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Side-by-side financial comparison of Madison Square Garden Sports Corp. (MSGS) and RideNow Group, Inc. (RDNW). 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 $256.9M, roughly 1.6× RideNow Group, Inc.). Madison Square Garden Sports Corp. runs the higher net margin — 2.0% vs -2.5%, a 4.5% gap on every dollar of revenue. On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs -4.7%). Madison Square Garden Sports Corp. produced more free cash flow last quarter ($31.6M vs $-200.0K). Over the past eight quarters, Madison Square Garden Sports Corp.'s revenue compounded faster (-3.1% CAGR vs -8.6%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
RideNow Group, Inc. is a leading U.S. retailer of new and used powersports vehicles, including motorcycles, all-terrain vehicles, side-by-sides, personal watercraft, and snowmobiles. It also offers related parts, repair services, and financing options for powersports enthusiasts across over 20 U.S. states.
MSGS vs RDNW — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $403.4M | $256.9M |
| Net Profit | $8.2M | $-6.4M |
| Gross Margin | — | 27.6% |
| Operating Margin | 5.5% | 2.1% |
| Net Margin | 2.0% | -2.5% |
| Revenue YoY | 12.8% | -4.7% |
| Net Profit YoY | 641.9% | 88.7% |
| EPS (diluted) | $0.34 | $-0.16 |
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 | $256.9M | ||
| Q3 25 | $39.5M | $281.0M | ||
| Q2 25 | $204.0M | $299.9M | ||
| Q1 25 | $424.2M | $244.7M | ||
| Q4 24 | $357.8M | $269.6M | ||
| Q3 24 | $53.3M | $295.0M | ||
| Q2 24 | $227.3M | $336.8M | ||
| Q1 24 | $430.0M | $307.8M |
| Q4 25 | $8.2M | $-6.4M | ||
| Q3 25 | $-8.8M | $-4.1M | ||
| Q2 25 | $-1.8M | $-32.2M | ||
| Q1 25 | $-14.2M | $-9.7M | ||
| Q4 24 | $1.1M | $-56.4M | ||
| Q3 24 | $-7.5M | $-11.2M | ||
| Q2 24 | $25.5M | $-700.0K | ||
| Q1 24 | $37.9M | $-10.3M |
| Q4 25 | — | 27.6% | ||
| Q3 25 | — | 27.0% | ||
| Q2 25 | — | 28.0% | ||
| Q1 25 | — | 27.5% | ||
| Q4 24 | — | 25.0% | ||
| Q3 24 | — | 25.2% | ||
| Q2 24 | — | 26.7% | ||
| Q1 24 | — | 26.8% |
| Q4 25 | 5.5% | 2.1% | ||
| Q3 25 | -69.5% | 3.3% | ||
| Q2 25 | -11.1% | -6.3% | ||
| Q1 25 | 7.6% | 1.6% | ||
| Q4 24 | 3.7% | -15.2% | ||
| Q3 24 | -15.5% | 1.8% | ||
| Q2 24 | 23.0% | 4.6% | ||
| Q1 24 | 18.5% | 1.7% |
| Q4 25 | 2.0% | -2.5% | ||
| Q3 25 | -22.3% | -1.5% | ||
| Q2 25 | -0.9% | -10.7% | ||
| Q1 25 | -3.4% | -4.0% | ||
| Q4 24 | 0.3% | -20.9% | ||
| Q3 24 | -14.1% | -3.8% | ||
| Q2 24 | 11.2% | -0.2% | ||
| Q1 24 | 8.8% | -3.3% |
| Q4 25 | $0.34 | $-0.16 | ||
| Q3 25 | $-0.37 | $-0.11 | ||
| Q2 25 | $-0.08 | $-0.85 | ||
| Q1 25 | $-0.59 | $-0.26 | ||
| Q4 24 | $0.05 | $-1.59 | ||
| Q3 24 | $-0.31 | $-0.32 | ||
| Q2 24 | $1.07 | $-0.02 | ||
| Q1 24 | $1.57 | $-0.29 |
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 | $29.5M |
| Total DebtLower is stronger | — | $218.8M |
