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) Piotroski F-score
The Madison Square Garden Company's Piotroski F-score for fiscal 2026 is 8 out of 9: 8 of nine tests of profitability, leverage and efficiency passed, up from 4 in fiscal 2025.
Piotroski F-score, annual
Embed this chart
Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2026 | 8 | 4.00 |
| FY2025 | 4 | (5.00) |
| FY2024 | 9 | 4.00 |
| FY2023 | 5 | (2.00) |
| FY2022 | 7 | 4.00 |
| FY2021 | 3 | (2.00) |
| FY2020 | 5 | 0.00 |
| FY2019 | 5 | (2.00) |
| FY2018 | 7 | 1.00 |
| FY2017 | 6 | — |
How fiscal 2026’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 0.51% | (1.59%) | Pass | 1 |
| Positive operating cash flow | 62.66m | 91.61m | Pass | 1 |
| Rising return on assets | 0.51% | (1.59%) | Pass | 1 |
| Cash flow above net income | 54.93m | 114.06m | Pass | 1 |
| Falling long-term leverage | 0.16 | 0.19 | Pass | 1 |
| Rising current ratio | 0.50 | 0.45 | Pass | 1 |
| No new shares issued | 24,154,000 | 24,089,000 | Fail | 0 |
| Rising gross margin | 27.74% | 27.34% | Pass | 1 |
| Rising asset turnover | 0.77 | 0.74 | Pass | 1 |
| Piotroski F-score | Strong — most fundamentals improved | 8 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| MSGS The Madison Square Garden Company | 8 |
| SIRI Sirius XM Holdings Inc. compare | 7 |
| NWSA News Corporation compare | 6 |
| NWS News Corporation compare | 6 |
| SKYD Paramount Skydance Corporation compare | 4 |
| WMG Warner Music Group Corp. compare | 3 |
| LLYVA Liberty Live Holdings, Inc. compare | — |
| VSNT Versant Media Group, Inc. compare | — |
| LLYVK Liberty Live Holdings, Inc. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover