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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and Madison Square Garden Sports Corp. (MSGS). Click either name above to swap in a different company.
Madison Square Garden Sports Corp. is the larger business by last-quarter revenue ($403.4M vs $259.0M, roughly 1.6× ASHFORD HOSPITALITY TRUST INC). Madison Square Garden Sports Corp. runs the higher net margin — 2.0% vs -26.8%, a 28.8% gap on every dollar of revenue. On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs -6.0%). Madison Square Garden Sports Corp. produced more free cash flow last quarter ($31.6M vs $-86.8M). Over the past eight quarters, Madison Square Garden Sports Corp.'s revenue compounded faster (-3.1% 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 MSGS — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $403.4M |
| Net Profit | $-69.3M | $8.2M |
| Gross Margin | — | — |
| Operating Margin | -2.6% | 5.5% |
| Net Margin | -26.8% | 2.0% |
| Revenue YoY | -6.0% | 12.8% |
| Net Profit YoY | 44.2% | 641.9% |
| EPS (diluted) | $-12.85 | $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 | $259.0M | $403.4M | ||
| Q3 25 | $266.1M | $39.5M | ||
| Q2 25 | $302.0M | $204.0M | ||
| Q1 25 | $277.4M | $424.2M | ||
| Q4 24 | $275.5M | $357.8M | ||
| Q3 24 | $276.6M | $53.3M | ||
| Q2 24 | $316.5M | $227.3M | ||
| Q1 24 | $303.9M | $430.0M |
| Q4 25 | $-69.3M | $8.2M | ||
| Q3 25 | $-60.1M | $-8.8M | ||
| Q2 25 | $-30.4M | $-1.8M | ||
| Q1 25 | $-20.0M | $-14.2M | ||
| Q4 24 | $-124.2M | $1.1M | ||
| Q3 24 | $-57.9M | $-7.5M | ||
| Q2 24 | $50.3M | $25.5M | ||
| Q1 24 | $71.6M | $37.9M |
| Q4 25 | -2.6% | 5.5% | ||
| Q3 25 | 4.6% | -69.5% | ||
| Q2 25 | 16.3% | -11.1% | ||
| Q1 25 | 22.2% | 7.6% | ||
| Q4 24 | -17.8% | 3.7% | ||
| Q3 24 | 7.3% | -15.5% | ||
| Q2 24 | 42.8% | 23.0% | ||
| Q1 24 | 50.2% | 18.5% |
| Q4 25 | -26.8% | 2.0% | ||
| Q3 25 | -22.6% | -22.3% | ||
| Q2 25 | -10.1% | -0.9% | ||
| Q1 25 | -7.2% | -3.4% | ||
| Q4 24 | -45.1% | 0.3% | ||
| Q3 24 | -20.9% | -14.1% | ||
| Q2 24 | 15.9% | 11.2% | ||
| Q1 24 | 23.5% | 8.8% |
| Q4 25 | $-12.85 | $0.34 | ||
| Q3 25 | $-11.35 | $-0.37 | ||
| Q2 25 | $-6.88 | $-0.08 | ||
| Q1 25 | $-4.91 | $-0.59 | ||
| Q4 24 | $-13.64 | $0.05 | ||
| Q3 24 | $-12.39 | $-0.31 | ||
| Q2 24 | $2.50 | $1.07 | ||
| Q1 24 | $5.99 | $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 | $66.1M | $81.3M |
| Total DebtLower is stronger | $2.5B | — |
| Stockholders' EquityBook value | $-626.4M | $-282.1M |
| Total Assets | $2.8B | $1.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.1M | $81.3M | ||
| Q3 25 | $81.9M | $48.6M | ||
| Q2 25 | $100.0M | $144.6M | ||
| Q1 25 | $85.8M | $96.5M | ||
| Q4 24 | $112.9M | $107.8M | ||
| Q3 24 | $119.7M | $52.3M | ||
| Q2 24 | $121.8M | $89.1M | ||
| Q1 24 | $111.1M | $40.0M |
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $2.7B | — | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.7B | — | ||
| Q2 24 | $2.8B | — | ||
| Q1 24 | $2.9B | — |
| Q4 25 | $-626.4M | $-282.1M | ||
| Q3 25 | $-548.7M | $-294.2M | ||
| Q2 25 | $-485.5M | $-281.4M | ||
| Q1 25 | $-446.1M | $-283.4M | ||
| Q4 24 | $-419.2M | $-273.1M | ||
| Q3 24 | $-288.4M | $-277.5M | ||
| Q2 24 | $-225.9M | $-266.3M | ||
| Q1 24 | $-276.8M | $-294.0M |
| Q4 25 | $2.8B | $1.5B | ||
| Q3 25 | $3.0B | $1.5B | ||
| Q2 25 | $3.1B | $1.5B | ||
| Q1 25 | $3.1B | $1.5B | ||
| Q4 24 | $3.2B | $1.4B | ||
| Q3 24 | $3.3B | $1.4B | ||
| Q2 24 | $3.3B | $1.3B | ||
| Q1 24 | $3.5B | $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 | $-15.7M | $32.4M |
| Free Cash FlowOCF − Capex | $-86.8M | $31.6M |
| FCF MarginFCF / Revenue | -33.5% | 7.8% |
| Capex IntensityCapex / Revenue | 27.5% | 0.2% |
| Cash ConversionOCF / Net Profit | — | 3.94× |
| TTM Free Cash FlowTrailing 4 quarters | $-135.5M | $-480.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.7M | $32.4M | ||
| Q3 25 | $5.5M | $-85.0M | ||
| Q2 25 | $16.3M | $49.7M | ||
| Q1 25 | $-25.0M | $6.3M | ||
| Q4 24 | $-23.6M | $61.8M | ||
| Q3 24 | $795.0K | $-26.2M | ||
| Q2 24 | $8.0M | $108.4M | ||
| Q1 24 | $-46.5M | $4.0M |
| Q4 25 | $-86.8M | $31.6M | ||
| Q3 25 | $-226.0K | $-85.3M | ||
| Q2 25 | $-3.6M | $49.4M | ||
| Q1 25 | $-44.8M | $3.9M | ||
| Q4 24 | $-131.6M | $61.2M | ||
| Q3 24 | $-21.8M | $-26.5M | ||
| Q2 24 | $-22.9M | $108.0M | ||
| Q1 24 | $-80.4M | $3.9M |
| Q4 25 | -33.5% | 7.8% | ||
| Q3 25 | -0.1% | -216.3% | ||
| Q2 25 | -1.2% | 24.2% | ||
| Q1 25 | -16.2% | 0.9% | ||
| Q4 24 | -47.8% | 17.1% | ||
| Q3 24 | -7.9% | -49.7% | ||
| Q2 24 | -7.2% | 47.5% | ||
| Q1 24 | -26.5% | 0.9% |
| Q4 25 | 27.5% | 0.2% | ||
| Q3 25 | 2.1% | 0.9% | ||
| Q2 25 | 6.6% | 0.2% | ||
| Q1 25 | 7.2% | 0.6% | ||
| Q4 24 | 39.2% | 0.1% | ||
| Q3 24 | 8.2% | 0.7% | ||
| Q2 24 | 9.8% | 0.2% | ||
| Q1 24 | 11.2% | 0.0% |
| Q4 25 | — | 3.94× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 55.61× | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.16× | 4.25× | ||
| Q1 24 | -0.65× | 0.11× |
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% |
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 4% |
