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Side-by-side financial comparison of Madison Square Garden Entertainment Corp. (MSGE) and WATTS WATER TECHNOLOGIES INC (WTS). Click either name above to swap in a different company.
WATTS WATER TECHNOLOGIES INC is the larger business by last-quarter revenue ($625.1M vs $424.8M, roughly 1.5× Madison Square Garden Entertainment Corp.). Madison Square Garden Entertainment Corp. runs the higher net margin — 21.8% vs 13.4%, a 8.4% gap on every dollar of revenue. On growth, WATTS WATER TECHNOLOGIES INC posted the faster year-over-year revenue change (15.7% vs 12.5%). Over the past eight quarters, Madison Square Garden Entertainment Corp.'s revenue compounded faster (48.9% CAGR vs 4.6%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
AERCO International, Inc. is a manufacturer and supplier of commercial condensing boilers, high efficiency water heating equipment and energy recovery systems in the HVAC/plumbing industry across a variety of markets including education, lodging, government, office buildings, healthcare, industrial and multifamily housing. In 1949, AERCO introduced the industry's first semi-instantaneous, tankless steam-to-water water heater. In 1988, AERCO introduced the first condensing and fully modulating...
MSGE vs WTS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $424.8M | $625.1M |
| Net Profit | $92.7M | $83.7M |
| Gross Margin | — | 49.5% |
| Operating Margin | 38.6% | 18.2% |
| Net Margin | 21.8% | 13.4% |
| Revenue YoY | 12.5% | 15.7% |
| Net Profit YoY | 22.2% | 24.0% |
| EPS (diluted) | $1.94 | $2.50 |
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 | $625.1M | ||
| Q3 25 | $154.1M | $611.7M | ||
| Q2 25 | $145.1M | $643.7M | ||
| Q1 25 | $206.0M | $558.0M | ||
| Q4 24 | $377.6M | $540.4M | ||
| Q3 24 | $134.1M | $543.6M | ||
| Q2 24 | $177.6M | $597.3M | ||
| Q1 24 | $191.6M | $570.9M |
| Q4 25 | $92.7M | $83.7M | ||
| Q3 25 | $-21.7M | $82.2M | ||
| Q2 25 | $-27.2M | $100.9M | ||
| Q1 25 | $8.0M | $74.0M | ||
| Q4 24 | $75.9M | $67.5M | ||
| Q3 24 | $-19.3M | $69.1M | ||
| Q2 24 | $66.9M | $82.0M | ||
| Q1 24 | $2.8M | $72.6M |
| Q4 25 | — | 49.5% | ||
| Q3 25 | — | 48.8% | ||
| Q2 25 | — | 50.6% | ||
| Q1 25 | — | 48.8% | ||
| Q4 24 | — | 46.7% | ||
| Q3 24 | — | 47.3% | ||
| Q2 24 | — | 47.7% | ||
| Q1 24 | — | 46.9% |
| Q4 25 | 38.6% | 18.2% | ||
| Q3 25 | -19.3% | 18.2% | ||
| Q2 25 | -17.7% | 21.0% | ||
| Q1 25 | 13.3% | 15.7% | ||
| Q4 24 | 36.8% | 16.5% | ||
| Q3 24 | -13.8% | 17.1% | ||
| Q2 24 | -5.0% | 18.7% | ||
| Q1 24 | 8.8% | 16.9% |
| Q4 25 | 21.8% | 13.4% | ||
| Q3 25 | -14.0% | 13.4% | ||
| Q2 25 | -18.7% | 15.7% | ||
| Q1 25 | 3.9% | 13.3% | ||
| Q4 24 | 20.1% | 12.5% | ||
| Q3 24 | -14.4% | 12.7% | ||
| Q2 24 | 37.7% | 13.7% | ||
