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Side-by-side financial comparison of APPFOLIO INC (APPF) 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 $262.2M, roughly 1.5× APPFOLIO INC). APPFOLIO INC runs the higher net margin — 16.2% vs 2.0%, a 14.1% gap on every dollar of revenue. On growth, APPFOLIO INC posted the faster year-over-year revenue change (20.4% vs 12.8%). Over the past eight quarters, APPFOLIO INC's revenue compounded faster (15.3% CAGR vs -3.1%).
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 MSGS — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $403.4M |
| Net Profit | $42.4M | $8.2M |
| Gross Margin | — | — |
| Operating Margin | 19.4% | 5.5% |
| Net Margin | 16.2% | 2.0% |
| Revenue YoY | 20.4% | 12.8% |
| Net Profit YoY | 35.2% | 641.9% |
| EPS (diluted) | $1.18 | $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 | $262.2M | — | ||
| Q4 25 | $248.2M | $403.4M | ||
| Q3 25 | $249.4M | $39.5M | ||
| Q2 25 | $235.6M | $204.0M | ||
| Q1 25 | $217.7M | $424.2M | ||
| Q4 24 | $203.7M | $357.8M | ||
| Q3 24 | $205.7M | $53.3M | ||
| Q2 24 | $197.4M | $227.3M |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $8.2M | ||
| Q3 25 | $33.6M | $-8.8M | ||
| Q2 25 | $36.0M | $-1.8M | ||
| Q1 25 | $31.4M | $-14.2M | ||
| Q4 24 | $102.7M | $1.1M | ||
| Q3 24 | $33.0M | $-7.5M | ||
| Q2 24 | $29.7M | $25.5M |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | 5.5% | ||
| Q3 25 | 14.1% | -69.5% | ||
| Q2 25 | 17.2% | -11.1% | ||
| Q1 25 | 15.5% | 7.6% | ||
| Q4 24 | 11.3% | 3.7% | ||
| Q3 24 | 20.7% | -15.5% | ||
| Q2 24 | 18.3% | 23.0% |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | 2.0% | ||
| Q3 25 | 13.5% | -22.3% | ||
| Q2 25 | 15.3% | -0.9% | ||
| Q1 25 | 14.4% | -3.4% | ||
| Q4 24 | 50.4% | 0.3% | ||
| Q3 24 | 16.0% | -14.1% | ||
| Q2 24 | 15.0% | 11.2% |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $0.34 | ||
| Q3 25 | $0.93 | $-0.37 | ||
| Q2 25 | $0.99 | $-0.08 | ||
| Q1 25 | $0.86 | $-0.59 | ||
| Q4 24 | $2.79 | $0.05 | ||
| Q3 24 | $0.90 | $-0.31 | ||
| Q2 24 | $0.81 | $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 | $147.4M | $81.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $470.2M | $-282.1M |
| Total Assets | $580.6M | $1.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | $81.3M | ||
| Q3 25 | $76.1M | $48.6M | ||
| Q2 25 | $73.5M | $144.6M | ||
| Q1 25 | $56.9M | $96.5M | ||
| Q4 24 | $42.5M | $107.8M | ||
| Q3 24 | $62.4M | $52.3M | ||
| Q2 24 | $59.6M | $89.1M |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $-282.1M | ||
| Q3 25 | $498.9M | $-294.2M | ||
| Q2 25 | $455.6M | $-281.4M | ||
| Q1 25 | $462.1M | $-283.4M | ||
| Q4 24 | $519.3M | $-273.1M | ||
| Q3 24 | $412.8M | $-277.5M | ||
| Q2 24 | $371.4M | $-266.3M |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $1.5B | ||
| Q3 25 | $640.5M | $1.5B | ||
| Q2 25 | $567.4M | $1.5B | ||
| Q1 25 | $564.7M | $1.5B | ||
| Q4 24 | $626.7M | $1.4B | ||
| Q3 24 | $523.3M | $1.4B | ||
| Q2 24 | $479.3M | $1.3B |
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 | $32.4M |
| Free Cash FlowOCF − Capex | — | $31.6M |
| FCF MarginFCF / Revenue | — | 7.8% |
| Capex IntensityCapex / Revenue | — | 0.2% |
| Cash ConversionOCF / Net Profit | 0.81× | 3.94× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-480.0K |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $32.4M | ||
| Q3 25 | $86.0M | $-85.0M | ||
| Q2 25 | $52.6M | $49.7M | ||
| Q1 25 | $38.5M | $6.3M | ||
| Q4 24 | $36.6M | $61.8M | ||
| Q3 24 | $57.8M | $-26.2M | ||
| Q2 24 | $50.9M | $108.4M |
| Q1 26 | — | — | ||
| Q4 25 | $63.7M | $31.6M | ||
| Q3 25 | $84.7M | $-85.3M | ||
| Q2 25 | $52.4M | $49.4M | ||
| Q1 25 | $38.2M | $3.9M | ||
| Q4 24 | $36.4M | $61.2M | ||
| Q3 24 | $57.4M | $-26.5M | ||
| Q2 24 | $50.8M | $108.0M |
| Q1 26 | — | — | ||
| Q4 25 | 25.7% | 7.8% | ||
| Q3 25 | 34.0% | -216.3% | ||
| Q2 25 | 22.2% | 24.2% | ||
| Q1 25 | 17.6% | 0.9% | ||
| Q4 24 | 17.9% | 17.1% | ||
| Q3 24 | 27.9% | -49.7% | ||
| Q2 24 | 25.8% | 47.5% |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 0.2% | ||
| Q3 25 | 0.5% | 0.9% | ||
| Q2 25 | 0.1% | 0.2% | ||
| Q1 25 | 0.1% | 0.6% | ||
| Q4 24 | 0.1% | 0.1% | ||
| Q3 24 | 0.2% | 0.7% | ||
| Q2 24 | 0.0% | 0.2% |
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.63× | 3.94× | ||
| Q3 25 | 2.56× | — | ||
| Q2 25 | 1.46× | — | ||
| Q1 25 | 1.23× | — | ||
| Q4 24 | 0.36× | 55.61× | ||
| Q3 24 | 1.75× | — | ||
| Q2 24 | 1.71× | 4.25× |
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% |
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 4% |
