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Side-by-side financial comparison of APOGEE ENTERPRISES, INC. (APOG) 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 $351.4M, roughly 1.1× APOGEE ENTERPRISES, INC.). APOGEE ENTERPRISES, INC. runs the higher net margin — 4.7% vs 2.0%, a 2.7% gap on every dollar of revenue. On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs 1.6%). Over the past eight quarters, APOGEE ENTERPRISES, INC.'s revenue compounded faster (2.9% CAGR vs -3.1%).
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 MSGS — Head-to-Head
Income Statement — Q4 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $351.4M | $403.4M |
| Net Profit | $16.6M | $8.2M |
| Gross Margin | 22.4% | — |
| Operating Margin | 7.3% | 5.5% |
| Net Margin | 4.7% | 2.0% |
| Revenue YoY | 1.6% | 12.8% |
| Net Profit YoY | 568.8% | 641.9% |
| EPS (diluted) | $0.78 | $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.
| Q1 26 | $351.4M | — | ||
| Q4 25 | $348.6M | $403.4M | ||
| Q3 25 | $358.2M | $39.5M | ||
| Q2 25 | $346.6M | $204.0M | ||
| Q1 25 | $345.7M | $424.2M | ||
| Q4 24 | $341.3M | $357.8M | ||
| Q3 24 | $342.4M | $53.3M | ||
| Q2 24 | $331.5M | $227.3M |
| Q1 26 | $16.6M | — | ||
| Q4 25 | $16.5M | $8.2M | ||
| Q3 25 | $23.6M | $-8.8M | ||
| Q2 25 | $-2.7M | $-1.8M | ||
| Q1 25 | $2.5M | $-14.2M | ||
| Q4 24 | $21.0M | $1.1M | ||
| Q3 24 | $30.6M | $-7.5M | ||
| Q2 24 | $31.0M | $25.5M |
| 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% | 5.5% | ||
| Q3 25 | 7.5% | -69.5% | ||
| Q2 25 | 2.0% | -11.1% | ||
| Q1 25 | 1.8% | 7.6% | ||
| Q4 24 | 8.4% | 3.7% | ||
| Q3 24 | 12.3% | -15.5% | ||
| Q2 24 | 12.5% | 23.0% |
| Q1 26 | 4.7% | — | ||
| Q4 25 | 4.7% | 2.0% | ||
| Q3 25 | 6.6% | -22.3% | ||
| Q2 25 | -0.8% | -0.9% | ||
| Q1 25 | 0.7% | -3.4% | ||
| Q4 24 | 6.1% | 0.3% | ||
| Q3 24 | 8.9% | -14.1% | ||
| Q2 24 | 9.4% | 11.2% |
| Q1 26 | $0.78 | — | ||
| Q4 25 | $0.77 | $0.34 | ||
| Q3 25 | $1.10 | $-0.37 | ||
| Q2 25 | $-0.13 | $-0.08 | ||
| Q1 25 | $0.12 | $-0.59 | ||
| Q4 24 | $0.96 | $0.05 | ||
| Q3 24 | $1.40 | $-0.31 | ||
| Q2 24 | $1.41 | $1.07 |
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 | $81.3M |
| Total DebtLower is stronger | $232.3M | — |
| Stockholders' EquityBook value | $511.8M | $-282.1M |
| Total Assets | $1.1B | $1.5B |
| Debt / EquityLower = less leverage | 0.45× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $39.5M | — | ||
| Q4 25 | $41.3M | $81.3M | ||
| Q3 25 | $39.5M | $48.6M | ||
| Q2 25 | $32.8M | $144.6M | ||
| Q1 25 | $41.4M | $96.5M | ||
| Q4 24 | $43.9M | $107.8M | ||
| Q3 24 | $51.0M | $52.3M | ||
| Q2 24 | $30.4M | $89.1M |
| Q1 26 | $232.3M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $285.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $511.8M | — | ||
| Q4 25 | $512.3M | $-282.1M | ||
| Q3 25 | $500.2M | $-294.2M | ||
| Q2 25 | $481.8M | $-281.4M | ||
| Q1 25 | $487.9M | $-283.4M | ||
| Q4 24 | $522.1M | $-273.1M | ||
| Q3 24 | $506.4M | $-277.5M | ||
| Q2 24 | $480.0M | $-266.3M |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $1.2B | $1.5B | ||
| Q2 25 | $1.2B | $1.5B | ||
| Q1 25 | $1.2B | $1.5B | ||
| Q4 24 | $1.2B | $1.4B | ||
| Q3 24 | $917.1M | $1.4B | ||
| Q2 24 | $889.0M | $1.3B |
| Q1 26 | 0.45× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.58× | — | ||
| Q4 24 | — | — | ||
| 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 | $32.4M |
| Free Cash FlowOCF − Capex | — | $31.6M |
| FCF MarginFCF / Revenue | — | 7.8% |
| Capex IntensityCapex / Revenue | 7.8% | 0.2% |
| Cash ConversionOCF / Net Profit | 7.37× | 3.94× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-480.0K |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $122.5M | — | ||
| Q4 25 | $29.3M | $32.4M | ||
| Q3 25 | $57.1M | $-85.0M | ||
| Q2 25 | $-19.8M | $49.7M | ||
| Q1 25 | $30.0M | $6.3M | ||
| Q4 24 | $31.0M | $61.8M | ||
| Q3 24 | $58.7M | $-26.2M | ||
| Q2 24 | $5.5M | $108.4M |
| Q1 26 | — | — | ||
| Q4 25 | $22.9M | $31.6M | ||
| Q3 25 | $52.4M | $-85.3M | ||
| Q2 25 | $-26.9M | $49.4M | ||
| Q1 25 | $19.1M | $3.9M | ||
| Q4 24 | $22.0M | $61.2M | ||
| Q3 24 | $50.2M | $-26.5M | ||
| Q2 24 | $-1.8M | $108.0M |
| Q1 26 | — | — | ||
| Q4 25 | 6.6% | 7.8% | ||
| Q3 25 | 14.6% | -216.3% | ||
| Q2 25 | -7.8% | 24.2% | ||
| Q1 25 | 5.5% | 0.9% | ||
| Q4 24 | 6.4% | 17.1% | ||
| Q3 24 | 14.7% | -49.7% | ||
| Q2 24 | -0.5% | 47.5% |
| Q1 26 | 7.8% | — | ||
| Q4 25 | 1.9% | 0.2% | ||
| Q3 25 | 1.3% | 0.9% | ||
| Q2 25 | 2.1% | 0.2% | ||
| Q1 25 | 3.2% | 0.6% | ||
| Q4 24 | 2.6% | 0.1% | ||
| Q3 24 | 2.5% | 0.7% | ||
| Q2 24 | 2.2% | 0.2% |
| Q1 26 | 7.37× | — | ||
| Q4 25 | 1.77× | 3.94× | ||
| Q3 25 | 2.41× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 12.08× | — | ||
| Q4 24 | 1.48× | 55.61× | ||
| Q3 24 | 1.92× | — | ||
| Q2 24 | 0.18× | 4.25× |
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% |
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 4% |