| Stockholders' EquityBook value | $-282.1M | $-12.5M |
| Total Assets | $1.5B | $673.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.3M | $29.5M | ||
| Q3 25 | $48.6M | $35.4M | ||
| Q2 25 | $144.6M | $44.7M | ||
| Q1 25 | $96.5M | $41.1M | ||
| Q4 24 | $107.8M | $85.3M | ||
| Q3 24 | $52.3M | $50.1M | ||
| Q2 24 | $89.1M | $58.1M | ||
| Q1 24 | $40.0M | $50.3M |
| Q4 25 | — | $218.8M | ||
| Q3 25 | — | $207.5M | ||
| Q2 25 | — | $218.4M | ||
| Q1 25 | — | $215.5M | ||
| Q4 24 | — | $267.4M | ||
| Q3 24 | — | $249.0M | ||
| Q2 24 | — | $247.7M | ||
| Q1 24 | — | $245.2M |
| Q4 25 | $-282.1M | $-12.5M | ||
| Q3 25 | $-294.2M | $-6.9M | ||
| Q2 25 | $-281.4M | $-4.7M | ||
| Q1 25 | $-283.4M | $26.9M | ||
| Q4 24 | $-273.1M | $36.7M | ||
| Q3 24 | $-277.5M | $83.3M | ||
| Q2 24 | $-266.3M | $93.4M | ||
| Q1 24 | $-294.0M | $92.7M |
| Q4 25 | $1.5B | $673.6M | ||
| Q3 25 | $1.5B | $699.4M | ||
| Q2 25 | $1.5B | $712.3M | ||
| Q1 25 | $1.5B | $738.9M | ||
| Q4 24 | $1.4B | $755.2M | ||
| Q3 24 | $1.4B | $830.5M | ||
| Q2 24 | $1.3B | $896.0M | ||
| Q1 24 | $1.4B | $898.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 8.01× | ||
| Q4 24 | — | 7.29× | ||
| Q3 24 | — | 2.99× | ||
| Q2 24 | — | 2.65× | ||
| Q1 24 | — | 2.65× |
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 | $400.0K |
| Free Cash FlowOCF − Capex | $31.6M | $-200.0K |
| FCF MarginFCF / Revenue | 7.8% | -0.1% |
| Capex IntensityCapex / Revenue | 0.2% | 0.2% |
| Cash ConversionOCF / Net Profit | 3.94× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-480.0K | $10.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $32.4M | $400.0K | ||
| Q3 25 | $-85.0M | $11.5M | ||
| Q2 25 | $49.7M | $10.9M | ||
| Q1 25 | $6.3M | $-6.9M | ||
| Q4 24 | $61.8M | $30.8M | ||
| Q3 24 | $-26.2M | $39.4M | ||
| Q2 24 | $108.4M | $12.2M | ||
| Q1 24 | $4.0M | $17.0M |
| Q4 25 | $31.6M | $-200.0K | ||
| Q3 25 | $-85.3M | $9.4M | ||
| Q2 25 | $49.4M | $8.5M | ||
| Q1 25 | $3.9M | $-7.4M | ||
| Q4 24 | $61.2M | $30.4M | ||
| Q3 24 | $-26.5M | $38.8M | ||
| Q2 24 | $108.0M | $11.8M | ||
| Q1 24 | $3.9M | $16.4M |
| Q4 25 | 7.8% | -0.1% | ||
| Q3 25 | -216.3% | 3.3% | ||
| Q2 25 | 24.2% | 2.8% | ||
| Q1 25 | 0.9% | -3.0% | ||
| Q4 24 | 17.1% | 11.3% | ||
| Q3 24 | -49.7% | 13.2% | ||
| Q2 24 | 47.5% | 3.5% | ||
| Q1 24 | 0.9% | 5.3% |
| Q4 25 | 0.2% | 0.2% | ||
| Q3 25 | 0.9% | 0.7% | ||
| Q2 25 | 0.2% | 0.8% | ||
| Q1 25 | 0.6% | 0.2% | ||
| Q4 24 | 0.1% | 0.1% | ||
| Q3 24 | 0.7% | 0.2% | ||
| Q2 24 | 0.2% | 0.1% | ||
| Q1 24 | 0.0% | 0.2% |
| Q4 25 | 3.94× | — | ||
| 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% |
RDNW
| Powersports New Vehicles | $133.5M | 52% |
| Parts And Other Revenue | $48.5M | 19% |
| Powersports Pre Owned Vehicles | $45.8M | 18% |
| Finance And Insurance | $24.1M | 9% |
| Vehicle Transportation Services Segment | $800.0K | 0% |
