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Side-by-side financial comparison of Madison Square Garden Sports Corp. (MSGS) and PJT Partners Inc. (PJT). Click either name above to swap in a different company.
PJT Partners Inc. is the larger business by last-quarter revenue ($531.4M vs $403.4M, roughly 1.3× Madison Square Garden Sports Corp.). PJT Partners Inc. runs the higher net margin — 10.0% vs 2.0%, a 8.0% gap on every dollar of revenue. On growth, PJT Partners Inc. posted the faster year-over-year revenue change (12.9% vs 12.8%). PJT Partners Inc. produced more free cash flow last quarter ($138.6M vs $31.6M). Over the past eight quarters, PJT Partners Inc.'s revenue compounded faster (27.5% CAGR vs -3.1%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
PJT Partners, Inc. is a global advisory-focused investment bank, founded in October 2015 as part of The Blackstone Group's spin-off of its financial and strategic advisory services businesses.
MSGS vs PJT — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $403.4M | $531.4M |
| Net Profit | $8.2M | $53.4M |
| Gross Margin | — | — |
| Operating Margin | 5.5% | 23.1% |
| Net Margin | 2.0% | 10.0% |
| Revenue YoY | 12.8% | 12.9% |
| Net Profit YoY | 641.9% | 4.0% |
| 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 | $531.4M | ||
| Q3 25 | $39.5M | $442.3M | ||
| Q2 25 | $204.0M | $401.1M | ||
| Q1 25 | $424.2M | $321.9M | ||
| Q4 24 | $357.8M | $470.5M | ||
| Q3 24 | $53.3M | $320.3M | ||
| Q2 24 | $227.3M | $358.1M | ||
| Q1 24 | $430.0M | $327.1M |
| Q4 25 | $8.2M | $53.4M | ||
| Q3 25 | $-8.8M | $39.8M | ||
| Q2 25 | $-1.8M | $32.9M | ||
| Q1 25 | $-14.2M | $54.0M | ||
| Q4 24 | $1.1M | $51.3M | ||
| Q3 24 | $-7.5M | $22.1M | ||
| Q2 24 | $25.5M | $28.3M | ||
| Q1 24 | $37.9M | $32.6M |
| Q4 25 | 5.5% | 23.1% | ||
| Q3 25 | -69.5% | 20.6% | ||
| Q2 25 | -11.1% | 19.1% | ||
| Q1 25 | 7.6% | 16.3% | ||
| Q4 24 | 3.7% | 21.9% | ||
| Q3 24 | -15.5% | 15.4% | ||
| Q2 24 | 23.0% | 18.0% | ||
| Q1 24 | 18.5% | 16.5% |
| Q4 25 | 2.0% | 10.0% | ||
| Q3 25 | -22.3% | 9.0% | ||
| Q2 25 | -0.9% | 8.2% | ||
| Q1 25 | -3.4% | 16.8% | ||
| Q4 24 | 0.3% | 10.9% | ||
| Q3 24 | -14.1% | 6.9% | ||
| Q2 24 | 11.2% | 7.9% | ||
| Q1 24 | 8.8% | 10.0% |
| 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 | $538.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-282.1M | $308.2M |
| Total Assets | $1.5B | $1.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.3M | $538.9M | ||
| Q3 25 | $48.6M | $400.5M | ||
| Q2 25 | $144.6M | $214.6M | ||
| Q1 25 | $96.5M | $194.3M | ||
| Q4 24 | $107.8M | $483.9M | ||
| Q3 24 | $52.3M | $148.8M | ||
| Q2 24 | $89.1M | $164.2M | ||
| Q1 24 | $40.0M | $215.5M |
| Q4 25 | $-282.1M | $308.2M | ||
| Q3 25 | $-294.2M | $228.6M | ||
| Q2 25 | $-281.4M | $167.4M | ||
| Q1 25 | $-283.4M | $148.8M | ||
| Q4 24 | $-273.1M | $187.0M | ||
| Q3 24 | $-277.5M | $159.1M | ||
| Q2 24 | $-266.3M | $133.8M | ||
| Q1 24 | $-294.0M | $174.6M |
| Q4 25 | $1.5B | $1.8B | ||
| Q3 25 | $1.5B | $1.7B | ||
| Q2 25 | $1.5B | $1.5B | ||
| Q1 25 | $1.5B | $1.4B | ||
| Q4 24 | $1.4B | $1.6B | ||
| Q3 24 | $1.4B | $1.6B | ||
| Q2 24 | $1.3B | $1.4B | ||
| Q1 24 | $1.4B | $1.3B |
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 | $155.7M |
| Free Cash FlowOCF − Capex | $31.6M | $138.6M |
| FCF MarginFCF / Revenue | 7.8% | 26.1% |
| Capex IntensityCapex / Revenue | 0.2% | 3.2% |
| Cash ConversionOCF / Net Profit | 3.94× | 2.92× |
| TTM Free Cash FlowTrailing 4 quarters | $-480.0K | $480.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $32.4M | $155.7M | ||
| Q3 25 | $-85.0M | $256.1M | ||
| Q2 25 | $49.7M | $190.4M | ||
| Q1 25 | $6.3M | $-75.9M | ||
| Q4 24 | $61.8M | $195.7M | ||
| Q3 24 | $-26.2M | $180.5M | ||
| Q2 24 | $108.4M | $193.6M | ||
| Q1 24 | $4.0M | $-38.8M |
| Q4 25 | $31.6M | $138.6M | ||
| Q3 25 | $-85.3M | $240.9M | ||
| Q2 25 | $49.4M | $178.9M | ||
| Q1 25 | $3.9M | $-77.9M | ||
| Q4 24 | $61.2M | $195.3M | ||
| Q3 24 | $-26.5M | $178.5M | ||
| Q2 24 | $108.0M | $193.0M | ||
| Q1 24 | $3.9M | $-39.2M |
| Q4 25 | 7.8% | 26.1% | ||
| Q3 25 | -216.3% | 54.5% | ||
| Q2 25 | 24.2% | 44.6% | ||
| Q1 25 | 0.9% | -24.2% | ||
| Q4 24 | 17.1% | 41.5% | ||
| Q3 24 | -49.7% | 55.7% | ||
| Q2 24 | 47.5% | 53.9% | ||
| Q1 24 | 0.9% | -12.0% |
| Q4 25 | 0.2% | 3.2% | ||
| Q3 25 | 0.9% | 3.4% | ||
| Q2 25 | 0.2% | 2.9% | ||
| Q1 25 | 0.6% | 0.6% | ||
| Q4 24 | 0.1% | 0.1% | ||
| Q3 24 | 0.7% | 0.6% | ||
| Q2 24 | 0.2% | 0.1% | ||
| Q1 24 | 0.0% | 0.1% |
| Q4 25 | 3.94× | 2.92× | ||
| Q3 25 | — | 6.43× | ||
| Q2 25 | — | 5.79× | ||
| Q1 25 | — | -1.41× | ||
| Q4 24 | 55.61× | 3.81× | ||
| Q3 24 | — | 8.15× | ||
| Q2 24 | 4.25× | 6.84× | ||
| Q1 24 | 0.11× | -1.19× |
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% |
PJT
Segment breakdown not available.
