Madison Square Garden Sports Corp (MSGS)
Operating return on assets (Operating ROA)
| 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating income (ttm) | US$ in thousands | 14,808 | 89,687 | 137,087 | 152,589 | 120,421 | 55,921 | 57,930 | 80,631 | 85,174 | 121,077 | 100,719 | 85,120 | 86,080 | 41,617 | -11,652 | -85,977 | -78,443 | -102,620 | -245,948 | -126,700 |
| Total assets | US$ in thousands | 1,472,970 | 1,504,500 | 1,412,450 | 1,373,300 | 1,441,850 | 1,388,470 | 1,368,450 | 1,366,080 | 1,315,020 | 1,363,290 | 1,300,870 | 1,345,860 | 1,301,970 | 1,363,770 | 1,349,420 | 1,327,940 | 1,309,940 | 1,304,440 | 1,292,120 | 1,219,370 |
| Operating ROA | 1.01% | 5.96% | 9.71% | 11.11% | 8.35% | 4.03% | 4.23% | 5.90% | 6.48% | 8.88% | 7.74% | 6.32% | 6.61% | 3.05% | -0.86% | -6.47% | -5.99% | -7.87% | -19.03% | -10.39% |
June 30, 2025 calculation
Operating ROA = Operating income (ttm) ÷ Total assets
= $14,808K ÷ $1,472,970K
= 1.01%
The operating return on assets (ROA) for Madison Square Garden Sports Corp exhibits a notable trajectory over the analyzed period. From September 2020 through June 2021, the company experienced significant negative operating ROA figures, reflecting substantial operational losses relative to its assets during the early stages of the COVID-19 pandemic—specifically, -10.39% as of September 30, 2020, and a deepening to -19.03% by December 31, 2020. This decline underscores the adverse impact of halted or diminished sports and entertainment events on operational profitability.
However, starting in March 2021, there was a gradual improvement in operating ROA, progressing to -7.87%, and continuing in a positive direction through subsequent quarters. By June 2022, the operating ROA turned positive at 6.61%, indicating a recovery in operational efficiency and asset utilization. The positive trend persisted into 2022 and early 2023, reaching a peak of 8.88% as of March 2023, suggesting an effective operational rebound amid easing pandemic restrictions.
Mid-2023 saw a slight decline to 6.48% in June and further to 5.90% in September, which may reflect temporary challenges or seasonal variations. Nevertheless, the figure remained positive, signifying ongoing operational profitability. Moving into late 2023, the operating ROA decreased slightly to 4.23% as of December 2023, and further to 4.03% in March 2024, pointing to some moderation but sustained positive performance.
In the most recent quarters, a renewed upward trend is observable, with the operating ROA rising to 8.35% in June 2024 and reaching 11.11% by September 2024—levels indicative of a notable improvement in operational efficiency relative to asset base. This positive momentum appears to stabilize, with the figure slightly decreasing to 9.71% in December 2024, before experiencing a decline to 5.96% in March 2025 and further sharply dropping to 1.01% in June 2025.
Overall, the operating ROA trajectory reflects a recovery from severe operating losses during the initial pandemic impact, transitioning into periods of profitability driven by increased operational activity and asset utilization. The fluctuations in recent periods suggest evolving operational efficiencies and potential external factors influencing performance, with notable peaks in late 2024 followed by a decline in mid-2025. The observed patterns underscore a company navigating through recovery phases, with the capacity to generate positive returns on assets, albeit with variability over time.
Peer comparison
Jun 30, 2025