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Side-by-side financial comparison of LivaNova PLC (LIVN) 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 $360.9M, roughly 1.1× LivaNova PLC). LivaNova PLC runs the higher net margin — 8.6% vs 2.0%, a 6.5% gap on every dollar of revenue. On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs 12.1%). LivaNova PLC produced more free cash flow last quarter ($50.2M vs $31.6M). Over the past eight quarters, LivaNova PLC's revenue compounded faster (10.6% CAGR vs -3.1%).
LivaNova, plc is an American medical device manufacturer based in the UK. The company develops devices used for cardiac surgery and neuromodulation. The company was formed in 2015 by a $2.7B merger between Houston, Texas-based Cyberonics, Inc. and Milan, Italy-based Sorin S.p.a. The company trades on the NASDAQ stock exchange under the ticker symbol "LIVN".
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
LIVN vs MSGS — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $360.9M | $403.4M |
| Net Profit | $30.9M | $8.2M |
| Gross Margin | 65.2% | — |
| Operating Margin | 11.8% | 5.5% |
| Net Margin | 8.6% | 2.0% |
| Revenue YoY | 12.1% | 12.8% |
| Net Profit YoY | -44.7% | 641.9% |
| EPS (diluted) | $0.57 | $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 | $360.9M | $403.4M | ||
| Q3 25 | $357.8M | $39.5M | ||
| Q2 25 | $352.5M | $204.0M | ||
| Q1 25 | $316.9M | $424.2M | ||
| Q4 24 | $321.8M | $357.8M | ||
| Q3 24 | $318.1M | $53.3M | ||
| Q2 24 | $318.6M | $227.3M | ||
| Q1 24 | $294.9M | $430.0M |
| Q4 25 | $30.9M | $8.2M | ||
| Q3 25 | $26.8M | $-8.8M | ||
| Q2 25 | $27.2M | $-1.8M | ||
| Q1 25 | $-327.3M | $-14.2M | ||
| Q4 24 | $55.9M | $1.1M | ||
| Q3 24 | $33.0M | $-7.5M | ||
| Q2 24 | $16.3M | $25.5M | ||
| Q1 24 | $-41.9M | $37.9M |
| Q4 25 | 65.2% | — | ||
| Q3 25 | 68.4% | — | ||
| Q2 25 | 67.8% | — | ||
| Q1 25 | 69.7% | — | ||
| Q4 24 | 68.2% | — | ||
| Q3 24 | 70.8% | — | ||
| Q2 24 | 68.7% | — | ||
| Q1 24 | 70.3% | — |
| Q4 25 | 11.8% | 5.5% | ||
| Q3 25 | 15.1% | -69.5% | ||
| Q2 25 | 15.4% | -11.1% | ||
| Q1 25 | 15.3% | 7.6% | ||
| Q4 24 | 11.5% | 3.7% | ||
| Q3 24 | 11.2% | -15.5% | ||
| Q2 24 | 12.6% | 23.0% | ||
| Q1 24 | 5.5% | 18.5% |
| Q4 25 | 8.6% | 2.0% | ||
| Q3 25 | 7.5% | -22.3% | ||
| Q2 25 | 7.7% | -0.9% | ||
| Q1 25 | -103.3% | -3.4% | ||
| Q4 24 | 17.4% | 0.3% | ||
| Q3 24 | 10.4% | -14.1% | ||
| Q2 24 | 5.1% | 11.2% | ||
| Q1 24 | -14.2% | 8.8% |
| Q4 25 | $0.57 | $0.34 | ||
| Q3 25 | $0.49 | $-0.37 | ||
| Q2 25 | $0.50 | $-0.08 | ||
| Q1 25 | $-6.01 | $-0.59 | ||
| Q4 24 | $1.04 | $0.05 | ||
| Q3 24 | $0.60 | $-0.31 | ||
| Q2 24 | $0.30 | $1.07 | ||
| Q1 24 | $-0.78 | $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 | $635.6M | $81.3M |
| Total DebtLower is stronger | $376.1M | — |
| Stockholders' EquityBook value | $1.2B | $-282.1M |
| Total Assets | $2.6B | $1.5B |
