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Side-by-side financial comparison of MAGNITE, INC. (MGNI) 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 $205.4M, roughly 2.0× MAGNITE, INC.). MAGNITE, INC. runs the higher net margin — 59.9% vs 2.0%, a 57.9% gap on every dollar of revenue. On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs 5.9%). MAGNITE, INC. produced more free cash flow last quarter ($103.1M vs $31.6M). Over the past eight quarters, MAGNITE, INC.'s revenue compounded faster (17.3% CAGR vs -3.1%).
Magnite Inc. is an American online advertising technology firm based in Los Angeles, California. The company was formed following a merger between Rubicon Project and Telaria in 2020.
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
MGNI vs MSGS — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $205.4M | $403.4M |
| Net Profit | $123.0M | $8.2M |
| Gross Margin | 66.2% | — |
| Operating Margin | 25.3% | 5.5% |
| Net Margin | 59.9% | 2.0% |
| Revenue YoY | 5.9% | 12.8% |
| Net Profit YoY | 238.0% | 641.9% |
| EPS (diluted) | $0.81 | $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 | $205.4M | $403.4M | ||
| Q3 25 | $179.5M | $39.5M | ||
| Q2 25 | $173.3M | $204.0M | ||
| Q1 25 | $155.8M | $424.2M | ||
| Q4 24 | $194.0M | $357.8M | ||
| Q3 24 | $162.0M | $53.3M | ||
| Q2 24 | $162.9M | $227.3M | ||
| Q1 24 | $149.3M | $430.0M |
| Q4 25 | $123.0M | $8.2M | ||
| Q3 25 | $20.1M | $-8.8M | ||
| Q2 25 | $11.1M | $-1.8M | ||
| Q1 25 | $-9.6M | $-14.2M | ||
| Q4 24 | $36.4M | $1.1M | ||
| Q3 24 | $5.2M | $-7.5M | ||
| Q2 24 | $-1.1M | $25.5M | ||
| Q1 24 | $-17.8M | $37.9M |
| Q4 25 | 66.2% | — | ||
| Q3 25 | 61.4% | — | ||
| Q2 25 | 62.5% | — | ||
| Q1 25 | 59.7% | — | ||
| Q4 24 | 65.1% | — | ||
| Q3 24 | 61.4% | — | ||
| Q2 24 | 61.6% | — | ||
| Q1 24 | 55.9% | — |
| Q4 25 | 25.3% | 5.5% | ||
| Q3 25 | 14.0% | -69.5% | ||
| Q2 25 | 12.7% | -11.1% | ||
| Q1 25 | -0.9% | 7.6% | ||
| Q4 24 | 20.7% | 3.7% | ||
| Q3 24 | 9.3% | -15.5% | ||
| Q2 24 | 5.9% | 23.0% | ||
| Q1 24 | -9.3% | 18.5% |
| Q4 25 | 59.9% | 2.0% | ||
| Q3 25 | 11.2% | -22.3% | ||
| Q2 25 | 6.4% | -0.9% | ||
| Q1 25 | -6.2% | -3.4% | ||
| Q4 24 | 18.8% | 0.3% | ||
| Q3 24 | 3.2% | -14.1% | ||
| Q2 24 | -0.7% | 11.2% | ||
| Q1 24 | -11.9% | 8.8% |
| Q4 25 | $0.81 | $0.34 | ||
| Q3 25 | $0.13 | $-0.37 | ||
| Q2 25 | $0.08 | $-0.08 | ||
| Q1 25 | $-0.07 | $-0.59 | ||
| Q4 24 | $0.26 | $0.05 | ||
| Q3 24 | $0.04 | $-0.31 | ||
| Q2 24 | $-0.01 | $1.07 | ||
| Q1 24 | $-0.13 | $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 | $553.4M | $81.3M |
| Total DebtLower is stronger | $556.1M | — |
| Stockholders' EquityBook value | $922.4M | $-282.1M |
| Total Assets | $3.2B | $1.5B |
| Debt / EquityLower = less leverage | 0.60× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $553.4M | $81.3M | ||
