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Side-by-side financial comparison of Falcon's Beyond Global, Inc. (FBYD) 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 $6.6M, roughly 61.3× Falcon's Beyond Global, Inc.). Madison Square Garden Sports Corp. runs the higher net margin — 2.0% vs -4.5%, a 6.5% gap on every dollar of revenue. On growth, Falcon's Beyond Global, Inc. posted the faster year-over-year revenue change (383.5% vs 12.8%). Madison Square Garden Sports Corp. produced more free cash flow last quarter ($31.6M vs $-4.3M). Over the past eight quarters, Falcon's Beyond Global, Inc.'s revenue compounded faster (108.4% CAGR vs -3.1%).
500 Global is an early-stage venture fund and seed accelerator founded in 2010 by Dave McClure and Christine Tsai. The fund admitted a first "class" of twelve startups to its incubator office in Mountain View, California in February 2011. They expanded to a second class of 21 in June 2011 and a third class of 34 in October 2011. 500 Global has $2.3 billion in assets under management (AUM) as of March 2024.
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
FBYD vs MSGS — Head-to-Head
Income Statement — Q4 2025 vs Q2 2026
| Metric | | |
|---|---|---|
| Revenue | $6.6M | $403.4M |
| Net Profit | $-296.0K | $8.2M |
| Gross Margin | — | — |
| Operating Margin | -30.9% | 5.5% |
| Net Margin | -4.5% | 2.0% |
| Revenue YoY | 383.5% | 12.8% |
| Net Profit YoY | 97.5% | 641.9% |
| EPS (diluted) | $-0.01 | $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 | $6.6M | $403.4M | ||
| Q3 25 | $4.1M | $39.5M | ||
| Q2 25 | $2.5M | $204.0M | ||
| Q1 25 | $1.7M | $424.2M | ||
| Q4 24 | $1.4M | $357.8M | ||
| Q3 24 | $2.1M | $53.3M | ||
| Q2 24 | $1.8M | $227.3M | ||
| Q1 24 | $1.5M | $430.0M |
| Q4 25 | $-296.0K | $8.2M | ||
| Q3 25 | $-10.4M | $-8.8M | ||
| Q2 25 | $25.1M | $-1.8M | ||
| Q1 25 | $-8.1M | $-14.2M | ||
| Q4 24 | $-11.9M | $1.1M | ||
| Q3 24 | $39.3M | $-7.5M | ||
| Q2 24 | $8.0M | $25.5M | ||
| Q1 24 | $114.0M | $37.9M |
| Q4 25 | -30.9% | 5.5% | ||
| Q3 25 | -90.9% | -69.5% | ||
| Q2 25 | -53.0% | -11.1% | ||
| Q1 25 | -371.1% | 7.6% | ||
| Q4 24 | -335.6% | 3.7% | ||
| Q3 24 | -118.9% | -15.5% | ||
| Q2 24 | -195.9% | 23.0% | ||
| Q1 24 | -350.5% | 18.5% |
| Q4 25 | -4.5% | 2.0% | ||
| Q3 25 | -256.8% | -22.3% | ||
| Q2 25 | 985.2% | -0.9% | ||
| Q1 25 | -473.8% | -3.4% | ||
| Q4 24 | -871.7% | 0.3% | ||
| Q3 24 | 1899.5% | -14.1% | ||
| Q2 24 | 446.5% | 11.2% | ||
| Q1 24 | 7521.4% | 8.8% |
| Q4 25 | $-0.01 | $0.34 | ||
| Q3 25 | $-0.13 | $-0.37 | ||
| Q2 25 | $0.30 | $-0.08 | ||
| Q1 25 | $-0.13 | $-0.59 | ||
| Q4 24 | $-0.25 | $0.05 | ||
| Q3 24 | $0.39 | $-0.31 | ||
| Q2 24 | $0.00 | $1.07 | ||
| Q1 24 | $1.27 | $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 | $1.9M | $81.3M |