| Debt / EquityLower = less leverage | 0.31× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $635.6M | $81.3M | ||
| Q3 25 | $646.1M | $48.6M | ||
| Q2 25 | $593.6M | $144.6M | ||
| Q1 25 | $738.4M | $96.5M | ||
| Q4 24 | $428.9M | $107.8M | ||
| Q3 24 | $346.4M | $52.3M | ||
| Q2 24 | $329.2M | $89.1M | ||
| Q1 24 | $309.2M | $40.0M |
| Q4 25 | $376.1M | — | ||
| Q3 25 | $434.5M | — | ||
| Q2 25 | $430.6M | — | ||
| Q1 25 | $628.2M | — | ||
| Q4 24 | $627.0M | — | ||
| Q3 24 | $625.5M | — | ||
| Q2 24 | $624.5M | — | ||
| Q1 24 | $623.8M | — |
| Q4 25 | $1.2B | $-282.1M | ||
| Q3 25 | $1.2B | $-294.2M | ||
| Q2 25 | $1.1B | $-281.4M | ||
| Q1 25 | $1.0B | $-283.4M | ||
| Q4 24 | $1.3B | $-273.1M | ||
| Q3 24 | $1.3B | $-277.5M | ||
| Q2 24 | $1.2B | $-266.3M | ||
| Q1 24 | $1.2B | $-294.0M |
| Q4 25 | $2.6B | $1.5B | ||
| Q3 25 | $2.6B | $1.5B | ||
| Q2 25 | $2.5B | $1.5B | ||
| Q1 25 | $2.6B | $1.5B | ||
| Q4 24 | $2.5B | $1.4B | ||
| Q3 24 | $2.5B | $1.4B | ||
| Q2 24 | $2.5B | $1.3B | ||
| Q1 24 | $2.5B | $1.4B |
| Q4 25 | 0.31× | — | ||
| Q3 25 | 0.38× | — | ||
| Q2 25 | 0.38× | — | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | 0.47× | — | ||
| Q3 24 | 0.48× | — | ||
| Q2 24 | 0.50× | — | ||
| Q1 24 | 0.51× | — |
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 | $82.4M | $32.4M |
| Free Cash FlowOCF − Capex | $50.2M | $31.6M |
| FCF MarginFCF / Revenue | 13.9% | 7.8% |
| Capex IntensityCapex / Revenue | 8.9% | 0.2% |
| Cash ConversionOCF / Net Profit | 2.67× | 3.94× |
| TTM Free Cash FlowTrailing 4 quarters | $173.3M | $-480.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $82.4M | $32.4M | ||
| Q3 25 | $85.1M | $-85.0M | ||
| Q2 25 | $62.9M | $49.7M | ||
| Q1 25 | $24.0M | $6.3M | ||
| Q4 24 | $78.7M | $61.8M | ||
| Q3 24 | $51.0M | $-26.2M | ||
| Q2 24 | $43.4M | $108.4M | ||
| Q1 24 | $10.0M | $4.0M |
| Q4 25 | $50.2M | $31.6M | ||
| Q3 25 | $62.2M | $-85.3M | ||
| Q2 25 | $47.8M | $49.4M | ||
| Q1 25 | $13.2M | $3.9M | ||
| Q4 24 | $68.3M | $61.2M | ||
| Q3 24 | $32.8M | $-26.5M | ||
| Q2 24 | $31.2M | $108.0M | ||
| Q1 24 | $3.6M | $3.9M |
| Q4 25 | 13.9% | 7.8% | ||
| Q3 25 | 17.4% | -216.3% | ||
| Q2 25 | 13.6% | 24.2% | ||
| Q1 25 | 4.2% | 0.9% | ||
| Q4 24 | 21.2% | 17.1% | ||
| Q3 24 | 10.3% | -49.7% | ||
| Q2 24 | 9.8% | 47.5% | ||
| Q1 24 | 1.2% | 0.9% |
| Q4 25 | 8.9% | 0.2% | ||
| Q3 25 | 6.4% | 0.9% | ||
| Q2 25 | 4.3% | 0.2% | ||
| Q1 25 | 3.4% | 0.6% | ||
| Q4 24 | 3.2% | 0.1% | ||
| Q3 24 | 5.7% | 0.7% | ||
| Q2 24 | 3.8% | 0.2% | ||
| Q1 24 | 2.2% | 0.0% |
| Q4 25 | 2.67× | 3.94× | ||
| Q3 25 | 3.18× | — | ||
| Q2 25 | 2.32× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.41× | 55.61× | ||
| Q3 24 | 1.55× | — | ||
| Q2 24 | 2.65× | 4.25× | ||
| Q1 24 | — | 0.11× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LIVN
| Other | $169.4M | 47% |
| Neuromodulation Segment | $119.7M | 33% |
| Cardiopulmonary Segment | $71.8M | 20% |
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 4% |
