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Side-by-side financial comparison of BELDEN INC. (BDC) and Madison Square Garden Sports Corp. (MSGS). Click either name above to swap in a different company.
BELDEN INC. is the larger business by last-quarter revenue ($696.4M vs $403.4M, roughly 1.7× Madison Square Garden Sports Corp.). BELDEN INC. runs the higher net margin — 7.3% vs 2.0%, a 5.3% gap on every dollar of revenue. On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs 11.4%). Madison Square Garden Sports Corp. produced more free cash flow last quarter ($31.6M vs $-63.1M). Over the past eight quarters, BELDEN INC.'s revenue compounded faster (7.3% CAGR vs -3.1%).
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 MSGS — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $696.4M | $403.4M |
| Net Profit | $51.0M | $8.2M |
| Gross Margin | 37.1% | — |
| Operating Margin | 11.2% | 5.5% |
| Net Margin | 7.3% | 2.0% |
| Revenue YoY | 11.4% | 12.8% |
| Net Profit YoY | -1.8% | 641.9% |
| EPS (diluted) | $1.30 | $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 | $696.4M | — | ||
| Q4 25 | $720.1M | $403.4M | ||
| Q3 25 | $698.2M | $39.5M | ||
| Q2 25 | $672.0M | $204.0M | ||
| Q1 25 | $624.9M | $424.2M | ||
| Q4 24 | $666.0M | $357.8M | ||
| Q3 24 | $654.9M | $53.3M | ||
| Q2 24 | $604.3M | $227.3M |
| Q1 26 | $51.0M | — | ||
| Q4 25 | $67.9M | $8.2M | ||
| Q3 25 | $56.7M | $-8.8M | ||
| Q2 25 | $61.0M | $-1.8M | ||
| Q1 25 | $51.9M | $-14.2M | ||
| Q4 24 | $58.4M | $1.1M | ||
| Q3 24 | $53.7M | $-7.5M | ||
| Q2 24 | $49.0M | $25.5M |
| 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% | 5.5% | ||
| Q3 25 | 10.9% | -69.5% | ||
| Q2 25 | 11.8% | -11.1% | ||
| Q1 25 | 11.6% | 7.6% | ||
| Q4 24 | 10.4% | 3.7% | ||
| Q3 24 | 11.5% | -15.5% | ||
| Q2 24 | 11.4% | 23.0% |
| Q1 26 | 7.3% | — | ||
| Q4 25 | 9.4% | 2.0% | ||
| Q3 25 | 8.1% | -22.3% | ||
| Q2 25 | 9.1% | -0.9% | ||
| Q1 25 | 8.3% | -3.4% | ||
| Q4 24 | 8.8% | 0.3% | ||
| Q3 24 | 8.2% | -14.1% | ||
| Q2 24 | 8.1% | 11.2% |
| Q1 26 | $1.30 | — | ||
| Q4 25 | $1.70 | $0.34 | ||
| Q3 25 | $1.41 | $-0.37 | ||
| Q2 25 | $1.53 | $-0.08 | ||
| Q1 25 | $1.27 | $-0.59 | ||
| Q4 24 | $1.41 | $0.05 | ||
| Q3 24 | $1.30 | $-0.31 | ||
| Q2 24 | $1.19 | $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 | $272.2M | $81.3M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $1.3B | $-282.1M |
| Total Assets | — | $1.5B |
| Debt / EquityLower = less leverage | 0.98× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $272.2M | — | ||
| Q4 25 | $389.9M | $81.3M | ||
| Q3 25 | $314.3M | $48.6M | ||
| Q2 25 | $301.5M | $144.6M | ||
| Q1 25 | $259.0M | $96.5M | ||
| Q4 24 | $370.3M | $107.8M | ||
| Q3 24 | $323.0M | $52.3M | ||
| Q2 24 | $564.8M | $89.1M |
| Q1 26 | $1.3B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.3B | $-282.1M | ||
| Q3 25 | $1.2B | $-294.2M | ||
| Q2 25 | $1.2B | $-281.4M | ||
| Q1 25 | $1.2B | $-283.4M | ||
| Q4 24 | $1.3B | $-273.1M | ||
| Q3 24 | $1.2B | $-277.5M | ||
| Q2 24 | $1.2B | $-266.3M |
| Q1 26 | — | — | ||
| Q4 25 | $3.5B | $1.5B | ||
| Q3 25 | $3.4B | $1.5B | ||
| Q2 25 | $3.4B | $1.5B | ||
| Q1 25 | $3.3B | $1.5B | ||
| Q4 24 | $3.3B | $1.4B | ||
| Q3 24 | $3.3B | $1.4B | ||
| Q2 24 | $3.5B | $1.3B |
| Q1 26 | 0.98× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | — | $32.4M |
| Free Cash FlowOCF − Capex | $-63.1M | $31.6M |
| FCF MarginFCF / Revenue | -9.1% | 7.8% |
| Capex IntensityCapex / Revenue | 6.4% | 0.2% |
| Cash ConversionOCF / Net Profit | — | 3.94× |
| TTM Free Cash FlowTrailing 4 quarters | $180.4M | $-480.0K |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $160.4M | $32.4M | ||
| Q3 25 | $105.0M | $-85.0M | ||
| Q2 25 | $82.0M | $49.7M | ||
| Q1 25 | $7.4M | $6.3M | ||
| Q4 24 | $174.7M | $61.8M | ||
| Q3 24 | $91.7M | $-26.2M | ||
| Q2 24 | $83.0M | $108.4M |
| Q1 26 | $-63.1M | — | ||
| Q4 25 | $121.3M | $31.6M | ||
| Q3 25 | $65.3M | $-85.3M | ||
| Q2 25 | $56.9M | $49.4M | ||
| Q1 25 | $-24.8M | $3.9M | ||
| Q4 24 | $116.4M | $61.2M | ||
| Q3 24 | $67.2M | $-26.5M | ||
| Q2 24 | $61.0M | $108.0M |
| Q1 26 | -9.1% | — | ||
| Q4 25 | 16.8% | 7.8% | ||
| Q3 25 | 9.4% | -216.3% | ||
| Q2 25 | 8.5% | 24.2% | ||
| Q1 25 | -4.0% | 0.9% | ||
| Q4 24 | 17.5% | 17.1% | ||
| Q3 24 | 10.3% | -49.7% | ||
| Q2 24 | 10.1% | 47.5% |
| Q1 26 | 6.4% | — | ||
| Q4 25 | 5.4% | 0.2% | ||
| Q3 25 | 5.7% | 0.9% | ||
| Q2 25 | 3.7% | 0.2% | ||
| Q1 25 | 5.2% | 0.6% | ||
| Q4 24 | 8.8% | 0.1% | ||
| Q3 24 | 3.7% | 0.7% | ||
| Q2 24 | 3.6% | 0.2% |
| Q1 26 | — | — | ||
| Q4 25 | 2.36× | 3.94× | ||
| Q3 25 | 1.85× | — | ||
| Q2 25 | 1.34× | — | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | 2.99× | 55.61× | ||
| Q3 24 | 1.71× | — | ||
| Q2 24 | 1.69× | 4.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BDC
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% |
