IMAX Corporation (IMAX) vs Madison Square Garden Entertainment Corp. (MSGE)

IMAX Corporation and Madison Square Garden Entertainment Corp. are both Entertainment companies. Madison Square Garden Entertainment Corp. is the larger, with a market value of $3.8B against $3.0B — 1.2× the size. Madison Square Garden Entertainment Corp. trades at the lower P/E: 56.5× against 74.7×. IMAX Corporation grew revenue faster over the last twelve months: 14.8% against 12.5%. IMAX Corporation has the higher net margin (9.84% vs 6.24%) and the lower return on invested capital (16.0% vs 27.4%). Across the 21 metrics below, Madison Square Garden Entertainment Corp. leads on 11 and IMAX Corporation on 10.

Valuation

Metric IMAX MSGE Entertainment median
P/E 74.73 56.49 22.03
P/S 7.40 3.54 1.47
P/B 6.85 81.99 2.00
Price to free cash flow 25.15 11.62 16.60
EV/EBITDA 19.93 20.19 9.65
EV/Sales 7.11 3.80 1.76
Earnings yield 1.34% 1.77% (0.67%)
Free cash flow yield 3.98% 8.61% 3.26%

Profitability

Metric IMAX MSGE Entertainment median
Gross margin 59.63% 45.11% 45.02%
Operating margin 20.16% 13.34% 2.30%
Net margin 9.84% 6.24% 0.00%
Free cash flow margin 29.44% 30.46% 1.56%
Return on equity 9.58% 407.54% 0.00%
Return on assets 4.58% 3.67% 0.00%
Return on invested capital 15.95% 27.44% 0.00%

Growth

Metric IMAX MSGE Entertainment median
Revenue growth (TTM) 14.79% 12.52% 5.07%
EPS growth (last fiscal year) 31.25% 79.22% —
Revenue growth, 5-year CAGR 24.52% 66.94% 10.25%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric IMAX MSGE Entertainment median
Debt to equity 0.09 12.47 0.46
Current ratio 1.24 0.70 0.86
Net debt to EBITDA (0.78) 1.39 0.72

Dividend

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

Size

Metric IMAX MSGE Entertainment median
Market cap 3.03b 3.75b 1.87b

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