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Side-by-side financial comparison of APPFOLIO INC (APPF) 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 $262.2M, roughly 1.6× APPFOLIO INC). Madison Square Garden Entertainment Corp. runs the higher net margin — 21.8% vs 16.2%, a 5.6% gap on every dollar of revenue. On growth, APPFOLIO INC posted the faster year-over-year revenue change (20.4% vs 12.5%). Over the past eight quarters, Madison Square Garden Entertainment Corp.'s revenue compounded faster (48.9% CAGR vs 15.3%).
AppFolio, Inc. is an American company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry.
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
APPF vs MSGE — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $424.8M |
| Net Profit | $42.4M | $92.7M |
| Gross Margin | — | — |
| Operating Margin | 19.4% | 38.6% |
| Net Margin | 16.2% | 21.8% |
| Revenue YoY | 20.4% | 12.5% |
| Net Profit YoY | 35.2% | 22.2% |
| EPS (diluted) | $1.18 | $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 | $262.2M | — | ||
| Q4 25 | $248.2M | $424.8M | ||
| Q3 25 | $249.4M | $154.1M | ||
| Q2 25 | $235.6M | $145.1M | ||
| Q1 25 | $217.7M | $206.0M | ||
| Q4 24 | $203.7M | $377.6M | ||
| Q3 24 | $205.7M | $134.1M | ||
| Q2 24 | $197.4M | $177.6M |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $92.7M | ||
| Q3 25 | $33.6M | $-21.7M | ||
| Q2 25 | $36.0M | $-27.2M | ||
| Q1 25 | $31.4M | $8.0M | ||
| Q4 24 | $102.7M | $75.9M | ||
| Q3 24 | $33.0M | $-19.3M | ||
| Q2 24 | $29.7M | $66.9M |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | 38.6% | ||
| Q3 25 | 14.1% | -19.3% | ||
| Q2 25 | 17.2% | -17.7% | ||
| Q1 25 | 15.5% | 13.3% | ||
| Q4 24 | 11.3% | 36.8% | ||
| Q3 24 | 20.7% | -13.8% | ||
| Q2 24 | 18.3% | -5.0% |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | 21.8% | ||
| Q3 25 | 13.5% | -14.0% | ||
| Q2 25 | 15.3% | -18.7% | ||
| Q1 25 | 14.4% | 3.9% | ||
| Q4 24 | 50.4% | 20.1% | ||
| Q3 24 | 16.0% | -14.4% | ||
| Q2 24 | 15.0% | 37.7% |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $1.94 | ||
| Q3 25 | $0.93 | $-0.46 | ||
| Q2 25 | $0.99 | $-0.56 | ||
| Q1 25 | $0.86 | $0.17 | ||
| Q4 24 | $2.79 | $1.56 | ||
| Q3 24 | $0.90 | $-0.40 | ||
| Q2 24 | $0.81 | $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 | $147.4M | $157.1M |
| Total DebtLower is stronger | — | $554.6M |
| Stockholders' EquityBook value | $470.2M | $36.0M |
| Total Assets | $580.6M | $1.8B |
| Debt / EquityLower = less leverage | — | 15.40× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | $157.1M | ||
| Q3 25 | $76.1M | $29.9M | ||
| Q2 25 | $73.5M | $43.0M | ||
| Q1 25 | $56.9M | $89.0M | ||
| Q4 24 | $42.5M | $54.9M | ||
| Q3 24 | $62.4M | $37.3M | ||
| Q2 24 | $59.6M | $33.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | $554.6M | ||
| Q3 25 | — | $581.7M | ||
| Q2 25 | — | $568.8M | ||
| Q1 25 | — | $577.4M | ||
| Q4 24 | — | $584.7M | ||
| Q3 24 | — | $647.0M | ||
| Q2 24 | — | $599.2M |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $36.0M | ||
| Q3 25 | $498.9M | $-65.8M | ||
| Q2 25 | $455.6M | $-13.3M | ||
| Q1 25 | $462.1M | $9.5M | ||
| Q4 24 | $519.3M | $10.3M | ||
| Q3 24 | $412.8M | $-48.7M | ||
| Q2 24 | $371.4M | $-23.2M |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $1.8B | ||
| Q3 25 | $640.5M | $1.7B | ||
| Q2 25 | $567.4M | $1.7B | ||
| Q1 25 | $564.7M | $1.7B | ||
| Q4 24 | $626.7M | $1.6B | ||
| Q3 24 | $523.3M | $1.6B | ||
| Q2 24 | $479.3M | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | 15.40× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 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 | $34.3M | $164.4M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 0.81× | 1.77× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $164.4M | ||
| Q3 25 | $86.0M | $19.8M | ||
| Q2 25 | $52.6M | $-27.0M | ||
| Q1 25 | $38.5M | $56.8M | ||
| Q4 24 | $36.6M | $112.9M | ||
| Q3 24 | $57.8M | $-27.4M | ||
| Q2 24 | $50.9M | $212.0K |
| Q1 26 | — | — | ||
| Q4 25 | $63.7M | — | ||
| Q3 25 | $84.7M | — | ||
| Q2 25 | $52.4M | — | ||
| Q1 25 | $38.2M | — | ||
| Q4 24 | $36.4M | — | ||
| Q3 24 | $57.4M | — | ||
| Q2 24 | $50.8M | — |
| Q1 26 | — | — | ||
| Q4 25 | 25.7% | — | ||
| Q3 25 | 34.0% | — | ||
| Q2 25 | 22.2% | — | ||
| Q1 25 | 17.6% | — | ||
| Q4 24 | 17.9% | — | ||
| Q3 24 | 27.9% | — | ||
| Q2 24 | 25.8% | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | — | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | 0.2% | — | ||
| Q2 24 | 0.0% | — |
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.63× | 1.77× | ||
| Q3 25 | 2.56× | — | ||
| Q2 25 | 1.46× | — | ||
| Q1 25 | 1.23× | 7.07× | ||
| Q4 24 | 0.36× | 1.49× | ||
| Q3 24 | 1.75× | — | ||
| Q2 24 | 1.71× | 0.00× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APPF
| Value Added Services | $201.4M | 77% |
| Subscription Services | $58.2M | 22% |
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% |
