vs
Side-by-side financial comparison of Madison Square Garden Entertainment Corp. (MSGE) and NNN REIT, INC. (NNN). 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 $238.4M, roughly 1.8× NNN REIT, INC.). NNN REIT, INC. runs the higher net margin — 40.2% vs 21.8%, 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 9.1%). Over the past eight quarters, Madison Square Garden Entertainment Corp.'s revenue compounded faster (48.9% CAGR vs 5.2%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
NNN Reit, Inc. is a real estate investment trust that invests primarily in restaurant properties that are subject to long-term triple net leases, usually under leaseback arrangements. It is organized in Maryland with its principal office in Orlando, Florida.
MSGE vs NNN — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $424.8M | $238.4M |
| Net Profit | $92.7M | $96.0M |
| Gross Margin | — | — |
| Operating Margin | 38.6% | 62.3% |
| Net Margin | 21.8% | 40.2% |
| Revenue YoY | 12.5% | 9.1% |
| Net Profit YoY | 22.2% | -2.0% |
| EPS (diluted) | $1.94 | $0.51 |
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 | $238.4M | ||
| Q3 25 | $154.1M | $230.2M | ||
| Q2 25 | $145.1M | $226.8M | ||
| Q1 25 | $206.0M | $230.9M | ||
| Q4 24 | $377.6M | $218.5M | ||
| Q3 24 | $134.1M | $218.6M | ||
| Q2 24 | $177.6M | $216.8M | ||
| Q1 24 | $191.6M | $215.4M |
| Q4 25 | $92.7M | $96.0M | ||
| Q3 25 | $-21.7M | $96.8M | ||
| Q2 25 | $-27.2M | $100.5M | ||
| Q1 25 | $8.0M | $96.5M | ||
| Q4 24 | $75.9M | $97.9M | ||
| Q3 24 | $-19.3M | $97.9M | ||
| Q2 24 | $66.9M | $106.7M | ||
| Q1 24 | $2.8M | $94.4M |
| Q4 25 | 38.6% | 62.3% | ||
| Q3 25 | -19.3% | 64.0% | ||
| Q2 25 | -17.7% | 66.0% | ||
| Q1 25 | 13.3% | 62.3% | ||
| Q4 24 | 36.8% | 65.8% | ||
| Q3 24 | -13.8% | 65.7% | ||
| Q2 24 | -5.0% | 70.2% | ||
| Q1 24 | 8.8% | 64.2% |
| Q4 25 | 21.8% | 40.2% | ||
| Q3 25 | -14.0% | 42.1% | ||
| Q2 25 | -18.7% | 44.3% | ||
| Q1 25 | 3.9% | 41.8% | ||
| Q4 24 | 20.1% | 44.8% | ||
| Q3 24 | -14.4% | 44.8% | ||
| Q2 24 | 37.7% | 49.2% | ||
| Q1 24 | 1.5% | 43.8% |
| Q4 25 | $1.94 | $0.51 | ||
| Q3 25 | $-0.46 | $0.51 | ||
| Q2 25 | $-0.56 | $0.54 | ||
| Q1 25 | $0.17 | $0.51 | ||
| Q4 24 | $1.56 | $0.52 | ||
| Q3 24 | $-0.40 | $0.53 | ||
| Q2 24 | $1.32 | $0.58 | ||
| Q1 24 | $0.06 | $0.52 |
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 | $5.0M |
| Total DebtLower is stronger | $554.6M | — |
| Stockholders' EquityBook value | $36.0M | $4.4B |
| Total Assets | $1.8B | $9.4B |
| Debt / EquityLower = less leverage | 15.40× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $157.1M | $5.0M | ||
| Q3 25 | $29.9M | $157.9M | ||
| Q2 25 | $43.0M | $6.0M | ||
| Q1 25 | $89.0M | $5.1M | ||
| Q4 24 | $54.9M | $8.7M | ||
| Q3 24 | $37.3M | $173.5M | ||
| Q2 24 | $33.3M | $2.1M | ||
| Q1 24 | $28.0M | $1.1M |
| 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 | $4.4B | ||
| Q3 25 | $-65.8M | $4.4B | ||
| Q2 25 | $-13.3M | $4.4B | ||
| Q1 25 | $9.5M | $4.4B | ||
| Q4 24 | $10.3M | $4.4B | ||
| Q3 24 | $-48.7M | $4.4B | ||
| Q2 24 | $-23.2M | $4.2B | ||
| Q1 24 | $-94.6M | $4.2B |
| Q4 25 | $1.8B | $9.4B | ||
| Q3 25 | $1.7B | $9.5B | ||
| Q2 25 | $1.7B | $9.1B | ||
| Q1 25 | $1.7B | $9.0B | ||
| Q4 24 | $1.6B | $8.9B | ||
| Q3 24 | $1.6B | $8.9B | ||
| Q2 24 | $1.6B | $8.7B | ||
| Q1 24 | $1.5B | $8.7B |
| 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 | $667.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 1.77× | 6.95× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $164.4M | $667.1M | ||
| Q3 25 | $19.8M | $218.3M | ||
| Q2 25 | $-27.0M | $119.4M | ||
| Q1 25 | $56.8M | $203.3M | ||
| Q4 24 | $112.9M | $635.5M | ||
| Q3 24 | $-27.4M | $206.6M | ||
| Q2 24 | $212.0K | $120.5M | ||
| Q1 24 | $5.8M | $190.7M |
| Q4 25 | 1.77× | 6.95× | ||
| Q3 25 | — | 2.25× | ||
| Q2 25 | — | 1.19× | ||
| Q1 25 | 7.07× | 2.11× | ||
| Q4 24 | 1.49× | 6.49× | ||
| Q3 24 | — | 2.11× | ||
| Q2 24 | 0.00× | 1.13× | ||
| Q1 24 | 2.08× | 2.02× |
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% |
NNN
Segment breakdown not available.
