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Side-by-side financial comparison of ENERGIZER HOLDINGS, INC. (ENR) and Madison Square Garden Sports Corp. (MSGS). Click either name above to swap in a different company.
ENERGIZER HOLDINGS, INC. is the larger business by last-quarter revenue ($778.9M vs $403.4M, roughly 1.9× Madison Square Garden Sports Corp.). Madison Square Garden Sports Corp. runs the higher net margin — 2.0% vs -0.4%, a 2.5% gap on every dollar of revenue. On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs 6.5%). ENERGIZER HOLDINGS, INC. produced more free cash flow last quarter ($124.2M vs $31.6M). Over the past eight quarters, ENERGIZER HOLDINGS, INC.'s revenue compounded faster (8.4% CAGR vs -3.1%).
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 MSGS — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $778.9M | $403.4M |
| Net Profit | $-3.4M | $8.2M |
| Gross Margin | 32.9% | — |
| Operating Margin | -0.6% | 5.5% |
| Net Margin | -0.4% | 2.0% |
| Revenue YoY | 6.5% | 12.8% |
| Net Profit YoY | -115.2% | 641.9% |
| EPS (diluted) | — | $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.
| Q4 25 | $778.9M | $403.4M | ||
| Q3 25 | $832.8M | $39.5M | ||
| Q2 25 | $725.3M | $204.0M | ||
| Q1 25 | $662.9M | $424.2M | ||
| Q4 24 | $731.7M | $357.8M | ||
| Q3 24 | $805.7M | $53.3M | ||
| Q2 24 | $701.4M | $227.3M | ||
| Q1 24 | $663.3M | $430.0M |
| Q4 25 | $-3.4M | $8.2M | ||
| Q3 25 | $34.9M | $-8.8M | ||
| Q2 25 | $153.5M | $-1.8M | ||
| Q1 25 | $28.3M | $-14.2M | ||
| Q4 24 | $22.3M | $1.1M | ||
| Q3 24 | $47.6M | $-7.5M | ||
| Q2 24 | $-43.8M | $25.5M | ||
| Q1 24 | $32.4M | $37.9M |
| 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% | 5.5% | ||
| Q3 25 | 6.4% | -69.5% | ||
| Q2 25 | 22.6% | -11.1% | ||
| Q1 25 | 5.5% | 7.6% | ||
| Q4 24 | 4.1% | 3.7% | ||
| Q3 24 | 7.4% | -15.5% | ||
| Q2 24 | -8.2% | 23.0% | ||
| Q1 24 | 6.4% | 18.5% |
| Q4 25 | -0.4% | 2.0% | ||
| Q3 25 | 4.2% | -22.3% | ||
| Q2 25 | 21.2% | -0.9% | ||
| Q1 25 | 4.3% | -3.4% | ||
| Q4 24 | 3.0% | 0.3% | ||
| Q3 24 | 5.9% | -14.1% | ||
| Q2 24 | -6.2% | 11.2% | ||
| Q1 24 | 4.9% | 8.8% |
| Q4 25 | — | $0.34 | ||
| Q3 25 | — | $-0.37 | ||
| Q2 25 | — | $-0.08 | ||
| Q1 25 | — | $-0.59 | ||
| Q4 24 | — | $0.05 | ||
| Q3 24 | — | $-0.31 | ||
| Q2 24 | — | $1.07 | ||
| Q1 24 | — | $1.57 |
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 | $81.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $141.3M | $-282.1M |
| Total Assets | $4.4B | $1.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $214.8M | $81.3M | ||
| Q3 25 | $236.2M | $48.6M | ||
