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Side-by-side financial comparison of AvalonBay Communities (AVB) and Madison Square Garden Entertainment Corp. (MSGE). Click either name above to swap in a different company.
AvalonBay Communities is the larger business by last-quarter revenue ($767.9M vs $424.8M, roughly 1.8× Madison Square Garden Entertainment Corp.). AvalonBay Communities runs the higher net margin — 9040.6% vs 21.8%, a 9018.8% gap on every dollar of revenue. On growth, Madison Square Garden Entertainment Corp. posted the faster year-over-year revenue change (12.5% vs 3.7%). Over the past eight quarters, Madison Square Garden Entertainment Corp.'s revenue compounded faster (48.9% CAGR vs 3.8%).
AvalonBay Communities, Inc. is a publicly traded real estate investment trust that invests in apartments.
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
AVB vs MSGE — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $767.9M | $424.8M |
| Net Profit | $166.0M | $92.7M |
| Gross Margin | — | — |
| Operating Margin | 64.2% | 38.6% |
| Net Margin | 9040.6% | 21.8% |
| Revenue YoY | 3.7% | 12.5% |
| Net Profit YoY | -41.2% | 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.
| Q4 25 | $767.9M | $424.8M | ||
| Q3 25 | $766.8M | $154.1M | ||
| Q2 25 | $760.2M | $145.1M | ||
| Q1 25 | $745.9M | $206.0M | ||
| Q4 24 | $740.5M | $377.6M | ||
| Q3 24 | $734.3M | $134.1M | ||
| Q2 24 | $726.0M | $177.6M | ||
| Q1 24 | $712.9M | $191.6M |
| Q4 25 | $166.0M | $92.7M | ||
| Q3 25 | $381.3M | $-21.7M | ||
| Q2 25 | $268.7M | $-27.2M | ||
| Q1 25 | $236.6M | $8.0M | ||
| Q4 24 | $282.1M | $75.9M | ||
| Q3 24 | $372.5M | $-19.3M | ||
| Q2 24 | $253.9M | $66.9M | ||
| Q1 24 | $173.4M | $2.8M |
| Q4 25 | 64.2% | 38.6% | ||
| Q3 25 | 65.7% | -19.3% | ||
| Q2 25 | 67.6% | -17.7% | ||
| Q1 25 | 68.5% | 13.3% | ||
| Q4 24 | 63.1% | 36.8% | ||
| Q3 24 | 65.4% | -13.8% | ||
| Q2 24 | 66.6% | -5.0% | ||
| Q1 24 | 67.2% | 8.8% |
| Q4 25 | 9040.6% | 21.8% | ||
| Q3 25 | 49.7% | -14.0% | ||
| Q2 25 | 35.3% | -18.7% | ||
| Q1 25 | 31.7% | 3.9% | ||
| Q4 24 | 38.1% | 20.1% | ||
| Q3 24 | 50.7% | -14.4% | ||
| Q2 24 | 35.0% | 37.7% | ||
| Q1 24 | 24.3% | 1.5% |
| Q4 25 | $1.18 | $1.94 | ||
| Q3 25 | $2.68 | $-0.46 | ||
| Q2 25 | $1.88 | $-0.56 | ||
| Q1 25 | $1.66 | $0.17 | ||
| Q4 24 | $1.99 | $1.56 | ||
| Q3 24 | $2.61 | $-0.40 | ||
| Q2 24 | $1.78 | $1.32 | ||
| Q1 24 | $1.22 | $0.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $187.2M | $157.1M |
| Total DebtLower is stronger | $9.3B | $554.6M |
| Stockholders' EquityBook value | $11.6B | $36.0M |
| Total Assets | $22.2B | $1.8B |
| Debt / EquityLower = less leverage | 0.80× | 15.40× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $187.2M | $157.1M | ||
