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Side-by-side financial comparison of Enphase Energy (ENPH) and Madison Square Garden Sports Corp. (MSGS). Click either name above to swap in a different company.
Madison Square Garden Sports Corp. is the larger business by last-quarter revenue ($403.4M vs $282.9M, roughly 1.4× Enphase Energy). Madison Square Garden Sports Corp. runs the higher net margin — 2.0% vs -2.6%, a 4.7% gap on every dollar of revenue. On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs -20.6%). Enphase Energy produced more free cash flow last quarter ($83.0M vs $31.6M). Over the past eight quarters, Madison Square Garden Sports Corp.'s revenue compounded faster (-3.1% 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 MSGS — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $403.4M |
| Net Profit | $-7.4M | $8.2M |
| Gross Margin | 35.5% | — |
| Operating Margin | 54.0% | 5.5% |
| Net Margin | -2.6% | 2.0% |
| Revenue YoY | -20.6% | 12.8% |
| Net Profit YoY | -124.9% | 641.9% |
| EPS (diluted) | $-0.06 | $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 | $282.9M | — | ||
| Q4 25 | $343.3M | $403.4M | ||
| Q3 25 | $410.4M | $39.5M | ||
| Q2 25 | $363.2M | $204.0M | ||
| Q1 25 | $356.1M | $424.2M | ||
| Q4 24 | $382.7M | $357.8M | ||
| Q3 24 | $380.9M | $53.3M | ||
| Q2 24 | $303.5M | $227.3M |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $8.2M | ||
| Q3 25 | $66.6M | $-8.8M | ||
| Q2 25 | $37.1M | $-1.8M | ||
| Q1 25 | $29.7M | $-14.2M | ||
| Q4 24 | $62.2M | $1.1M | ||
| Q3 24 | $45.8M | $-7.5M | ||
| Q2 24 | $10.8M | $25.5M |
| 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% | 5.5% | ||
| Q3 25 | 16.1% | -69.5% | ||
| Q2 25 | 10.2% | -11.1% | ||
| Q1 25 | 9.0% | 7.6% | ||
| Q4 24 | 14.3% | 3.7% | ||
| Q3 24 | 13.1% | -15.5% | ||
| Q2 24 | 0.6% | 23.0% |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | 2.0% | ||
| Q3 25 | 16.2% | -22.3% | ||
| Q2 25 | 10.2% | -0.9% | ||
| Q1 25 | 8.3% | -3.4% | ||
| Q4 24 | 16.2% | 0.3% | ||
| Q3 24 | 12.0% | -14.1% | ||
| Q2 24 | 3.6% | 11.2% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $0.34 | ||
| Q3 25 | $0.50 | $-0.37 | ||
| Q2 25 | $0.28 | $-0.08 | ||
| Q1 25 | $0.22 | $-0.59 | ||
| Q4 24 | $0.46 | $0.05 | ||
| Q3 24 | $0.33 | $-0.31 | ||
| Q2 24 | $0.08 | $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 | $497.5M | $81.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $-282.1M |
| Total Assets | $2.7B | $1.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $81.3M | ||
| Q3 25 | $1.5B | $48.6M | ||
| Q2 25 | $1.5B | $144.6M | ||
| Q1 25 | $1.5B | $96.5M | ||
| Q4 24 | $1.6B | $107.8M | ||
| Q3 24 | $1.8B | $52.3M | ||
| Q2 24 | $1.6B | $89.1M |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.3B | — |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $-282.1M | ||
| Q3 25 | $995.0M | $-294.2M | ||
| Q2 25 | $880.6M | $-281.4M | ||
| Q1 25 | $810.7M | $-283.4M | ||
| Q4 24 | $833.0M | $-273.1M | ||
| Q3 24 | $931.4M | $-277.5M | ||
| Q2 24 | $884.5M | $-266.3M |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $1.5B | ||
| Q3 25 | $3.3B | $1.5B | ||
| Q2 25 | $3.2B | $1.5B | ||
| Q1 25 | $3.1B | $1.5B | ||
| Q4 24 | $3.2B | $1.4B | ||
| Q3 24 | $3.3B | $1.4B | ||
| Q2 24 | $3.2B | $1.3B |
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | — | ||
| Q3 25 | 1.21× | — | ||
| Q2 25 | 1.37× | — | ||
| Q1 25 | 1.48× | — | ||
| Q4 24 | 1.56× | — | ||
| 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 | $32.4M |
| Free Cash FlowOCF − Capex | $83.0M | $31.6M |
| FCF MarginFCF / Revenue | 29.3% | 7.8% |
| Capex IntensityCapex / Revenue | — | 0.2% |
| Cash ConversionOCF / Net Profit | — | 3.94× |
| TTM Free Cash FlowTrailing 4 quarters | $145.1M | $-480.0K |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $32.4M | ||
| Q3 25 | $13.9M | $-85.0M | ||
| Q2 25 | $26.6M | $49.7M | ||
| Q1 25 | $48.4M | $6.3M | ||
| Q4 24 | $167.3M | $61.8M | ||
| Q3 24 | $170.1M | $-26.2M | ||
| Q2 24 | $127.1M | $108.4M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $31.6M | ||
| Q3 25 | $5.9M | $-85.3M | ||
| Q2 25 | $18.4M | $49.4M | ||
| Q1 25 | $33.8M | $3.9M | ||
| Q4 24 | $159.2M | $61.2M | ||
| Q3 24 | $161.6M | $-26.5M | ||
| Q2 24 | $117.4M | $108.0M |
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | 7.8% | ||
| Q3 25 | 1.4% | -216.3% | ||
| Q2 25 | 5.1% | 24.2% | ||
| Q1 25 | 9.5% | 0.9% | ||
| Q4 24 | 41.6% | 17.1% | ||
| Q3 24 | 42.4% | -49.7% | ||
| Q2 24 | 38.7% | 47.5% |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 0.2% | ||
| Q3 25 | 2.0% | 0.9% | ||
| Q2 25 | 2.3% | 0.2% | ||
| Q1 25 | 4.1% | 0.6% | ||
| Q4 24 | 2.1% | 0.1% | ||
| Q3 24 | 2.2% | 0.7% | ||
| Q2 24 | 3.2% | 0.2% |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 3.94× | ||
| Q3 25 | 0.21× | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 1.63× | — | ||
| Q4 24 | 2.69× | 55.61× | ||
| Q3 24 | 3.72× | — | ||
| Q2 24 | 11.73× | 4.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ENPH
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% |
