Lionsgate Studios vs Madison Square Garden Sports
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The short version
- Lionsgate Studios is the larger business, with $2.6B of revenue in fiscal 2026 against $1.2B for Madison Square Garden Sports, about 2.3 times as much.
- Madison Square Garden Sports grew revenue faster (11.0%, against 1.8%).
- Lionsgate Studios kept more of each dollar of sales as operating profit (3.7% operating margin, against 2.5%).
- Madison Square Garden Sports turned more of its sales into free cash flow (5.3% FCF margin, against 0.4%).
| Latest fiscal year | LION Β· FY26 | MSGS Β· FY26 |
|---|---|---|
| Size | ||
| Market cap | $3.6B | $9.4B |
| Revenue | $2.6B | $1.2B |
| Free cash flow | $11.4M | $61.3M |
| Net income | β$198M | $7.8M |
| Growth | ||
| Revenue growth | 1.8% | 11.0% |
| 5-year growth | β | 22.7% |
| Share count change | 14.7% | 0.7% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | 3.7% | 2.5% |
| Net margin | β7.5% | 0.7% |
| FCF margin | 0.4% | 5.3% |
| Return on capital | 8.3% | β |
| Return on equity | β | β |
| Balance sheet | ||
| Net debt | $1.6B | $94.0M |
| Net debt / EBITDA | 13.9x | 2.9x |
| Dividends and buybacks | $0.0M | $0.5M |
| Valuation & quality | ||
| P/E | β | β |
| Piotroski F-score | 5 | 7 |
Revenue
FY17
LION β
MSGS $1.3B
FY18
LION β
MSGS $1.6B
FY19
LION β
MSGS $1.6B
FY20
LION β
MSGS $603M
FY21
LION β
MSGS $416M
FY22
LION β
MSGS $821M
FY23
LION β
MSGS $887M
FY24
LION $2.5B
MSGS $1.0B
FY25
LION $2.6B
MSGS $1.0B
FY26
LION $2.6B
MSGS $1.2B
LION
MSGS
Operating margin
FY17
LION β
MSGS β4.3%
FY18
LION β
MSGS β1.2%
FY19
LION β
MSGS β3.6%
FY20
LION β
MSGS β15.6%
FY21
LION β
MSGS β18.9%
FY22
LION β
MSGS 10.5%
FY23
LION β
MSGS 9.6%
FY24
LION β0.6%
MSGS 14.2%
FY25
LION β0.7%
MSGS 1.4%
FY26
LION 3.7%
MSGS 2.5%
LION
MSGS
Free cash flow
FY17
LION β
MSGS $179M
FY18
LION β
MSGS $25.7M
FY19
LION β
MSGS β$27.6M
FY20
LION β
MSGS β$359M
FY21
LION β
MSGS β$35.8M
FY22
LION β
MSGS $177M
FY23
LION β
MSGS $151M
FY24
LION $387M
MSGS $90.7M
FY25
LION β$180M
MSGS $88.0M
FY26
LION $11.4M
MSGS $61.3M
LION
MSGS
Return on capital
FY17
LION β
MSGS β
FY18
LION β
MSGS β0.6%
FY19
LION β
MSGS β1.8%
FY20
LION β
MSGS β
FY21
LION β
MSGS β
FY22
LION β
MSGS β
FY23
LION β
MSGS β
FY24
LION β
MSGS β
FY25
LION β1.1%
MSGS β
FY26
LION 8.3%
MSGS β
LION
MSGS
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.