| Total DebtLower is stronger | $15.6M | — |
| Stockholders' EquityBook value | $11.9M | $-282.1M |
| Total Assets | $66.7M | $1.5B |
| Debt / EquityLower = less leverage | 1.31× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9M | $81.3M | ||
| Q3 25 | $4.3M | $48.6M | ||
| Q2 25 | $26.1M | $144.6M | ||
| Q1 25 | $1.1M | $96.5M | ||
| Q4 24 | $825.0K | $107.8M | ||
| Q3 24 | $828.0K | $52.3M | ||
| Q2 24 | $1.7M | $89.1M | ||
| Q1 24 | $1.1M | $40.0M |
| Q4 25 | $15.6M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $41.2M | — | ||
| Q3 24 | $10.3M | — | ||
| Q2 24 | $15.7M | — | ||
| Q1 24 | $15.1M | — |
| Q4 25 | $11.9M | $-282.1M | ||
| Q3 25 | $9.2M | $-294.2M | ||
| Q2 25 | $414.0K | $-281.4M | ||
| Q1 25 | $-11.6M | $-283.4M | ||
| Q4 24 | $-9.0M | $-273.1M | ||
| Q3 24 | $-1.4M | $-277.5M | ||
| Q2 24 | $-44.7M | $-266.3M | ||
| Q1 24 | $-61.7M | $-294.0M |
| Q4 25 | $66.7M | $1.5B | ||
| Q3 25 | $66.8M | $1.5B | ||
| Q2 25 | $89.2M | $1.5B | ||
| Q1 25 | $56.7M | $1.5B | ||
| Q4 24 | $61.2M | $1.4B | ||
| Q3 24 | $66.5M | $1.4B | ||
| Q2 24 | $65.9M | $1.3B | ||
| Q1 24 | $67.8M | $1.4B |
| Q4 25 | 1.31× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-4.3M | $32.4M |
| Free Cash FlowOCF − Capex | $-4.3M | $31.6M |
| FCF MarginFCF / Revenue | -66.0% | 7.8% |
| Capex IntensityCapex / Revenue | 0.3% | 0.2% |
| Cash ConversionOCF / Net Profit | — | 3.94× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-480.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.3M | $32.4M | ||
| Q3 25 | $-13.3M | $-85.0M | ||
| Q2 25 | $-7.9M | $49.7M | ||
| Q1 25 | $945.0K | $6.3M | ||
| Q4 24 | $-3.8M | $61.8M | ||
| Q3 24 | $-2.4M | $-26.2M | ||
| Q2 24 | $-2.6M | $108.4M | ||
| Q1 24 | $-3.8M | $4.0M |
| Q4 25 | $-4.3M | $31.6M | ||
| Q3 25 | $-13.4M | $-85.3M | ||
| Q2 25 | — | $49.4M | ||
| Q1 25 | $853.0K | $3.9M | ||
| Q4 24 | $-3.8M | $61.2M | ||
| Q3 24 | $-2.4M | $-26.5M | ||
| Q2 24 | $-2.6M | $108.0M | ||
| Q1 24 | $-3.8M | $3.9M |
| Q4 25 | -66.0% | 7.8% | ||
| Q3 25 | -329.6% | -216.3% | ||
| Q2 25 | — | 24.2% | ||
| Q1 25 | 49.9% | 0.9% | ||
| Q4 24 | -278.7% | 17.1% | ||
| Q3 24 | -114.9% | -49.7% | ||
| Q2 24 | -145.6% | 47.5% | ||
| Q1 24 | -248.8% | 0.9% |
| Q4 25 | 0.3% | 0.2% | ||
| Q3 25 | 1.0% | 0.9% | ||
| Q2 25 | 0.0% | 0.2% | ||
| Q1 25 | 5.4% | 0.6% | ||
| Q4 24 | 0.1% | 0.1% | ||
| Q3 24 | 0.2% | 0.7% | ||
| Q2 24 | 0.1% | 0.2% | ||
| Q1 24 | 0.3% | 0.0% |
| Q4 25 | — | 3.94× | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.31× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 55.61× | ||
| Q3 24 | -0.06× | — | ||
| Q2 24 | -0.33× | 4.25× | ||
| Q1 24 | -0.03× | 0.11× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FBYD
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% |
