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Side-by-side financial comparison of Madison Square Garden Sports Corp. (MSGS) and Skyward Specialty Insurance Group, Inc. (SKWD). 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 $385.6M, roughly 1.0× Skyward Specialty Insurance Group, Inc.). Skyward Specialty Insurance Group, Inc. runs the higher net margin — 11.2% vs 2.0%, a 9.2% gap on every dollar of revenue. On growth, Skyward Specialty Insurance Group, Inc. posted the faster year-over-year revenue change (26.7% vs 12.8%). Skyward Specialty Insurance Group, Inc. produced more free cash flow last quarter ($402.6M vs $31.6M). Over the past eight quarters, Skyward Specialty Insurance Group, Inc.'s revenue compounded faster (20.6% CAGR vs -3.1%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
Skyward Specialty Insurance Group, Inc. is a specialty property and casualty insurance provider offering tailored coverage solutions including commercial auto, general liability, professional indemnity, and specialty property policies. It primarily serves small-to-medium enterprises and niche industry segments across the United States, focusing on underwriting complex, hard-to-place risks for underserved client groups.
MSGS vs SKWD — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $403.4M | $385.6M |
| Net Profit | $8.2M | $43.2M |
| Gross Margin | — | — |
| Operating Margin | 5.5% | 14.2% |
| Net Margin | 2.0% | 11.2% |
| Revenue YoY | 12.8% | 26.7% |
| Net Profit YoY | 641.9% | 200.1% |
| EPS (diluted) | $0.34 | $1.03 |
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 | $385.6M | ||
| Q3 25 | $39.5M | $382.5M | ||
| Q2 25 | $204.0M | $319.9M | ||
| Q1 25 | $424.2M | $328.5M | ||
| Q4 24 | $357.8M | $304.4M | ||
| Q3 24 | $53.3M | $300.9M | ||
| Q2 24 | $227.3M | $279.9M | ||
| Q1 24 | $430.0M | $265.0M |
| Q4 25 | $8.2M | $43.2M | ||
| Q3 25 | $-8.8M | $45.9M | ||
| Q2 25 | $-1.8M | $38.8M | ||
| Q1 25 | $-14.2M | $42.1M | ||
| Q4 24 | $1.1M | $14.4M | ||
| Q3 24 | $-7.5M | $36.7M | ||
| Q2 24 | $25.5M | $31.0M | ||
| Q1 24 | $37.9M | $36.8M |
| Q4 25 | 5.5% | 14.2% | ||
| Q3 25 | -69.5% | 15.8% | ||
| Q2 25 | -11.1% | 15.6% | ||
| Q1 25 | 7.6% | 15.7% | ||
| Q4 24 | 3.7% | 6.1% | ||
| Q3 24 | -15.5% | 15.6% | ||
| Q2 24 | 23.0% | 14.4% | ||
| Q1 24 | 18.5% | 17.7% |
| Q4 25 | 2.0% | 11.2% | ||
| Q3 25 | -22.3% | 12.0% | ||
| Q2 25 | -0.9% | 12.1% | ||
| Q1 25 | -3.4% | 12.8% | ||
| Q4 24 | 0.3% | 4.7% | ||
| Q3 24 | -14.1% | 12.2% | ||
| Q2 24 | 11.2% | 11.1% | ||
| Q1 24 | 8.8% | 13.9% |
| Q4 25 | $0.34 | $1.03 | ||
| Q3 25 | $-0.37 | $1.10 | ||
| Q2 25 | $-0.08 | $0.93 | ||
| Q1 25 | $-0.59 | $1.01 | ||
