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Side-by-side financial comparison of Madison Square Garden Entertainment Corp. (MSGE) and Bristow Group Inc. (VTOL). 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 $377.3M, roughly 1.1× Bristow Group Inc.). Madison Square Garden Entertainment Corp. runs the higher net margin — 21.8% vs 4.9%, a 16.9% gap on every dollar of revenue. On growth, Madison Square Garden Entertainment Corp. posted the faster year-over-year revenue change (12.5% vs 6.7%). Over the past eight quarters, Madison Square Garden Entertainment Corp.'s revenue compounded faster (48.9% CAGR vs 5.8%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
Bristow Helicopters Limited is a British civil helicopter operator originally based at Aberdeen Airport, Scotland, which is currently a part of the U.S.-based Bristow Group which in turn has its corporate headquarters in Houston, Texas, U.S. In 2020, Bristow Group was merged with Era Helicopters, a large U.S.-based commercial helicopter operator that was previously a division of Era Aviation, with the two companies then continuing to use the Bristow name.
MSGE vs VTOL — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $424.8M | $377.3M |
| Net Profit | $92.7M | $18.4M |
| Gross Margin | — | — |
| Operating Margin | 38.6% | 8.5% |
| Net Margin | 21.8% | 4.9% |
| Revenue YoY | 12.5% | 6.7% |
| Net Profit YoY | 22.2% | -42.1% |
| EPS (diluted) | $1.94 | $0.61 |
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 | $377.3M | ||
| Q3 25 | $154.1M | $386.3M | ||
| Q2 25 | $145.1M | $376.4M | ||
| Q1 25 | $206.0M | $350.5M | ||
| Q4 24 | $377.6M | $353.5M | ||
| Q3 24 | $134.1M | $365.1M | ||
| Q2 24 | $177.6M | $359.7M | ||
| Q1 24 | $191.6M | $337.1M |
| Q4 25 | $92.7M | $18.4M | ||
| Q3 25 | $-21.7M | $51.5M | ||
| Q2 25 | $-27.2M | $31.7M | ||
| Q1 25 | $8.0M | $27.4M | ||
| Q4 24 | $75.9M | $31.8M | ||
| Q3 24 | $-19.3M | $28.2M | ||
| Q2 24 | $66.9M | $28.2M | ||
| Q1 24 | $2.8M | $6.6M |
| Q4 25 | 38.6% | 8.5% | ||
| Q3 25 | -19.3% | 13.1% | ||
| Q2 25 | -17.7% | 11.3% | ||
| Q1 25 | 13.3% | 9.6% | ||
| Q4 24 | 36.8% | 9.0% | ||
| Q3 24 | -13.8% | 9.1% | ||
| Q2 24 | -5.0% | 12.4% | ||
| Q1 24 | 8.8% | 6.8% |
| Q4 25 | 21.8% | 4.9% | ||
| Q3 25 | -14.0% | 13.3% | ||
| Q2 25 | -18.7% | 8.4% | ||
| Q1 25 | 3.9% | 7.8% | ||
| Q4 24 | 20.1% | 9.0% | ||
| Q3 24 | -14.4% | 7.7% | ||
| Q2 24 | 37.7% | 7.8% | ||
| Q1 24 | 1.5% | 2.0% |
| Q4 25 | $1.94 | $0.61 | ||
| Q3 25 | $-0.46 | $1.72 | ||
| Q2 25 | $-0.56 | $1.07 | ||
| Q1 25 | $0.17 | $0.92 | ||
| Q4 24 | $1.56 | $1.07 | ||
| Q3 24 | $-0.40 | $0.95 | ||
| Q2 24 | $1.32 | $0.96 | ||
| Q1 24 | $0.06 | $0.23 |
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 | $286.2M |
| Total DebtLower is stronger | $554.6M | $671.5M |
| Stockholders' EquityBook value | $36.0M | $1.1B |
| Total Assets | $1.8B | $2.3B |
