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Side-by-side financial comparison of Madison Square Garden Sports Corp. (MSGS) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
NATIONAL FUEL GAS CO is the larger business by last-quarter revenue ($425.9M vs $403.4M, roughly 1.1× Madison Square Garden Sports Corp.). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 2.0%, a 33.7% gap on every dollar of revenue. On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs 1.7%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% CAGR vs -3.1%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
MSGS vs NFG — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $403.4M | $425.9M |
| Net Profit | $8.2M | $152.0M |
| Gross Margin | — | — |
| Operating Margin | 5.5% | 81.5% |
| Net Margin | 2.0% | 35.7% |
| Revenue YoY | 12.8% | 1.7% |
| Net Profit YoY | 641.9% | — |
| EPS (diluted) | $0.34 | $1.59 |
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 | — | $425.9M | ||
| Q4 25 | $403.4M | $637.9M | ||
| Q3 25 | $39.5M | $443.1M | ||
| Q2 25 | $204.0M | $527.4M | ||
| Q1 25 | $424.2M | $734.8M | ||
| Q4 24 | $357.8M | $513.8M | ||
| Q3 24 | $53.3M | $310.0M | ||
| Q2 24 | $227.3M | $338.6M |
| Q1 26 | — | $152.0M | ||
| Q4 25 | $8.2M | $181.6M | ||
| Q3 25 | $-8.8M | $107.3M | ||
| Q2 25 | $-1.8M | $149.8M | ||
| Q1 25 | $-14.2M | $216.4M | ||
| Q4 24 | $1.1M | $45.0M | ||
| Q3 24 | $-7.5M | $-167.6M | ||
| Q2 24 | $25.5M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 86.6% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 94.7% | ||
| Q1 25 | — | 81.6% | ||
| Q4 24 | — | 87.3% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 98.5% |
| Q1 26 | — | 81.5% | ||
| Q4 25 | 5.5% | 43.3% | ||
| Q3 25 | -69.5% | 40.6% | ||
| Q2 25 | -11.1% | 43.7% | ||
| Q1 25 | 7.6% | 43.2% | ||
| Q4 24 | 3.7% | 16.8% | ||
| Q3 24 | -15.5% | -63.4% | ||
| Q2 24 | 23.0% | -15.2% |
| Q1 26 | — | 35.7% | ||
| Q4 25 | 2.0% | 28.5% | ||
| Q3 25 | -22.3% | 24.2% | ||
| Q2 25 | -0.9% | 28.4% | ||
| Q1 25 | -3.4% | 29.4% | ||
| Q4 24 | 0.3% | 8.8% | ||
| Q3 24 | -14.1% | -54.1% | ||
| Q2 24 | 11.2% | -16.0% |
| Q1 26 | — | $1.59 | ||
| Q4 25 | $0.34 | $1.98 | ||
| Q3 25 | $-0.37 | $1.18 | ||
| Q2 25 | $-0.08 | $1.64 | ||
| Q1 25 | $-0.59 | $2.37 | ||
| Q4 24 | $0.05 | $0.49 | ||
| Q3 24 | $-0.31 | $-1.81 | ||
| Q2 24 | $1.07 | $-0.59 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $81.3M | — |
| Total DebtLower is stronger | — | $300.0M |
| Stockholders' EquityBook value | $-282.1M | — |
| Total Assets | $1.5B | $9.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $81.3M | $271.4M | ||
| Q3 25 | $48.6M | $43.2M | ||
| Q2 25 | $144.6M | $39.3M | ||
| Q1 25 | $96.5M | $40.0M | ||
| Q4 24 | $107.8M | $48.7M | ||
| Q3 24 | $52.3M | $38.2M | ||
| Q2 24 | $89.1M | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | $-282.1M | $3.6B | ||
| Q3 25 | $-294.2M | $3.1B | ||
| Q2 25 | $-281.4M | $3.0B | ||
| Q1 25 | $-283.4M | $2.8B | ||
| Q4 24 | $-273.1M | $-76.2M | ||
| Q3 24 | $-277.5M | $-15.5M | ||
| Q2 24 | $-266.3M | $5.0M |
| Q1 26 | — | $9.1B | ||
| Q4 25 | $1.5B | $9.2B | ||
| Q3 25 | $1.5B | $8.7B | ||
| Q2 25 | $1.5B | $8.4B | ||
| Q1 25 | $1.5B | $8.5B | ||
| Q4 24 | $1.4B | $8.3B | ||
| Q3 24 | $1.4B | $8.3B | ||
| Q2 24 | $1.3B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 532.10× |
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 | $32.4M | $657.3M |
| Free Cash FlowOCF − Capex | $31.6M | — |
| FCF MarginFCF / Revenue | 7.8% | — |
| Capex IntensityCapex / Revenue | 0.2% | 117.0% |
| Cash ConversionOCF / Net Profit | 3.94× | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | $-480.0K | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $32.4M | $274.9M | ||
| Q3 25 | $-85.0M | $237.8M | ||
| Q2 25 | $49.7M | $388.4M | ||
| Q1 25 | $6.3M | $253.8M | ||
| Q4 24 | $61.8M | $220.1M | ||
| Q3 24 | $-26.2M | $197.9M | ||
| Q2 24 | $108.4M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $31.6M | $-2.7M | ||
| Q3 25 | $-85.3M | $-47.8M | ||
| Q2 25 | $49.4M | $195.3M | ||
| Q1 25 | $3.9M | $59.9M | ||
| Q4 24 | $61.2M | $-20.3M | ||
| Q3 24 | $-26.5M | $-49.1M | ||
| Q2 24 | $108.0M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | 7.8% | -0.4% | ||
| Q3 25 | -216.3% | -10.8% | ||
| Q2 25 | 24.2% | 37.0% | ||
| Q1 25 | 0.9% | 8.2% | ||
| Q4 24 | 17.1% | -4.0% | ||
| Q3 24 | -49.7% | -15.8% | ||
| Q2 24 | 47.5% | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | 0.2% | 43.5% | ||
| Q3 25 | 0.9% | 64.4% | ||
| Q2 25 | 0.2% | 36.6% | ||
| Q1 25 | 0.6% | 26.4% | ||
| Q4 24 | 0.1% | 46.8% | ||
| Q3 24 | 0.7% | 79.7% | ||
| Q2 24 | 0.2% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | 3.94× | 1.51× | ||
| Q3 25 | — | 2.21× | ||
| Q2 25 | — | 2.59× | ||
| Q1 25 | — | 1.17× | ||
| Q4 24 | 55.61× | 4.89× | ||
| Q3 24 | — | — | ||
| Q2 24 | 4.25× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 4% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
