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Side-by-side financial comparison of AvalonBay Communities (AVB) and Madison Square Garden Sports Corp. (MSGS). Click either name above to swap in a different company.
AvalonBay Communities is the larger business by last-quarter revenue ($767.9M vs $403.4M, roughly 1.9× Madison Square Garden Sports Corp.). AvalonBay Communities runs the higher net margin — 9040.6% vs 2.0%, a 9038.5% gap on every dollar of revenue. On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs 3.7%). AvalonBay Communities produced more free cash flow last quarter ($1.4B vs $31.6M). Over the past eight quarters, AvalonBay Communities's revenue compounded faster (3.8% CAGR vs -3.1%).
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 MSGS — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $767.9M | $403.4M |
| Net Profit | $166.0M | $8.2M |
| Gross Margin | — | — |
| Operating Margin | 64.2% | 5.5% |
| Net Margin | 9040.6% | 2.0% |
| Revenue YoY | 3.7% | 12.8% |
| Net Profit YoY | -41.2% | 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.
| Q4 25 | $767.9M | $403.4M | ||
| Q3 25 | $766.8M | $39.5M | ||
| Q2 25 | $760.2M | $204.0M | ||
| Q1 25 | $745.9M | $424.2M | ||
| Q4 24 | $740.5M | $357.8M | ||
| Q3 24 | $734.3M | $53.3M | ||
| Q2 24 | $726.0M | $227.3M | ||
| Q1 24 | $712.9M | $430.0M |
| Q4 25 | $166.0M | $8.2M | ||
| Q3 25 | $381.3M | $-8.8M | ||
| Q2 25 | $268.7M | $-1.8M | ||
| Q1 25 | $236.6M | $-14.2M | ||
| Q4 24 | $282.1M | $1.1M | ||
| Q3 24 | $372.5M | $-7.5M | ||
| Q2 24 | $253.9M | $25.5M | ||
| Q1 24 | $173.4M | $37.9M |
| Q4 25 | 64.2% | 5.5% | ||
| Q3 25 | 65.7% | -69.5% | ||
| Q2 25 | 67.6% | -11.1% | ||
| Q1 25 | 68.5% | 7.6% | ||
| Q4 24 | 63.1% | 3.7% | ||
| Q3 24 | 65.4% | -15.5% | ||
| Q2 24 | 66.6% | 23.0% | ||
| Q1 24 | 67.2% | 18.5% |
| Q4 25 | 9040.6% | 2.0% | ||
| Q3 25 | 49.7% | -22.3% | ||
| Q2 25 | 35.3% | -0.9% | ||
| Q1 25 | 31.7% | -3.4% | ||
| Q4 24 | 38.1% | 0.3% | ||
| Q3 24 | 50.7% | -14.1% | ||
| Q2 24 | 35.0% | 11.2% | ||
| Q1 24 | 24.3% | 8.8% |
| Q4 25 | $1.18 | $0.34 | ||
| Q3 25 | $2.68 | $-0.37 | ||
| Q2 25 | $1.88 | $-0.08 | ||
| Q1 25 | $1.66 | $-0.59 | ||
| Q4 24 | $1.99 | $0.05 | ||
| Q3 24 | $2.61 | $-0.31 | ||
| Q2 24 | $1.78 | $1.07 | ||
| Q1 24 | $1.22 | $1.57 |
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 | $81.3M |
| Total DebtLower is stronger | $9.3B | — |
| Stockholders' EquityBook value | $11.6B | $-282.1M |
| Total Assets | $22.2B | $1.5B |
| Debt / EquityLower = less leverage | 0.80× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $187.2M | $81.3M | ||
| Q3 25 | $123.3M | $48.6M | ||
| Q2 25 | $102.8M | $144.6M | ||
