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Side-by-side financial comparison of APOGEE ENTERPRISES, INC. (APOG) 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 $351.4M, roughly 1.2× APOGEE ENTERPRISES, INC.). Madison Square Garden Entertainment Corp. runs the higher net margin — 21.8% vs 4.7%, a 17.1% gap on every dollar of revenue. On growth, Madison Square Garden Entertainment Corp. posted the faster year-over-year revenue change (12.5% vs 1.6%). Over the past eight quarters, Madison Square Garden Entertainment Corp.'s revenue compounded faster (48.9% CAGR vs 2.9%).
Apogee Electronics is an American manufacturer of audio interfaces, analog-to-digital and digital-to-analog converters, USB & iOS microphones, and audio production software.
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
APOG vs MSGE — Head-to-Head
Income Statement — Q4 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $351.4M | $424.8M |
| Net Profit | $16.6M | $92.7M |
| Gross Margin | 22.4% | — |
| Operating Margin | 7.3% | 38.6% |
| Net Margin | 4.7% | 21.8% |
| Revenue YoY | 1.6% | 12.5% |
| Net Profit YoY | 568.8% | 22.2% |
| EPS (diluted) | $0.78 | $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.
| Q1 26 | $351.4M | — | ||
| Q4 25 | $348.6M | $424.8M | ||
| Q3 25 | $358.2M | $154.1M | ||
| Q2 25 | $346.6M | $145.1M | ||
| Q1 25 | $345.7M | $206.0M | ||
| Q4 24 | $341.3M | $377.6M | ||
| Q3 24 | $342.4M | $134.1M | ||
| Q2 24 | $331.5M | $177.6M |
| Q1 26 | $16.6M | — | ||
| Q4 25 | $16.5M | $92.7M | ||
| Q3 25 | $23.6M | $-21.7M | ||
| Q2 25 | $-2.7M | $-27.2M | ||
| Q1 25 | $2.5M | $8.0M | ||
| Q4 24 | $21.0M | $75.9M | ||
| Q3 24 | $30.6M | $-19.3M | ||
| Q2 24 | $31.0M | $66.9M |
| Q1 26 | 22.4% | — | ||
| Q4 25 | 23.8% | — | ||
| Q3 25 | 23.1% | — | ||
| Q2 25 | 21.7% | — | ||
| Q1 25 | 21.6% | — | ||
| Q4 24 | 26.1% | — | ||
| Q3 24 | 28.4% | — | ||
| Q2 24 | 29.8% | — |
| Q1 26 | 7.3% | — | ||
| Q4 25 | 7.1% | 38.6% | ||
| Q3 25 | 7.5% | -19.3% | ||
| Q2 25 | 2.0% | -17.7% | ||
| Q1 25 | 1.8% | 13.3% | ||
| Q4 24 | 8.4% | 36.8% | ||
| Q3 24 | 12.3% | -13.8% | ||
| Q2 24 | 12.5% | -5.0% |
| Q1 26 | 4.7% | — | ||
| Q4 25 | 4.7% | 21.8% | ||
| Q3 25 | 6.6% | -14.0% | ||
| Q2 25 | -0.8% | -18.7% | ||
| Q1 25 | 0.7% | 3.9% | ||
| Q4 24 | 6.1% | 20.1% | ||
| Q3 24 | 8.9% | -14.4% | ||
| Q2 24 | 9.4% | 37.7% |
| Q1 26 | $0.78 | — | ||
| Q4 25 | $0.77 | $1.94 | ||
| Q3 25 | $1.10 | $-0.46 | ||
| Q2 25 | $-0.13 | $-0.56 | ||
| Q1 25 | $0.12 | $0.17 | ||
| Q4 24 | $0.96 | $1.56 | ||
| Q3 24 | $1.40 | $-0.40 | ||
| Q2 24 | $1.41 | $1.32 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $39.5M | $157.1M |
| Total DebtLower is stronger | $232.3M | $554.6M |
| Stockholders' EquityBook value | $511.8M | $36.0M |
| Total Assets | $1.1B | $1.8B |