| Q3 25 | $482.1M | $48.6M | ||
| Q2 25 | $426.0M | $144.6M | ||
| Q1 25 | $429.7M | $96.5M | ||
| Q4 24 | $483.2M | $107.8M | ||
| Q3 24 | $387.2M | $52.3M | ||
| Q2 24 | $326.5M | $89.1M | ||
| Q1 24 | $252.8M | $40.0M |
| Q4 25 | $556.1M | — | ||
| Q3 25 | $556.3M | — | ||
| Q2 25 | $556.4M | — | ||
| Q1 25 | $556.6M | — | ||
| Q4 24 | $553.7M | — | ||
| Q3 24 | $553.8M | — | ||
| Q2 24 | $552.7M | — | ||
| Q1 24 | $552.7M | — |
| Q4 25 | $922.4M | $-282.1M | ||
| Q3 25 | $808.0M | $-294.2M | ||
| Q2 25 | $768.5M | $-281.4M | ||
| Q1 25 | $741.8M | $-283.4M | ||
| Q4 24 | $768.2M | $-273.1M | ||
| Q3 24 | $725.9M | $-277.5M | ||
| Q2 24 | $713.0M | $-266.3M | ||
| Q1 24 | $695.4M | $-294.0M |
| Q4 25 | $3.2B | $1.5B | ||
| Q3 25 | $2.9B | $1.5B | ||
| Q2 25 | $2.9B | $1.5B | ||
| Q1 25 | $2.7B | $1.5B | ||
| Q4 24 | $2.9B | $1.4B | ||
| Q3 24 | $2.7B | $1.4B | ||
| Q2 24 | $2.6B | $1.3B | ||
| Q1 24 | $2.5B | $1.4B |
| Q4 25 | 0.60× | — | ||
| Q3 25 | 0.69× | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 0.75× | — | ||
| Q4 24 | 0.72× | — | ||
| Q3 24 | 0.76× | — | ||
| Q2 24 | 0.78× | — | ||
| Q1 24 | 0.79× | — |
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 | $128.5M | $32.4M |
| Free Cash FlowOCF − Capex | $103.1M | $31.6M |
| FCF MarginFCF / Revenue | 50.2% | 7.8% |
| Capex IntensityCapex / Revenue | 12.4% | 0.2% |
| Cash ConversionOCF / Net Profit | 1.04× | 3.94× |
| TTM Free Cash FlowTrailing 4 quarters | $165.6M | $-480.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $128.5M | $32.4M | ||
| Q3 25 | $86.6M | $-85.0M | ||
| Q2 25 | $18.5M | $49.7M | ||
| Q1 25 | $2.6M | $6.3M | ||
| Q4 24 | $114.7M | $61.8M | ||
| Q3 24 | $91.3M | $-26.2M | ||
| Q2 24 | $89.6M | $108.4M | ||
| Q1 24 | $-60.4M | $4.0M |
| Q4 25 | $103.1M | $31.6M | ||
| Q3 25 | $68.4M | $-85.3M | ||
| Q2 25 | $6.0M | $49.4M | ||
| Q1 25 | $-11.8M | $3.9M | ||
| Q4 24 | $111.0M | $61.2M | ||
| Q3 24 | $77.3M | $-26.5M | ||
| Q2 24 | $80.4M | $108.0M | ||
| Q1 24 | $-66.3M | $3.9M |
| Q4 25 | 50.2% | 7.8% | ||
| Q3 25 | 38.1% | -216.3% | ||
| Q2 25 | 3.5% | 24.2% | ||
| Q1 25 | -7.6% | 0.9% | ||
| Q4 24 | 57.2% | 17.1% | ||
| Q3 24 | 47.7% | -49.7% | ||
| Q2 24 | 49.4% | 47.5% | ||
| Q1 24 | -44.4% | 0.9% |
| Q4 25 | 12.4% | 0.2% | ||
| Q3 25 | 10.2% | 0.9% | ||
| Q2 25 | 7.2% | 0.2% | ||
| Q1 25 | 9.2% | 0.6% | ||
| Q4 24 | 1.9% | 0.1% | ||
| Q3 24 | 8.7% | 0.7% | ||
| Q2 24 | 5.6% | 0.2% | ||
| Q1 24 | 3.9% | 0.0% |
| Q4 25 | 1.04× | 3.94× | ||
| Q3 25 | 4.32× | — | ||
| Q2 25 | 1.66× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.15× | 55.61× | ||
| Q3 24 | 17.52× | — | ||
| 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
MGNI
| Connected Television | $103.4M | 50% |
| Other | $55.7M | 27% |
| Desktop | $28.9M | 14% |
| Gross Revenue | $17.4M | 8% |
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 4% |
