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Side-by-side financial comparison of Howard Hughes Holdings Inc. (HHH) and Madison Square Garden Sports Corp. (MSGS). Click either name above to swap in a different company.
Howard Hughes Holdings Inc. is the larger business by last-quarter revenue ($624.4M vs $403.4M, roughly 1.5× Madison Square Garden Sports Corp.). Madison Square Garden Sports Corp. runs the higher net margin — 2.0% vs 1.0%, a 1.1% gap on every dollar of revenue. On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs -33.2%). Howard Hughes Holdings Inc. produced more free cash flow last quarter ($348.6M vs $31.6M). Over the past eight quarters, Howard Hughes Holdings Inc.'s revenue compounded faster (91.0% CAGR vs -3.1%).
Howard Hughes Holdings Inc., formerly the Howard Hughes Corporation, is a real estate development and management company based in The Woodlands, Texas. It was formed in 2010 as a spin-off from General Growth Properties (GGP). Most of its holdings are focused on several master-planned communities. It took its name from the original Howard Hughes Corporation, which had developed the planned community of Summerlin, Nevada, and later became a subsidiary of GGP.
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
HHH vs MSGS — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $624.4M | $403.4M |
| Net Profit | $6.0M | $8.2M |
| Gross Margin | — | — |
| Operating Margin | 4.2% | 5.5% |
| Net Margin | 1.0% | 2.0% |
| Revenue YoY | -33.2% | 12.8% |
| Net Profit YoY | -96.2% | 641.9% |
| EPS (diluted) | $0.20 | $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 | $624.4M | $403.4M | ||
| Q3 25 | $390.2M | $39.5M | ||
| Q2 25 | $260.9M | $204.0M | ||
| Q1 25 | $199.3M | $424.2M | ||
| Q4 24 | $935.0M | $357.8M | ||
| Q3 24 | $327.1M | $53.3M | ||
| Q2 24 | $317.4M | $227.3M | ||
| Q1 24 | $171.1M | $430.0M |
| Q4 25 | $6.0M | $8.2M | ||
| Q3 25 | $119.5M | $-8.8M | ||
| Q2 25 | $-12.1M | $-1.8M | ||
| Q1 25 | $10.5M | $-14.2M | ||
| Q4 24 | $156.3M | $1.1M | ||
| Q3 24 | $72.8M | $-7.5M | ||
| Q2 24 | $21.1M | $25.5M | ||
| Q1 24 | $-52.5M | $37.9M |
| Q4 25 | 4.2% | 5.5% | ||
| Q3 25 | 48.6% | -69.5% | ||
| Q2 25 | 26.0% | -11.1% | ||
| Q1 25 | 24.0% | 7.6% | ||
| Q4 24 | 33.5% | 3.7% | ||
| Q3 24 | 60.6% | -15.5% | ||
| Q2 24 | 20.4% | 23.0% | ||
| Q1 24 | -9.8% | 18.5% |
| Q4 25 | 1.0% | 2.0% | ||
| Q3 25 | 30.6% | -22.3% | ||
| Q2 25 | -4.7% | -0.9% | ||
| Q1 25 | 5.3% | -3.4% | ||
| Q4 24 | 16.7% | 0.3% | ||
| Q3 24 | 22.2% | -14.1% | ||
| Q2 24 | 6.6% | 11.2% | ||
| Q1 24 | -30.7% | 8.8% |
| Q4 25 | $0.20 | $0.34 | ||
| Q3 25 | $2.02 | $-0.37 | ||
| Q2 25 | $-0.22 | $-0.08 | ||
| Q1 25 | $0.21 | $-0.59 | ||
| Q4 24 | $3.14 | $0.05 | ||
| Q3 24 | $1.46 | $-0.31 | ||
| Q2 24 | $0.42 | $1.07 | ||
| Q1 24 | $-1.06 | $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 | $1.5B | $81.3M |
| Total DebtLower is stronger | $5.1B | — |
