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Side-by-side financial comparison of Madison Square Garden Entertainment Corp. (MSGE) and Ralliant Corp (RAL). Click either name above to swap in a different company.
Ralliant Corp is the larger business by last-quarter revenue ($529.1M vs $424.8M, roughly 1.2× Madison Square Garden Entertainment Corp.). Madison Square Garden Entertainment Corp. runs the higher net margin — 21.8% vs 7.5%, a 14.3% gap on every dollar of revenue. On growth, Madison Square Garden Entertainment Corp. posted the faster year-over-year revenue change (12.5% vs -0.5%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
MSGE vs RAL — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $424.8M | $529.1M |
| Net Profit | $92.7M | $39.9M |
| Gross Margin | — | 50.8% |
| Operating Margin | 38.6% | 9.8% |
| Net Margin | 21.8% | 7.5% |
| Revenue YoY | 12.5% | -0.5% |
| Net Profit YoY | 22.2% | -56.1% |
| EPS (diluted) | $1.94 | $0.35 |
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 | $529.1M | ||
| Q2 25 | $145.1M | $503.3M | ||
| Q1 25 | $206.0M | — | ||
| Q4 24 | $377.6M | — | ||
| Q3 24 | $134.1M | $531.7M | ||
| Q2 24 | $177.6M | $533.7M | ||
| Q1 24 | $191.6M | — |
| Q4 25 | $92.7M | — | ||
| Q3 25 | $-21.7M | $39.9M | ||
| Q2 25 | $-27.2M | $47.6M | ||
| Q1 25 | $8.0M | — | ||
| Q4 24 | $75.9M | — | ||
| Q3 24 | $-19.3M | $90.9M | ||
| Q2 24 | $66.9M | $64.8M | ||
| Q1 24 | $2.8M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 50.8% | ||
| Q2 25 | — | 49.3% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 52.6% | ||
| Q2 24 | — | 51.5% | ||
| Q1 24 | — | — |
| Q4 25 | 38.6% | — | ||
| Q3 25 | -19.3% | 9.8% | ||
| Q2 25 | -17.7% | 11.7% | ||
| Q1 25 | 13.3% | — | ||
| Q4 24 | 36.8% | — | ||
| Q3 24 | -13.8% | 20.9% | ||
| Q2 24 | -5.0% | 19.7% | ||
| Q1 24 | 8.8% | — |
| Q4 25 | 21.8% | — | ||
| Q3 25 | -14.0% | 7.5% | ||
| Q2 25 | -18.7% | 9.5% | ||
| Q1 25 | 3.9% | — | ||
| Q4 24 | 20.1% | — | ||
| Q3 24 | -14.4% | 17.1% | ||
| Q2 24 | 37.7% | 12.1% | ||
| Q1 24 | 1.5% | — |
| Q4 25 | $1.94 | — | ||
| Q3 25 | $-0.46 | $0.35 | ||
| Q2 25 | $-0.56 | $0.42 | ||
| Q1 25 | $0.17 | — | ||
| Q4 24 | $1.56 | — | ||
| Q3 24 | $-0.40 | $0.81 | ||
| Q2 24 | $1.32 | $0.57 | ||
| 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 | $264.2M |
| Total DebtLower is stronger | $554.6M | $1.1B |
| Stockholders' EquityBook value | $36.0M | $3.0B |
| Total Assets | $1.8B | $5.3B |
| Debt / EquityLower = less leverage | 15.40× | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $157.1M | — | ||
| Q3 25 | $29.9M | $264.2M | ||
| Q2 25 | $43.0M | $198.6M | ||
| Q1 25 | $89.0M | — | ||
| Q4 24 | $54.9M | — | ||
| Q3 24 | $37.3M | — | ||
| Q2 24 | $33.3M | — | ||
| Q1 24 | $28.0M | — |
| Q4 25 | $554.6M | — | ||
| Q3 25 | $581.7M | $1.1B | ||
| Q2 25 | $568.8M | $1.1B | ||
| 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 | $3.0B | ||
| Q2 25 | $-13.3M | $3.0B | ||
| Q1 25 | $9.5M | — | ||
| Q4 24 | $10.3M | — | ||
| Q3 24 | $-48.7M | $4.0B | ||
| Q2 24 | $-23.2M | $4.0B | ||
| Q1 24 | $-94.6M | — |
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.7B | $5.3B | ||
| Q2 25 | $1.7B | $5.2B | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.6B | — | ||
| Q2 24 | $1.6B | — | ||
| Q1 24 | $1.5B | — |
| Q4 25 | 15.40× | — | ||
| Q3 25 | — | 0.39× | ||
| Q2 25 | — | 0.38× | ||
| 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 | $138.6M |
| Free Cash FlowOCF − Capex | — | $126.6M |
| FCF MarginFCF / Revenue | — | 23.9% |
| Capex IntensityCapex / Revenue | — | 2.3% |
| Cash ConversionOCF / Net Profit | 1.77× | 3.47× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $164.4M | — | ||
| Q3 25 | $19.8M | $138.6M | ||
| Q2 25 | $-27.0M | — | ||
| Q1 25 | $56.8M | — | ||
| Q4 24 | $112.9M | — | ||
| Q3 24 | $-27.4M | — | ||
| Q2 24 | $212.0K | — | ||
| Q1 24 | $5.8M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $126.6M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 23.9% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 2.3% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 1.77× | — | ||
| Q3 25 | — | 3.47× | ||
| 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
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% |
RAL
| Industrial Manufacturing | $111.1M | 21% |
| Defense And Space | $93.6M | 18% |
| Diversified Electronics | $91.0M | 17% |
| Test And Measurement | $76.8M | 15% |
| Communications | $60.7M | 11% |
| Semiconductors | $51.4M | 10% |
| Other Direct End Markets | $44.4M | 8% |
