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Side-by-side financial comparison of Madison Square Garden Entertainment Corp. (MSGE) and Natural Grocers by Vitamin Cottage, Inc. (NGVC). 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 $335.6M, roughly 1.3× Natural Grocers by Vitamin Cottage, Inc.). Madison Square Garden Entertainment Corp. runs the higher net margin — 21.8% vs 3.4%, a 18.4% gap on every dollar of revenue. On growth, Madison Square Garden Entertainment Corp. posted the faster year-over-year revenue change (12.5% vs 1.6%). Over the past eight quarters, Madison Square Garden Entertainment Corp.'s revenue compounded faster (48.9% CAGR vs 4.4%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
Natural Grocers by Vitamin Cottage, Inc. is a U.S.-based specialty retail chain that offers certified organic groceries, dietary supplements, natural personal care items, and eco-friendly household products. It serves health-conscious consumers across multiple U.S. states, following strict quality standards that exclude artificial preservatives, colors, flavors and harmful additives.
MSGE vs NGVC — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $424.8M | $335.6M |
| Net Profit | $92.7M | $11.3M |
| Gross Margin | — | 29.5% |
| Operating Margin | 38.6% | 4.4% |
| Net Margin | 21.8% | 3.4% |
| Revenue YoY | 12.5% | 1.6% |
| Net Profit YoY | 22.2% | 14.0% |
| EPS (diluted) | $1.94 | $0.49 |
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 | $335.6M | ||
| Q3 25 | $154.1M | $336.1M | ||
| Q2 25 | $145.1M | $328.7M | ||
| Q1 25 | $206.0M | $335.8M | ||
| Q4 24 | $377.6M | $330.2M | ||
| Q3 24 | $134.1M | $322.7M | ||
| Q2 24 | $177.6M | $309.1M | ||
| Q1 24 | $191.6M | $308.1M |
| Q4 25 | $92.7M | $11.3M | ||
| Q3 25 | $-21.7M | $11.8M | ||
| Q2 25 | $-27.2M | $11.6M | ||
| Q1 25 | $8.0M | $13.1M | ||
| Q4 24 | $75.9M | $9.9M | ||
| Q3 24 | $-19.3M | $9.0M | ||
| Q2 24 | $66.9M | $9.2M | ||
| Q1 24 | $2.8M | $8.0M |
| Q4 25 | — | 29.5% | ||
| Q3 25 | — | 29.5% | ||
| Q2 25 | — | 29.9% | ||
| Q1 25 | — | 30.3% | ||
| Q4 24 | — | 29.9% | ||
| Q3 24 | — | 29.6% | ||
| Q2 24 | — | 29.2% | ||
| Q1 24 | — | 29.3% |
| Q4 25 | 38.6% | 4.4% | ||
| Q3 25 | -19.3% | 4.6% | ||
| Q2 25 | -17.7% | 4.7% | ||
| Q1 25 | 13.3% | 5.2% | ||
| Q4 24 | 36.8% | 4.0% | ||
| Q3 24 | -13.8% | 3.7% | ||
| Q2 24 | -5.0% | 4.2% | ||
| Q1 24 | 8.8% | 3.7% |
| Q4 25 | 21.8% | 3.4% | ||
| Q3 25 | -14.0% | 3.5% | ||
| Q2 25 | -18.7% | 3.5% | ||
| Q1 25 | 3.9% | 3.9% | ||
| Q4 24 | 20.1% | 3.0% | ||
| Q3 24 | -14.4% | 2.8% | ||
| Q2 24 | 37.7% | 3.0% | ||
| Q1 24 | 1.5% | 2.6% |
| Q4 25 | $1.94 | $0.49 | ||
| Q3 25 | $-0.46 | $0.51 | ||
| Q2 25 | $-0.56 | $0.50 | ||
| Q1 25 | $0.17 | $0.56 | ||
| Q4 24 | $1.56 | $0.43 | ||
| Q3 24 | $-0.40 | $0.38 | ||
| Q2 24 | $1.32 | $0.40 | ||
| Q1 24 | $0.06 | $0.35 |
