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Side-by-side financial comparison of FOX FACTORY HOLDING CORP (FOXF) 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 $376.4M, roughly 1.1× FOX FACTORY HOLDING CORP). Madison Square Garden Sports Corp. runs the higher net margin — 2.0% vs -0.2%, a 2.2% gap on every dollar of revenue. On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs 4.8%). Madison Square Garden Sports Corp. produced more free cash flow last quarter ($31.6M vs $-2.5M). Over the past eight quarters, FOX FACTORY HOLDING CORP's revenue compounded faster (6.4% CAGR vs -3.1%).
Fox Factory Holding Corp. is an American company best known for their Fox Racing Shox brand of off-road racing suspension components.
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
FOXF vs MSGS — Head-to-Head
Income Statement — Q3 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $376.4M | $403.4M |
| Net Profit | $-634.0K | $8.2M |
| Gross Margin | 30.4% | — |
| Operating Margin | 4.0% | 5.5% |
| Net Margin | -0.2% | 2.0% |
| Revenue YoY | 4.8% | 12.8% |
| Net Profit YoY | -113.3% | 641.9% |
| EPS (diluted) | $-0.02 | $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 | $376.4M | $403.4M | ||
| Q3 25 | $374.9M | $39.5M | ||
| Q2 25 | $355.0M | $204.0M | ||
| Q1 25 | $352.8M | $424.2M | ||
| Q4 24 | — | $357.8M | ||
| Q3 24 | $359.1M | $53.3M | ||
| Q2 24 | $348.5M | $227.3M | ||
| Q1 24 | $333.5M | $430.0M |
| Q4 25 | $-634.0K | $8.2M | ||
| Q3 25 | $2.7M | $-8.8M | ||
| Q2 25 | $-259.7M | $-1.8M | ||
| Q1 25 | $-141.0K | $-14.2M | ||
| Q4 24 | — | $1.1M | ||
| Q3 24 | $4.8M | $-7.5M | ||
| Q2 24 | $5.4M | $25.5M | ||
| Q1 24 | $-3.5M | $37.9M |
| Q4 25 | 30.4% | — | ||
| Q3 25 | 31.2% | — | ||
| Q2 25 | 30.9% | — | ||
| Q1 25 | 28.9% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 29.9% | — | ||
| Q2 24 | 31.8% | — | ||
| Q1 24 | 30.9% | — |
| Q4 25 | 4.0% | 5.5% | ||
| Q3 25 | 4.9% | -69.5% | ||
| Q2 25 | -70.6% | -11.1% | ||
| Q1 25 | 3.2% | 7.6% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | 5.2% | -15.5% | ||
| Q2 24 | 5.3% | 23.0% | ||
| Q1 24 | 2.7% | 18.5% |
| Q4 25 | -0.2% | 2.0% | ||
| Q3 25 | 0.7% | -22.3% | ||
| Q2 25 | -73.1% | -0.9% | ||
| Q1 25 | -0.0% | -3.4% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | 1.3% | -14.1% | ||
| Q2 24 | 1.6% | 11.2% | ||
| Q1 24 | -1.0% | 8.8% |
| Q4 25 | $-0.02 | $0.34 | ||
| Q3 25 | $0.07 | $-0.37 | ||
| Q2 25 | $-6.23 | $-0.08 | ||
| Q1 25 | $0.00 | $-0.59 | ||
| Q4 24 | — | $0.05 | ||
| Q3 24 | $0.11 | $-0.31 | ||
| Q2 24 | $0.13 | $1.07 | ||
| Q1 24 | $-0.08 | $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 | — | $81.3M |
| Total DebtLower is stronger | $536.7M | — |
| Stockholders' EquityBook value | $956.0M | $-282.1M |
| Total Assets | $2.0B | $1.5B |
| Debt / EquityLower = less leverage | 0.56× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $81.3M | ||
