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Side-by-side financial comparison of Madison Square Garden Sports Corp. (MSGS) and Perella Weinberg Partners (PWP). 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 $219.2M, roughly 1.8× Perella Weinberg Partners). Perella Weinberg Partners runs the higher net margin — 6.3% vs 2.0%, a 4.3% gap on every dollar of revenue. On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs -2.9%). Madison Square Garden Sports Corp. produced more free cash flow last quarter ($31.6M vs $30.5M). Over the past eight quarters, Perella Weinberg Partners's revenue compounded faster (46.5% 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 PWP — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $403.4M | $219.2M |
| Net Profit | $8.2M | $13.8M |
| Gross Margin | — | — |
| Operating Margin | 5.5% | 8.5% |
| Net Margin | 2.0% | 6.3% |
| Revenue YoY | 12.8% | -2.9% |
| Net Profit YoY | 641.9% | — |
| EPS (diluted) | $0.34 | $0.11 |
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 | $219.2M | ||
| Q3 25 | $39.5M | $164.6M | ||
| Q2 25 | $204.0M | $155.3M | ||
| Q1 25 | $424.2M | $211.8M | ||
| Q4 24 | $357.8M | $225.7M | ||
| Q3 24 | $53.3M | $278.2M | ||
| Q2 24 | $227.3M | $272.0M | ||
| Q1 24 | $430.0M | $102.1M |
| Q4 25 | $8.2M | $13.8M | ||
| Q3 25 | $-8.8M | $6.0M | ||
| Q2 25 | $-1.8M | $2.7M | ||
| Q1 25 | $-14.2M | $17.3M | ||
| Q4 24 | $1.1M | — | ||
| Q3 24 | $-7.5M | $16.4M | ||
| Q2 24 | $25.5M | $-66.0M | ||
| Q1 24 | $37.9M | $-35.8M |
| Q4 25 | 5.5% | 8.5% | ||
| Q3 25 | -69.5% | 5.4% | ||
| Q2 25 | -11.1% | 5.8% | ||
| Q1 25 | 7.6% | 5.5% | ||
| Q4 24 | 3.7% | — | ||
| Q3 24 | -15.5% | 12.9% | ||
| Q2 24 | 23.0% | -30.2% | ||
| Q1 24 | 18.5% | -52.4% |
| Q4 25 | 2.0% | 6.3% | ||
| Q3 25 | -22.3% | 3.6% | ||
| Q2 25 | -0.9% | 1.8% | ||
| Q1 25 | -3.4% | 8.2% | ||
| Q4 24 | 0.3% | — | ||
| Q3 24 | -14.1% | 5.9% | ||
| Q2 24 | 11.2% | -24.3% | ||
| Q1 24 | 8.8% | -35.1% |
| Q4 25 | $0.34 | $0.11 | ||
| Q3 25 | $-0.37 | $0.08 | ||
| Q2 25 | $-0.08 | $0.04 | ||
| Q1 25 | $-0.59 | $0.24 | ||
| Q4 24 | $0.05 | — | ||
| Q3 24 | $-0.31 | $0.24 | ||
| Q2 24 | $1.07 | $-1.21 | ||
| Q1 24 | $1.57 | $-0.91 |
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 | $255.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-282.1M | $-127.4M |
| Total Assets | $1.5B | $797.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.3M | $255.9M | ||
| Q3 25 | $48.6M | $185.5M | ||
| Q2 25 | $144.6M | $145.0M | ||
| Q1 25 | $96.5M | $111.2M | ||
| Q4 24 | $107.8M | $407.4M | ||
| Q3 24 | $52.3M | $335.1M | ||
| Q2 24 | $89.1M | $185.3M | ||
| Q1 24 | $40.0M | $156.7M |
| Q4 25 | $-282.1M | $-127.4M | ||
| Q3 25 | $-294.2M | $-302.4M | ||
| Q2 25 | $-281.4M | $-318.4M | ||
| Q1 25 | $-283.4M | $-323.1M | ||
| Q4 24 | $-273.1M | $-421.4M | ||
| Q3 24 | $-277.5M | $-360.8M | ||
| Q2 24 | $-266.3M | $-283.0M | ||
| Q1 24 | $-294.0M | $161.9M |
| Q4 25 | $1.5B | $797.6M | ||
| Q3 25 | $1.5B | $650.2M | ||
| Q2 25 | $1.5B | $606.7M | ||
| Q1 25 | $1.5B | $570.5M | ||
| Q4 24 | $1.4B | $876.8M | ||
| Q3 24 | $1.4B | $810.9M | ||
| Q2 24 | $1.3B | $645.5M | ||
| Q1 24 | $1.4B | $583.6M |
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 | $34.8M |
| Free Cash FlowOCF − Capex | $31.6M | $30.5M |
| FCF MarginFCF / Revenue | 7.8% | 13.9% |
| Capex IntensityCapex / Revenue | 0.2% | 2.0% |
| Cash ConversionOCF / Net Profit | 3.94× | 2.52× |
| TTM Free Cash FlowTrailing 4 quarters | $-480.0K | $-34.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $32.4M | $34.8M | ||
| Q3 25 | $-85.0M | $59.2M | ||
| Q2 25 | $49.7M | $56.1M | ||
| Q1 25 | $6.3M | $-176.5M | ||
| Q4 24 | $61.8M | $223.4M | ||
| Q3 24 | $-26.2M | $200.3M | ||
| Q2 24 | $108.4M | $90.0M | ||
| Q1 24 | $4.0M | $-206.3M |
| Q4 25 | $31.6M | $30.5M | ||
| Q3 25 | $-85.3M | $57.6M | ||
| Q2 25 | $49.4M | $55.3M | ||
| Q1 25 | $3.9M | $-177.6M | ||
| Q4 24 | $61.2M | $207.0M | ||
| Q3 24 | $-26.5M | $199.3M | ||
| Q2 24 | $108.0M | $83.7M | ||
| Q1 24 | $3.9M | $-214.8M |
| Q4 25 | 7.8% | 13.9% | ||
| Q3 25 | -216.3% | 35.0% | ||
| Q2 25 | 24.2% | 35.6% | ||
| Q1 25 | 0.9% | -83.8% | ||
| Q4 24 | 17.1% | 91.7% | ||
| Q3 24 | -49.7% | 71.6% | ||
| Q2 24 | 47.5% | 30.8% | ||
| Q1 24 | 0.9% | -210.3% |
| Q4 25 | 0.2% | 2.0% | ||
| Q3 25 | 0.9% | 0.9% | ||
| Q2 25 | 0.2% | 0.5% | ||
| Q1 25 | 0.6% | 0.5% | ||
| Q4 24 | 0.1% | 7.3% | ||
| Q3 24 | 0.7% | 0.4% | ||
| Q2 24 | 0.2% | 2.3% | ||
| Q1 24 | 0.0% | 8.3% |
| Q4 25 | 3.94× | 2.52× | ||
| Q3 25 | — | 9.85× | ||
| Q2 25 | — | 20.50× | ||
| Q1 25 | — | -10.18× | ||
| Q4 24 | 55.61× | — | ||
| Q3 24 | — | 12.23× | ||
| 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% |
PWP
Segment breakdown not available.
