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Side-by-side financial comparison of ENERGIZER HOLDINGS, INC. (ENR) and Madison Square Garden Entertainment Corp. (MSGE). Click either name above to swap in a different company.
ENERGIZER HOLDINGS, INC. is the larger business by last-quarter revenue ($778.9M vs $424.8M, roughly 1.8× Madison Square Garden Entertainment Corp.). Madison Square Garden Entertainment Corp. runs the higher net margin — 21.8% vs -0.4%, a 22.3% gap on every dollar of revenue. On growth, Madison Square Garden Entertainment Corp. posted the faster year-over-year revenue change (12.5% vs 6.5%). Over the past eight quarters, Madison Square Garden Entertainment Corp.'s revenue compounded faster (48.9% CAGR vs 8.4%).
Energizer Holdings, Inc. is an American manufacturer and one of the world's largest manufacturers of batteries, headquartered in Clayton, Missouri. It produces batteries under the Energizer, Ray-O-Vac, Varta, and Eveready brand names and formerly owned several personal care businesses until it separated that side of the business into a new company called Edgewell Personal Care in 2015.
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
ENR vs MSGE — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $778.9M | $424.8M |
| Net Profit | $-3.4M | $92.7M |
| Gross Margin | 32.9% | — |
| Operating Margin | -0.6% | 38.6% |
| Net Margin | -0.4% | 21.8% |
| Revenue YoY | 6.5% | 12.5% |
| Net Profit YoY | -115.2% | 22.2% |
| EPS (diluted) | — | $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.
| Q4 25 | $778.9M | $424.8M | ||
| Q3 25 | $832.8M | $154.1M | ||
| Q2 25 | $725.3M | $145.1M | ||
| Q1 25 | $662.9M | $206.0M | ||
| Q4 24 | $731.7M | $377.6M | ||
| Q3 24 | $805.7M | $134.1M | ||
| Q2 24 | $701.4M | $177.6M | ||
| Q1 24 | $663.3M | $191.6M |
| Q4 25 | $-3.4M | $92.7M | ||
| Q3 25 | $34.9M | $-21.7M | ||
| Q2 25 | $153.5M | $-27.2M | ||
| Q1 25 | $28.3M | $8.0M | ||
| Q4 24 | $22.3M | $75.9M | ||
| Q3 24 | $47.6M | $-19.3M | ||
| Q2 24 | $-43.8M | $66.9M | ||
| Q1 24 | $32.4M | $2.8M |
| Q4 25 | 32.9% | — | ||
| Q3 25 | 36.6% | — | ||
| Q2 25 | 55.1% | — | ||
| Q1 25 | 39.1% | — | ||
| Q4 24 | 36.8% | — | ||
| Q3 24 | 38.1% | — | ||
| Q2 24 | 39.5% | — | ||
| Q1 24 | 38.2% | — |
| Q4 25 | -0.6% | 38.6% | ||
| Q3 25 | 6.4% | -19.3% | ||
| Q2 25 | 22.6% | -17.7% | ||
| Q1 25 | 5.5% | 13.3% | ||
| Q4 24 | 4.1% | 36.8% | ||
| Q3 24 | 7.4% | -13.8% | ||
| Q2 24 | -8.2% | -5.0% | ||
| Q1 24 | 6.4% | 8.8% |
| Q4 25 | -0.4% | 21.8% | ||
| Q3 25 | 4.2% | -14.0% | ||
| Q2 25 | 21.2% | -18.7% | ||
| Q1 25 | 4.3% | 3.9% | ||
| Q4 24 | 3.0% | 20.1% | ||
| Q3 24 | 5.9% | -14.4% | ||
| Q2 24 | -6.2% | 37.7% | ||
| Q1 24 | 4.9% | 1.5% |
| Q4 25 | — | $1.94 | ||
| Q3 25 | — | $-0.46 | ||
| Q2 25 | — | $-0.56 | ||
| Q1 25 | — | $0.17 | ||
| Q4 24 | — | $1.56 | ||
| Q3 24 | — | $-0.40 | ||
| Q2 24 | — | $1.32 | ||
| Q1 24 | — | $0.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $214.8M | $157.1M |
| Total DebtLower is stronger | — | $554.6M |
