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Side-by-side financial comparison of IHS Holding Ltd (IHS) 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 $254.0M, roughly 1.6× IHS Holding Ltd). On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs 0.1%). IHS Holding Ltd produced more free cash flow last quarter ($178.6M vs $31.6M). Over the past eight quarters, Madison Square Garden Sports Corp.'s revenue compounded faster (-3.1% 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 MSGS — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $254.0M | $403.4M |
| Net Profit | — | $8.2M |
| Gross Margin | 83.6% | — |
| Operating Margin | — | 5.5% |
| Net Margin | — | 2.0% |
| Revenue YoY | 0.1% | 12.8% |
| Net Profit YoY | — | 641.9% |
| EPS (diluted) | — | $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 | $254.0M | $403.4M | ||
| Q3 25 | $455.1M | $39.5M | ||
| Q2 25 | $433.3M | $204.0M | ||
| Q1 25 | $439.6M | $424.2M | ||
| Q4 24 | $253.8M | $357.8M | ||
| Q3 24 | $420.3M | $53.3M | ||
| Q2 24 | $435.4M | $227.3M | ||
| Q1 24 | $417.7M | $430.0M |
| Q4 25 | — | $8.2M | ||
| Q3 25 | $147.4M | $-8.8M | ||
| Q2 25 | $32.3M | $-1.8M | ||
| Q1 25 | $30.7M | $-14.2M | ||
| Q4 24 | — | $1.1M | ||
| Q3 24 | $-205.7M | $-7.5M | ||
| Q2 24 | $-124.3M | $25.5M | ||
| Q1 24 | $-1.6B | $37.9M |
| 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 | — | 5.5% | ||
| Q3 25 | 35.1% | -69.5% | ||
| Q2 25 | 33.8% | -11.1% | ||
| Q1 25 | 37.1% | 7.6% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | 29.9% | -15.5% | ||
| Q2 24 | 34.0% | 23.0% | ||
| Q1 24 | -1.7% | 18.5% |
| Q4 25 | — | 2.0% | ||
| Q3 25 | 32.4% | -22.3% | ||
| Q2 25 | 7.5% | -0.9% | ||
| Q1 25 | 7.0% | -3.4% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | -48.9% | -14.1% | ||
| Q2 24 | -28.5% | 11.2% | ||
| Q1 24 | -372.8% | 8.8% |
| Q4 25 | — | $0.34 | ||
| Q3 25 | $0.44 | $-0.37 | ||
| Q2 25 | $0.10 | $-0.08 | ||
| Q1 25 | $0.10 | $-0.59 | ||
| Q4 24 | — | $0.05 | ||
| Q3 24 | $-0.61 | $-0.31 | ||
| Q2 24 | $-0.36 | $1.07 | ||
| Q1 24 | $-4.67 | $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 | $825.7M | $81.3M |
| Total DebtLower is stronger | $3.1B | — |
| Stockholders' EquityBook value | $-89.8M | $-282.1M |
| Total Assets | $4.5B | $1.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $825.7M | $81.3M | ||
| Q3 25 | $647.6M | $48.6M | ||
| Q2 25 | $531.8M | $144.6M | ||
| Q1 25 | $629.0M | $96.5M | ||
| Q4 24 | $578.0M | $107.8M | ||
| Q3 24 | $397.5M | $52.3M | ||
| Q2 24 | $445.7M | $89.1M | ||
| Q1 24 | $333.2M | $40.0M |
| Q4 25 | $3.1B | — | ||
| Q3 25 | $3.3B | — | ||
| Q2 25 | $3.2B | — | ||
| Q1 25 | $3.4B | — | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | $3.5B | — | ||
| Q2 24 | $3.6B | — | ||
| Q1 24 | $3.5B | — |
| Q4 25 | $-89.8M | $-282.1M | ||
| Q3 25 | $38.1M | $-294.2M | ||
| Q2 25 | $-98.4M | $-281.4M | ||
| Q1 25 | $-184.4M | $-283.4M | ||
| Q4 24 | $-314.4M | $-273.1M | ||
| Q3 24 | $-284.7M | $-277.5M | ||
| Q2 24 | $-308.3M | $-266.3M | ||
| Q1 24 | $-163.2M | $-294.0M |
| Q4 25 | $4.5B | $1.5B | ||
| Q3 25 | $4.7B | $1.5B | ||
| Q2 25 | $4.5B | $1.5B | ||
| Q1 25 | $4.4B | $1.5B | ||
| Q4 24 | $4.2B | $1.4B | ||
| Q3 24 | $4.6B | $1.4B | ||
| Q2 24 | $4.5B | $1.3B | ||
| Q1 24 | $4.6B | $1.4B |
| Q4 25 | — | — | ||
| Q3 25 | 85.85× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | $32.4M |
| Free Cash FlowOCF − Capex | $178.6M | $31.6M |
| FCF MarginFCF / Revenue | 70.3% | 7.8% |
| Capex IntensityCapex / Revenue | 26.9% | 0.2% |
| Cash ConversionOCF / Net Profit | — | 3.94× |
| TTM Free Cash FlowTrailing 4 quarters | $718.7M | $-480.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $246.9M | $32.4M | ||
| Q3 25 | $251.3M | $-85.0M | ||
| Q2 25 | $237.7M | $49.7M | ||
| Q1 25 | $200.3M | $6.3M | ||
| Q4 24 | $344.4M | $61.8M | ||
| Q3 24 | $174.5M | $-26.2M | ||
| Q2 24 | $134.7M | $108.4M | ||
| Q1 24 | $75.8M | $4.0M |
| Q4 25 | $178.6M | $31.6M | ||
| Q3 25 | $189.2M | $-85.3M | ||
| Q2 25 | $197.7M | $49.4M | ||
| Q1 25 | $153.2M | $3.9M | ||
| Q4 24 | $282.9M | $61.2M | ||
| Q3 24 | $122.3M | $-26.5M | ||
| Q2 24 | $74.2M | $108.0M | ||
| Q1 24 | $14.8M | $3.9M |
| Q4 25 | 70.3% | 7.8% | ||
| Q3 25 | 41.6% | -216.3% | ||
| Q2 25 | 45.6% | 24.2% | ||
| Q1 25 | 34.8% | 0.9% | ||
| Q4 24 | 111.5% | 17.1% | ||
| Q3 24 | 29.1% | -49.7% | ||
| Q2 24 | 17.0% | 47.5% | ||
| Q1 24 | 3.5% | 0.9% |
| Q4 25 | 26.9% | 0.2% | ||
| Q3 25 | 13.6% | 0.9% | ||
| Q2 25 | 9.2% | 0.2% | ||
| Q1 25 | 10.7% | 0.6% | ||
| Q4 24 | 24.2% | 0.1% | ||
| Q3 24 | 12.4% | 0.7% | ||
| Q2 24 | 13.9% | 0.2% | ||
| Q1 24 | 14.6% | 0.0% |
| Q4 25 | — | 3.94× | ||
| Q3 25 | 1.70× | — | ||
| Q2 25 | 7.36× | — | ||
| Q1 25 | 6.52× | — | ||
| 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
IHS
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% |
