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Side-by-side financial comparison of IHS Holding Ltd (IHS) and Madison Square Garden Entertainment Corp. (MSGE). Click either name above to swap in a different company.
Madison Square Garden Entertainment Corp. is the larger business by last-quarter revenue ($424.8M vs $254.0M, roughly 1.7× IHS Holding Ltd). On growth, Madison Square Garden Entertainment Corp. posted the faster year-over-year revenue change (12.5% vs 0.1%). Over the past eight quarters, Madison Square Garden Entertainment Corp.'s revenue compounded faster (48.9% CAGR vs -22.0%).
IHS Towers is one of the largest independent owners, operators and developers of shared communications infrastructure in the world, with operations across Africa and Latin America. It is the fifth-largest independent multinational tower company in the world.
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
IHS vs MSGE — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $254.0M | $424.8M |
| Net Profit | — | $92.7M |
| Gross Margin | 83.6% | — |
| Operating Margin | — | 38.6% |
| Net Margin | — | 21.8% |
| Revenue YoY | 0.1% | 12.5% |
| Net Profit YoY | — | 22.2% |
| EPS (diluted) | — | $1.94 |
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 | $254.0M | $424.8M | ||
| Q3 25 | $455.1M | $154.1M | ||
| Q2 25 | $433.3M | $145.1M | ||
| Q1 25 | $439.6M | $206.0M | ||
| Q4 24 | $253.8M | $377.6M | ||
| Q3 24 | $420.3M | $134.1M | ||
| Q2 24 | $435.4M | $177.6M | ||
| Q1 24 | $417.7M | $191.6M |
| Q4 25 | — | $92.7M | ||
| Q3 25 | $147.4M | $-21.7M | ||
| Q2 25 | $32.3M | $-27.2M | ||
| Q1 25 | $30.7M | $8.0M | ||
| Q4 24 | — | $75.9M | ||
| Q3 24 | $-205.7M | $-19.3M | ||
| Q2 24 | $-124.3M | $66.9M | ||
| Q1 24 | $-1.6B | $2.8M |
| Q4 25 | 83.6% | — | ||
| Q3 25 | 47.5% | — | ||
| Q2 25 | 51.3% | — | ||
| Q1 25 | 51.4% | — | ||
| Q4 24 | 72.1% | — | ||
| Q3 24 | 52.0% | — | ||
| Q2 24 | 52.5% | — | ||
| Q1 24 | 39.1% | — |
| Q4 25 | — | 38.6% | ||
| Q3 25 | 35.1% | -19.3% | ||
| Q2 25 | 33.8% | -17.7% | ||
| Q1 25 | 37.1% | 13.3% | ||
| Q4 24 | — | 36.8% | ||
| Q3 24 | 29.9% | -13.8% | ||
| Q2 24 | 34.0% | -5.0% | ||
| Q1 24 | -1.7% | 8.8% |
| Q4 25 | — | 21.8% | ||
| Q3 25 | 32.4% | -14.0% | ||
| Q2 25 | 7.5% | -18.7% | ||
| Q1 25 | 7.0% | 3.9% | ||
| Q4 24 | — | 20.1% | ||
| Q3 24 | -48.9% | -14.4% | ||
| Q2 24 | -28.5% | 37.7% | ||
| Q1 24 | -372.8% | 1.5% |
| Q4 25 | — | $1.94 | ||
| Q3 25 | $0.44 | $-0.46 | ||
| Q2 25 | $0.10 | $-0.56 | ||
| Q1 25 | $0.10 | $0.17 | ||
| Q4 24 | — | $1.56 | ||
| Q3 24 | $-0.61 | $-0.40 | ||
| Q2 24 | $-0.36 | $1.32 | ||
| Q1 24 | $-4.67 | $0.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $825.7M | $157.1M |
| Total DebtLower is stronger | $3.1B | $554.6M |
| Stockholders' EquityBook value | $-89.8M | $36.0M |
| Total Assets | $4.5B | $1.8B |