| Stockholders' EquityBook value | $141.3M | $36.0M |
| Total Assets | $4.4B | $1.8B |
| Debt / EquityLower = less leverage | — | 15.40× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $214.8M | $157.1M | ||
| Q3 25 | $236.2M | $29.9M | ||
| Q2 25 | $171.1M | $43.0M | ||
| Q1 25 | $139.3M | $89.0M | ||
| Q4 24 | $195.9M | $54.9M | ||
| Q3 24 | $216.9M | $37.3M | ||
| Q2 24 | $146.7M | $33.3M | ||
| Q1 24 | $158.1M | $28.0M |
| Q4 25 | — | $554.6M | ||
| Q3 25 | $3.4B | $581.7M | ||
| Q2 25 | $3.2B | $568.8M | ||
| Q1 25 | $3.2B | $577.4M | ||
| Q4 24 | $3.1B | $584.7M | ||
| Q3 24 | $3.2B | $647.0M | ||
| Q2 24 | $3.2B | $599.2M | ||
| Q1 24 | $3.2B | $602.5M |
| Q4 25 | $141.3M | $36.0M | ||
| Q3 25 | $169.9M | $-65.8M | ||
| Q2 25 | $183.2M | $-13.3M | ||
| Q1 25 | $133.9M | $9.5M | ||
| Q4 24 | $140.6M | $10.3M | ||
| Q3 24 | $135.8M | $-48.7M | ||
| Q2 24 | $123.4M | $-23.2M | ||
| Q1 24 | $191.3M | $-94.6M |
| Q4 25 | $4.4B | $1.8B | ||
| Q3 25 | $4.6B | $1.7B | ||
| Q2 25 | $4.5B | $1.7B | ||
| Q1 25 | $4.2B | $1.7B | ||
| Q4 24 | $4.2B | $1.6B | ||
| Q3 24 | $4.3B | $1.6B | ||
| Q2 24 | $4.2B | $1.6B | ||
| Q1 24 | $4.3B | $1.5B |
| Q4 25 | — | 15.40× | ||
| Q3 25 | 20.28× | — | ||
| Q2 25 | 17.57× | — | ||
| Q1 25 | 23.56× | 60.61× | ||
| Q4 24 | 22.17× | 56.61× | ||
| Q3 24 | 23.51× | — | ||
| Q2 24 | 26.04× | — | ||
| Q1 24 | 16.86× | — |
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 | $149.5M | $164.4M |
| Free Cash FlowOCF − Capex | $124.2M | — |
| FCF MarginFCF / Revenue | 15.9% | — |
| Capex IntensityCapex / Revenue | 3.2% | — |
| Cash ConversionOCF / Net Profit | — | 1.77× |
| TTM Free Cash FlowTrailing 4 quarters | $145.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $149.5M | $164.4M | ||
| Q3 25 | $61.5M | $19.8M | ||
| Q2 25 | $21.4M | $-27.0M | ||
| Q1 25 | $-12.8M | $56.8M | ||
| Q4 24 | $77.0M | $112.9M | ||
| Q3 24 | $168.9M | $-27.4M | ||
| Q2 24 | $45.8M | $212.0K | ||
| Q1 24 | $36.8M | $5.8M |
| Q4 25 | $124.2M | — | ||
| Q3 25 | $46.7M | — | ||
| Q2 25 | $7.9M | — | ||
| Q1 25 | $-33.8M | — | ||
| Q4 24 | $42.4M | — | ||
| Q3 24 | $141.5M | — | ||
| Q2 24 | $27.3M | — | ||
| Q1 24 | $10.3M | — |
| Q4 25 | 15.9% | — | ||
| Q3 25 | 5.6% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | -5.1% | — | ||
| Q4 24 | 5.8% | — | ||
| Q3 24 | 17.6% | — | ||
| Q2 24 | 3.9% | — | ||
| Q1 24 | 1.6% | — |
| Q4 25 | 3.2% | — | ||
| Q3 25 | 1.8% | — | ||
| Q2 25 | 1.9% | — | ||
| Q1 25 | 3.2% | — | ||
| Q4 24 | 4.7% | — | ||
| Q3 24 | 3.4% | — | ||
| Q2 24 | 2.6% | — | ||
| Q1 24 | 4.0% | — |
| Q4 25 | — | 1.77× | ||
| Q3 25 | 1.76× | — | ||
| Q2 25 | 0.14× | — | ||
| Q1 25 | -0.45× | 7.07× | ||
| Q4 24 | 3.45× | 1.49× | ||
| Q3 24 | 3.55× | — | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | 1.14× | 2.08× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ENR
| Alkaline Batteries | $666.5M | 86% |
| Auto Care | $93.7M | 12% |
| Lights | $18.7M | 2% |
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% |
