.0% from fiscal 2025. In the quarter to June 2026, revenue grew 36.7%, EPS grew 1,771.4%, free cash flow grew 16.8% and total debt fell 11.2%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
Follow MSGS
The Madison Square Garden Company (MSGS) Altman Z-score
The Madison Square Garden Company's Altman Z-score for fiscal 2026 is 3.68, in the safe zone (above 2.99).
Altman Z-score, annual
Embed this chart
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 3.68 | 1.60 |
| FY2025 | 2.07 | (0.34) |
| FY2024 | 2.41 | 0.40 |
| FY2023 | 2.01 | (0.10) |
| FY2022 | 2.11 | 0.59 |
| FY2021 | 1.52 | 0.02 |
| FY2020 | 1.50 | (1.39) |
| FY2019 | 2.89 | (0.14) |
| FY2018 | 3.03 | 1.01 |
| FY2017 | 2.03 | (0.45) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.21) | — | −0.25 | |
| Retained earnings / total assets | (0.08) | — | −0.12 | |
| EBIT / total assets | 0.02 | — | 0.06 | |
| Market value of equity / total liabilities | 5.39 | — | 3.23 | |
| Sales / total assets | 0.75 | — | 0.75 | |
| Altman Z-score | Safe zone | 3.68 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −1.66 | ||
Z and Z″ put The Madison Square Garden Company in different zones: safe zone by Z, distress zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| MSGS The Madison Square Garden Company | 3.7× |
| NWS News Corporation compare | 2.4× |
| NWSA News Corporation compare | 2.2× |
| WMG Warner Music Group Corp. compare | 1.7× |
| SIRI Sirius XM Holdings Inc. compare | 1.2× |
| SKYD Paramount Skydance Corporation compare | 1.0× |
| LLYVA Liberty Live Holdings, Inc. compare | — |
| VSNT Versant Media Group, Inc. compare | — |
| LLYVK Liberty Live Holdings, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets