• Madison Square Garden average return on tangible equity for 2023 was -8.13, a 24.09% increase from 2022.
• Madison Square Garden average return on tangible equity for 2022 was -10.71, a 343.41% decline from 2021.
• Madison Square Garden average return on tangible equity for 2021 was 4.4, a 103.07% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.