| Stockholders' EquityBook value | $3.8B | $-282.1M |
| Total Assets | $10.6B | $1.5B |
| Debt / EquityLower = less leverage | 1.35× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $81.3M | ||
| Q3 25 | $1.5B | $48.6M | ||
| Q2 25 | $1.4B | $144.6M | ||
| Q1 25 | $493.7M | $96.5M | ||
| Q4 24 | $596.1M | $107.8M | ||
| Q3 24 | $400.7M | $52.3M | ||
| Q2 24 | $436.8M | $89.1M | ||
| Q1 24 | $462.7M | $40.0M |
| Q4 25 | $5.1B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $5.1B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.8B | $-282.1M | ||
| Q3 25 | $3.8B | $-294.2M | ||
| Q2 25 | $3.6B | $-281.4M | ||
| Q1 25 | $2.8B | $-283.4M | ||
| Q4 24 | $2.8B | $-273.1M | ||
| Q3 24 | $2.6B | $-277.5M | ||
| Q2 24 | $3.0B | $-266.3M | ||
| Q1 24 | $2.9B | $-294.0M |
| Q4 25 | $10.6B | $1.5B | ||
| Q3 25 | $10.7B | $1.5B | ||
| Q2 25 | $10.3B | $1.5B | ||
| Q1 25 | $9.3B | $1.5B | ||
| Q4 24 | $9.2B | $1.4B | ||
| Q3 24 | $9.4B | $1.4B | ||
| Q2 24 | $9.9B | $1.3B | ||
| Q1 24 | $9.6B | $1.4B |
| Q4 25 | 1.35× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.85× | — | ||
| 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 | $360.3M | $32.4M |
| Free Cash FlowOCF − Capex | $348.6M | $31.6M |
| FCF MarginFCF / Revenue | 55.8% | 7.8% |
| Capex IntensityCapex / Revenue | 1.9% | 0.2% |
| Cash ConversionOCF / Net Profit | 60.04× | 3.94× |
| TTM Free Cash FlowTrailing 4 quarters | $417.6M | $-480.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $360.3M | $32.4M | ||
| Q3 25 | $149.8M | $-85.0M | ||
| Q2 25 | $177.3M | $49.7M | ||
| Q1 25 | $-224.9M | $6.3M | ||
| Q4 24 | $337.1M | $61.8M | ||
| Q3 24 | $248.3M | $-26.2M | ||
| Q2 24 | $-17.5M | $108.4M | ||
| Q1 24 | $-171.2M | $4.0M |
| Q4 25 | $348.6M | $31.6M | ||
| Q3 25 | $137.7M | $-85.3M | ||
| Q2 25 | $169.7M | $49.4M | ||
| Q1 25 | $-238.4M | $3.9M | ||
| Q4 24 | $317.1M | $61.2M | ||
| Q3 24 | $238.7M | $-26.5M | ||
| Q2 24 | $-25.1M | $108.0M | ||
| Q1 24 | $-182.0M | $3.9M |
| Q4 25 | 55.8% | 7.8% | ||
| Q3 25 | 35.3% | -216.3% | ||
| Q2 25 | 65.1% | 24.2% | ||
| Q1 25 | -119.6% | 0.9% | ||
| Q4 24 | 33.9% | 17.1% | ||
| Q3 24 | 73.0% | -49.7% | ||
| Q2 24 | -7.9% | 47.5% | ||
| Q1 24 | -106.4% | 0.9% |
| Q4 25 | 1.9% | 0.2% | ||
| Q3 25 | 3.1% | 0.9% | ||
| Q2 25 | 2.9% | 0.2% | ||
| Q1 25 | 6.8% | 0.6% | ||
| Q4 24 | 2.1% | 0.1% | ||
| Q3 24 | 2.9% | 0.7% | ||
| Q2 24 | 2.4% | 0.2% | ||
| Q1 24 | 6.3% | 0.0% |
| Q4 25 | 60.04× | 3.94× | ||
| Q3 25 | 1.25× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -21.35× | — | ||
| Q4 24 | 2.16× | 55.61× | ||
| Q3 24 | 3.41× | — | ||
| Q2 24 | -0.83× | 4.25× | ||
| Q1 24 | — | 0.11× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HHH
| Transferred At Point In Time | $499.8M | 80% |
| Operating Assets Segment | $117.9M | 19% |
| Builder Price Participation | $12.9M | 2% |
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 4% |