| Debt / EquityLower = less leverage | 15.40× | 0.63× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $157.1M | $286.2M | ||
| Q3 25 | $29.9M | $245.5M | ||
| Q2 25 | $43.0M | $251.8M | ||
| Q1 25 | $89.0M | $191.1M | ||
| Q4 24 | $54.9M | $247.5M | ||
| Q3 24 | $37.3M | $200.3M | ||
| Q2 24 | $33.3M | $178.6M | ||
| Q1 24 | $28.0M | $140.6M |
| Q4 25 | $554.6M | $671.5M | ||
| Q3 25 | $581.7M | $675.0M | ||
| Q2 25 | $568.8M | $705.2M | ||
| Q1 25 | $577.4M | $701.9M | ||
| Q4 24 | $584.7M | $689.8M | ||
| Q3 24 | $647.0M | $629.1M | ||
| Q2 24 | $599.2M | $594.2M | ||
| Q1 24 | $602.5M | $544.1M |
| Q4 25 | $36.0M | $1.1B | ||
| Q3 25 | $-65.8M | $1.0B | ||
| Q2 25 | $-13.3M | $984.4M | ||
| Q1 25 | $9.5M | $931.7M | ||
| Q4 24 | $10.3M | $891.7M | ||
| Q3 24 | $-48.7M | $899.2M | ||
| Q2 24 | $-23.2M | $849.1M | ||
| Q1 24 | $-94.6M | $820.7M |
| Q4 25 | $1.8B | $2.3B | ||
| Q3 25 | $1.7B | $2.3B | ||
| Q2 25 | $1.7B | $2.3B | ||
| Q1 25 | $1.7B | $2.2B | ||
| Q4 24 | $1.6B | $2.1B | ||
| Q3 24 | $1.6B | $2.1B | ||
| Q2 24 | $1.6B | $2.0B | ||
| Q1 24 | $1.5B | $1.9B |
| Q4 25 | 15.40× | 0.63× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | 0.72× | ||
| Q1 25 | 60.61× | 0.75× | ||
| Q4 24 | 56.61× | 0.77× | ||
| Q3 24 | — | 0.70× | ||
| Q2 24 | — | 0.70× | ||
| Q1 24 | — | 0.66× |
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 | $76.9M |
| Free Cash FlowOCF − Capex | — | $47.8M |
| FCF MarginFCF / Revenue | — | 12.7% |
| Capex IntensityCapex / Revenue | — | 7.7% |
| Cash ConversionOCF / Net Profit | 1.77× | 4.17× |
| TTM Free Cash FlowTrailing 4 quarters | — | $56.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $164.4M | $76.9M | ||
| Q3 25 | $19.8M | $23.1M | ||
| Q2 25 | $-27.0M | $99.0M | ||
| Q1 25 | $56.8M | $-603.0K | ||
| Q4 24 | $112.9M | $51.1M | ||
| Q3 24 | $-27.4M | $66.0M | ||
| Q2 24 | $212.0K | $33.7M | ||
| Q1 24 | $5.8M | $26.7M |
| Q4 25 | — | $47.8M | ||
| Q3 25 | — | $-6.2M | ||
| Q2 25 | — | $67.4M | ||
| Q1 25 | — | $-52.7M | ||
| Q4 24 | — | $-32.4M | ||
| Q3 24 | — | $9.0M | ||
| Q2 24 | — | $-16.7M | ||
| Q1 24 | — | $-37.9M |
| Q4 25 | — | 12.7% | ||
| Q3 25 | — | -1.6% | ||
| Q2 25 | — | 17.9% | ||
| Q1 25 | — | -15.0% | ||
| Q4 24 | — | -9.2% | ||
| Q3 24 | — | 2.5% | ||
| Q2 24 | — | -4.6% | ||
| Q1 24 | — | -11.2% |
| Q4 25 | — | 7.7% | ||
| Q3 25 | — | 7.6% | ||
| Q2 25 | — | 8.4% | ||
| Q1 25 | — | 14.9% | ||
| Q4 24 | — | 23.6% | ||
| Q3 24 | — | 15.6% | ||
| Q2 24 | — | 14.0% | ||
| Q1 24 | — | 19.2% |
| Q4 25 | 1.77× | 4.17× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 3.12× | ||
| Q1 25 | 7.07× | -0.02× | ||
| Q4 24 | 1.49× | 1.61× | ||
| Q3 24 | — | 2.34× | ||
| Q2 24 | 0.00× | 1.20× | ||
| Q1 24 | 2.08× | 4.04× |
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% |
VTOL
| Offshore Energy Services | $247.5M | 66% |
| Government Services | $100.1M | 27% |
| Other | $21.9M | 6% |
| Related Party | $7.8M | 2% |
