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Side-by-side financial comparison of Freshworks Inc. (FRSH) 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 $222.7M, roughly 1.8× Freshworks Inc.). Freshworks Inc. runs the higher net margin — 86.0% vs 2.0%, a 83.9% gap on every dollar of revenue. On growth, Freshworks Inc. posted the faster year-over-year revenue change (14.5% vs 12.8%). Freshworks Inc. produced more free cash flow last quarter ($60.1M vs $31.6M). Over the past eight quarters, Freshworks Inc.'s revenue compounded faster (16.1% CAGR vs -3.1%).
Freshworks Inc. is a cloud-based software-as-a-service company, founded in 2010 in Chennai, India. The company provides cloud-based tools for customer relationship management (CRM), IT service management (ITSM), and e-commerce marketing.
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
FRSH vs MSGS — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $222.7M | $403.4M |
| Net Profit | $191.4M | $8.2M |
| Gross Margin | 85.6% | — |
| Operating Margin | 17.8% | 5.5% |
| Net Margin | 86.0% | 2.0% |
| Revenue YoY | 14.5% | 12.8% |
| Net Profit YoY | 974.2% | 641.9% |
| EPS (diluted) | $0.66 | $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 | $222.7M | $403.4M | ||
| Q3 25 | $215.1M | $39.5M | ||
| Q2 25 | $204.7M | $204.0M | ||
| Q1 25 | $196.3M | $424.2M | ||
| Q4 24 | $194.6M | $357.8M | ||
| Q3 24 | $186.6M | $53.3M | ||
| Q2 24 | $174.1M | $227.3M | ||
| Q1 24 | $165.1M | $430.0M |
| Q4 25 | $191.4M | $8.2M | ||
| Q3 25 | $-4.7M | $-8.8M | ||
| Q2 25 | $-1.7M | $-1.8M | ||
| Q1 25 | $-1.3M | $-14.2M | ||
| Q4 24 | $-21.9M | $1.1M | ||
| Q3 24 | $-30.0M | $-7.5M | ||
| Q2 24 | $-20.2M | $25.5M | ||
| Q1 24 | $-23.3M | $37.9M |
| Q4 25 | 85.6% | — | ||
| Q3 25 | 84.7% | — | ||
| Q2 25 | 84.8% | — | ||
| Q1 25 | 84.8% | — | ||
| Q4 24 | 84.9% | — | ||
| Q3 24 | 84.0% | — | ||
| Q2 24 | 83.8% | — | ||
| Q1 24 | 84.3% | — |
| Q4 25 | 17.8% | 5.5% | ||
| Q3 25 | -3.5% | -69.5% | ||
| Q2 25 | -4.2% | -11.1% | ||
| Q1 25 | -5.3% | 7.6% | ||
| Q4 24 | -12.2% | 3.7% | ||
| Q3 24 | -20.8% | -15.5% | ||
| Q2 24 | -25.1% | 23.0% | ||
| Q1 24 | -19.5% | 18.5% |
| Q4 25 | 86.0% | 2.0% | ||
| Q3 25 | -2.2% | -22.3% | ||
| Q2 25 | -0.8% | -0.9% | ||
| Q1 25 | -0.7% | -3.4% | ||
| Q4 24 | -11.3% | 0.3% | ||
| Q3 24 | -16.1% | -14.1% | ||
| Q2 24 | -11.6% | 11.2% | ||
| Q1 24 | -14.1% | 8.8% |
| Q4 25 | $0.66 | $0.34 | ||
| Q3 25 | $-0.02 | $-0.37 | ||
| Q2 25 | $-0.01 | $-0.08 | ||
| Q1 25 | $0.00 | $-0.59 | ||
| Q4 24 | $-0.07 | $0.05 | ||
| Q3 24 | $-0.10 | $-0.31 | ||
