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Side-by-side financial comparison of Madison Square Garden Entertainment Corp. (MSGE) and New Fortress Energy Inc. (NFE). 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 $326.2M, roughly 1.3× New Fortress Energy Inc.). Madison Square Garden Entertainment Corp. runs the higher net margin — 21.8% vs -259.7%, a 281.5% gap on every dollar of revenue. On growth, Madison Square Garden Entertainment Corp. posted the faster year-over-year revenue change (12.5% vs -7.0%). Over the past eight quarters, Madison Square Garden Entertainment Corp.'s revenue compounded faster (48.9% CAGR vs -26.8%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
New Fortress Energy Inc. is a global energy infrastructure firm developing, owning and operating LNG import/export terminals, natural gas supply networks and low-carbon projects. It serves utility, industrial and public sector clients across the Americas and Caribbean, delivering affordable, lower-emission energy resources.
MSGE vs NFE — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $424.8M | $326.2M |
| Net Profit | $92.7M | $-847.1M |
| Gross Margin | — | 35.5% |
| Operating Margin | 38.6% | -193.0% |
| Net Margin | 21.8% | -259.7% |
| Revenue YoY | 12.5% | -7.0% |
| Net Profit YoY | 22.2% | -277.4% |
| EPS (diluted) | $1.94 | $-3.03 |
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 | $424.8M | $326.2M | ||
| Q3 25 | $154.1M | $240.3M | ||
| Q2 25 | $145.1M | $228.1M | ||
| Q1 25 | $206.0M | $384.9M | ||
| Q4 24 | $377.6M | $350.7M | ||
| Q3 24 | $134.1M | $446.0M | ||
| Q2 24 | $177.6M | $291.2M | ||
| Q1 24 | $191.6M | $609.5M |
| Q4 25 | $92.7M | $-847.1M | ||
| Q3 25 | $-21.7M | $-263.0M | ||
| Q2 25 | $-27.2M | $-546.5M | ||
| Q1 25 | $8.0M | $-175.4M | ||
| Q4 24 | $75.9M | $-224.4M | ||
| Q3 24 | $-19.3M | $9.3M | ||
| Q2 24 | $66.9M | $-88.9M | ||
| Q1 24 | $2.8M | $54.1M |
| Q4 25 | — | 35.5% | ||
| Q3 25 | — | 18.1% | ||
| Q2 25 | — | 8.4% | ||
| Q1 25 | — | 21.4% | ||
| Q4 24 | — | 17.6% | ||
| Q3 24 | — | 27.1% | ||
| Q2 24 | — | 23.8% | ||
| Q1 24 | — | 62.4% |
| Q4 25 | 38.6% | -193.0% | ||
| Q3 25 | -19.3% | -37.4% | ||
| Q2 25 | -17.7% | -170.3% | ||
| Q1 25 | 13.3% | -3.3% | ||
| Q4 24 | 36.8% | 65.0% | ||
| Q3 24 | -13.8% | 17.8% | ||
| Q2 24 | -5.0% | 12.3% | ||
| Q1 24 | 8.8% | 30.4% |
| Q4 25 | 21.8% | -259.7% | ||
| Q3 25 | -14.0% | -109.4% | ||
| Q2 25 | -18.7% | -239.6% | ||
| Q1 25 | 3.9% | -45.6% | ||
| Q4 24 | 20.1% | -64.0% | ||
| Q3 24 | -14.4% | 2.1% | ||
| Q2 24 | 37.7% | -30.5% | ||
| Q1 24 | 1.5% | 8.9% |
| Q4 25 | $1.94 | $-3.03 | ||
| Q3 25 | $-0.46 | $-0.96 | ||
| Q2 25 | $-0.56 | $-1.99 | ||
| Q1 25 | $0.17 | $-0.65 | ||
| Q4 24 | $1.56 | $-1.10 | ||
| Q3 24 | $-0.40 | $0.03 | ||
| Q2 24 | $1.32 | $-0.42 | ||
| Q1 24 | $0.06 | $0.23 |
