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Side-by-side financial comparison of Madison Square Garden Entertainment Corp. (MSGE) and Perion Network Ltd. (PERI). 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 $368.7M, roughly 1.2× Perion Network Ltd.). Madison Square Garden Entertainment Corp. runs the higher net margin — 21.8% vs 2.1%, a 19.7% gap on every dollar of revenue. Over the past eight quarters, Madison Square Garden Entertainment Corp.'s revenue compounded faster (48.9% CAGR vs 16.4%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
Perion Network Ltd. is a publicly traded advertising technology company that provides digital advertising technology solutions to advertisers, agencies, retailers, and publishers. Its core offerings are delivered through Perion One, a unified omnichannel advertising platform designed to support campaign planning, activation, optimisation, and measurement across channels and verticals including connected television (CTV), digital out-of-home (DOOH), display, video advertising, as well as retai...
MSGE vs PERI — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $424.8M | $368.7M |
| Net Profit | $92.7M | $7.7M |
| Gross Margin | — | — |
| Operating Margin | 38.6% | 2.0% |
| Net Margin | 21.8% | 2.1% |
| Revenue YoY | 12.5% | — |
| Net Profit YoY | 22.2% | — |
| EPS (diluted) | $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 | $424.8M | — | ||
| Q3 25 | $154.1M | $368.7M | ||
| Q2 25 | $145.1M | $266.5M | ||
| Q1 25 | $206.0M | $157.8M | ||
| Q4 24 | $377.6M | — | ||
| Q3 24 | $134.1M | $508.9M | ||
| Q2 24 | $177.6M | $323.6M | ||
| Q1 24 | $191.6M | $145.2M |
| Q4 25 | $92.7M | — | ||
| Q3 25 | $-21.7M | $7.7M | ||
| Q2 25 | $-27.2M | $5.6M | ||
| Q1 25 | $8.0M | $11.8M | ||
| Q4 24 | $75.9M | — | ||
| Q3 24 | $-19.3M | $78.0M | ||
| Q2 24 | $66.9M | $45.2M | ||
| Q1 24 | $2.8M | $23.8M |
| Q4 25 | 38.6% | — | ||
| Q3 25 | -19.3% | 2.0% | ||
| Q2 25 | -17.7% | -1.7% | ||
| Q1 25 | 13.3% | 5.4% | ||
| Q4 24 | 36.8% | — | ||
| Q3 24 | -13.8% | 15.1% | ||
| Q2 24 | -5.0% | 13.7% | ||
| Q1 24 | 8.8% | 16.9% |
| Q4 25 | 21.8% | — | ||
| Q3 25 | -14.0% | 2.1% | ||
| Q2 25 | -18.7% | 2.1% | ||
| Q1 25 | 3.9% | 7.5% | ||
| Q4 24 | 20.1% | — | ||
| Q3 24 | -14.4% | 15.3% | ||
| Q2 24 | 37.7% | 14.0% | ||
| Q1 24 | 1.5% | 16.4% |
| Q4 25 | $1.94 | — | ||
| Q3 25 | $-0.46 | — | ||
| Q2 25 | $-0.56 | — | ||
| Q1 25 | $0.17 | — | ||
| Q4 24 | $1.56 | — | ||
| Q3 24 | $-0.40 | — | ||
| Q2 24 | $1.32 | — | ||
| Q1 24 | $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 | $157.1M | $156.2M |
| Total DebtLower is stronger | $554.6M | — |
| Stockholders' EquityBook value | $36.0M | $722.9M |
| Total Assets | $1.8B | $915.5M |
| Debt / EquityLower = less leverage | 15.40× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $157.1M | — | ||
| Q3 25 | $29.9M | $156.2M | ||
| Q2 25 | $43.0M | $156.2M | ||
| Q1 25 | $89.0M | $156.2M | ||
| Q4 24 | $54.9M | — | ||
| Q3 24 | $37.3M | $187.6M | ||
| Q2 24 | $33.3M | $187.6M | ||
| Q1 24 | $28.0M | $187.6M |
| 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 | — | ||
| Q3 25 | $-65.8M | $722.9M | ||
| Q2 25 | $-13.3M | $722.9M | ||
| Q1 25 | $9.5M | $722.9M | ||
| Q4 24 | $10.3M | — | ||
| Q3 24 | $-48.7M | $718.1M | ||
| Q2 24 | $-23.2M | $718.1M | ||
| Q1 24 | $-94.6M | $718.1M |
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.7B | $915.5M | ||
| Q2 25 | $1.7B | $915.5M | ||
| Q1 25 | $1.7B | $915.5M | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.6B | $1.1B | ||
| Q2 24 | $1.6B | $1.1B | ||
| Q1 24 | $1.5B | $1.1B |
| 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 | $2.6M |
| Free Cash FlowOCF − Capex | — | $-2.9M |
| FCF MarginFCF / Revenue | — | -0.8% |
| Capex IntensityCapex / Revenue | — | 1.5% |
| Cash ConversionOCF / Net Profit | 1.77× | 0.34× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $164.4M | — | ||
| Q3 25 | $19.8M | $2.6M | ||
| Q2 25 | $-27.0M | — | ||
| Q1 25 | $56.8M | — | ||
| Q4 24 | $112.9M | — | ||
| Q3 24 | $-27.4M | $105.2M | ||
| Q2 24 | $212.0K | — | ||
| Q1 24 | $5.8M | $17.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | $-2.9M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $104.7M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $17.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | -0.8% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 20.6% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 12.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.5% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.1% |
| Q4 25 | 1.77× | — | ||
| Q3 25 | — | 0.34× | ||
| Q2 25 | — | — | ||
| Q1 25 | 7.07× | — | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | — | 1.35× | ||
| Q2 24 | 0.00× | — | ||
| Q1 24 | 2.08× | 0.75× |
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% |
PERI
| Advertising Solutions | $231.4M | 63% |
| Search Advertising | $137.3M | 37% |
