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.
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The Madison Square Garden Company (MSGS) Beneish M-score
The Madison Square Garden Company's Beneish M-score for fiscal 2026 is −1.02; 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 | −1.02 | 2.08 |
| FY2025 | −3.09 | (0.64) |
| FY2024 | −2.45 | 0.64 |
| FY2023 | −3.09 | (0.53) |
| FY2022 | −2.55 | (13.93) |
| FY2021 | 11.37 | 14.79 |
| FY2020 | −3.42 | 0.01 |
| FY2019 | −3.43 | (0.89) |
| FY2018 | −2.54 | (0.24) |
| FY2017 | −2.29 | 1.15 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 2.70 | — | 2.49 | |
| Gross margin index | 0.99 | — | 0.52 | |
| Asset quality index | 0.95 | — | 0.39 | |
| Sales growth index | 1.11 | — | 0.99 | |
| Depreciation index | 0.95 | — | 0.11 | |
| SG&A index | 0.97 | — | −0.17 | |
| Total accruals to total assets | (0.04) | — | −0.17 | |
| Leverage index | 1.02 | — | −0.33 | |
| Beneish M-score | Flagged by the model | −1.02 | ||
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× |
| SKYD Paramount Skydance Corporation compare | −2.6× |
| WMG Warner Music Group Corp. compare | −2.5× |
| NWS News Corporation compare | −2.5× |
| NWSA News Corporation compare | −2.5× |
| SIRI Sirius XM Holdings Inc. compare | −2.5× |
| MSGS The Madison Square Garden Company | −1.0× |
| LLYVA Liberty Live Holdings, Inc. compare | — |
| LLYVK Liberty Live Holdings, Inc. 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