| Debt / EquityLower = less leverage | 0.45× | 15.40× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $39.5M | — | ||
| Q4 25 | $41.3M | $157.1M | ||
| Q3 25 | $39.5M | $29.9M | ||
| Q2 25 | $32.8M | $43.0M | ||
| Q1 25 | $41.4M | $89.0M | ||
| Q4 24 | $43.9M | $54.9M | ||
| Q3 24 | $51.0M | $37.3M | ||
| Q2 24 | $30.4M | $33.3M |
| Q1 26 | $232.3M | — | ||
| Q4 25 | — | $554.6M | ||
| Q3 25 | — | $581.7M | ||
| Q2 25 | — | $568.8M | ||
| Q1 25 | $285.0M | $577.4M | ||
| Q4 24 | — | $584.7M | ||
| Q3 24 | — | $647.0M | ||
| Q2 24 | — | $599.2M |
| Q1 26 | $511.8M | — | ||
| Q4 25 | $512.3M | $36.0M | ||
| Q3 25 | $500.2M | $-65.8M | ||
| Q2 25 | $481.8M | $-13.3M | ||
| Q1 25 | $487.9M | $9.5M | ||
| Q4 24 | $522.1M | $10.3M | ||
| Q3 24 | $506.4M | $-48.7M | ||
| Q2 24 | $480.0M | $-23.2M |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $1.8B | ||
| Q3 25 | $1.2B | $1.7B | ||
| Q2 25 | $1.2B | $1.7B | ||
| Q1 25 | $1.2B | $1.7B | ||
| Q4 24 | $1.2B | $1.6B | ||
| Q3 24 | $917.1M | $1.6B | ||
| Q2 24 | $889.0M | $1.6B |
| Q1 26 | 0.45× | — | ||
| Q4 25 | — | 15.40× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.58× | 60.61× | ||
| Q4 24 | — | 56.61× | ||
| Q3 24 | — | — | ||
| Q2 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 | $122.5M | $164.4M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 7.8% | — |
| Cash ConversionOCF / Net Profit | 7.37× | 1.77× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $122.5M | — | ||
| Q4 25 | $29.3M | $164.4M | ||
| Q3 25 | $57.1M | $19.8M | ||
| Q2 25 | $-19.8M | $-27.0M | ||
| Q1 25 | $30.0M | $56.8M | ||
| Q4 24 | $31.0M | $112.9M | ||
| Q3 24 | $58.7M | $-27.4M | ||
| Q2 24 | $5.5M | $212.0K |
| Q1 26 | — | — | ||
| Q4 25 | $22.9M | — | ||
| Q3 25 | $52.4M | — | ||
| Q2 25 | $-26.9M | — | ||
| Q1 25 | $19.1M | — | ||
| Q4 24 | $22.0M | — | ||
| Q3 24 | $50.2M | — | ||
| Q2 24 | $-1.8M | — |
| Q1 26 | — | — | ||
| Q4 25 | 6.6% | — | ||
| Q3 25 | 14.6% | — | ||
| Q2 25 | -7.8% | — | ||
| Q1 25 | 5.5% | — | ||
| Q4 24 | 6.4% | — | ||
| Q3 24 | 14.7% | — | ||
| Q2 24 | -0.5% | — |
| Q1 26 | 7.8% | — | ||
| Q4 25 | 1.9% | — | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | 2.1% | — | ||
| Q1 25 | 3.2% | — | ||
| Q4 24 | 2.6% | — | ||
| Q3 24 | 2.5% | — | ||
| Q2 24 | 2.2% | — |
| Q1 26 | 7.37× | — | ||
| Q4 25 | 1.77× | 1.77× | ||
| Q3 25 | 2.41× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 12.08× | 7.07× | ||
| Q4 24 | 1.48× | 1.49× | ||
| Q3 24 | 1.92× | — | ||
| Q2 24 | 0.18× | 0.00× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APOG
| Architectural Services | $127.1M | 36% |
| Architectural Metals | $110.0M | 31% |
| Architectural Glass | $67.4M | 19% |
| Performance Surfaces | $54.3M | 15% |
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% |