| Q3 25 | $123.3M | $29.9M | ||
| Q2 25 | $102.8M | $43.0M | ||
| Q1 25 | $53.3M | $89.0M | ||
| Q4 24 | $108.6M | $54.9M | ||
| Q3 24 | $552.4M | $37.3M | ||
| Q2 24 | $545.8M | $33.3M | ||
| Q1 24 | $287.9M | $28.0M |
| Q4 25 | $9.3B | $554.6M | ||
| Q3 25 | $8.7B | $581.7M | ||
| Q2 25 | $8.7B | $568.8M | ||
| Q1 25 | $8.3B | $577.4M | ||
| Q4 24 | $8.1B | $584.7M | ||
| Q3 24 | $8.4B | $647.0M | ||
| Q2 24 | $8.4B | $599.2M | ||
| Q1 24 | $8.0B | $602.5M |
| Q4 25 | $11.6B | $36.0M | ||
| Q3 25 | $11.9B | $-65.8M | ||
| Q2 25 | $11.9B | $-13.3M | ||
| Q1 25 | $11.9B | $9.5M | ||
| Q4 24 | $11.9B | $10.3M | ||
| Q3 24 | $11.9B | $-48.7M | ||
| Q2 24 | $11.7B | $-23.2M | ||
| Q1 24 | $11.7B | $-94.6M |
| Q4 25 | $22.2B | $1.8B | ||
| Q3 25 | $21.9B | $1.7B | ||
| Q2 25 | $21.8B | $1.7B | ||
| Q1 25 | $21.2B | $1.7B | ||
| Q4 24 | $21.0B | $1.6B | ||
| Q3 24 | $21.3B | $1.6B | ||
| Q2 24 | $21.0B | $1.6B | ||
| Q1 24 | $20.6B | $1.5B |
| Q4 25 | 0.80× | 15.40× | ||
| Q3 25 | 0.73× | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 0.70× | 60.61× | ||
| Q4 24 | 0.68× | 56.61× | ||
| Q3 24 | 0.70× | — | ||
| Q2 24 | 0.71× | — | ||
| Q1 24 | 0.68× | — |
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 | $1.7B | $164.4M |
| Free Cash FlowOCF − Capex | $1.4B | — |
| FCF MarginFCF / Revenue | 183.5% | — |
| Capex IntensityCapex / Revenue | 34.1% | — |
| Cash ConversionOCF / Net Profit | 10.07× | 1.77× |
| TTM Free Cash FlowTrailing 4 quarters | $2.5B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7B | $164.4M | ||
| Q3 25 | $477.0M | $19.8M | ||
| Q2 25 | $377.8M | $-27.0M | ||
| Q1 25 | $415.9M | $56.8M | ||
| Q4 24 | $1.6B | $112.9M | ||
| Q3 24 | $486.2M | $-27.4M | ||
| Q2 24 | $380.0M | $212.0K | ||
| Q1 24 | $412.9M | $5.8M |
| Q4 25 | $1.4B | — | ||
| Q3 25 | $402.2M | — | ||
| Q2 25 | $317.1M | — | ||
| Q1 25 | $367.5M | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $434.2M | — | ||
| Q2 24 | $333.0M | — | ||
| Q1 24 | $375.4M | — |
| Q4 25 | 183.5% | — | ||
| Q3 25 | 52.5% | — | ||
| Q2 25 | 41.7% | — | ||
| Q1 25 | 49.3% | — | ||
| Q4 24 | 191.0% | — | ||
| Q3 24 | 59.1% | — | ||
| Q2 24 | 45.9% | — | ||
| Q1 24 | 52.7% | — |
| Q4 25 | 34.1% | — | ||
| Q3 25 | 9.8% | — | ||
| Q2 25 | 8.0% | — | ||
| Q1 25 | 6.5% | — | ||
| Q4 24 | 26.1% | — | ||
| Q3 24 | 7.1% | — | ||
| Q2 24 | 6.5% | — | ||
| Q1 24 | 5.3% | — |
| Q4 25 | 10.07× | 1.77× | ||
| Q3 25 | 1.25× | — | ||
| Q2 25 | 1.41× | — | ||
| Q1 25 | 1.76× | 7.07× | ||
| Q4 24 | 5.70× | 1.49× | ||
| Q3 24 | 1.31× | — | ||
| Q2 24 | 1.50× | 0.00× | ||
| Q1 24 | 2.38× | 2.08× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVB
Segment breakdown not available.
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% |
