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Side-by-side financial comparison of Madison Square Garden Sports Corp. (MSGS) and Perion Network Ltd. (PERI). Click either name above to swap in a different company.
Madison Square Garden Sports Corp. is the larger business by last-quarter revenue ($403.4M vs $368.7M, roughly 1.1× Perion Network Ltd.). Perion Network Ltd. runs the higher net margin — 2.1% vs 2.0%, a 0.0% gap on every dollar of revenue. Madison Square Garden Sports Corp. produced more free cash flow last quarter ($31.6M vs $-2.9M). Over the past eight quarters, Perion Network Ltd.'s revenue compounded faster (16.4% CAGR vs -3.1%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
Perion Network Ltd. is a publicly traded advertising technology company that provides digital advertising technology solutions to advertisers, agencies, retailers, and publishers. Its core offerings are delivered through Perion One, a unified omnichannel advertising platform designed to support campaign planning, activation, optimisation, and measurement across channels and verticals including connected television (CTV), digital out-of-home (DOOH), display, video advertising, as well as retai...
MSGS vs PERI — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $403.4M | $368.7M |
| Net Profit | $8.2M | $7.7M |
| Gross Margin | — | — |
| Operating Margin | 5.5% | 2.0% |
| Net Margin | 2.0% | 2.1% |
| Revenue YoY | 12.8% | — |
| Net Profit YoY | 641.9% | — |
| EPS (diluted) | $0.34 | — |
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 | — | ||
| Q3 25 | $39.5M | $368.7M | ||
| Q2 25 | $204.0M | $266.5M | ||
| Q1 25 | $424.2M | $157.8M | ||
| Q4 24 | $357.8M | — | ||
| Q3 24 | $53.3M | $508.9M | ||
| Q2 24 | $227.3M | $323.6M | ||
| Q1 24 | $430.0M | $145.2M |
| Q4 25 | $8.2M | — | ||
| Q3 25 | $-8.8M | $7.7M | ||
| Q2 25 | $-1.8M | $5.6M | ||
| Q1 25 | $-14.2M | $11.8M | ||
| Q4 24 | $1.1M | — | ||
| Q3 24 | $-7.5M | $78.0M | ||
| Q2 24 | $25.5M | $45.2M | ||
| Q1 24 | $37.9M | $23.8M |
| Q4 25 | 5.5% | — | ||
| Q3 25 | -69.5% | 2.0% | ||
| Q2 25 | -11.1% | -1.7% | ||
| Q1 25 | 7.6% | 5.4% | ||
| Q4 24 | 3.7% | — | ||
| Q3 24 | -15.5% | 15.1% | ||
| Q2 24 | 23.0% | 13.7% | ||
| Q1 24 | 18.5% | 16.9% |
| Q4 25 | 2.0% | — | ||
| Q3 25 | -22.3% | 2.1% | ||
| Q2 25 | -0.9% | 2.1% | ||
| Q1 25 | -3.4% | 7.5% | ||
| Q4 24 | 0.3% | — | ||
| Q3 24 | -14.1% | 15.3% | ||
| Q2 24 | 11.2% | 14.0% | ||
| Q1 24 | 8.8% | 16.4% |
| Q4 25 | $0.34 | — | ||
| Q3 25 | $-0.37 | — | ||
| Q2 25 | $-0.08 | — | ||
| Q1 25 | $-0.59 | — | ||
| Q4 24 | $0.05 | — | ||
| Q3 24 | $-0.31 | — | ||
| Q2 24 | $1.07 | — | ||
| Q1 24 | $1.57 | — |
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 | $156.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-282.1M | $722.9M |
| Total Assets | $1.5B | $915.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.3M | — | ||
| Q3 25 | $48.6M | $156.2M | ||
| Q2 25 | $144.6M | $156.2M | ||
| Q1 25 | $96.5M | $156.2M | ||
| Q4 24 | $107.8M | — | ||
| Q3 24 | $52.3M | $187.6M | ||
| Q2 24 | $89.1M | $187.6M | ||
| Q1 24 | $40.0M | $187.6M |
| Q4 25 | $-282.1M | — | ||
| Q3 25 | $-294.2M | $722.9M | ||
| Q2 25 | $-281.4M | $722.9M | ||
| Q1 25 | $-283.4M | $722.9M | ||
| Q4 24 | $-273.1M | — | ||
| Q3 24 | $-277.5M | $718.1M | ||
| Q2 24 | $-266.3M | $718.1M | ||
| Q1 24 | $-294.0M | $718.1M |
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | $915.5M | ||
| Q2 25 | $1.5B | $915.5M | ||
| Q1 25 | $1.5B | $915.5M | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | $1.1B | ||
| Q2 24 | $1.3B | $1.1B | ||
| Q1 24 | $1.4B | $1.1B |
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 | $2.6M |
| Free Cash FlowOCF − Capex | $31.6M | $-2.9M |
| FCF MarginFCF / Revenue | 7.8% | -0.8% |
| Capex IntensityCapex / Revenue | 0.2% | 1.5% |
| Cash ConversionOCF / Net Profit | 3.94× | 0.34× |
| TTM Free Cash FlowTrailing 4 quarters | $-480.0K | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $32.4M | — | ||
| Q3 25 | $-85.0M | $2.6M | ||
| Q2 25 | $49.7M | — | ||
| Q1 25 | $6.3M | — | ||
| Q4 24 | $61.8M | — | ||
| Q3 24 | $-26.2M | $105.2M | ||
| Q2 24 | $108.4M | — | ||
| Q1 24 | $4.0M | $17.8M |
| Q4 25 | $31.6M | — | ||
| Q3 25 | $-85.3M | $-2.9M | ||
| Q2 25 | $49.4M | — | ||
| Q1 25 | $3.9M | — | ||
| Q4 24 | $61.2M | — | ||
| Q3 24 | $-26.5M | $104.7M | ||
| Q2 24 | $108.0M | — | ||
| Q1 24 | $3.9M | $17.6M |
| Q4 25 | 7.8% | — | ||
| Q3 25 | -216.3% | -0.8% | ||
| Q2 25 | 24.2% | — | ||
| Q1 25 | 0.9% | — | ||
| Q4 24 | 17.1% | — | ||
| Q3 24 | -49.7% | 20.6% | ||
| Q2 24 | 47.5% | — | ||
| Q1 24 | 0.9% | 12.2% |
| Q4 25 | 0.2% | — | ||
| Q3 25 | 0.9% | 1.5% | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 0.6% | — | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | 0.7% | 0.1% | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 0.0% | 0.1% |
| Q4 25 | 3.94× | — | ||
| Q3 25 | — | 0.34× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 55.61× | — | ||
| Q3 24 | — | 1.35× | ||
| Q2 24 | 4.25× | — | ||
| Q1 24 | 0.11× | 0.75× |
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% |
PERI
| Advertising Solutions | $231.4M | 63% |
| Search Advertising | $137.3M | 37% |
