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Side-by-side financial comparison of FEDERATED HERMES, INC. (FHI) and Madison Square Garden Sports Corp. (MSGS). Click either name above to swap in a different company.
FEDERATED HERMES, INC. is the larger business by last-quarter revenue ($479.0M vs $403.4M, roughly 1.2× Madison Square Garden Sports Corp.). FEDERATED HERMES, INC. runs the higher net margin — 20.1% vs 2.0%, a 18.1% gap on every dollar of revenue. On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs -0.8%). Over the past eight quarters, FEDERATED HERMES, INC.'s revenue compounded faster (9.1% CAGR vs -3.1%).
Federated Hermes is an investment manager headquartered in Pittsburgh, Pennsylvania, United States. Founded in 1955 and incorporated on October 18, 1957, the company manages $902.6 billion of customer assets, as of December 2025. The company offers investments spanning equity, fixed-income, alternative/private markets, multi-asset and liquidity management strategies, including mutual funds, exchange-traded funds (ETFs), separate accounts, closed-end funds and collective investment funds. Clie...
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
FHI vs MSGS — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $479.0M | $403.4M |
| Net Profit | $96.4M | $8.2M |
| Gross Margin | — | — |
| Operating Margin | 26.4% | 5.5% |
| Net Margin | 20.1% | 2.0% |
| Revenue YoY | -0.8% | 12.8% |
| Net Profit YoY | — | 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.
| Q1 26 | $479.0M | — | ||
| Q4 25 | $482.8M | $403.4M | ||
| Q3 25 | $469.4M | $39.5M | ||
| Q2 25 | $424.8M | $204.0M | ||
| Q1 25 | $423.5M | $424.2M | ||
| Q4 24 | $424.7M | $357.8M | ||
| Q3 24 | $408.5M | $53.3M | ||
| Q2 24 | $402.6M | $227.3M |
| Q1 26 | $96.4M | — | ||
| Q4 25 | $107.0M | $8.2M | ||
| Q3 25 | $104.1M | $-8.8M | ||
| Q2 25 | $91.0M | $-1.8M | ||
| Q1 25 | $101.1M | $-14.2M | ||
| Q4 24 | $84.7M | $1.1M | ||
| Q3 24 | $87.5M | $-7.5M | ||
| Q2 24 | $21.0M | $25.5M |
| Q1 26 | 26.4% | — | ||
| Q4 25 | 28.1% | 5.5% | ||
| Q3 25 | 27.6% | -69.5% | ||
| Q2 25 | 27.6% | -11.1% | ||
| Q1 25 | 31.1% | 7.6% | ||
| Q4 24 | 26.0% | 3.7% | ||
| Q3 24 | 27.4% | -15.5% | ||
| Q2 24 | 10.1% | 23.0% |
| Q1 26 | 20.1% | — | ||
| Q4 25 | 22.2% | 2.0% | ||
| Q3 25 | 22.2% | -22.3% | ||
| Q2 25 | 21.4% | -0.9% | ||
| Q1 25 | 23.9% | -3.4% | ||
| Q4 24 | 19.9% | 0.3% | ||
| Q3 24 | 21.4% | -14.1% | ||
| Q2 24 | 5.2% | 11.2% |
| Q1 26 | — | — | ||
| Q4 25 | $1.38 | $0.34 | ||
| Q3 25 | $1.34 | $-0.37 | ||
| Q2 25 | $1.16 | $-0.08 | ||
| Q1 25 | $1.25 | $-0.59 | ||
| Q4 24 | $1.08 | $0.05 | ||
| Q3 24 | $1.06 | $-0.31 | ||
| Q2 24 | $0.20 | $1.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $81.3M |
| Total DebtLower is stronger | $348.4M | — |
| Stockholders' EquityBook value | $100.8B | $-282.1M |
| Total Assets | $2.1B | $1.5B |
