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Side-by-side financial comparison of Iridium Communications Inc. (IRDM) 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 $219.1M, roughly 1.9× Iridium Communications Inc.). Madison Square Garden Entertainment Corp. runs the higher net margin — 21.8% vs 9.9%, a 12.0% gap on every dollar of revenue. On growth, Madison Square Garden Entertainment Corp. posted the faster year-over-year revenue change (12.5% vs 1.9%). Over the past eight quarters, Madison Square Garden Entertainment Corp.'s revenue compounded faster (48.9% CAGR vs 4.4%).
Iridium Communications Inc. is a publicly traded American company headquartered in McLean, Virginia, United States. Iridium operates the Iridium satellite constellation, a system of 80 satellites: 66 are active satellites and the remaining fourteen function as in-orbit spares. Iridium Satellites are used for worldwide voice and data communication from handheld satellite phones, satellite messenger communication devices and integrated transceivers, as well as for two-way satellite messaging se...
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
IRDM vs MSGE — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $219.1M | $424.8M |
| Net Profit | $21.6M | $92.7M |
| Gross Margin | — | — |
| Operating Margin | 23.2% | 38.6% |
| Net Margin | 9.9% | 21.8% |
| Revenue YoY | 1.9% | 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.
| Q1 26 | $219.1M | — | ||
| Q4 25 | $212.9M | $424.8M | ||
| Q3 25 | $226.9M | $154.1M | ||
| Q2 25 | $216.9M | $145.1M | ||
| Q1 25 | $214.9M | $206.0M | ||
| Q4 24 | $213.0M | $377.6M | ||
| Q3 24 | $212.8M | $134.1M | ||
| Q2 24 | $201.1M | $177.6M |
| Q1 26 | $21.6M | — | ||
| Q4 25 | $24.9M | $92.7M | ||
| Q3 25 | $37.1M | $-21.7M | ||
| Q2 25 | $22.0M | $-27.2M | ||
| Q1 25 | $30.4M | $8.0M | ||
| Q4 24 | $36.3M | $75.9M | ||
| Q3 24 | $24.4M | $-19.3M | ||
| Q2 24 | $32.3M | $66.9M |
| Q1 26 | 23.2% | — | ||
| Q4 25 | 25.9% | 38.6% | ||
| Q3 25 | 30.9% | -19.3% | ||
| Q2 25 | 23.2% | -17.7% | ||
| Q1 25 | 28.1% | 13.3% | ||
| Q4 24 | 24.5% | 36.8% | ||
| Q3 24 | 25.8% | -13.8% | ||
| Q2 24 | 21.7% | -5.0% |
| Q1 26 | 9.9% | — | ||
| Q4 25 | 11.7% | 21.8% | ||
| Q3 25 | 16.4% | -14.0% | ||
| Q2 25 | 10.1% | -18.7% | ||
| Q1 25 | 14.2% | 3.9% | ||
| Q4 24 | 17.1% | 20.1% | ||
| Q3 24 | 11.5% | -14.4% | ||
| Q2 24 | 16.1% | 37.7% |
| Q1 26 | — | — | ||
| Q4 25 | $0.24 | $1.94 | ||
| Q3 25 | $0.35 | $-0.46 | ||
| Q2 25 | $0.20 | $-0.56 | ||
| Q1 25 | $0.27 | $0.17 | ||
| Q4 24 | $0.30 | $1.56 | ||
| Q3 24 | $0.21 | $-0.40 | ||
| Q2 24 | $0.27 | $1.32 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $157.1M |
| Total DebtLower is stronger | — | $554.6M |
| Stockholders' EquityBook value | — | $36.0M |
| Total Assets | — | $1.8B |
| Debt / EquityLower = less leverage | — | 15.40× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $96.5M | $157.1M | ||
| Q3 25 | $88.5M | $29.9M | ||
| Q2 25 | $79.3M | $43.0M | ||
| Q1 25 | $50.9M | $89.0M | ||
| Q4 24 | $93.5M | $54.9M | ||
| Q3 24 | $159.6M | $37.3M | ||
| Q2 24 | $63.5M | $33.3M |
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | $554.6M | ||
| Q3 25 | — | $581.7M | ||
| Q2 25 | — | $568.8M | ||
| Q1 25 | — | $577.4M | ||
| Q4 24 | $1.8B | $584.7M | ||
| Q3 24 | — | $647.0M | ||
| Q2 24 | — | $599.2M |
| Q1 26 | — | — | ||
| Q4 25 | $462.6M | $36.0M | ||
| Q3 25 | $450.5M | $-65.8M | ||
| Q2 25 | $473.6M | $-13.3M | ||
| Q1 25 | $518.4M | $9.5M | ||
| Q4 24 | $576.6M | $10.3M | ||
| Q3 24 | $663.8M | $-48.7M | ||
| Q2 24 | $786.7M | $-23.2M |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $1.8B | ||
| Q3 25 | $2.6B | $1.7B | ||
| Q2 25 | $2.6B | $1.7B | ||
| Q1 25 | $2.6B | $1.7B | ||
| Q4 24 | $2.7B | $1.6B | ||
| Q3 24 | $2.8B | $1.6B | ||
| Q2 24 | $2.7B | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | 3.80× | 15.40× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 60.61× | ||
| Q4 24 | 3.05× | 56.61× | ||
| 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 | — | $164.4M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 13.7% | — |
| Cash ConversionOCF / Net Profit | — | 1.77× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $108.6M | $164.4M | ||
| Q3 25 | $100.8M | $19.8M | ||
| Q2 25 | $129.6M | $-27.0M | ||
| Q1 25 | $61.1M | $56.8M | ||
| Q4 24 | $104.8M | $112.9M | ||
| Q3 24 | $118.6M | $-27.4M | ||
| Q2 24 | $81.1M | $212.0K |
| Q1 26 | — | — | ||
| Q4 25 | $75.1M | — | ||
| Q3 25 | $79.2M | — | ||
| Q2 25 | $108.9M | — | ||
| Q1 25 | $36.5M | — | ||
| Q4 24 | $80.5M | — | ||
| Q3 24 | $100.0M | — | ||
| Q2 24 | $68.7M | — |
| Q1 26 | — | — | ||
| Q4 25 | 35.3% | — | ||
| Q3 25 | 34.9% | — | ||
| Q2 25 | 50.2% | — | ||
| Q1 25 | 17.0% | — | ||
| Q4 24 | 37.8% | — | ||
| Q3 24 | 47.0% | — | ||
| Q2 24 | 34.2% | — |
| Q1 26 | 13.7% | — | ||
| Q4 25 | 15.7% | — | ||
| Q3 25 | 9.5% | — | ||
| Q2 25 | 9.5% | — | ||
| Q1 25 | 11.4% | — | ||
| Q4 24 | 11.4% | — | ||
| Q3 24 | 8.7% | — | ||
| Q2 24 | 6.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | 4.37× | 1.77× | ||
| Q3 25 | 2.71× | — | ||
| Q2 25 | 5.90× | — | ||
| Q1 25 | 2.01× | 7.07× | ||
| Q4 24 | 2.88× | 1.49× | ||
| Q3 24 | 4.85× | — | ||
| Q2 24 | 2.51× | 0.00× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IRDM
| Voice and data | $57.4M | 26% |
| IoT data (2) | $46.0M | 21% |
| Government | $39.5M | 18% |
| Government service revenue (5) | $27.6M | 13% |
| Subscriber equipment | $20.2M | 9% |
| Hosted payload and other data service (4) | $14.8M | 7% |
| Broadband (3) | $12.2M | 6% |
| Commercial | $1.3M | 1% |
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% |
