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Side-by-side financial comparison of Madison Square Garden Entertainment Corp. (MSGE) and Skyward Specialty Insurance Group, Inc. (SKWD). Click either name above to swap in a different company.
Skyward Specialty Insurance Group, Inc. is the larger business by last-quarter revenue ($475.9M vs $424.8M, roughly 1.1× Madison Square Garden Entertainment Corp.). Madison Square Garden Entertainment Corp. runs the higher net margin — 21.8% vs 10.5%, a 11.4% gap on every dollar of revenue. On growth, Skyward Specialty Insurance Group, Inc. posted the faster year-over-year revenue change (44.8% vs 12.5%). Over the past eight quarters, Madison Square Garden Entertainment Corp.'s revenue compounded faster (48.9% CAGR vs 30.4%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
Skyward Specialty Insurance Group, Inc. is a specialty property and casualty insurance provider offering tailored coverage solutions including commercial auto, general liability, professional indemnity, and specialty property policies. It primarily serves small-to-medium enterprises and niche industry segments across the United States, focusing on underwriting complex, hard-to-place risks for underserved client groups.
MSGE vs SKWD — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $424.8M | $475.9M |
| Net Profit | $92.7M | $49.7M |
| Gross Margin | — | — |
| Operating Margin | 38.6% | 14.9% |
| Net Margin | 21.8% | 10.5% |
| Revenue YoY | 12.5% | 44.8% |
| Net Profit YoY | 22.2% | — |
| EPS (diluted) | $1.94 | $1.09 |
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.
| Q1 26 | — | $475.9M | ||
| Q4 25 | $424.8M | $385.6M | ||
| Q3 25 | $154.1M | $382.5M | ||
| Q2 25 | $145.1M | $319.9M | ||
| Q1 25 | $206.0M | $328.5M | ||
| Q4 24 | $377.6M | $304.4M | ||
| Q3 24 | $134.1M | $300.9M | ||
| Q2 24 | $177.6M | $279.9M |
| Q1 26 | — | $49.7M | ||
| Q4 25 | $92.7M | $43.2M | ||
| Q3 25 | $-21.7M | $45.9M | ||
| Q2 25 | $-27.2M | $38.8M | ||
| Q1 25 | $8.0M | $42.1M | ||
| Q4 24 | $75.9M | $14.4M | ||
| Q3 24 | $-19.3M | $36.7M | ||
| Q2 24 | $66.9M | $31.0M |
| Q1 26 | — | 14.9% | ||
| Q4 25 | 38.6% | 14.2% | ||
| Q3 25 | -19.3% | 15.8% | ||
| Q2 25 | -17.7% | 15.6% | ||
| Q1 25 | 13.3% | 15.7% | ||
| Q4 24 | 36.8% | 6.1% | ||
| Q3 24 | -13.8% | 15.6% | ||
| Q2 24 | -5.0% | 14.4% |
| Q1 26 | — | 10.5% | ||
| Q4 25 | 21.8% | 11.2% | ||
| Q3 25 | -14.0% | 12.0% | ||
| Q2 25 | -18.7% | 12.1% | ||
| Q1 25 | 3.9% | 12.8% | ||
| Q4 24 | 20.1% | 4.7% | ||
| Q3 24 | -14.4% | 12.2% | ||
| Q2 24 | 37.7% | 11.1% |
| Q1 26 | — | $1.09 | ||
| Q4 25 | $1.94 | $1.03 | ||
| Q3 25 | $-0.46 | $1.10 | ||
| Q2 25 | $-0.56 | $0.93 | ||
| Q1 25 | $0.17 | $1.01 | ||
| Q4 24 | $1.56 | $0.33 | ||
| Q3 24 | $-0.40 | $0.89 | ||
| Q2 24 | $1.32 | $0.75 |
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 | $4.1M |
| Total DebtLower is stronger | $554.6M | — |
| Stockholders' EquityBook value | $36.0M | $1.2B |
| Total Assets | $1.8B | $6.5B |
| Debt / EquityLower = less leverage | 15.40× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $4.1M | ||
| Q4 25 | $157.1M | $168.5M | ||
| Q3 25 | $29.9M | $160.1M | ||
| Q2 25 | $43.0M | $136.6M | ||
| Q1 25 | $89.0M | $112.9M | ||
| Q4 24 | $54.9M | $121.6M | ||
| Q3 24 | $37.3M | $105.6M | ||
| Q2 24 | $33.3M | $73.0M |
| Q1 26 | — | — | ||
| 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 26 | — | $1.2B | ||
| Q4 25 | $36.0M | $1.0B | ||
| Q3 25 | $-65.8M | $961.4M | ||
| Q2 25 | $-13.3M | $899.9M | ||
| Q1 25 | $9.5M | $850.7M | ||
| Q4 24 | $10.3M | $794.0M | ||
| Q3 24 | $-48.7M | $797.5M | ||
| Q2 24 | $-23.2M | $723.6M |
| Q1 26 | — | $6.5B | ||
| Q4 25 | $1.8B | $4.8B | ||
| Q3 25 | $1.7B | $4.6B | ||
| Q2 25 | $1.7B | $4.3B | ||
| Q1 25 | $1.7B | $4.0B | ||
| Q4 24 | $1.6B | $3.7B | ||
| Q3 24 | $1.6B | $3.6B | ||
| Q2 24 | $1.6B | $3.4B |
| Q1 26 | — | — | ||
| Q4 25 | 15.40× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 60.61× | — | ||
| Q4 24 | 56.61× | — | ||
| Q3 24 | — | — | ||
| Q2 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 | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 1.77× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $164.4M | $408.1M | ||
| Q3 25 | $19.8M | $171.4M | ||
| Q2 25 | $-27.0M | $88.2M | ||
| Q1 25 | $56.8M | $96.8M | ||
| Q4 24 | $112.9M | $305.1M | ||
| Q3 24 | $-27.4M | $168.0M | ||
| Q2 24 | $212.0K | $21.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $402.6M | ||
| Q3 25 | — | $168.9M | ||
| Q2 25 | — | $87.1M | ||
| Q1 25 | — | $96.6M | ||
| Q4 24 | — | $300.9M | ||
| Q3 24 | — | $167.6M | ||
| Q2 24 | — | $18.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | 104.4% | ||
| Q3 25 | — | 44.2% | ||
| Q2 25 | — | 27.2% | ||
| Q1 25 | — | 29.4% | ||
| Q4 24 | — | 98.8% | ||
| Q3 24 | — | 55.7% | ||
| Q2 24 | — | 6.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.4% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 0.9% |
| Q1 26 | — | — | ||
| Q4 25 | 1.77× | 9.44× | ||
| Q3 25 | — | 3.73× | ||
| Q2 25 | — | 2.27× | ||
| Q1 25 | 7.07× | 2.30× | ||
| Q4 24 | 1.49× | 21.18× | ||
| Q3 24 | — | 4.58× | ||
| Q2 24 | 0.00× | 0.68× |
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% |
SKWD
Segment breakdown not available.
