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Side-by-side financial comparison of ESAB Corp (ESAB) and Madison Square Garden Entertainment Corp. (MSGE). Click either name above to swap in a different company.
ESAB Corp is the larger business by last-quarter revenue ($727.8M vs $424.8M, roughly 1.7× Madison Square Garden Entertainment Corp.). Madison Square Garden Entertainment Corp. runs the higher net margin — 21.8% vs 7.5%, a 14.3% gap on every dollar of revenue. On growth, Madison Square Garden Entertainment Corp. posted the faster year-over-year revenue change (12.5% vs 8.5%). Over the past eight quarters, Madison Square Garden Entertainment Corp.'s revenue compounded faster (48.9% CAGR vs 2.8%).
ESAB, Elektriska Svetsnings-Aktiebolaget, is an American-Swedish industrial company.
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
ESAB vs MSGE — Head-to-Head
Income Statement — Q3 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $727.8M | $424.8M |
| Net Profit | $54.8M | $92.7M |
| Gross Margin | 37.0% | — |
| Operating Margin | 14.6% | 38.6% |
| Net Margin | 7.5% | 21.8% |
| Revenue YoY | 8.5% | 12.5% |
| Net Profit YoY | 2.1% | 22.2% |
| EPS (diluted) | $0.90 | $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 | $727.8M | $424.8M | ||
| Q3 25 | $715.6M | $154.1M | ||
| Q2 25 | $678.1M | $145.1M | ||
| Q1 25 | — | $206.0M | ||
| Q4 24 | $670.8M | $377.6M | ||
| Q3 24 | $673.3M | $134.1M | ||
| Q2 24 | $707.1M | $177.6M | ||
| Q1 24 | $689.7M | $191.6M |
| Q4 25 | $54.8M | $92.7M | ||
| Q3 25 | $66.9M | $-21.7M | ||
| Q2 25 | $67.4M | $-27.2M | ||
| Q1 25 | — | $8.0M | ||
| Q4 24 | $53.7M | $75.9M | ||
| Q3 24 | $68.2M | $-19.3M | ||
| Q2 24 | $82.9M | $66.9M | ||
| Q1 24 | $60.0M | $2.8M |
| Q4 25 | 37.0% | — | ||
| Q3 25 | 37.2% | — | ||
| Q2 25 | 37.6% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 38.5% | — | ||
| Q3 24 | 37.7% | — | ||
| Q2 24 | 38.2% | — | ||
| Q1 24 | 37.0% | — |
| Q4 25 | 14.6% | 38.6% | ||
| Q3 25 | 15.2% | -19.3% | ||
| Q2 25 | 16.2% | -17.7% | ||
| Q1 25 | — | 13.3% | ||
| Q4 24 | 16.6% | 36.8% | ||
| Q3 24 | 15.7% | -13.8% | ||
| Q2 24 | 16.9% | -5.0% | ||
| Q1 24 | 16.0% | 8.8% |
| Q4 25 | 7.5% | 21.8% | ||
| Q3 25 | 9.3% | -14.0% | ||
| Q2 25 | 9.9% | -18.7% | ||
| Q1 25 | — | 3.9% | ||
| Q4 24 | 8.0% | 20.1% | ||
| Q3 24 | 10.1% | -14.4% | ||
| Q2 24 | 11.7% | 37.7% | ||
| Q1 24 | 8.7% | 1.5% |
| Q4 25 | $0.90 | $1.94 | ||
| Q3 25 | $1.09 | $-0.46 | ||
| Q2 25 | $1.10 | $-0.56 | ||
| Q1 25 | — | $0.17 | ||
| Q4 24 | $0.87 | $1.56 | ||
| Q3 24 | $1.11 | $-0.40 | ||
| Q2 24 | $1.35 | $1.32 | ||
| Q1 24 | $0.98 | $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 | $218.2M | $157.1M |
| Total DebtLower is stronger | $1.3B | $554.6M |
| Stockholders' EquityBook value | $2.1B | $36.0M |
| Total Assets | $4.9B | $1.8B |
