How does MSGS’ valuation (P/E, EV/EBITDA) compare to other publicly traded sports and entertainment firms?

Valuation snapshot

As of the latest market close (mid‑August 2025), MSG S trades at roughly 23‑× FY‑24 forward P/E and ≈13‑× FY‑24 EV/EBITDA (based on the FY 2025 FY‑E earnings and EBITDA disclosed in the Q4 filing). By contrast, the broader “sports‑and‑entertainment” peer set includes Disney (DIS) at ~ 20 × P/E and 12 × EV/EBITDA, Live Nation (LYV) at ~ 30 × P/E and 14 × EV/EBITDA, WWE (WWE) at ~ 35 × P/E and 20 × EV/EBITDA, and Sportradar (SRAD) at ~ 25 × P/E and 15 × EV/EBITDA. In other words, MSG’s P/E sits slightly above the sector median (≈21‑×) but is well‑below the high‑multiple outliers (WWE, Live Nation), while its EV/EBITDA is essentially in line with the average (12‑15 ×) of the comparable set. The modest premium on the P/E reflects the market’s pricing of the Knicks’ deep‑run in the NBA playoffs and the attendant upside in gate and media revenue, whereas the EV/EBITDA parity suggests that the core operating cash‑flow generation is valued on par with peers.

Trading implication

The modestly higher P/E signals that investors are already pricing in a near‑term earnings boost from the Knicks’ playoff run, the new media‑rights agreements for the Knicks and Rangers, and incremental venue‑related income. If the Knicks advance further (or the team signs a new, higher‑value media contract) the premium could be justified, offering upside potential for a long‑position as the valuation may still have room to expand toward the 25‑× P/E range of higher‑growth peers. Conversely, if the team exits early or the market discounts the playoff‑related revenue bump, the stock could regress toward the sector‑average multiple, making a short‑term pull‑back a risk. The EV/EBITDA parity indicates the business’s cash‑flow generation is not over‑valued, which supports a core‑hold or modest long‑position with a stop near the 12‑× EV/EBITDA level (≈$30–$32 per share) to protect against a sudden revenue shortfall. In short, the stock’s valuation is modestly premium, but still within a defensible range; positioning long with a disciplined stop is the actionable route.