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 | $226.5M |
| Total DebtLower is stronger | $554.6M | $8.2B |
| Stockholders' EquityBook value | $36.0M | $182.6M |
| Total Assets | $1.8B | $10.6B |
| Debt / EquityLower = less leverage | 15.40× | 44.78× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $157.1M | $226.5M | ||
| Q3 25 | $29.9M | $145.2M | ||
| Q2 25 | $43.0M | $551.1M | ||
| Q1 25 | $89.0M | $447.9M | ||
| Q4 24 | $54.9M | $492.9M | ||
| Q3 24 | $37.3M | $90.8M | ||
| Q2 24 | $33.3M | $133.0M | ||
| Q1 24 | $28.0M | $143.5M |
| Q4 25 | $554.6M | $8.2B | ||
| Q3 25 | $581.7M | — | ||
| Q2 25 | $568.8M | — | ||
| Q1 25 | $577.4M | — | ||
| Q4 24 | $584.7M | $8.9B | ||
| Q3 24 | $647.0M | — | ||
| Q2 24 | $599.2M | — | ||
| Q1 24 | $602.5M | — |
| Q4 25 | $36.0M | $182.6M | ||
| Q3 25 | $-65.8M | $1.1B | ||
| Q2 25 | $-13.3M | $1.3B | ||
| Q1 25 | $9.5M | $1.8B | ||
| Q4 24 | $10.3M | $1.9B | ||
| Q3 24 | $-48.7M | $1.6B | ||
| Q2 24 | $-23.2M | $1.6B | ||
| Q1 24 | $-94.6M | $1.7B |
| Q4 25 | $1.8B | $10.6B | ||
| Q3 25 | $1.7B | $12.0B | ||
| Q2 25 | $1.7B | $12.0B | ||
| Q1 25 | $1.7B | $13.1B | ||
| Q4 24 | $1.6B | $12.9B | ||
| Q3 24 | $1.6B | $12.0B | ||
| Q2 24 | $1.6B | $11.4B | ||
| Q1 24 | $1.5B | $10.9B |
| Q4 25 | 15.40× | 44.78× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 60.61× | — | ||
| Q4 24 | 56.61× | 4.74× | ||
| 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 | $164.4M | $-76.2M |
| Free Cash FlowOCF − Capex | — | $-134.8M |
| FCF MarginFCF / Revenue | — | -41.3% |
| Capex IntensityCapex / Revenue | — | 18.0% |
| Cash ConversionOCF / Net Profit | 1.77× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $164.4M | $-76.2M | ||
| Q3 25 | $19.8M | $-171.0M | ||
| Q2 25 | $-27.0M | $-329.0M | ||
| Q1 25 | $56.8M | $-7.2M | ||
| Q4 24 | $112.9M | $445.3M | ||
| Q3 24 | $-27.4M | $-20.0M | ||
| Q2 24 | $212.0K | $113.9M | ||
| Q1 24 | $5.8M | $63.0M |
| Q4 25 | — | $-134.8M | ||
| Q3 25 | — | $-231.6M | ||
| Q2 25 | — | $-726.7M | ||
| Q1 25 | — | $-262.3M | ||
| Q4 24 | — | $-210.3M | ||
| Q3 24 | — | $-367.0M | ||
| Q2 24 | — | $-493.2M | ||
| Q1 24 | — | $-457.9M |
| Q4 25 | — | -41.3% | ||
| Q3 25 | — | -96.4% | ||
| Q2 25 | — | -318.6% | ||
| Q1 25 | — | -68.2% | ||
| Q4 24 | — | -60.0% | ||
| Q3 24 | — | -82.3% | ||
| Q2 24 | — | -169.3% | ||
| Q1 24 | — | -75.1% |
| Q4 25 | — | 18.0% | ||
| Q3 25 | — | 25.2% | ||
| Q2 25 | — | 174.4% | ||
| Q1 25 | — | 66.3% | ||
| Q4 24 | — | 187.0% | ||
| Q3 24 | — | 77.8% | ||
| Q2 24 | — | 208.4% | ||
| Q1 24 | — | 85.5% |
| Q4 25 | 1.77× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 7.07× | — | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | — | -2.15× | ||
| Q2 24 | 0.00× | — | ||
| Q1 24 | 2.08× | 1.16× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
NFE
Segment breakdown not available.