| Debt / EquityLower = less leverage | 0.63× | 15.40× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $218.2M | $157.1M | ||
| Q3 25 | $258.2M | $29.9M | ||
| Q2 25 | $291.3M | $43.0M | ||
| Q1 25 | — | $89.0M | ||
| Q4 24 | $249.4M | $54.9M | ||
| Q3 24 | $253.7M | $37.3M | ||
| Q2 24 | $228.5M | $33.3M | ||
| Q1 24 | $76.5M | $28.0M |
| Q4 25 | $1.3B | $554.6M | ||
| Q3 25 | $1.1B | $581.7M | ||
| Q2 25 | $1.1B | $568.8M | ||
| Q1 25 | — | $577.4M | ||
| Q4 24 | $1.1B | $584.7M | ||
| Q3 24 | $1.1B | $647.0M | ||
| Q2 24 | $1.1B | $599.2M | ||
| Q1 24 | $992.8M | $602.5M |
| Q4 25 | $2.1B | $36.0M | ||
| Q3 25 | $2.1B | $-65.8M | ||
| Q2 25 | $1.9B | $-13.3M | ||
| Q1 25 | — | $9.5M | ||
| Q4 24 | $1.8B | $10.3M | ||
| Q3 24 | $1.8B | $-48.7M | ||
| Q2 24 | $1.7B | $-23.2M | ||
| Q1 24 | $1.6B | $-94.6M |
| Q4 25 | $4.9B | $1.8B | ||
| Q3 25 | $4.4B | $1.7B | ||
| Q2 25 | $4.2B | $1.7B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | $4.0B | $1.6B | ||
| Q3 24 | $4.1B | $1.6B | ||
| Q2 24 | $4.0B | $1.6B | ||
| Q1 24 | $3.8B | $1.5B |
| Q4 25 | 0.63× | 15.40× | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 0.55× | — | ||
| Q1 25 | — | 60.61× | ||
| Q4 24 | 0.60× | 56.61× | ||
| Q3 24 | 0.59× | — | ||
| Q2 24 | 0.63× | — | ||
| Q1 24 | 0.61× | — |
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 | $81.5M | $164.4M |
| Free Cash FlowOCF − Capex | $70.3M | — |
| FCF MarginFCF / Revenue | 9.7% | — |
| Capex IntensityCapex / Revenue | 1.5% | — |
| Cash ConversionOCF / Net Profit | 1.49× | 1.77× |
| TTM Free Cash FlowTrailing 4 quarters | $238.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.5M | $164.4M | ||
| Q3 25 | $46.6M | $19.8M | ||
| Q2 25 | $35.4M | $-27.0M | ||
| Q1 25 | — | $56.8M | ||
| Q4 24 | $126.9M | $112.9M | ||
| Q3 24 | $101.0M | $-27.4M | ||
| Q2 24 | $83.0M | $212.0K | ||
| Q1 24 | $44.5M | $5.8M |
| Q4 25 | $70.3M | — | ||
| Q3 25 | $37.4M | — | ||
| Q2 25 | $28.1M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $102.2M | — | ||
| Q3 24 | $90.4M | — | ||
| Q2 24 | $74.0M | — | ||
| Q1 24 | $37.1M | — |
| Q4 25 | 9.7% | — | ||
| Q3 25 | 5.2% | — | ||
| Q2 25 | 4.1% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 15.2% | — | ||
| Q3 24 | 13.4% | — | ||
| Q2 24 | 10.5% | — | ||
| Q1 24 | 5.4% | — |
| Q4 25 | 1.5% | — | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.7% | — | ||
| Q3 24 | 1.6% | — | ||
| Q2 24 | 1.3% | — | ||
| Q1 24 | 1.1% | — |
| Q4 25 | 1.49× | 1.77× | ||
| Q3 25 | 0.70× | — | ||
| Q2 25 | 0.53× | — | ||
| Q1 25 | — | 7.07× | ||
| Q4 24 | 2.36× | 1.49× | ||
| Q3 24 | 1.48× | — | ||
| Q2 24 | 1.00× | 0.00× | ||
| Q1 24 | 0.74× | 2.08× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ESAB
| Consumable Products | $477.9M | 66% |
| Equipment Products | $249.9M | 34% |
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% |
