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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and Madison Square Garden Entertainment Corp. (MSGE). Click either name above to swap in a different company.
Madison Square Garden Entertainment Corp. is the larger business by last-quarter revenue ($424.8M vs $259.0M, roughly 1.6× ASHFORD HOSPITALITY TRUST INC). Madison Square Garden Entertainment Corp. runs the higher net margin — 21.8% vs -26.8%, a 48.6% gap on every dollar of revenue. On growth, Madison Square Garden Entertainment Corp. posted the faster year-over-year revenue change (12.5% vs -6.0%). Over the past eight quarters, Madison Square Garden Entertainment Corp.'s revenue compounded faster (48.9% CAGR vs -7.7%).
Ashford Hospitality Trust Inc is a U.S.-headquartered real estate investment trust focused on upper-upscale full-service hotel properties across key U.S. urban, suburban and resort markets. Its portfolio holds assets under top global hospitality brands, serving business and leisure travelers, with a focus on long-term value growth and stable shareholder returns.
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
AHT vs MSGE — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $424.8M |
| Net Profit | $-69.3M | $92.7M |
| Gross Margin | — | — |
| Operating Margin | -2.6% | 38.6% |
| Net Margin | -26.8% | 21.8% |
| Revenue YoY | -6.0% | 12.5% |
| Net Profit YoY | 44.2% | 22.2% |
| EPS (diluted) | $-12.85 | $1.94 |
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 | $259.0M | $424.8M | ||
| Q3 25 | $266.1M | $154.1M | ||
| Q2 25 | $302.0M | $145.1M | ||
| Q1 25 | $277.4M | $206.0M | ||
| Q4 24 | $275.5M | $377.6M | ||
| Q3 24 | $276.6M | $134.1M | ||
| Q2 24 | $316.5M | $177.6M | ||
| Q1 24 | $303.9M | $191.6M |
| Q4 25 | $-69.3M | $92.7M | ||
| Q3 25 | $-60.1M | $-21.7M | ||
| Q2 25 | $-30.4M | $-27.2M | ||
| Q1 25 | $-20.0M | $8.0M | ||
| Q4 24 | $-124.2M | $75.9M | ||
| Q3 24 | $-57.9M | $-19.3M | ||
| Q2 24 | $50.3M | $66.9M | ||
| Q1 24 | $71.6M | $2.8M |
| Q4 25 | -2.6% | 38.6% | ||
| Q3 25 | 4.6% | -19.3% | ||
| Q2 25 | 16.3% | -17.7% | ||
| Q1 25 | 22.2% | 13.3% | ||
| Q4 24 | -17.8% | 36.8% | ||
| Q3 24 | 7.3% | -13.8% | ||
| Q2 24 | 42.8% | -5.0% | ||
| Q1 24 | 50.2% | 8.8% |
| Q4 25 | -26.8% | 21.8% | ||
| Q3 25 | -22.6% | -14.0% | ||
| Q2 25 | -10.1% | -18.7% | ||
| Q1 25 | -7.2% | 3.9% | ||
| Q4 24 | -45.1% | 20.1% | ||
| Q3 24 | -20.9% | -14.4% | ||
| Q2 24 | 15.9% | 37.7% | ||
| Q1 24 | 23.5% | 1.5% |
| Q4 25 | $-12.85 | $1.94 | ||
| Q3 25 | $-11.35 | $-0.46 | ||
| Q2 25 | $-6.88 | $-0.56 | ||
| Q1 25 | $-4.91 | $0.17 | ||
| Q4 24 | $-13.64 | $1.56 | ||
| Q3 24 | $-12.39 | $-0.40 | ||
| Q2 24 | $2.50 | $1.32 | ||
| Q1 24 | $5.99 | $0.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $66.1M | $157.1M |
| Total DebtLower is stronger | $2.5B | $554.6M |
| Stockholders' EquityBook value | $-626.4M | $36.0M |
| Total Assets | $2.8B | $1.8B |
