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Side-by-side financial comparison of Madison Square Garden Sports Corp. (MSGS) and Natera, Inc. (NTRA). Click either name above to swap in a different company.
Natera, Inc. is the larger business by last-quarter revenue ($665.5M vs $403.4M, roughly 1.6× Madison Square Garden Sports Corp.). Natera, Inc. runs the higher net margin — 7.1% vs 2.0%, a 5.1% gap on every dollar of revenue. On growth, Natera, Inc. posted the faster year-over-year revenue change (39.8% vs 12.8%). Natera, Inc. produced more free cash flow last quarter ($37.8M vs $31.6M). Over the past eight quarters, Natera, Inc.'s revenue compounded faster (34.5% CAGR vs -3.1%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
Natera, Inc. is a clinical genetic testing company based in Austin, Texas that specializes in non-invasive, cell-free DNA (cfDNA) testing technology, with a focus on women’s health, cancer, and organ health. Natera’s proprietary technology combines novel molecular biology techniques with a suite of bioinformatics software that allows detection down to a single molecule in a tube of blood. Natera operates CAP-accredited laboratories certified under the Clinical Laboratory Improvement Amendment...
MSGS vs NTRA — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $403.4M | $665.5M |
| Net Profit | $8.2M | $47.3M |
| Gross Margin | — | — |
| Operating Margin | 5.5% | -3.4% |
| Net Margin | 2.0% | 7.1% |
| Revenue YoY | 12.8% | 39.8% |
| Net Profit YoY | 641.9% | 187.9% |
| EPS (diluted) | $0.34 | $0.36 |
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 | $403.4M | $665.5M | ||
| Q3 25 | $39.5M | $592.2M | ||
| Q2 25 | $204.0M | $546.6M | ||
| Q1 25 | $424.2M | $501.8M | ||
| Q4 24 | $357.8M | $476.1M | ||
| Q3 24 | $53.3M | $439.8M | ||
| Q2 24 | $227.3M | $413.4M | ||
| Q1 24 | $430.0M | $367.7M |
| Q4 25 | $8.2M | $47.3M | ||
| Q3 25 | $-8.8M | $-87.5M | ||
| Q2 25 | $-1.8M | $-100.9M | ||
| Q1 25 | $-14.2M | $-66.9M | ||
| Q4 24 | $1.1M | $-53.8M | ||
| Q3 24 | $-7.5M | $-31.6M | ||
| Q2 24 | $25.5M | $-37.5M | ||
| Q1 24 | $37.9M | $-67.6M |
| Q4 25 | 5.5% | -3.4% | ||
| Q3 25 | -69.5% | -16.5% | ||
| Q2 25 | -11.1% | -20.2% | ||
| Q1 25 | 7.6% | -15.8% | ||
| Q4 24 | 3.7% | -13.6% | ||
| Q3 24 | -15.5% | -8.9% | ||
| Q2 24 | 23.0% | -10.6% | ||
| Q1 24 | 18.5% | -20.2% |
| Q4 25 | 2.0% | 7.1% | ||
| Q3 25 | -22.3% | -14.8% | ||
| Q2 25 | -0.9% | -18.5% | ||
| Q1 25 | -3.4% | -13.3% | ||
| Q4 24 | 0.3% | -11.3% | ||
| Q3 24 | -14.1% | -7.2% | ||
| Q2 24 | 11.2% | -9.1% | ||
| Q1 24 | 8.8% | -18.4% |
| Q4 25 | $0.34 | $0.36 | ||
| Q3 25 | $-0.37 | $-0.64 | ||