| Q4 24 | $0.05 | $0.33 | ||
| Q3 24 | $-0.31 | $0.89 | ||
| Q2 24 | $1.07 | $0.75 | ||
| Q1 24 | $1.57 | $0.90 |
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 | $168.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-282.1M | $1.0B |
| Total Assets | $1.5B | $4.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.3M | $168.5M | ||
| Q3 25 | $48.6M | $160.1M | ||
| Q2 25 | $144.6M | $136.6M | ||
| Q1 25 | $96.5M | $112.9M | ||
| Q4 24 | $107.8M | $121.6M | ||
| Q3 24 | $52.3M | $105.6M | ||
| Q2 24 | $89.1M | $73.0M | ||
| Q1 24 | $40.0M | $85.1M |
| Q4 25 | $-282.1M | $1.0B | ||
| Q3 25 | $-294.2M | $961.4M | ||
| Q2 25 | $-281.4M | $899.9M | ||
| Q1 25 | $-283.4M | $850.7M | ||
| Q4 24 | $-273.1M | $794.0M | ||
| Q3 24 | $-277.5M | $797.5M | ||
| Q2 24 | $-266.3M | $723.6M | ||
| Q1 24 | $-294.0M | $692.3M |
| Q4 25 | $1.5B | $4.8B | ||
| Q3 25 | $1.5B | $4.6B | ||
| Q2 25 | $1.5B | $4.3B | ||
| Q1 25 | $1.5B | $4.0B | ||
| Q4 24 | $1.4B | $3.7B | ||
| Q3 24 | $1.4B | $3.6B | ||
| Q2 24 | $1.3B | $3.4B | ||
| Q1 24 | $1.4B | $3.2B |
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 | $408.1M |
| Free Cash FlowOCF − Capex | $31.6M | $402.6M |
| FCF MarginFCF / Revenue | 7.8% | 104.4% |
| Capex IntensityCapex / Revenue | 0.2% | 1.4% |
| Cash ConversionOCF / Net Profit | 3.94× | 9.44× |
| TTM Free Cash FlowTrailing 4 quarters | $-480.0K | $755.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $32.4M | $408.1M | ||
| Q3 25 | $-85.0M | $171.4M | ||
| Q2 25 | $49.7M | $88.2M | ||
| Q1 25 | $6.3M | $96.8M | ||
| Q4 24 | $61.8M | $305.1M | ||
| Q3 24 | $-26.2M | $168.0M | ||
| Q2 24 | $108.4M | $21.0M | ||
| Q1 24 | $4.0M | $94.3M |
| Q4 25 | $31.6M | $402.6M | ||
| Q3 25 | $-85.3M | $168.9M | ||
| Q2 25 | $49.4M | $87.1M | ||
| Q1 25 | $3.9M | $96.6M | ||
| Q4 24 | $61.2M | $300.9M | ||
| Q3 24 | $-26.5M | $167.6M | ||
| Q2 24 | $108.0M | $18.4M | ||
| Q1 24 | $3.9M | $94.0M |
| Q4 25 | 7.8% | 104.4% | ||
| Q3 25 | -216.3% | 44.2% | ||
| Q2 25 | 24.2% | 27.2% | ||
| Q1 25 | 0.9% | 29.4% | ||
| Q4 24 | 17.1% | 98.8% | ||
| Q3 24 | -49.7% | 55.7% | ||
| Q2 24 | 47.5% | 6.6% | ||
| Q1 24 | 0.9% | 35.5% |
| Q4 25 | 0.2% | 1.4% | ||
| Q3 25 | 0.9% | 0.6% | ||
| Q2 25 | 0.2% | 0.3% | ||
| Q1 25 | 0.6% | 0.1% | ||
| Q4 24 | 0.1% | 1.4% | ||
| Q3 24 | 0.7% | 0.1% | ||
| Q2 24 | 0.2% | 0.9% | ||
| Q1 24 | 0.0% | 0.1% |
| Q4 25 | 3.94× | 9.44× | ||
| Q3 25 | — | 3.73× | ||
| Q2 25 | — | 2.27× | ||
| Q1 25 | — | 2.30× | ||
| Q4 24 | 55.61× | 21.18× | ||
| Q3 24 | — | 4.58× | ||
| Q2 24 | 4.25× | 0.68× | ||
| Q1 24 | 0.11× | 2.56× |
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% |
SKWD
Segment breakdown not available.