| Debt / EquityLower = less leverage | 0.00× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $582.5M | $81.3M | ||
| Q3 25 | $506.3M | $48.6M | ||
| Q2 25 | $371.0M | $144.6M | ||
| Q1 25 | $387.6M | $96.5M | ||
| Q4 24 | $504.4M | $107.8M | ||
| Q3 24 | $375.0M | $52.3M | ||
| Q2 24 | $307.4M | $89.1M |
| Q1 26 | $348.4M | — | ||
| Q4 25 | $348.4M | — | ||
| Q3 25 | $348.3M | — | ||
| Q2 25 | $348.2M | — | ||
| Q1 25 | $348.2M | — | ||
| Q4 24 | $348.1M | — | ||
| Q3 24 | $348.0M | — | ||
| Q2 24 | $348.0M | — |
| Q1 26 | $100.8B | — | ||
| Q4 25 | $1.2B | $-282.1M | ||
| Q3 25 | $1.2B | $-294.2M | ||
| Q2 25 | $1.1B | $-281.4M | ||
| Q1 25 | $1.1B | $-283.4M | ||
| Q4 24 | $1.1B | $-273.1M | ||
| Q3 24 | $1.1B | $-277.5M | ||
| Q2 24 | $1.0B | $-266.3M |
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.2B | $1.5B | ||
| Q3 25 | $2.2B | $1.5B | ||
| Q2 25 | $2.2B | $1.5B | ||
| Q1 25 | $2.0B | $1.5B | ||
| Q4 24 | $2.1B | $1.4B | ||
| Q3 24 | $2.0B | $1.4B | ||
| Q2 24 | $1.9B | $1.3B |
| Q1 26 | 0.00× | — | ||
| Q4 25 | 0.29× | — | ||
| Q3 25 | 0.29× | — | ||
| Q2 25 | 0.31× | — | ||
| Q1 25 | 0.32× | — | ||
| Q4 24 | 0.32× | — | ||
| Q3 24 | 0.32× | — | ||
| Q2 24 | 0.34× | — |
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 | — | $32.4M |
| Free Cash FlowOCF − Capex | — | $31.6M |
| FCF MarginFCF / Revenue | — | 7.8% |
| Capex IntensityCapex / Revenue | — | 0.2% |
| Cash ConversionOCF / Net Profit | — | 3.94× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-480.0K |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $297.3M | $32.4M | ||
| Q3 25 | $103.1M | $-85.0M | ||
| Q2 25 | $18.8M | $49.7M | ||
| Q1 25 | $14.3M | $6.3M | ||
| Q4 24 | $346.6M | $61.8M | ||
| Q3 24 | $117.1M | $-26.2M | ||
| Q2 24 | $88.7M | $108.4M |
| Q1 26 | — | — | ||
| Q4 25 | $294.6M | $31.6M | ||
| Q3 25 | $101.6M | $-85.3M | ||
| Q2 25 | $18.0M | $49.4M | ||
| Q1 25 | $13.3M | $3.9M | ||
| Q4 24 | $342.5M | $61.2M | ||
| Q3 24 | $114.1M | $-26.5M | ||
| Q2 24 | $82.7M | $108.0M |
| Q1 26 | — | — | ||
| Q4 25 | 61.0% | 7.8% | ||
| Q3 25 | 21.6% | -216.3% | ||
| Q2 25 | 4.2% | 24.2% | ||
| Q1 25 | 3.1% | 0.9% | ||
| Q4 24 | 80.7% | 17.1% | ||
| Q3 24 | 27.9% | -49.7% | ||
| Q2 24 | 20.5% | 47.5% |
| Q1 26 | — | — | ||
| Q4 25 | 0.6% | 0.2% | ||
| Q3 25 | 0.3% | 0.9% | ||
| Q2 25 | 0.2% | 0.2% | ||
| Q1 25 | 0.2% | 0.6% | ||
| Q4 24 | 0.9% | 0.1% | ||
| Q3 24 | 0.7% | 0.7% | ||
| Q2 24 | 1.5% | 0.2% |
| Q1 26 | — | — | ||
| Q4 25 | 2.78× | 3.94× | ||
| Q3 25 | 0.99× | — | ||
| Q2 25 | 0.21× | — | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | 4.09× | 55.61× | ||
| Q3 24 | 1.34× | — | ||
| Q2 24 | 4.22× | 4.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FHI
| Investment advisory fees, net | $319.4M | 67% |
| Administrative service fees, net-affiliates | $110.3M | 23% |
| Other | $49.3M | 10% |
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 4% |
