vs
Side-by-side financial comparison of ESAB Corp (ESAB) and Madison Square Garden Sports Corp. (MSGS). Click either name above to swap in a different company.
ESAB Corp is the larger business by last-quarter revenue ($727.8M vs $403.4M, roughly 1.8× Madison Square Garden Sports Corp.). ESAB Corp runs the higher net margin — 7.5% vs 2.0%, a 5.5% gap on every dollar of revenue. On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs 8.5%). ESAB Corp produced more free cash flow last quarter ($70.3M vs $31.6M). Over the past eight quarters, ESAB Corp's revenue compounded faster (2.8% CAGR vs -3.1%).
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 MSGS — Head-to-Head
Income Statement — Q3 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $727.8M | $403.4M |
| Net Profit | $54.8M | $8.2M |
| Gross Margin | 37.0% | — |
| Operating Margin | 14.6% | 5.5% |
| Net Margin | 7.5% | 2.0% |
| Revenue YoY | 8.5% | 12.8% |
| Net Profit YoY | 2.1% | 641.9% |
| EPS (diluted) | $0.90 | $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 | $727.8M | $403.4M | ||
| Q3 25 | $715.6M | $39.5M | ||
| Q2 25 | $678.1M | $204.0M | ||
| Q1 25 | — | $424.2M | ||
| Q4 24 | $670.8M | $357.8M | ||
| Q3 24 | $673.3M | $53.3M | ||
| Q2 24 | $707.1M | $227.3M | ||
| Q1 24 | $689.7M | $430.0M |
| Q4 25 | $54.8M | $8.2M | ||
| Q3 25 | $66.9M | $-8.8M | ||
| Q2 25 | $67.4M | $-1.8M | ||
| Q1 25 | — | $-14.2M | ||
| Q4 24 | $53.7M | $1.1M | ||
| Q3 24 | $68.2M | $-7.5M | ||
| Q2 24 | $82.9M | $25.5M | ||
| Q1 24 | $60.0M | $37.9M |
| 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% | 5.5% | ||
| Q3 25 | 15.2% | -69.5% | ||
| Q2 25 | 16.2% | -11.1% | ||
| Q1 25 | — | 7.6% | ||
| Q4 24 | 16.6% | 3.7% | ||
| Q3 24 | 15.7% | -15.5% | ||
| Q2 24 | 16.9% | 23.0% | ||
| Q1 24 | 16.0% | 18.5% |
| Q4 25 | 7.5% | 2.0% | ||
| Q3 25 | 9.3% | -22.3% | ||
| Q2 25 | 9.9% | -0.9% | ||
| Q1 25 | — | -3.4% | ||
| Q4 24 | 8.0% | 0.3% | ||
| Q3 24 | 10.1% | -14.1% | ||
| Q2 24 | 11.7% | 11.2% | ||
| Q1 24 | 8.7% | 8.8% |
| Q4 25 | $0.90 | $0.34 | ||
| Q3 25 | $1.09 | $-0.37 | ||
| Q2 25 | $1.10 | $-0.08 | ||
| Q1 25 | — | $-0.59 | ||
| Q4 24 | $0.87 | $0.05 | ||
| Q3 24 | $1.11 | $-0.31 | ||
| Q2 24 | $1.35 | $1.07 | ||
| Q1 24 | $0.98 | $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 | $218.2M | $81.3M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $2.1B | $-282.1M |
| Total Assets | $4.9B | $1.5B |
| Debt / EquityLower = less leverage | 0.63× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $218.2M | $81.3M | ||
| Q3 25 | $258.2M | $48.6M | ||
| Q2 25 | $291.3M | $144.6M | ||
| Q1 25 | — | $96.5M | ||
| Q4 24 | $249.4M | $107.8M | ||
| Q3 24 | $253.7M | $52.3M | ||
| Q2 24 | $228.5M | $89.1M | ||
| Q1 24 | $76.5M | $40.0M |
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $992.8M | — |
| Q4 25 | $2.1B | $-282.1M | ||
| Q3 25 | $2.1B | $-294.2M | ||
| Q2 25 | $1.9B | $-281.4M | ||
| Q1 25 | — | $-283.4M | ||
| Q4 24 | $1.8B | $-273.1M | ||
| Q3 24 | $1.8B | $-277.5M | ||
| Q2 24 | $1.7B | $-266.3M | ||
| Q1 24 | $1.6B | $-294.0M |
| Q4 25 | $4.9B | $1.5B | ||
| Q3 25 | $4.4B | $1.5B | ||
| Q2 25 | $4.2B | $1.5B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | $4.0B | $1.4B | ||
| Q3 24 | $4.1B | $1.4B | ||
| Q2 24 | $4.0B | $1.3B | ||
| Q1 24 | $3.8B | $1.4B |
| Q4 25 | 0.63× | — | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 0.55× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.60× | — | ||
| 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 | $32.4M |
| Free Cash FlowOCF − Capex | $70.3M | $31.6M |
| FCF MarginFCF / Revenue | 9.7% | 7.8% |
| Capex IntensityCapex / Revenue | 1.5% | 0.2% |
| Cash ConversionOCF / Net Profit | 1.49× | 3.94× |
| TTM Free Cash FlowTrailing 4 quarters | $238.0M | $-480.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.5M | $32.4M | ||
| Q3 25 | $46.6M | $-85.0M | ||
| Q2 25 | $35.4M | $49.7M | ||
| Q1 25 | — | $6.3M | ||
| Q4 24 | $126.9M | $61.8M | ||
| Q3 24 | $101.0M | $-26.2M | ||
| Q2 24 | $83.0M | $108.4M | ||
| Q1 24 | $44.5M | $4.0M |
| Q4 25 | $70.3M | $31.6M | ||
| Q3 25 | $37.4M | $-85.3M | ||
| Q2 25 | $28.1M | $49.4M | ||
| Q1 25 | — | $3.9M | ||
| Q4 24 | $102.2M | $61.2M | ||
| Q3 24 | $90.4M | $-26.5M | ||
| Q2 24 | $74.0M | $108.0M | ||
| Q1 24 | $37.1M | $3.9M |
| Q4 25 | 9.7% | 7.8% | ||
| Q3 25 | 5.2% | -216.3% | ||
| Q2 25 | 4.1% | 24.2% | ||
| Q1 25 | — | 0.9% | ||
| Q4 24 | 15.2% | 17.1% | ||
| Q3 24 | 13.4% | -49.7% | ||
| Q2 24 | 10.5% | 47.5% | ||
| Q1 24 | 5.4% | 0.9% |
| Q4 25 | 1.5% | 0.2% | ||
| Q3 25 | 1.3% | 0.9% | ||
| Q2 25 | 1.1% | 0.2% | ||
| Q1 25 | — | 0.6% | ||
| Q4 24 | 3.7% | 0.1% | ||
| Q3 24 | 1.6% | 0.7% | ||
| Q2 24 | 1.3% | 0.2% | ||
| Q1 24 | 1.1% | 0.0% |
| Q4 25 | 1.49× | 3.94× | ||
| Q3 25 | 0.70× | — | ||
| Q2 25 | 0.53× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.36× | 55.61× | ||
| Q3 24 | 1.48× | — | ||
| Q2 24 | 1.00× | 4.25× | ||
| Q1 24 | 0.74× | 0.11× |
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% |
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 4% |
