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Side-by-side financial comparison of BELDEN INC. (BDC) and Madison Square Garden Entertainment Corp. (MSGE). Click either name above to swap in a different company.
BELDEN INC. is the larger business by last-quarter revenue ($696.4M vs $424.8M, roughly 1.6× Madison Square Garden Entertainment Corp.). Madison Square Garden Entertainment Corp. runs the higher net margin — 21.8% vs 7.3%, a 14.5% gap on every dollar of revenue. On growth, Madison Square Garden Entertainment Corp. posted the faster year-over-year revenue change (12.5% vs 11.4%). Over the past eight quarters, Madison Square Garden Entertainment Corp.'s revenue compounded faster (48.9% CAGR vs 7.3%).
Belden Inc. is an American, multinational, publicly traded company specializing in the design, manufacture, and distribution of end-to-end networking, security and connectivity products. The company serves the Industrial Automation Solutions, Smart Buildings and Broadband & 5G markets.
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
BDC vs MSGE — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $696.4M | $424.8M |
| Net Profit | $51.0M | $92.7M |
| Gross Margin | 37.1% | — |
| Operating Margin | 11.2% | 38.6% |
| Net Margin | 7.3% | 21.8% |
| Revenue YoY | 11.4% | 12.5% |
| Net Profit YoY | -1.8% | 22.2% |
| EPS (diluted) | $1.30 | $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 | $696.4M | — | ||
| Q4 25 | $720.1M | $424.8M | ||
| Q3 25 | $698.2M | $154.1M | ||
| Q2 25 | $672.0M | $145.1M | ||
| Q1 25 | $624.9M | $206.0M | ||
| Q4 24 | $666.0M | $377.6M | ||
| Q3 24 | $654.9M | $134.1M | ||
| Q2 24 | $604.3M | $177.6M |
| Q1 26 | $51.0M | — | ||
| Q4 25 | $67.9M | $92.7M | ||
| Q3 25 | $56.7M | $-21.7M | ||
| Q2 25 | $61.0M | $-27.2M | ||
| Q1 25 | $51.9M | $8.0M | ||
| Q4 24 | $58.4M | $75.9M | ||
| Q3 24 | $53.7M | $-19.3M | ||
| Q2 24 | $49.0M | $66.9M |
| Q1 26 | 37.1% | — | ||
| Q4 25 | 36.6% | — | ||
| Q3 25 | 37.7% | — | ||
| Q2 25 | 38.5% | — | ||
| Q1 25 | 39.3% | — | ||
| Q4 24 | 37.5% | — | ||
| Q3 24 | 37.3% | — | ||
| Q2 24 | 37.5% | — |
| Q1 26 | 11.2% | — | ||
| Q4 25 | 12.2% | 38.6% | ||
| Q3 25 | 10.9% | -19.3% | ||
| Q2 25 | 11.8% | -17.7% | ||
| Q1 25 | 11.6% | 13.3% | ||
| Q4 24 | 10.4% | 36.8% | ||
| Q3 24 | 11.5% | -13.8% | ||
| Q2 24 | 11.4% | -5.0% |
| Q1 26 | 7.3% | — | ||
| Q4 25 | 9.4% | 21.8% | ||
| Q3 25 | 8.1% | -14.0% | ||
| Q2 25 | 9.1% | -18.7% | ||
| Q1 25 | 8.3% | 3.9% | ||
| Q4 24 | 8.8% | 20.1% | ||
| Q3 24 | 8.2% | -14.4% | ||
| Q2 24 | 8.1% | 37.7% |
| Q1 26 | $1.30 | — | ||
| Q4 25 | $1.70 | $1.94 | ||
| Q3 25 | $1.41 | $-0.46 | ||
| Q2 25 | $1.53 | $-0.56 | ||
