Atlanta Braves Holdings, Inc. (BATRK) vs Madison Square Garden Entertainment Corp. (MSGE)

Atlanta Braves Holdings, Inc. and Madison Square Garden Entertainment Corp. are both Entertainment companies. Atlanta Braves Holdings, Inc. and Madison Square Garden Entertainment Corp. are of similar size ($3.8B and $3.5B). Atlanta Braves Holdings, Inc. has negative trailing earnings, so its P/E is not meaningful; Madison Square Garden Entertainment Corp. trades at 56.5×. Madison Square Garden Entertainment Corp. has the higher net margin (6.24% vs −15.0%) and the higher return on invested capital (27.4% vs 0.00%). Across the 17 metrics below, Madison Square Garden Entertainment Corp. leads on 14 and Atlanta Braves Holdings, Inc. on 3.

Valuation

Metric BATRK MSGE Entertainment median
P/E n/m 56.49 22.03
P/S 4.09 3.54 1.47
P/B 14.19 81.99 2.00
Price to free cash flow n/m 11.62 16.60
EV/EBITDA 59.37 20.19 9.65
EV/Sales 4.58 3.80 1.76
Earnings yield (1.84%) 1.77% (0.67%)
Free cash flow yield (2.98%) 8.61% 3.26%

Profitability

Metric BATRK MSGE Entertainment median
Gross margin 13.27% 45.11% 45.02%
Operating margin 0.00% 13.34% 2.30%
Net margin (15.01%) 6.24% 0.00%
Free cash flow margin (12.21%) 30.46% 1.56%
Return on equity 0.00% 407.54% 0.00%
Return on assets 0.00% 3.67% 0.00%
Return on invested capital 0.00% 27.44% 0.00%

Growth

Metric BATRK MSGE Entertainment median
Revenue growth (TTM) — 12.52% 5.07%
EPS growth (last fiscal year) 26.00% 79.22% —
Revenue growth, 5-year CAGR — 66.94% 10.25%
Net income growth, 5-year CAGR — 0.00% 0.00%

Health

Metric BATRK MSGE Entertainment median
Debt to equity 1.17 12.47 0.46
Current ratio 1.29 0.70 0.86
Net debt to EBITDA 10.23 1.39 0.72

Dividend

Metric BATRK MSGE Entertainment median
Dividend yield — — 1.16%
Payout ratio — — 0.00

Size

Metric BATRK MSGE Entertainment median
Market cap 3.47b 3.75b 1.87b

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