IMAX vs Madison Square Garden Sports
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The short version
- 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%).
| Latest fiscal year | IMAX Β· FY25 | MSGS Β· 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 |
Revenue
FY17
IMAX $381M
MSGS $1.3B
FY18
IMAX $374M
MSGS $1.6B
FY19
IMAX $396M
MSGS $1.6B
FY20
IMAX $137M
MSGS $603M
FY21
IMAX $255M
MSGS $416M
FY22
IMAX $301M
MSGS $821M
FY23
IMAX $375M
MSGS $887M
FY24
IMAX $352M
MSGS $1.0B
FY25
IMAX $410M
MSGS $1.0B
FY26
IMAX β
MSGS $1.2B
IMAX
MSGS
Operating margin
FY17
IMAX 8.3%
MSGS β4.3%
FY18
IMAX 12.1%
MSGS β1.2%
FY19
IMAX 19.5%
MSGS β3.6%
FY20
IMAX β88.9%
MSGS β15.6%
FY21
IMAX 4.3%
MSGS β18.9%
FY22
IMAX β1.6%
MSGS 10.5%
FY23
IMAX 13.5%
MSGS 9.6%
FY24
IMAX 12.5%
MSGS 14.2%
FY25
IMAX 20.5%
MSGS 1.4%
FY26
IMAX β
MSGS 2.5%
IMAX
MSGS
Free cash flow
FY17
IMAX $61.2M
MSGS $179M
FY18
IMAX $96.6M
MSGS $25.7M
FY19
IMAX $83.0M
MSGS β$27.6M
FY20
IMAX β$23.7M
MSGS β$359M
FY21
IMAX $2.5M
MSGS β$35.8M
FY22
IMAX $8.9M
MSGS $177M
FY23
IMAX $52.1M
MSGS $151M
FY24
IMAX $62.4M
MSGS $90.7M
FY25
IMAX $119M
MSGS $88.0M
FY26
IMAX β
MSGS $61.3M
IMAX
MSGS
Return on capital
FY17
IMAX β
MSGS β
FY18
IMAX β
MSGS β0.6%
FY19
IMAX β
MSGS β1.8%
FY20
IMAX β
MSGS β
FY21
IMAX β
MSGS β
FY22
IMAX β
MSGS β
FY23
IMAX β
MSGS β
FY24
IMAX β
MSGS β
FY25
IMAX β
MSGS β
FY26
IMAX β
MSGS β
IMAX
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.