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Side-by-side financial comparison of Federal Realty Investment Trust (FRT) 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 $336.0M, roughly 1.2× Federal Realty Investment Trust). Federal Realty Investment Trust runs the higher net margin — 38.6% vs 2.0%, a 36.6% gap on every dollar of revenue. On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs 8.7%). Over the past eight quarters, Federal Realty Investment Trust's revenue compounded faster (6.5% CAGR vs -3.1%).
Federal Realty Investment Trust is a real estate investment trust that invests in shopping centers in the Northeastern United States, the Mid-Atlantic states, California, and South Florida.
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
FRT vs MSGS — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $336.0M | $403.4M |
| Net Profit | $129.7M | $8.2M |
| Gross Margin | — | — |
| Operating Margin | 53.8% | 5.5% |
| Net Margin | 38.6% | 2.0% |
| Revenue YoY | 8.7% | 12.8% |
| Net Profit YoY | 103.5% | 641.9% |
| EPS (diluted) | $1.49 | $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 | $336.0M | — | ||
| Q4 25 | $336.0M | $403.4M | ||
| Q3 25 | $322.3M | $39.5M | ||
| Q2 25 | $311.5M | $204.0M | ||
| Q1 25 | $309.2M | $424.2M | ||
| Q4 24 | $311.4M | $357.8M | ||
| Q3 24 | $303.6M | $53.3M | ||
| Q2 24 | $296.1M | $227.3M |
| Q1 26 | $129.7M | — | ||
| Q4 25 | $129.7M | $8.2M | ||
| Q3 25 | $61.6M | $-8.8M | ||
| Q2 25 | $155.9M | $-1.8M | ||
| Q1 25 | $63.8M | $-14.2M | ||
| Q4 24 | $65.5M | $1.1M | ||
| Q3 24 | $61.0M | $-7.5M | ||
| Q2 24 | $112.0M | $25.5M |
| Q1 26 | 53.8% | — | ||
| Q4 25 | 53.8% | 5.5% | ||
| Q3 25 | 34.3% | -69.5% | ||
| Q2 25 | 65.1% | -11.1% | ||
| Q1 25 | 35.0% | 7.6% | ||
| Q4 24 | 35.1% | 3.7% | ||
| Q3 24 | 34.9% | -15.5% | ||
| Q2 24 | 53.0% | 23.0% |
| Q1 26 | 38.6% | — | ||
| Q4 25 | 38.6% | 2.0% | ||
| Q3 25 | 19.1% | -22.3% | ||
| Q2 25 | 50.0% | -0.9% | ||
| Q1 25 | 20.6% | -3.4% | ||
| Q4 24 | 21.0% | 0.3% | ||
| Q3 24 | 20.1% | -14.1% | ||
| Q2 24 | 37.8% | 11.2% |
| Q1 26 | $1.49 | — | ||
| Q4 25 | $1.49 | $0.34 | ||
| Q3 25 | $0.69 | $-0.37 | ||
| Q2 25 | $1.78 | $-0.08 | ||
| Q1 25 | $0.72 | $-0.59 | ||
| Q4 24 | $0.74 | $0.05 | ||
| Q3 24 | $0.70 | $-0.31 | ||
| Q2 24 | $1.32 | $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 | $107.4M | $81.3M |
| Total DebtLower is stronger | $5.0B | — |
| Stockholders' EquityBook value | $3.2B | $-282.1M |
| Total Assets | $9.1B | $1.5B |
| Debt / EquityLower = less leverage | 1.53× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $107.4M | — | ||
| Q4 25 | $107.4M | $81.3M | ||
| Q3 25 | $111.3M | $48.6M | ||
| Q2 25 | $177.0M | $144.6M | ||
| Q1 25 | $109.2M | $96.5M | ||
| Q4 24 | $123.4M | $107.8M | ||
| Q3 24 | $97.0M | $52.3M | ||
| Q2 24 | $103.2M | $89.1M |
| Q1 26 | $5.0B | — | ||
| Q4 25 | $5.0B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $4.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | $-282.1M | ||
| Q3 25 | $3.2B | $-294.2M | ||
| Q2 25 | $3.2B | $-281.4M | ||
| Q1 25 | $3.2B | $-283.4M | ||
| Q4 24 | $3.2B | $-273.1M | ||
| Q3 24 | $3.1B | $-277.5M | ||
| Q2 24 | $3.0B | $-266.3M |
| Q1 26 | $9.1B | — | ||
| Q4 25 | $9.1B | $1.5B | ||
| Q3 25 | $8.9B | $1.5B | ||
| Q2 25 | $8.6B | $1.5B | ||
| Q1 25 | $8.6B | $1.5B | ||
| Q4 24 | $8.5B | $1.4B | ||
| Q3 24 | $8.5B | $1.4B | ||
| Q2 24 | $8.4B | $1.3B |
| Q1 26 | 1.53× | — | ||
| Q4 25 | 1.53× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.42× | — | ||
| Q3 24 | — | — | ||
| Q2 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 | — | $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 | $622.4M | $32.4M | ||
| Q3 25 | $147.8M | $-85.0M | ||
| Q2 25 | $150.7M | $49.7M | ||
| Q1 25 | $179.0M | $6.3M | ||
| Q4 24 | $574.6M | $61.8M | ||
| Q3 24 | $144.1M | $-26.2M | ||
| Q2 24 | $169.7M | $108.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | $31.6M | ||
| Q3 25 | — | $-85.3M | ||
| Q2 25 | — | $49.4M | ||
| Q1 25 | — | $3.9M | ||
| Q4 24 | — | $61.2M | ||
| Q3 24 | — | $-26.5M | ||
| Q2 24 | — | $108.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 7.8% | ||
| Q3 25 | — | -216.3% | ||
| Q2 25 | — | 24.2% | ||
| Q1 25 | — | 0.9% | ||
| Q4 24 | — | 17.1% | ||
| Q3 24 | — | -49.7% | ||
| Q2 24 | — | 47.5% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.2% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.6% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 0.7% | ||
| Q2 24 | — | 0.2% |
| Q1 26 | — | — | ||
| Q4 25 | 4.80× | 3.94× | ||
| Q3 25 | 2.40× | — | ||
| Q2 25 | 0.97× | — | ||
| Q1 25 | 2.81× | — | ||
| Q4 24 | 8.77× | 55.61× | ||
| Q3 24 | 2.36× | — | ||
| Q2 24 | 1.52× | 4.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FRT
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% |
