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Side-by-side financial comparison of Enphase Energy (ENPH) and Madison Square Garden Entertainment Corp. (MSGE). Click either name above to swap in a different company.
Madison Square Garden Entertainment Corp. is the larger business by last-quarter revenue ($424.8M vs $282.9M, roughly 1.5× Enphase Energy). Madison Square Garden Entertainment Corp. runs the higher net margin — 21.8% vs -2.6%, a 24.4% gap on every dollar of revenue. On growth, Madison Square Garden Entertainment Corp. posted the faster year-over-year revenue change (12.5% vs -20.6%). Over the past eight quarters, Madison Square Garden Entertainment Corp.'s revenue compounded faster (48.9% CAGR vs -3.4%).
Enphase Energy, Inc. is an American energy technology company headquartered in Fremont, California, that develops and manufactures solar micro-inverters, battery energy storage, and EV charging stations primarily for residential customers. Enphase was established in 2006 and is the first company to successfully commercialize solar micro-inverters, which convert the direct current (DC) power generated by solar panels into grid-compatible alternating current (AC) for use or export.
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
ENPH vs MSGE — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $424.8M |
| Net Profit | $-7.4M | $92.7M |
| Gross Margin | 35.5% | — |
| Operating Margin | 54.0% | 38.6% |
| Net Margin | -2.6% | 21.8% |
| Revenue YoY | -20.6% | 12.5% |
| Net Profit YoY | -124.9% | 22.2% |
| EPS (diluted) | $-0.06 | $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 | $282.9M | — | ||
| Q4 25 | $343.3M | $424.8M | ||
| Q3 25 | $410.4M | $154.1M | ||
| Q2 25 | $363.2M | $145.1M | ||
| Q1 25 | $356.1M | $206.0M | ||
| Q4 24 | $382.7M | $377.6M | ||
| Q3 24 | $380.9M | $134.1M | ||
| Q2 24 | $303.5M | $177.6M |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $92.7M | ||
| Q3 25 | $66.6M | $-21.7M | ||
| Q2 25 | $37.1M | $-27.2M | ||
| Q1 25 | $29.7M | $8.0M | ||
| Q4 24 | $62.2M | $75.9M | ||
| Q3 24 | $45.8M | $-19.3M | ||
| Q2 24 | $10.8M | $66.9M |
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | — | ||
| Q3 25 | 47.8% | — | ||
| Q2 25 | 46.9% | — | ||
| Q1 25 | 47.2% | — | ||
| Q4 24 | 51.8% | — | ||
| Q3 24 | 46.8% | — | ||
| Q2 24 | 45.2% | — |
| Q1 26 | 54.0% | — | ||
| Q4 25 | 6.5% | 38.6% | ||
| Q3 25 | 16.1% | -19.3% | ||
| Q2 25 | 10.2% | -17.7% | ||
| Q1 25 | 9.0% | 13.3% | ||
| Q4 24 | 14.3% | 36.8% | ||
| Q3 24 | 13.1% | -13.8% | ||
| Q2 24 | 0.6% | -5.0% |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | 21.8% | ||
| Q3 25 | 16.2% | -14.0% | ||
| Q2 25 | 10.2% | -18.7% | ||
| Q1 25 | 8.3% | 3.9% | ||
| Q4 24 | 16.2% | 20.1% | ||
| Q3 24 | 12.0% | -14.4% | ||
| Q2 24 | 3.6% | 37.7% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $1.94 | ||
| Q3 25 | $0.50 | $-0.46 | ||
| Q2 25 | $0.28 | $-0.56 | ||
| Q1 25 | $0.22 | $0.17 | ||
| Q4 24 | $0.46 | $1.56 | ||
| Q3 24 | $0.33 | $-0.40 | ||
| Q2 24 | $0.08 | $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 | $497.5M | $157.1M |
| Total DebtLower is stronger | — | $554.6M |
| Stockholders' EquityBook value | $1.1B | $36.0M |
| Total Assets | $2.7B | $1.8B |
| Debt / EquityLower = less leverage | — | 15.40× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $157.1M | ||
| Q3 25 | $1.5B | $29.9M | ||
| Q2 25 | $1.5B | $43.0M | ||
| Q1 25 | $1.5B | $89.0M | ||
| Q4 24 | $1.6B | $54.9M | ||
| Q3 24 | $1.8B | $37.3M | ||
| Q2 24 | $1.6B | $33.3M |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $554.6M | ||
| Q3 25 | $1.2B | $581.7M | ||
| Q2 25 | $1.2B | $568.8M | ||
| Q1 25 | $1.2B | $577.4M | ||
| Q4 24 | $1.3B | $584.7M | ||
| Q3 24 | $1.3B | $647.0M | ||
| Q2 24 | $1.3B | $599.2M |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $36.0M | ||
| Q3 25 | $995.0M | $-65.8M | ||
| Q2 25 | $880.6M | $-13.3M | ||
| Q1 25 | $810.7M | $9.5M | ||
| Q4 24 | $833.0M | $10.3M | ||
| Q3 24 | $931.4M | $-48.7M | ||
| Q2 24 | $884.5M | $-23.2M |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $1.8B | ||
| Q3 25 | $3.3B | $1.7B | ||
| Q2 25 | $3.2B | $1.7B | ||
| Q1 25 | $3.1B | $1.7B | ||
| Q4 24 | $3.2B | $1.6B | ||
| Q3 24 | $3.3B | $1.6B | ||
| Q2 24 | $3.2B | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | 15.40× | ||
| Q3 25 | 1.21× | — | ||
| Q2 25 | 1.37× | — | ||
| Q1 25 | 1.48× | 60.61× | ||
| Q4 24 | 1.56× | 56.61× | ||
| Q3 24 | 1.40× | — | ||
| Q2 24 | 1.47× | — |
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 | $102.9M | $164.4M |
| Free Cash FlowOCF − Capex | $83.0M | — |
| FCF MarginFCF / Revenue | 29.3% | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 1.77× |
| TTM Free Cash FlowTrailing 4 quarters | $145.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $164.4M | ||
| Q3 25 | $13.9M | $19.8M | ||
| Q2 25 | $26.6M | $-27.0M | ||
| Q1 25 | $48.4M | $56.8M | ||
| Q4 24 | $167.3M | $112.9M | ||
| Q3 24 | $170.1M | $-27.4M | ||
| Q2 24 | $127.1M | $212.0K |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | — | ||
| Q3 25 | $5.9M | — | ||
| Q2 25 | $18.4M | — | ||
| Q1 25 | $33.8M | — | ||
| Q4 24 | $159.2M | — | ||
| Q3 24 | $161.6M | — | ||
| Q2 24 | $117.4M | — |
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 5.1% | — | ||
| Q1 25 | 9.5% | — | ||
| Q4 24 | 41.6% | — | ||
| Q3 24 | 42.4% | — | ||
| Q2 24 | 38.7% | — |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | — | ||
| Q3 25 | 2.0% | — | ||
| Q2 25 | 2.3% | — | ||
| Q1 25 | 4.1% | — | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 2.2% | — | ||
| Q2 24 | 3.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 1.77× | ||
| Q3 25 | 0.21× | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 1.63× | 7.07× | ||
| Q4 24 | 2.69× | 1.49× | ||
| Q3 24 | 3.72× | — | ||
| Q2 24 | 11.73× | 0.00× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ENPH
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% |
