IMAX vs Madison Square Garden Sports
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KIRAβs take AI analyst
I put IMAX and Madison Square Garden Sports side by side, using each oneβs latest annual report. Here is what stands out:
- Madison Square Garden Sports is the larger business, with $1.2B of revenue in fiscal 2026 against $410M for IMAX, about 2.8 times as much.
- IMAX grew revenue faster (16.5%, against 11.0%).
- IMAX kept more of each dollar of sales as operating profit (20.5% operating margin, against 2.5%).
- IMAX turned more of its sales into free cash flow (29.0% FCF margin, against 5.3%).
Who comes out ahead
Of the 6 measures where higher (or lower) is clearly better, how many each company leads.
IMAX
IMAX
5/6
Revenue growth5-year growthOperating marginNet marginFCF margin
Madison Square Garden Sports
MSGS
1/6
Share count change
Side by side
Best in the row
| Latest fiscal year | IMAX FY25 | MSGS FY26 |
|---|---|---|
| Size | ||
| Market cap | $3.0B | $9.4B |
| Revenue | $410M | $1.2B |
| Free cash flow | $119M | $61.3M |
| Net income | $34.9M | $7.8M |
| Growth | ||
| Revenue growth | 16.5% | 11.0% |
| 5-year growth | 24.5% | 22.7% |
| Share count change | 3.1% | 0.7% |
| Profitability | ||
| Gross margin | 60.0% | β |
| Operating margin | 20.5% | 2.5% |
| Net margin | 8.5% | 0.7% |
| FCF margin | 29.0% | 5.3% |
| Return on capital | β | β |
| Return on equity | 10.9% | β |
| Balance sheet | ||
| Net debt | β | $94.0M |
| Net debt / EBITDA | β | 2.9x |
| Dividends and buybacks | $0.0M | $0.5M |
| Valuation & quality | ||
| P/E | 74.1x | β |
| Piotroski F-score | β | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.