| Debt / EquityLower = less leverage | — | 15.40× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $825.7M | $157.1M | ||
| Q3 25 | $647.6M | $29.9M | ||
| Q2 25 | $531.8M | $43.0M | ||
| Q1 25 | $629.0M | $89.0M | ||
| Q4 24 | $578.0M | $54.9M | ||
| Q3 24 | $397.5M | $37.3M | ||
| Q2 24 | $445.7M | $33.3M | ||
| Q1 24 | $333.2M | $28.0M |
| Q4 25 | $3.1B | $554.6M | ||
| Q3 25 | $3.3B | $581.7M | ||
| Q2 25 | $3.2B | $568.8M | ||
| Q1 25 | $3.4B | $577.4M | ||
| Q4 24 | $3.3B | $584.7M | ||
| Q3 24 | $3.5B | $647.0M | ||
| Q2 24 | $3.6B | $599.2M | ||
| Q1 24 | $3.5B | $602.5M |
| Q4 25 | $-89.8M | $36.0M | ||
| Q3 25 | $38.1M | $-65.8M | ||
| Q2 25 | $-98.4M | $-13.3M | ||
| Q1 25 | $-184.4M | $9.5M | ||
| Q4 24 | $-314.4M | $10.3M | ||
| Q3 24 | $-284.7M | $-48.7M | ||
| Q2 24 | $-308.3M | $-23.2M | ||
| Q1 24 | $-163.2M | $-94.6M |
| Q4 25 | $4.5B | $1.8B | ||
| Q3 25 | $4.7B | $1.7B | ||
| Q2 25 | $4.5B | $1.7B | ||
| Q1 25 | $4.4B | $1.7B | ||
| Q4 24 | $4.2B | $1.6B | ||
| Q3 24 | $4.6B | $1.6B | ||
| Q2 24 | $4.5B | $1.6B | ||
| Q1 24 | $4.6B | $1.5B |
| Q4 25 | — | 15.40× | ||
| Q3 25 | 85.85× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 60.61× | ||
| Q4 24 | — | 56.61× | ||
| 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 | $246.9M | $164.4M |
| Free Cash FlowOCF − Capex | $178.6M | — |
| FCF MarginFCF / Revenue | 70.3% | — |
| Capex IntensityCapex / Revenue | 26.9% | — |
| Cash ConversionOCF / Net Profit | — | 1.77× |
| TTM Free Cash FlowTrailing 4 quarters | $718.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $246.9M | $164.4M | ||
| Q3 25 | $251.3M | $19.8M | ||
| Q2 25 | $237.7M | $-27.0M | ||
| Q1 25 | $200.3M | $56.8M | ||
| Q4 24 | $344.4M | $112.9M | ||
| Q3 24 | $174.5M | $-27.4M | ||
| Q2 24 | $134.7M | $212.0K | ||
| Q1 24 | $75.8M | $5.8M |
| Q4 25 | $178.6M | — | ||
| Q3 25 | $189.2M | — | ||
| Q2 25 | $197.7M | — | ||
| Q1 25 | $153.2M | — | ||
| Q4 24 | $282.9M | — | ||
| Q3 24 | $122.3M | — | ||
| Q2 24 | $74.2M | — | ||
| Q1 24 | $14.8M | — |
| Q4 25 | 70.3% | — | ||
| Q3 25 | 41.6% | — | ||
| Q2 25 | 45.6% | — | ||
| Q1 25 | 34.8% | — | ||
| Q4 24 | 111.5% | — | ||
| Q3 24 | 29.1% | — | ||
| Q2 24 | 17.0% | — | ||
| Q1 24 | 3.5% | — |
| Q4 25 | 26.9% | — | ||
| Q3 25 | 13.6% | — | ||
| Q2 25 | 9.2% | — | ||
| Q1 25 | 10.7% | — | ||
| Q4 24 | 24.2% | — | ||
| Q3 24 | 12.4% | — | ||
| Q2 24 | 13.9% | — | ||
| Q1 24 | 14.6% | — |
| Q4 25 | — | 1.77× | ||
| Q3 25 | 1.70× | — | ||
| Q2 25 | 7.36× | — | ||
| Q1 25 | 6.52× | 7.07× | ||
| Q4 24 | — | 1.49× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 2.08× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IHS
Segment breakdown not available.
MSGE
| Ticketing And Venue License Fee Revenues | $263.5M | 62% |
| Food Beverage And Merchandise Revenues | $64.3M | 15% |
| Related Party | $43.9M | 10% |
| Arena Licensing Fees And Other Leasing Revenue | $35.2M | 8% |
| Other | $15.9M | 4% |