| Q1 24 | 1.5% | 12.7% |
| Q4 25 | $1.94 | $2.50 | ||
| Q3 25 | $-0.46 | $2.45 | ||
| Q2 25 | $-0.56 | $3.01 | ||
| Q1 25 | $0.17 | $2.21 | ||
| Q4 24 | $1.56 | $2.02 | ||
| Q3 24 | $-0.40 | $2.06 | ||
| Q2 24 | $1.32 | $2.44 | ||
| Q1 24 | $0.06 | $2.17 |
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 | $405.5M |
| Total DebtLower is stronger | $554.6M | — |
| Stockholders' EquityBook value | $36.0M | $2.0B |
| Total Assets | $1.8B | $2.9B |
| Debt / EquityLower = less leverage | 15.40× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $157.1M | $405.5M | ||
| Q3 25 | $29.9M | $457.7M | ||
| Q2 25 | $43.0M | $369.3M | ||
| Q1 25 | $89.0M | $336.8M | ||
| Q4 24 | $54.9M | $386.9M | ||
| Q3 24 | $37.3M | $303.9M | ||
| Q2 24 | $33.3M | $279.4M | ||
| Q1 24 | $28.0M | $237.1M |
| 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 | $2.0B | ||
| Q3 25 | $-65.8M | $2.0B | ||
| Q2 25 | $-13.3M | $1.9B | ||
| Q1 25 | $9.5M | $1.8B | ||
| Q4 24 | $10.3M | $1.7B | ||
| Q3 24 | $-48.7M | $1.7B | ||
| Q2 24 | $-23.2M | $1.6B | ||
| Q1 24 | $-94.6M | $1.6B |
| Q4 25 | $1.8B | $2.9B | ||
| Q3 25 | $1.7B | $2.7B | ||
| Q2 25 | $1.7B | $2.6B | ||
| Q1 25 | $1.7B | $2.5B | ||
| Q4 24 | $1.6B | $2.4B | ||
| Q3 24 | $1.6B | $2.4B | ||
| Q2 24 | $1.6B | $2.4B | ||
| Q1 24 | $1.5B | $2.3B |
| 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 | $154.7M |
| Free Cash FlowOCF − Capex | — | $140.3M |
| FCF MarginFCF / Revenue | — | 22.4% |
| Capex IntensityCapex / Revenue | — | 2.3% |
| Cash ConversionOCF / Net Profit | 1.77× | 1.85× |
| TTM Free Cash FlowTrailing 4 quarters | — | $356.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $164.4M | $154.7M | ||
| Q3 25 | $19.8M | $122.4M | ||
| Q2 25 | $-27.0M | $69.7M | ||
| Q1 25 | $56.8M | $55.2M | ||
| Q4 24 | $112.9M | $139.5M | ||
| Q3 24 | $-27.4M | $90.7M | ||
| Q2 24 | $212.0K | $85.3M | ||
| Q1 24 | $5.8M | $45.6M |
| Q4 25 | — | $140.3M | ||
| Q3 25 | — | $110.9M | ||
| Q2 25 | — | $59.5M | ||
| Q1 25 | — | $45.6M | ||
| Q4 24 | — | $127.5M | ||
| Q3 24 | — | $84.3M | ||
| Q2 24 | — | $78.5M | ||
| Q1 24 | — | $35.5M |
| Q4 25 | — | 22.4% | ||
| Q3 25 | — | 18.1% | ||
| Q2 25 | — | 9.2% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | — | 23.6% | ||
| Q3 24 | — | 15.5% | ||
| Q2 24 | — | 13.1% | ||
| Q1 24 | — | 6.2% |
| Q4 25 | — | 2.3% | ||
| Q3 25 | — | 1.9% | ||
| Q2 25 | — | 1.6% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 1.1% | ||
| Q1 24 | — | 1.8% |
| Q4 25 | 1.77× | 1.85× | ||
| Q3 25 | — | 1.49× | ||
| Q2 25 | — | 0.69× | ||
| Q1 25 | 7.07× | 0.75× | ||
| Q4 24 | 1.49× | 2.07× | ||
| Q3 24 | — | 1.31× | ||
| Q2 24 | 0.00× | 1.04× | ||
| Q1 24 | 2.08× | 0.63× |
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% |
WTS
Segment breakdown not available.
