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Side-by-side financial comparison of Madison Square Garden Entertainment Corp. (MSGE) and STARZ ENTERTAINMENT CORP (STRZ). 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 $320.9M, roughly 1.3× STARZ ENTERTAINMENT CORP). Madison Square Garden Entertainment Corp. runs the higher net margin — 21.8% vs -16.4%, a 38.2% gap on every dollar of revenue. On growth, Madison Square Garden Entertainment Corp. posted the faster year-over-year revenue change (12.5% vs -7.5%). Over the past eight quarters, Madison Square Garden Entertainment Corp.'s revenue compounded faster (48.9% CAGR vs -40.6%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
Starz Entertainment Corp., formerly known as Lions Gate Entertainment Corporation, or simply Lionsgate, is a Canadian-American entertainment company currently headquartered in Santa Monica, California. Founded by Frank Giustra on July 10, 1997, it is/was domiciled and incorporated in Vancouver, British Columbia.
MSGE vs STRZ — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $424.8M | $320.9M |
| Net Profit | $92.7M | $-52.6M |
| Gross Margin | — | — |
| Operating Margin | 38.6% | -10.8% |
| Net Margin | 21.8% | -16.4% |
| Revenue YoY | 12.5% | -7.5% |
| Net Profit YoY | 22.2% | -71.9% |
| EPS (diluted) | $1.94 | $-3.15 |
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 | $320.9M | ||
| Q2 25 | $145.1M | $319.7M | ||
| Q1 25 | $206.0M | — | ||
| Q4 24 | $377.6M | $970.5M | ||
| Q3 24 | $134.1M | $346.9M | ||
| Q2 24 | $177.6M | $347.6M | ||
| Q1 24 | $191.6M | — |
| Q4 25 | $92.7M | — | ||
| Q3 25 | $-21.7M | $-52.6M | ||
| Q2 25 | $-27.2M | $-42.5M | ||
| Q1 25 | $8.0M | — | ||
| Q4 24 | $75.9M | $-21.9M | ||
| Q3 24 | $-19.3M | $-30.6M | ||
| Q2 24 | $66.9M | $4.2M | ||
| Q1 24 | $2.8M | — |
| Q4 25 | 38.6% | — | ||
| Q3 25 | -19.3% | -10.8% | ||
| Q2 25 | -17.7% | -8.4% | ||
| Q1 25 | 13.3% | — | ||
| Q4 24 | 36.8% | 3.7% | ||
| Q3 24 | -13.8% | -4.9% | ||
| Q2 24 | -5.0% | 2.9% | ||
| Q1 24 | 8.8% | — |
| Q4 25 | 21.8% | — | ||
| Q3 25 | -14.0% | -16.4% | ||
| Q2 25 | -18.7% | -13.3% | ||
| Q1 25 | 3.9% | — | ||
| Q4 24 | 20.1% | -2.3% | ||
| Q3 24 | -14.4% | -8.8% | ||
| Q2 24 | 37.7% | 1.2% | ||
| Q1 24 | 1.5% | — |
| Q4 25 | $1.94 | — | ||
| Q3 25 | $-0.46 | $-3.15 | ||
| Q2 25 | $-0.56 | $-2.54 | ||
| Q1 25 | $0.17 | — | ||
| Q4 24 | $1.56 | $-0.09 | ||
| Q3 24 | $-0.40 | $-1.83 | ||
| Q2 24 | $1.32 | $0.26 | ||
| 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 | $37.0M |
| Total DebtLower is stronger | $554.6M | $608.7M |
| Stockholders' EquityBook value | $36.0M | $663.2M |
| Total Assets | $1.8B | $2.0B |
| Debt / EquityLower = less leverage | 15.40× | 0.92× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $157.1M | — | ||
| Q3 25 | $29.9M | $37.0M | ||
| Q2 25 | $43.0M | $51.6M | ||
| Q1 25 | $89.0M | — | ||
| Q4 24 | $54.9M | $200.5M | ||
| Q3 24 | $37.3M | $229.6M | ||
| Q2 24 | $33.3M | $192.5M | ||
| Q1 24 | $28.0M | — |
| Q4 25 | $554.6M | — | ||
| Q3 25 | $581.7M | $608.7M | ||
| Q2 25 | $568.8M | $611.7M | ||
| Q1 25 | $577.4M | — | ||
| Q4 24 | $584.7M | $2.4B | ||
| Q3 24 | $647.0M | $2.1B | ||
| Q2 24 | $599.2M | $1.5B | ||
| Q1 24 | $602.5M | — |
| Q4 25 | $36.0M | — | ||
| Q3 25 | $-65.8M | $663.2M | ||
| Q2 25 | $-13.3M | $712.3M | ||
| Q1 25 | $9.5M | — | ||
| Q4 24 | $10.3M | $-168.3M | ||
| Q3 24 | $-48.7M | $935.9M | ||
| Q2 24 | $-23.2M | $973.1M | ||
| Q1 24 | $-94.6M | — |
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.7B | $2.0B | ||
| Q2 25 | $1.7B | $2.1B | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.6B | $7.2B | ||
| Q3 24 | $1.6B | $7.1B | ||
| Q2 24 | $1.6B | $7.2B | ||
| Q1 24 | $1.5B | — |
| Q4 25 | 15.40× | — | ||
| Q3 25 | — | 0.92× | ||
| Q2 25 | — | 0.86× | ||
| Q1 25 | 60.61× | — | ||
| Q4 24 | 56.61× | — | ||
| Q3 24 | — | 2.24× | ||
| Q2 24 | — | 1.59× | ||
| 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 | $-26.1M |
| Free Cash FlowOCF − Capex | — | $-31.3M |
| FCF MarginFCF / Revenue | — | -9.8% |
| Capex IntensityCapex / Revenue | — | 1.6% |
| Cash ConversionOCF / Net Profit | 1.77× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-317.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $164.4M | — | ||
| Q3 25 | $19.8M | $-26.1M | ||
| Q2 25 | $-27.0M | $65.4M | ||
| Q1 25 | $56.8M | — | ||
| Q4 24 | $112.9M | $-335.3M | ||
| Q3 24 | $-27.4M | $9.1M | ||
| Q2 24 | $212.0K | $-33.5M | ||
| Q1 24 | $5.8M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $-31.3M | ||
| Q2 25 | — | $58.5M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-349.3M | ||
| Q3 24 | — | $4.4M | ||
| Q2 24 | — | $-38.4M | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -9.8% | ||
| Q2 25 | — | 18.3% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -36.0% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | -11.0% | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.6% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 1.4% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | — |
| Q4 25 | 1.77× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 7.07× | — | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.00× | -7.98× | ||
| 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% |
STRZ
| Over The Top Subscription Service OTT | $222.8M | 69% |
| Linear Subscription Service | $98.1M | 31% |