| Q1 25 | $1.27 | $0.17 | ||
| Q4 24 | $1.41 | $1.56 | ||
| Q3 24 | $1.30 | $-0.40 | ||
| Q2 24 | $1.19 | $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 | $272.2M | $157.1M |
| Total DebtLower is stronger | $1.3B | $554.6M |
| Stockholders' EquityBook value | $1.3B | $36.0M |
| Total Assets | — | $1.8B |
| Debt / EquityLower = less leverage | 0.98× | 15.40× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $272.2M | — | ||
| Q4 25 | $389.9M | $157.1M | ||
| Q3 25 | $314.3M | $29.9M | ||
| Q2 25 | $301.5M | $43.0M | ||
| Q1 25 | $259.0M | $89.0M | ||
| Q4 24 | $370.3M | $54.9M | ||
| Q3 24 | $323.0M | $37.3M | ||
| Q2 24 | $564.8M | $33.3M |
| Q1 26 | $1.3B | — | ||
| 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 | $1.3B | — | ||
| Q4 25 | $1.3B | $36.0M | ||
| Q3 25 | $1.2B | $-65.8M | ||
| Q2 25 | $1.2B | $-13.3M | ||
| Q1 25 | $1.2B | $9.5M | ||
| Q4 24 | $1.3B | $10.3M | ||
| Q3 24 | $1.2B | $-48.7M | ||
| Q2 24 | $1.2B | $-23.2M |
| Q1 26 | — | — | ||
| Q4 25 | $3.5B | $1.8B | ||
| Q3 25 | $3.4B | $1.7B | ||
| Q2 25 | $3.4B | $1.7B | ||
| Q1 25 | $3.3B | $1.7B | ||
| Q4 24 | $3.3B | $1.6B | ||
| Q3 24 | $3.3B | $1.6B | ||
| Q2 24 | $3.5B | $1.6B |
| Q1 26 | 0.98× | — | ||
| 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 | — | $164.4M |
| Free Cash FlowOCF − Capex | $-63.1M | — |
| FCF MarginFCF / Revenue | -9.1% | — |
| Capex IntensityCapex / Revenue | 6.4% | — |
| Cash ConversionOCF / Net Profit | — | 1.77× |
| TTM Free Cash FlowTrailing 4 quarters | $180.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $160.4M | $164.4M | ||
| Q3 25 | $105.0M | $19.8M | ||
| Q2 25 | $82.0M | $-27.0M | ||
| Q1 25 | $7.4M | $56.8M | ||
| Q4 24 | $174.7M | $112.9M | ||
| Q3 24 | $91.7M | $-27.4M | ||
| Q2 24 | $83.0M | $212.0K |
| Q1 26 | $-63.1M | — | ||
| Q4 25 | $121.3M | — | ||
| Q3 25 | $65.3M | — | ||
| Q2 25 | $56.9M | — | ||
| Q1 25 | $-24.8M | — | ||
| Q4 24 | $116.4M | — | ||
| Q3 24 | $67.2M | — | ||
| Q2 24 | $61.0M | — |
| Q1 26 | -9.1% | — | ||
| Q4 25 | 16.8% | — | ||
| Q3 25 | 9.4% | — | ||
| Q2 25 | 8.5% | — | ||
| Q1 25 | -4.0% | — | ||
| Q4 24 | 17.5% | — | ||
| Q3 24 | 10.3% | — | ||
| Q2 24 | 10.1% | — |
| Q1 26 | 6.4% | — | ||
| Q4 25 | 5.4% | — | ||
| Q3 25 | 5.7% | — | ||
| Q2 25 | 3.7% | — | ||
| Q1 25 | 5.2% | — | ||
| Q4 24 | 8.8% | — | ||
| Q3 24 | 3.7% | — | ||
| Q2 24 | 3.6% | — |
| Q1 26 | — | — | ||
| Q4 25 | 2.36× | 1.77× | ||
| Q3 25 | 1.85× | — | ||
| Q2 25 | 1.34× | — | ||
| Q1 25 | 0.14× | 7.07× | ||
| Q4 24 | 2.99× | 1.49× | ||
| Q3 24 | 1.71× | — | ||
| Q2 24 | 1.69× | 0.00× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BDC
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% |
