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Side-by-side financial comparison of American Healthcare REIT, Inc. (AHR) and Madison Square Garden Sports Corp. (MSGS). Click either name above to swap in a different company.
American Healthcare REIT, Inc. is the larger business by last-quarter revenue ($564.0M vs $403.4M, roughly 1.4× Madison Square Garden Sports Corp.). Madison Square Garden Sports Corp. runs the higher net margin — 2.0% vs 1.9%, a 0.1% gap on every dollar of revenue. On growth, American Healthcare REIT, Inc. posted the faster year-over-year revenue change (13.5% vs 12.8%). Over the past eight quarters, American Healthcare REIT, Inc.'s revenue compounded faster (11.7% CAGR vs -3.1%).
Medical Properties Trust, Inc. (MPT) is an international real estate investment trust (REIT) based in Birmingham, Alabama that purchases and invests in healthcare facilities and for-profit healthcare holding companies, primarily in the United States and Europe. Their property acquisitions often come in the form of sale-leaseback agreements, in which the original property owner sells the property to MPT and becomes their tenant. MPT's tenants are generally subject to long-term triple net lease...
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
AHR vs MSGS — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $564.0M | $403.4M |
| Net Profit | $10.8M | $8.2M |
| Gross Margin | 14.8% | — |
| Operating Margin | 19.8% | 5.5% |
| Net Margin | 1.9% | 2.0% |
| Revenue YoY | 13.5% | 12.8% |
| Net Profit YoY | 133.9% | 641.9% |
| EPS (diluted) | $0.07 | $0.34 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $564.0M | $403.4M | ||
| Q3 25 | $532.1M | $39.5M | ||
| Q2 25 | $501.3M | $204.0M | ||
| Q1 25 | $497.2M | $424.2M | ||
| Q4 24 | $496.8M | $357.8M | ||
| Q3 24 | $476.8M | $53.3M | ||
| Q2 24 | $458.0M | $227.3M | ||
| Q1 24 | $452.1M | $430.0M |
| Q4 25 | $10.8M | $8.2M | ||
| Q3 25 | $55.9M | $-8.8M | ||
| Q2 25 | $9.9M | $-1.8M | ||
| Q1 25 | $-6.8M | $-14.2M | ||
| Q4 24 | $-31.8M | $1.1M | ||
| Q3 24 | $-4.1M | $-7.5M | ||
| Q2 24 | $2.0M | $25.5M | ||
| Q1 24 | $-3.9M | $37.9M |
| Q4 25 | 14.8% | — | ||
| Q3 25 | 14.6% | — | ||
| Q2 25 | 15.0% | — | ||
| Q1 25 | 13.0% | — | ||
| Q4 24 | 13.3% | — | ||
| Q3 24 | 12.5% | — | ||
| Q2 24 | 12.1% | — | ||
| Q1 24 | 10.7% | — |
| Q4 25 | 19.8% | 5.5% | ||
| Q3 25 | 19.9% | -69.5% | ||
| Q2 25 | 20.6% | -11.1% | ||
| Q1 25 | 19.0% | 7.6% | ||
| Q4 24 | 20.0% | 3.7% | ||
| Q3 24 | 19.6% | -15.5% | ||
| Q2 24 | 19.4% | 23.0% | ||
| Q1 24 | 18.2% | 18.5% |
| Q4 25 | 1.9% | 2.0% | ||
| Q3 25 | 10.5% | -22.3% | ||
| Q2 25 | 2.0% | -0.9% | ||
| Q1 25 | -1.4% | -3.4% | ||
| Q4 24 | -6.4% | 0.3% | ||
| Q3 24 | -0.9% | -14.1% | ||
| Q2 24 | 0.4% | 11.2% | ||
| Q1 24 | -0.9% | 8.8% |