| Q1 25 | $53.3M | $96.5M | ||
| Q4 24 | $108.6M | $107.8M | ||
| Q3 24 | $552.4M | $52.3M | ||
| Q2 24 | $545.8M | $89.1M | ||
| Q1 24 | $287.9M | $40.0M |
| Q4 25 | $9.3B | — | ||
| Q3 25 | $8.7B | — | ||
| Q2 25 | $8.7B | — | ||
| Q1 25 | $8.3B | — | ||
| Q4 24 | $8.1B | — | ||
| Q3 24 | $8.4B | — | ||
| Q2 24 | $8.4B | — | ||
| Q1 24 | $8.0B | — |
| Q4 25 | $11.6B | $-282.1M | ||
| Q3 25 | $11.9B | $-294.2M | ||
| Q2 25 | $11.9B | $-281.4M | ||
| Q1 25 | $11.9B | $-283.4M | ||
| Q4 24 | $11.9B | $-273.1M | ||
| Q3 24 | $11.9B | $-277.5M | ||
| Q2 24 | $11.7B | $-266.3M | ||
| Q1 24 | $11.7B | $-294.0M |
| Q4 25 | $22.2B | $1.5B | ||
| Q3 25 | $21.9B | $1.5B | ||
| Q2 25 | $21.8B | $1.5B | ||
| Q1 25 | $21.2B | $1.5B | ||
| Q4 24 | $21.0B | $1.4B | ||
| Q3 24 | $21.3B | $1.4B | ||
| Q2 24 | $21.0B | $1.3B | ||
| Q1 24 | $20.6B | $1.4B |
| Q4 25 | 0.80× | — | ||
| Q3 25 | 0.73× | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 0.70× | — | ||
| Q4 24 | 0.68× | — | ||
| 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 | $32.4M |
| Free Cash FlowOCF − Capex | $1.4B | $31.6M |
| FCF MarginFCF / Revenue | 183.5% | 7.8% |
| Capex IntensityCapex / Revenue | 34.1% | 0.2% |
| Cash ConversionOCF / Net Profit | 10.07× | 3.94× |
| TTM Free Cash FlowTrailing 4 quarters | $2.5B | $-480.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7B | $32.4M | ||
| Q3 25 | $477.0M | $-85.0M | ||
| Q2 25 | $377.8M | $49.7M | ||
| Q1 25 | $415.9M | $6.3M | ||
| Q4 24 | $1.6B | $61.8M | ||
| Q3 24 | $486.2M | $-26.2M | ||
| Q2 24 | $380.0M | $108.4M | ||
| Q1 24 | $412.9M | $4.0M |
| Q4 25 | $1.4B | $31.6M | ||
| Q3 25 | $402.2M | $-85.3M | ||
| Q2 25 | $317.1M | $49.4M | ||
| Q1 25 | $367.5M | $3.9M | ||
| Q4 24 | $1.4B | $61.2M | ||
| Q3 24 | $434.2M | $-26.5M | ||
| Q2 24 | $333.0M | $108.0M | ||
| Q1 24 | $375.4M | $3.9M |
| Q4 25 | 183.5% | 7.8% | ||
| Q3 25 | 52.5% | -216.3% | ||
| Q2 25 | 41.7% | 24.2% | ||
| Q1 25 | 49.3% | 0.9% | ||
| Q4 24 | 191.0% | 17.1% | ||
| Q3 24 | 59.1% | -49.7% | ||
| Q2 24 | 45.9% | 47.5% | ||
| Q1 24 | 52.7% | 0.9% |
| Q4 25 | 34.1% | 0.2% | ||
| Q3 25 | 9.8% | 0.9% | ||
| Q2 25 | 8.0% | 0.2% | ||
| Q1 25 | 6.5% | 0.6% | ||
| Q4 24 | 26.1% | 0.1% | ||
| Q3 24 | 7.1% | 0.7% | ||
| Q2 24 | 6.5% | 0.2% | ||
| Q1 24 | 5.3% | 0.0% |
| Q4 25 | 10.07× | 3.94× | ||
| Q3 25 | 1.25× | — | ||
| Q2 25 | 1.41× | — | ||
| Q1 25 | 1.76× | — | ||
| Q4 24 | 5.70× | 55.61× | ||
| Q3 24 | 1.31× | — | ||
| Q2 24 | 1.50× | 4.25× | ||
| Q1 24 | 2.38× | 0.11× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVB
Segment breakdown not available.
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 4% |