| Q2 25 | $171.1M | $144.6M | ||
| Q1 25 | $139.3M | $96.5M | ||
| Q4 24 | $195.9M | $107.8M | ||
| Q3 24 | $216.9M | $52.3M | ||
| Q2 24 | $146.7M | $89.1M | ||
| Q1 24 | $158.1M | $40.0M |
| Q4 25 | — | — | ||
| Q3 25 | $3.4B | — | ||
| Q2 25 | $3.2B | — | ||
| Q1 25 | $3.2B | — | ||
| Q4 24 | $3.1B | — | ||
| Q3 24 | $3.2B | — | ||
| Q2 24 | $3.2B | — | ||
| Q1 24 | $3.2B | — |
| Q4 25 | $141.3M | $-282.1M | ||
| Q3 25 | $169.9M | $-294.2M | ||
| Q2 25 | $183.2M | $-281.4M | ||
| Q1 25 | $133.9M | $-283.4M | ||
| Q4 24 | $140.6M | $-273.1M | ||
| Q3 24 | $135.8M | $-277.5M | ||
| Q2 24 | $123.4M | $-266.3M | ||
| Q1 24 | $191.3M | $-294.0M |
| Q4 25 | $4.4B | $1.5B | ||
| Q3 25 | $4.6B | $1.5B | ||
| Q2 25 | $4.5B | $1.5B | ||
| Q1 25 | $4.2B | $1.5B | ||
| Q4 24 | $4.2B | $1.4B | ||
| Q3 24 | $4.3B | $1.4B | ||
| Q2 24 | $4.2B | $1.3B | ||
| Q1 24 | $4.3B | $1.4B |
| Q4 25 | — | — | ||
| Q3 25 | 20.28× | — | ||
| Q2 25 | 17.57× | — | ||
| Q1 25 | 23.56× | — | ||
| Q4 24 | 22.17× | — | ||
| 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 | $32.4M |
| Free Cash FlowOCF − Capex | $124.2M | $31.6M |
| FCF MarginFCF / Revenue | 15.9% | 7.8% |
| Capex IntensityCapex / Revenue | 3.2% | 0.2% |
| Cash ConversionOCF / Net Profit | — | 3.94× |
| TTM Free Cash FlowTrailing 4 quarters | $145.0M | $-480.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $149.5M | $32.4M | ||
| Q3 25 | $61.5M | $-85.0M | ||
| Q2 25 | $21.4M | $49.7M | ||
| Q1 25 | $-12.8M | $6.3M | ||
| Q4 24 | $77.0M | $61.8M | ||
| Q3 24 | $168.9M | $-26.2M | ||
| Q2 24 | $45.8M | $108.4M | ||
| Q1 24 | $36.8M | $4.0M |
| Q4 25 | $124.2M | $31.6M | ||
| Q3 25 | $46.7M | $-85.3M | ||
| Q2 25 | $7.9M | $49.4M | ||
| Q1 25 | $-33.8M | $3.9M | ||
| Q4 24 | $42.4M | $61.2M | ||
| Q3 24 | $141.5M | $-26.5M | ||
| Q2 24 | $27.3M | $108.0M | ||
| Q1 24 | $10.3M | $3.9M |
| Q4 25 | 15.9% | 7.8% | ||
| Q3 25 | 5.6% | -216.3% | ||
| Q2 25 | 1.1% | 24.2% | ||
| Q1 25 | -5.1% | 0.9% | ||
| Q4 24 | 5.8% | 17.1% | ||
| Q3 24 | 17.6% | -49.7% | ||
| Q2 24 | 3.9% | 47.5% | ||
| Q1 24 | 1.6% | 0.9% |
| Q4 25 | 3.2% | 0.2% | ||
| Q3 25 | 1.8% | 0.9% | ||
| Q2 25 | 1.9% | 0.2% | ||
| Q1 25 | 3.2% | 0.6% | ||
| Q4 24 | 4.7% | 0.1% | ||
| Q3 24 | 3.4% | 0.7% | ||
| Q2 24 | 2.6% | 0.2% | ||
| Q1 24 | 4.0% | 0.0% |
| Q4 25 | — | 3.94× | ||
| Q3 25 | 1.76× | — | ||
| Q2 25 | 0.14× | — | ||
| Q1 25 | -0.45× | — | ||
| Q4 24 | 3.45× | 55.61× | ||
| Q3 24 | 3.55× | — | ||
| Q2 24 | — | 4.25× | ||
| Q1 24 | 1.14× | 0.11× |
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% |
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 4% |