| Q4 25 | $0.07 | $0.34 | ||
| Q3 25 | $0.33 | $-0.37 | ||
| Q2 25 | $0.06 | $-0.08 | ||
| Q1 25 | $-0.04 | $-0.59 | ||
| Q4 24 | $-0.23 | $0.05 | ||
| Q3 24 | $-0.03 | $-0.31 | ||
| Q2 24 | $0.01 | $1.07 | ||
| Q1 24 | $-0.04 | $1.57 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $114.8M | $81.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.3B | $-282.1M |
| Total Assets | $5.4B | $1.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $114.8M | $81.3M | ||
| Q3 25 | $147.4M | $48.6M | ||
| Q2 25 | $133.5M | $144.6M | ||
| Q1 25 | $86.1M | $96.5M | ||
| Q4 24 | $76.7M | $107.8M | ||
| Q3 24 | $67.8M | $52.3M | ||
| Q2 24 | $52.1M | $89.1M | ||
| Q1 24 | $77.0M | $40.0M |
| Q4 25 | $3.3B | $-282.1M | ||
| Q3 25 | $2.7B | $-294.2M | ||
| Q2 25 | $2.4B | $-281.4M | ||
| Q1 25 | $2.3B | $-283.4M | ||
| Q4 24 | $2.3B | $-273.1M | ||
| Q3 24 | $2.2B | $-277.5M | ||
| Q2 24 | $1.9B | $-266.3M | ||
| Q1 24 | $2.0B | $-294.0M |
| Q4 25 | $5.4B | $1.5B | ||
| Q3 25 | $4.8B | $1.5B | ||
| Q2 25 | $4.5B | $1.5B | ||
| Q1 25 | $4.5B | $1.5B | ||
| Q4 24 | $4.5B | $1.4B | ||
| Q3 24 | $4.7B | $1.4B | ||
| Q2 24 | $4.6B | $1.3B | ||
| Q1 24 | $4.7B | $1.4B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $55.2M | $32.4M |
| Free Cash FlowOCF − Capex | — | $31.6M |
| FCF MarginFCF / Revenue | — | 7.8% |
| Capex IntensityCapex / Revenue | — | 0.2% |
| Cash ConversionOCF / Net Profit | 5.12× | 3.94× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-480.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.2M | $32.4M | ||
| Q3 25 | $107.2M | $-85.0M | ||
| Q2 25 | $71.5M | $49.7M | ||
| Q1 25 | $60.6M | $6.3M | ||
| Q4 24 | $59.5M | $61.8M | ||
| Q3 24 | $63.1M | $-26.2M | ||
| Q2 24 | $59.4M | $108.4M | ||
| Q1 24 | $-6.0M | $4.0M |
| Q4 25 | — | $31.6M | ||
| Q3 25 | — | $-85.3M | ||
| Q2 25 | — | $49.4M | ||
| Q1 25 | — | $3.9M | ||
| Q4 24 | — | $61.2M | ||
| Q3 24 | — | $-26.5M | ||
| Q2 24 | — | $108.0M | ||
| Q1 24 | — | $3.9M |
| Q4 25 | — | 7.8% | ||
| Q3 25 | — | -216.3% | ||
| Q2 25 | — | 24.2% | ||
| Q1 25 | — | 0.9% | ||
| Q4 24 | — | 17.1% | ||
| Q3 24 | — | -49.7% | ||
| Q2 24 | — | 47.5% | ||
| Q1 24 | — | 0.9% |
| Q4 25 | — | 0.2% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.6% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 0.7% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | — | 0.0% |
| Q4 25 | 5.12× | 3.94× | ||
| Q3 25 | 1.92× | — | ||
| Q2 25 | 7.21× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 55.61× | ||
| Q3 24 | — | — | ||
| Q2 24 | 30.02× | 4.25× | ||
| Q1 24 | — | 0.11× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AHR
| Integrated Senior Health Campuses | $467.0M | 83% |
| SHOP | $97.0M | 17% |
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 4% |