| Q3 25 | — | $48.6M | ||
| Q2 25 | — | $144.6M | ||
| Q1 25 | $71.7M | $96.5M | ||
| Q4 24 | — | $107.8M | ||
| Q3 24 | — | $52.3M | ||
| Q2 24 | — | $89.1M | ||
| Q1 24 | — | $40.0M |
| Q4 25 | $536.7M | — | ||
| Q3 25 | $541.8M | — | ||
| Q2 25 | $546.9M | — | ||
| Q1 25 | $552.1M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $558.4M | — | ||
| Q2 24 | $564.1M | — | ||
| Q1 24 | $370.4M | — |
| Q4 25 | $956.0M | $-282.1M | ||
| Q3 25 | $958.7M | $-294.2M | ||
| Q2 25 | $939.9M | $-281.4M | ||
| Q1 25 | $1.2B | $-283.4M | ||
| Q4 24 | — | $-273.1M | ||
| Q3 24 | $1.2B | $-277.5M | ||
| Q2 24 | $1.2B | $-266.3M | ||
| Q1 24 | $1.2B | $-294.0M |
| Q4 25 | $2.0B | $1.5B | ||
| Q3 25 | $2.0B | $1.5B | ||
| Q2 25 | $1.9B | $1.5B | ||
| Q1 25 | $2.2B | $1.5B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | $2.3B | $1.4B | ||
| Q2 24 | $2.3B | $1.3B | ||
| Q1 24 | $2.2B | $1.4B |
| Q4 25 | 0.56× | — | ||
| Q3 25 | 0.57× | — | ||
| Q2 25 | 0.58× | — | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.47× | — | ||
| Q2 24 | 0.47× | — | ||
| Q1 24 | 0.31× | — |
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 | $5.3M | $32.4M |
| Free Cash FlowOCF − Capex | $-2.5M | $31.6M |
| FCF MarginFCF / Revenue | -0.7% | 7.8% |
| Capex IntensityCapex / Revenue | 2.1% | 0.2% |
| Cash ConversionOCF / Net Profit | — | 3.94× |
| TTM Free Cash FlowTrailing 4 quarters | $85.4M | $-480.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.3M | $32.4M | ||
| Q3 25 | $36.8M | $-85.0M | ||
| Q2 25 | $680.0K | $49.7M | ||
| Q1 25 | $81.7M | $6.3M | ||
| Q4 24 | — | $61.8M | ||
| Q3 24 | $14.1M | $-26.2M | ||
| Q2 24 | $26.7M | $108.4M | ||
| Q1 24 | $9.4M | $4.0M |
| Q4 25 | $-2.5M | $31.6M | ||
| Q3 25 | $24.6M | $-85.3M | ||
| Q2 25 | $-6.5M | $49.4M | ||
| Q1 25 | $69.8M | $3.9M | ||
| Q4 24 | — | $61.2M | ||
| Q3 24 | $3.2M | $-26.5M | ||
| Q2 24 | $15.4M | $108.0M | ||
| Q1 24 | $-555.0K | $3.9M |
| Q4 25 | -0.7% | 7.8% | ||
| Q3 25 | 6.6% | -216.3% | ||
| Q2 25 | -1.8% | 24.2% | ||
| Q1 25 | 19.8% | 0.9% | ||
| Q4 24 | — | 17.1% | ||
| Q3 24 | 0.9% | -49.7% | ||
| Q2 24 | 4.4% | 47.5% | ||
| Q1 24 | -0.2% | 0.9% |
| Q4 25 | 2.1% | 0.2% | ||
| Q3 25 | 3.3% | 0.9% | ||
| Q2 25 | 2.0% | 0.2% | ||
| Q1 25 | 3.4% | 0.6% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | 3.0% | 0.7% | ||
| Q2 24 | 3.2% | 0.2% | ||
| Q1 24 | 3.0% | 0.0% |
| Q4 25 | — | 3.94× | ||
| Q3 25 | 13.41× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 55.61× | ||
| Q3 24 | 2.94× | — | ||
| Q2 24 | 4.94× | 4.25× | ||
| Q1 24 | — | 0.11× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FOXF
| Specialty Sports Group | $132.7M | 35% |
| Powered Vehicles Group | $125.9M | 33% |
| Aftermarket Applications Group | $117.8M | 31% |
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 4% |