| Q2 24 | $-0.07 | $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 | $781.4M | $81.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.0B | $-282.1M |
| Total Assets | $1.6B | $1.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $781.4M | $81.3M | ||
| Q3 25 | $813.2M | $48.6M | ||
| Q2 25 | $926.2M | $144.6M | ||
| Q1 25 | $995.3M | $96.5M | ||
| Q4 24 | $1.1B | $107.8M | ||
| Q3 24 | $1.1B | $52.3M | ||
| Q2 24 | $1.0B | $89.1M | ||
| Q1 24 | $1.2B | $40.0M |
| Q4 25 | $1.0B | $-282.1M | ||
| Q3 25 | $851.5M | $-294.2M | ||
| Q2 25 | $984.6M | $-281.4M | ||
| Q1 25 | $1.1B | $-283.4M | ||
| Q4 24 | $1.1B | $-273.1M | ||
| Q3 24 | $1.1B | $-277.5M | ||
| Q2 24 | $1.1B | $-266.3M | ||
| Q1 24 | $1.1B | $-294.0M |
| Q4 25 | $1.6B | $1.5B | ||
| Q3 25 | $1.4B | $1.5B | ||
| Q2 25 | $1.5B | $1.5B | ||
| Q1 25 | $1.5B | $1.5B | ||
| Q4 24 | $1.6B | $1.4B | ||
| Q3 24 | $1.6B | $1.4B | ||
| Q2 24 | $1.5B | $1.3B | ||
| Q1 24 | $1.5B | $1.4B |
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 | $62.3M | $32.4M |
| Free Cash FlowOCF − Capex | $60.1M | $31.6M |
| FCF MarginFCF / Revenue | 27.0% | 7.8% |
| Capex IntensityCapex / Revenue | 1.0% | 0.2% |
| Cash ConversionOCF / Net Profit | 0.33× | 3.94× |
| TTM Free Cash FlowTrailing 4 quarters | $236.7M | $-480.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $62.3M | $32.4M | ||
| Q3 25 | $63.5M | $-85.0M | ||
| Q2 25 | $58.6M | $49.7M | ||
| Q1 25 | $58.0M | $6.3M | ||
| Q4 24 | $41.4M | $61.8M | ||
| Q3 24 | $42.3M | $-26.2M | ||
| Q2 24 | $36.3M | $108.4M | ||
| Q1 24 | $40.6M | $4.0M |
| Q4 25 | $60.1M | $31.6M | ||
| Q3 25 | $61.7M | $-85.3M | ||
| Q2 25 | $58.2M | $49.4M | ||
| Q1 25 | $56.7M | $3.9M | ||
| Q4 24 | $36.3M | $61.2M | ||
| Q3 24 | $41.3M | $-26.5M | ||
| Q2 24 | $34.0M | $108.0M | ||
| Q1 24 | $39.9M | $3.9M |
| Q4 25 | 27.0% | 7.8% | ||
| Q3 25 | 28.7% | -216.3% | ||
| Q2 25 | 28.4% | 24.2% | ||
| Q1 25 | 28.9% | 0.9% | ||
| Q4 24 | 18.7% | 17.1% | ||
| Q3 24 | 22.1% | -49.7% | ||
| Q2 24 | 19.5% | 47.5% | ||
| Q1 24 | 24.1% | 0.9% |
| Q4 25 | 1.0% | 0.2% | ||
| Q3 25 | 0.8% | 0.9% | ||
| Q2 25 | 0.2% | 0.2% | ||
| Q1 25 | 0.7% | 0.6% | ||
| Q4 24 | 2.6% | 0.1% | ||
| Q3 24 | 0.6% | 0.7% | ||
| Q2 24 | 1.3% | 0.2% | ||
| Q1 24 | 0.4% | 0.0% |
| Q4 25 | 0.33× | 3.94× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 55.61× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 4.25× | ||
| Q1 24 | — | 0.11× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FRSH
| Subscription Services Software Licenses And Maintenance | $220.2M | 99% |
| Professional Services | $2.5M | 1% |
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 4% |