| Debt / EquityLower = less leverage | — | 15.40× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.1M | $157.1M | ||
| Q3 25 | $81.9M | $29.9M | ||
| Q2 25 | $100.0M | $43.0M | ||
| Q1 25 | $85.8M | $89.0M | ||
| Q4 24 | $112.9M | $54.9M | ||
| Q3 24 | $119.7M | $37.3M | ||
| Q2 24 | $121.8M | $33.3M | ||
| Q1 24 | $111.1M | $28.0M |
| Q4 25 | $2.5B | $554.6M | ||
| Q3 25 | $2.6B | $581.7M | ||
| Q2 25 | $2.6B | $568.8M | ||
| Q1 25 | $2.7B | $577.4M | ||
| Q4 24 | $2.6B | $584.7M | ||
| Q3 24 | $2.7B | $647.0M | ||
| Q2 24 | $2.8B | $599.2M | ||
| Q1 24 | $2.9B | $602.5M |
| Q4 25 | $-626.4M | $36.0M | ||
| Q3 25 | $-548.7M | $-65.8M | ||
| Q2 25 | $-485.5M | $-13.3M | ||
| Q1 25 | $-446.1M | $9.5M | ||
| Q4 24 | $-419.2M | $10.3M | ||
| Q3 24 | $-288.4M | $-48.7M | ||
| Q2 24 | $-225.9M | $-23.2M | ||
| Q1 24 | $-276.8M | $-94.6M |
| Q4 25 | $2.8B | $1.8B | ||
| Q3 25 | $3.0B | $1.7B | ||
| Q2 25 | $3.1B | $1.7B | ||
| Q1 25 | $3.1B | $1.7B | ||
| Q4 24 | $3.2B | $1.6B | ||
| Q3 24 | $3.3B | $1.6B | ||
| Q2 24 | $3.3B | $1.6B | ||
| Q1 24 | $3.5B | $1.5B |
| Q4 25 | — | 15.40× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 60.61× | ||
| Q4 24 | — | 56.61× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-15.7M | $164.4M |
| Free Cash FlowOCF − Capex | $-86.8M | — |
| FCF MarginFCF / Revenue | -33.5% | — |
| Capex IntensityCapex / Revenue | 27.5% | — |
| Cash ConversionOCF / Net Profit | — | 1.77× |
| TTM Free Cash FlowTrailing 4 quarters | $-135.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.7M | $164.4M | ||
| Q3 25 | $5.5M | $19.8M | ||
| Q2 25 | $16.3M | $-27.0M | ||
| Q1 25 | $-25.0M | $56.8M | ||
| Q4 24 | $-23.6M | $112.9M | ||
| Q3 24 | $795.0K | $-27.4M | ||
| Q2 24 | $8.0M | $212.0K | ||
| Q1 24 | $-46.5M | $5.8M |
| Q4 25 | $-86.8M | — | ||
| Q3 25 | $-226.0K | — | ||
| Q2 25 | $-3.6M | — | ||
| Q1 25 | $-44.8M | — | ||
| Q4 24 | $-131.6M | — | ||
| Q3 24 | $-21.8M | — | ||
| Q2 24 | $-22.9M | — | ||
| Q1 24 | $-80.4M | — |
| Q4 25 | -33.5% | — | ||
| Q3 25 | -0.1% | — | ||
| Q2 25 | -1.2% | — | ||
| Q1 25 | -16.2% | — | ||
| Q4 24 | -47.8% | — | ||
| Q3 24 | -7.9% | — | ||
| Q2 24 | -7.2% | — | ||
| Q1 24 | -26.5% | — |
| Q4 25 | 27.5% | — | ||
| Q3 25 | 2.1% | — | ||
| Q2 25 | 6.6% | — | ||
| Q1 25 | 7.2% | — | ||
| Q4 24 | 39.2% | — | ||
| Q3 24 | 8.2% | — | ||
| Q2 24 | 9.8% | — | ||
| Q1 24 | 11.2% | — |
| Q4 25 | — | 1.77× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 7.07× | ||
| Q4 24 | — | 1.49× | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.16× | 0.00× | ||
| Q1 24 | -0.65× | 2.08× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AHT
| Occupancy | $190.2M | 73% |
| Food And Beverage | $51.8M | 20% |
| Hotel Other | $16.6M | 6% |
MSGE
| Ticketing And Venue License Fee Revenues | $263.5M | 62% |
| Food Beverage And Merchandise Revenues | $64.3M | 15% |
| Related Party | $43.9M | 10% |
| Arena Licensing Fees And Other Leasing Revenue | $35.2M | 8% |
| Other | $15.9M | 4% |