| Q2 25 | $-0.08 | $-0.74 | ||
| Q1 25 | $-0.59 | $-0.50 | ||
| Q4 24 | $0.05 | $-0.41 | ||
| Q3 24 | $-0.31 | $-0.26 | ||
| Q2 24 | $1.07 | $-0.30 | ||
| Q1 24 | $1.57 | $-0.56 |
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 | — | — |
| Stockholders' EquityBook value | $-282.1M | $1.7B |
| Total Assets | $1.5B | $2.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.3M | — | ||
| Q3 25 | $48.6M | $1.0M | ||
| Q2 25 | $144.6M | $16.0M | ||
| Q1 25 | $96.5M | $17.8M | ||
| Q4 24 | $107.8M | $22.7M | ||
| Q3 24 | $52.3M | $29.5M | ||
| Q2 24 | $89.1M | $90.3M | ||
| Q1 24 | $40.0M | $69.1M |
| Q4 25 | $-282.1M | $1.7B | ||
| Q3 25 | $-294.2M | $1.3B | ||
| Q2 25 | $-281.4M | $1.2B | ||
| Q1 25 | $-283.4M | $1.2B | ||
| Q4 24 | $-273.1M | $1.2B | ||
| Q3 24 | $-277.5M | $878.5M | ||
| Q2 24 | $-266.3M | $836.5M | ||
| Q1 24 | $-294.0M | $794.1M |
| Q4 25 | $1.5B | $2.4B | ||
| Q3 25 | $1.5B | $1.8B | ||
| Q2 25 | $1.5B | $1.8B | ||
| Q1 25 | $1.5B | $1.7B | ||
| Q4 24 | $1.4B | $1.7B | ||
| Q3 24 | $1.4B | $1.6B | ||
| Q2 24 | $1.3B | $1.5B | ||
| Q1 24 | $1.4B | $1.5B |
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 | $73.9M |
| Free Cash FlowOCF − Capex | $31.6M | $37.8M |
| FCF MarginFCF / Revenue | 7.8% | 5.7% |
| Capex IntensityCapex / Revenue | 0.2% | 5.4% |
| Cash ConversionOCF / Net Profit | 3.94× | 1.56× |
| TTM Free Cash FlowTrailing 4 quarters | $-480.0K | $109.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $32.4M | $73.9M | ||
| Q3 25 | $-85.0M | $59.4M | ||
| Q2 25 | $49.7M | $37.6M | ||
| Q1 25 | $6.3M | $44.5M | ||
| Q4 24 | $61.8M | $52.9M | ||
| Q3 24 | $-26.2M | $51.8M | ||
| Q2 24 | $108.4M | $4.0M | ||
| Q1 24 | $4.0M | $27.0M |
| Q4 25 | $31.6M | $37.8M | ||
| Q3 25 | $-85.3M | $37.0M | ||
| Q2 25 | $49.4M | $11.7M | ||
| Q1 25 | $3.9M | $22.6M | ||
| Q4 24 | $61.2M | $34.8M | ||
| Q3 24 | $-26.5M | $35.5M | ||
| Q2 24 | $108.0M | $-7.7M | ||
| Q1 24 | $3.9M | $6.7M |
| Q4 25 | 7.8% | 5.7% | ||
| Q3 25 | -216.3% | 6.2% | ||
| Q2 25 | 24.2% | 2.1% | ||
| Q1 25 | 0.9% | 4.5% | ||
| Q4 24 | 17.1% | 7.3% | ||
| Q3 24 | -49.7% | 8.1% | ||
| Q2 24 | 47.5% | -1.9% | ||
| Q1 24 | 0.9% | 1.8% |
| Q4 25 | 0.2% | 5.4% | ||
| Q3 25 | 0.9% | 3.8% | ||
| Q2 25 | 0.2% | 4.7% | ||
| Q1 25 | 0.6% | 4.3% | ||
| Q4 24 | 0.1% | 3.8% | ||
| Q3 24 | 0.7% | 3.7% | ||
| Q2 24 | 0.2% | 2.8% | ||
| Q1 24 | 0.0% | 5.5% |
| Q4 25 | 3.94× | 1.56× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 55.61× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 4.25× | — | ||
| Q1 24 | 0.11× | — |
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% |
NTRA
Segment breakdown not available.
