Madison Square Garden Sports Corp (MSGS)
Cash conversion cycle
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Days of inventory on hand (DOH) | days | — | — | — | 49.32 | — | — | 38.80 | 48.32 | 16.51 | 15.69 | 30.90 | 47.73 | 13.72 | 16.34 | 29.71 | 80.37 | 30.89 | 62.74 | 60.02 | 19.93 |
| Days of sales outstanding (DSO) | days | 10.34 | 57.46 | 33.96 | 28.38 | 28.46 | 62.11 | 45.29 | 26.93 | 30.45 | 41.69 | 39.52 | 29.55 | 34.19 | 75.05 | 53.38 | 36.97 | 47.14 | 128.95 | 29.84 | 9.52 |
| Number of days of payables | days | 6.82 | 3.57 | 3.50 | 3.12 | 5.85 | 3.65 | 3.27 | 3.64 | 6.05 | 5.36 | 5.47 | 4.70 | 8.21 | 2.39 | 2.57 | 2.46 | 2.88 | 2.83 | 1.24 | 0.68 |
| Cash conversion cycle | days | 3.52 | 53.88 | 30.46 | 74.58 | 22.61 | 58.45 | 80.82 | 71.60 | 40.91 | 52.03 | 64.95 | 72.59 | 39.70 | 89.00 | 80.52 | 114.87 | 75.15 | 188.87 | 88.63 | 28.77 |
June 30, 2025 calculation
Cash conversion cycle = DOH + DSO – Number of days of payables
= — + 10.34 – 6.82
= 3.52
The financial data of Madison Square Garden Sports Corp reveals notable fluctuations in the company's cash conversion cycle (CCC) over the analyzed period. Initially, as of September 30, 2020, the CCC stood at approximately 28.77 days, indicating a relatively efficient cycle for converting investments in inventory and receivables into cash. However, during the subsequent quarter ending December 31, 2020, the CCC experienced a significant increase to about 88.63 days, suggesting a substantial extension in the time taken to realize cash from operations.
The most pronounced shift occurred between December 2020 and March 2021, when the CCC surged sharply to approximately 188.87 days. This extended cycle reflects considerable delays, possibly attributable to disruptions or operational adjustments during that period, potentially related to the impacts of the pandemic or other operational factors. Following this peak, the CCC decreased notably by June 30, 2021, to around 75.15 days, indicating a partial recovery toward more typical operational efficiencies.
Throughout 2021, the CCC exhibited variability but remained relatively higher than pre-pandemic levels, with values such as 114.87 days in September 2021 and 80.52 days at year-end, implying ongoing adjustments in operational cash flows. By March 2022, the cycle slightly increased again to roughly 89.00 days.
From mid-2022 onward, a clear downward trend in the CCC emerges. As of June 30, 2022, the cycle narrowed to approximately 39.70 days, and it further declined to around 72.59 days by September 2022, reaching approximately 64.95 days at year-end 2022. This downward trajectory suggests operational improvements, increased efficiency in managing receivables and inventory, or changes in revenue recognition and cash collection practices.
In 2023, the CCC continued to diminish, with values such as 52.03 days in March and 40.91 days in June, before experiencing a slight increase to 71.60 days in September and 80.82 days by year-end. The beginning of 2024 saw a further reduction, with the cycle decreasing to approximately 58.45 days, and reaching a low point of around 22.61 days on June 30, 2024. Subsequently, the CCC increased again to roughly 74.58 days as of September 2024 and then decreased to 30.46 days at the end of 2024.
The cycle continued to fluctuate into 2025, with values such as 53.88 days in March and notably dropping to 3.52 days by June 30, 2025, representing a significant reduction in the time frame for cash conversion.
Overall, the data indicates that Madison Square Garden Sports Corp experienced periods of operational strain and recovery, with the overall trend since mid-2022 pointing toward increased efficiency in managing working capital. The fluctuations across the periods reflect dynamic operational conditions, external impacts, and strategic adjustments aimed at optimizing cash flow cycles. The noticeable reduction toward mid-2025 suggests improved cash management and potential operational efficiencies.
Peer comparison
Jun 30, 2025