What does return on invested capital mean?

Net operating profit after tax (operating income taxed at the effective rate) divided by average invested capital (debt plus equity minus cash). Measures the after-tax return on all capital put to work in the business, independent of capital structure.

Madison Square Garden Entertainment MSGE Return on invested capital

Return on invested capital at other companies

Live Nation EntertainmentLYV

37.6%—

Walt DisneyDIS

8.2%+3.1pp

SEG

Seaport Entertainment GroupSEG

-27.1%—

Madison Square Garden SportsMSGS

-3.2%—

Sphere EntertainmentSPHR

-5.3%-1.6pp

TKO Group HoldingsTKO

11.4%+5.3pp

Other financials

Income statement

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Revenue$246.3M+1.6%

Operating income$16.1M-41.1%

Net income$5.1M-36.4%

EPS (diluted)$0.11-35.3%

Balance sheet

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Cash & equivalents$323.7M+262%

Total debt$1.2B-1.4%

Total equity$48.0M+404%

Total assets$2.0B+12.5%

Cash flow

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Operating cash flow$183.9M+224%

CapEx$10.0M+236%

Free cash flow$173.9M+223%

Valuation

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Market cap$3.73B+104%

Enterprise value$4.59B+56.3%

P/E44.3×—

P/S3.7×+1.8×

Profitability

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Operating margin15.2%—

Net margin13.5%—

FCF margin17.3%—

Returns & leverage

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Return on equity16.3%—

Debt / equity24.7×-102×

Current ratio0.7×+0.1×

Where this comes from

Calculated from Madison Square Garden Entertainment’s reported figures.

nopat/invested capital=14.9%

Based on trailing twelve months.

The official record: Madison Square Garden Entertainment’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Madison Square Garden Entertainment's return on invested capital?: Madison Square Garden Entertainment (MSGE) reported return on invested capital of 14.9% in Q1 2025.
What does return on invested capital mean?: Net operating profit after tax (operating income taxed at the effective rate) divided by average invested capital (debt plus equity minus cash). Measures the after-tax return on all capital put to work in the business, independent of capital structure.