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 | $23.2M |
| Total DebtLower is stronger | $554.6M | — |
| Stockholders' EquityBook value | $36.0M | $220.0M |
| Total Assets | $1.8B | $668.6M |
| Debt / EquityLower = less leverage | 15.40× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $157.1M | $23.2M | ||
| Q3 25 | $29.9M | $17.1M | ||
| Q2 25 | $43.0M | $13.2M | ||
| Q1 25 | $89.0M | $21.2M | ||
| Q4 24 | $54.9M | $6.3M | ||
| Q3 24 | $37.3M | $8.9M | ||
| Q2 24 | $33.3M | $13.9M | ||
| Q1 24 | $28.0M | $11.0M |
| Q4 25 | $554.6M | — | ||
| Q3 25 | $581.7M | — | ||
| Q2 25 | $568.8M | — | ||
| Q1 25 | $577.4M | — | ||
| Q4 24 | $584.7M | — | ||
| Q3 24 | $647.0M | — | ||
| Q2 24 | $599.2M | — | ||
| Q1 24 | $602.5M | — |
| Q4 25 | $36.0M | $220.0M | ||
| Q3 25 | $-65.8M | $212.4M | ||
| Q2 25 | $-13.3M | $202.5M | ||
| Q1 25 | $9.5M | $193.0M | ||
| Q4 24 | $10.3M | $181.9M | ||
| Q3 24 | $-48.7M | $174.3M | ||
| Q2 24 | $-23.2M | $167.8M | ||
| Q1 24 | $-94.6M | $160.0M |
| Q4 25 | $1.8B | $668.6M | ||
| Q3 25 | $1.7B | $670.5M | ||
| Q2 25 | $1.7B | $659.0M | ||
| Q1 25 | $1.7B | $664.6M | ||
| Q4 24 | $1.6B | $648.9M | ||
| Q3 24 | $1.6B | $655.5M | ||
| Q2 24 | $1.6B | $654.4M | ||
| Q1 24 | $1.5B | $656.6M |
| Q4 25 | 15.40× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 60.61× | — | ||
| Q4 24 | 56.61× | — | ||
| 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 | $21.1M |
| Free Cash FlowOCF − Capex | — | $11.6M |
| FCF MarginFCF / Revenue | — | 3.4% |
| Capex IntensityCapex / Revenue | — | 2.9% |
| Cash ConversionOCF / Net Profit | 1.77× | 1.86× |
| TTM Free Cash FlowTrailing 4 quarters | — | $42.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $164.4M | $21.1M | ||
| Q3 25 | $19.8M | $15.6M | ||
| Q2 25 | $-27.0M | $2.9M | ||
| Q1 25 | $56.8M | $34.1M | ||
| Q4 24 | $112.9M | $2.7M | ||
| Q3 24 | $-27.4M | $24.5M | ||
| Q2 24 | $212.0K | $12.4M | ||
| Q1 24 | $5.8M | $20.2M |
| Q4 25 | — | $11.6M | ||
| Q3 25 | — | $7.5M | ||
| Q2 25 | — | $-4.2M | ||
| Q1 25 | — | $27.6M | ||
| Q4 24 | — | $-6.9M | ||
| Q3 24 | — | $18.0M | ||
| Q2 24 | — | $3.6M | ||
| Q1 24 | — | $9.8M |
| Q4 25 | — | 3.4% | ||
| Q3 25 | — | 2.2% | ||
| Q2 25 | — | -1.3% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | — | -2.1% | ||
| Q3 24 | — | 5.6% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 3.2% |
| Q4 25 | — | 2.9% | ||
| Q3 25 | — | 2.4% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | — | 2.9% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 3.4% |
| Q4 25 | 1.77× | 1.86× | ||
| Q3 25 | — | 1.32× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | 7.07× | 2.60× | ||
| Q4 24 | 1.49× | 0.27× | ||
| Q3 24 | — | 2.72× | ||
| Q2 24 | 0.00× | 1.35× | ||
| Q1 24 | 2.08× | 2.54× |
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% |
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
