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Side-by-side financial comparison of MEDICAL PROPERTIES TRUST INC (MPW) 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 $270.3M, roughly 1.6× MEDICAL PROPERTIES TRUST INC). Madison Square Garden Entertainment Corp. runs the higher net margin — 21.8% vs 6.5%, a 15.3% gap on every dollar of revenue. On growth, MEDICAL PROPERTIES TRUST INC posted the faster year-over-year revenue change (16.6% vs 12.5%). Over the past eight quarters, Madison Square Garden Entertainment Corp.'s revenue compounded faster (48.9% CAGR vs -0.2%).
Medical Properties Trust, Inc. (MPT) is an international real estate investment trust (REIT) based in Birmingham, Alabama that purchases and invests in healthcare facilities and for-profit healthcare holding companies, primarily in the United States and Europe. Their property acquisitions often come in the form of sale-leaseback agreements, in which the original property owner sells the property to MPT and becomes their tenant. MPT's tenants are generally subject to long-term triple net lease...
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
MPW vs MSGE — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $270.3M | $424.8M |
| Net Profit | $17.6M | $92.7M |
| Gross Margin | 95.8% | — |
| Operating Margin | 9.7% | 38.6% |
| Net Margin | 6.5% | 21.8% |
| Revenue YoY | 16.6% | 12.5% |
| Net Profit YoY | 104.3% | 22.2% |
| EPS (diluted) | $0.03 | $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 | $270.3M | $424.8M | ||
| Q3 25 | $237.5M | $154.1M | ||
| Q2 25 | $240.4M | $145.1M | ||
| Q1 25 | $223.8M | $206.0M | ||
| Q4 24 | $231.8M | $377.6M | ||
| Q3 24 | $225.8M | $134.1M | ||
| Q2 24 | $266.6M | $177.6M | ||
| Q1 24 | $271.3M | $191.6M |
| Q4 25 | $17.6M | $92.7M | ||
| Q3 25 | $-77.7M | $-21.7M | ||
| Q2 25 | $-98.4M | $-27.2M | ||
| Q1 25 | $-118.3M | $8.0M | ||
| Q4 24 | $-412.3M | $75.9M | ||
| Q3 24 | $-801.2M | $-19.3M | ||
| Q2 24 | $-320.6M | $66.9M | ||
| Q1 24 | $-875.6M | $2.8M |
| Q4 25 | 95.8% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 91.8% | — | ||
| Q1 25 | 63.6% | — | ||
| Q4 24 | 90.9% | — | ||
| Q3 24 | 96.5% | — | ||
| Q2 24 | 98.4% | — | ||
| Q1 24 | 84.9% | — |
| Q4 25 | 9.7% | 38.6% | ||
| Q3 25 | -28.0% | -19.3% | ||
| Q2 25 | -36.7% | -17.7% | ||
| Q1 25 | -48.5% | 13.3% | ||
| Q4 24 | -173.7% | 36.8% | ||
| Q3 24 | -350.7% | -13.8% | ||
| Q2 24 | -114.5% | -5.0% | ||
| Q1 24 | -318.6% | 8.8% |
| Q4 25 | 6.5% | 21.8% | ||
| Q3 25 | -32.7% | -14.0% | ||
| Q2 25 | -40.9% | -18.7% | ||
| Q1 25 | -52.8% | 3.9% | ||
| Q4 24 | -177.8% | 20.1% | ||
| Q3 24 | -354.8% | -14.4% | ||
| Q2 24 | -120.3% | 37.7% | ||
| Q1 24 | -322.7% | 1.5% |
| Q4 25 | $0.03 | $1.94 | ||
| Q3 25 | $-0.13 | $-0.46 | ||
| Q2 25 | $-0.16 | $-0.56 | ||
| Q1 25 | $-0.20 | $0.17 | ||
| Q4 24 | $-0.68 | $1.56 | ||
| Q3 24 | $-1.34 | $-0.40 | ||
| Q2 24 | $-0.54 | $1.32 | ||
| Q1 24 | $-1.46 | $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 | $540.9M | $157.1M |
| Total DebtLower is stronger | $9.7B | $554.6M |
| Stockholders' EquityBook value | $4.6B | $36.0M |
| Total Assets | $15.0B | $1.8B |
| Debt / EquityLower = less leverage | 2.11× | 15.40× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $540.9M | $157.1M | ||
| Q3 25 | $396.6M | $29.9M | ||
| Q2 25 | $509.8M | $43.0M | ||
| Q1 25 | $673.5M | $89.0M | ||
| Q4 24 | $332.3M | $54.9M | ||
| Q3 24 | $275.6M | $37.3M | ||
| Q2 24 | $606.5M | $33.3M | ||
| Q1 24 | $224.3M | $28.0M |
| Q4 25 | $9.7B | $554.6M | ||
| Q3 25 | $9.6B | $581.7M | ||
| Q2 25 | $9.6B | $568.8M | ||
| Q1 25 | $9.5B | $577.4M | ||
| Q4 24 | $8.8B | $584.7M | ||
| Q3 24 | $9.2B | $647.0M | ||
| Q2 24 | $9.4B | $599.2M | ||
| Q1 24 | $10.1B | $602.5M |
| Q4 25 | $4.6B | $36.0M | ||
| Q3 25 | $4.7B | $-65.8M | ||
| Q2 25 | $4.8B | $-13.3M | ||
| Q1 25 | $4.8B | $9.5M | ||
| Q4 24 | $4.8B | $10.3M | ||
| Q3 24 | $5.4B | $-48.7M | ||
| Q2 24 | $6.2B | $-23.2M | ||
| Q1 24 | $6.7B | $-94.6M |
| Q4 25 | $15.0B | $1.8B | ||
| Q3 25 | $14.9B | $1.7B | ||
| Q2 25 | $15.2B | $1.7B | ||
| Q1 25 | $14.9B | $1.7B | ||
| Q4 24 | $14.3B | $1.6B | ||
| Q3 24 | $15.2B | $1.6B | ||
| Q2 24 | $16.2B | $1.6B | ||
| Q1 24 | $17.3B | $1.5B |
| Q4 25 | 2.11× | 15.40× | ||
| Q3 25 | 2.06× | — | ||
| Q2 25 | 2.00× | — | ||
| Q1 25 | 1.99× | 60.61× | ||
| Q4 24 | 1.83× | 56.61× | ||
| Q3 24 | 1.69× | — | ||
| Q2 24 | 1.51× | — | ||
| Q1 24 | 1.51× | — |
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 | $230.8M | $164.4M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 13.11× | 1.77× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $230.8M | $164.4M | ||
| Q3 25 | $18.6M | $19.8M | ||
| Q2 25 | $51.7M | $-27.0M | ||
| Q1 25 | $384.0K | $56.8M | ||
| Q4 24 | $245.5M | $112.9M | ||
| Q3 24 | $59.2M | $-27.4M | ||
| Q2 24 | $35.3M | $212.0K | ||
| Q1 24 | $74.3M | $5.8M |
| Q4 25 | 13.11× | 1.77× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 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
MPW
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% |
