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Side-by-side financial comparison of Madison Square Garden Sports Corp. (MSGS) and TIDEWATER INC (TDW). 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 $336.8M, roughly 1.2× TIDEWATER INC). TIDEWATER INC runs the higher net margin — 65.3% vs 2.0%, a 63.2% gap on every dollar of revenue. On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs -2.4%). TIDEWATER INC produced more free cash flow last quarter ($147.8M vs $31.6M). Over the past eight quarters, TIDEWATER INC's revenue compounded faster (2.4% CAGR vs -3.1%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
Tidewater, Inc. is a publicly traded international petroleum service company headquartered in Houston, Texas, U.S. It operates a fleet of ships, primarily providing vessels and marine services to the offshore petroleum and offshore wind industries.
MSGS vs TDW — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $403.4M | $336.8M |
| Net Profit | $8.2M | $219.9M |
| Gross Margin | — | — |
| Operating Margin | 5.5% | 19.0% |
| Net Margin | 2.0% | 65.3% |
| Revenue YoY | 12.8% | -2.4% |
| Net Profit YoY | 641.9% | 495.8% |
| EPS (diluted) | $0.34 | $4.37 |
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 | $336.8M | ||
| Q3 25 | $39.5M | $341.1M | ||
| Q2 25 | $204.0M | $341.4M | ||
| Q1 25 | $424.2M | $333.4M | ||
| Q4 24 | $357.8M | $345.1M | ||
| Q3 24 | $53.3M | $340.4M | ||
| Q2 24 | $227.3M | $339.2M | ||
| Q1 24 | $430.0M | $321.2M |
| Q4 25 | $8.2M | $219.9M | ||
| Q3 25 | $-8.8M | $-806.0K | ||
| Q2 25 | $-1.8M | $72.9M | ||
| Q1 25 | $-14.2M | $42.7M | ||
| Q4 24 | $1.1M | $36.9M | ||
| Q3 24 | $-7.5M | $46.4M | ||
| Q2 24 | $25.5M | $50.4M | ||
| Q1 24 | $37.9M | $47.0M |
| Q4 25 | 5.5% | 19.0% | ||
| Q3 25 | -69.5% | 18.4% | ||
| Q2 25 | -11.1% | 23.7% | ||
| Q1 25 | 7.6% | 22.5% | ||
| Q4 24 | 3.7% | 23.6% | ||
| Q3 24 | -15.5% | 20.6% | ||
| Q2 24 | 23.0% | 23.0% | ||
| Q1 24 | 18.5% | 25.5% |
| Q4 25 | 2.0% | 65.3% | ||
| Q3 25 | -22.3% | -0.2% | ||
| Q2 25 | -0.9% | 21.4% | ||
| Q1 25 | -3.4% | 12.8% | ||
| Q4 24 | 0.3% | 10.7% | ||
| Q3 24 | -14.1% | 13.6% | ||
| Q2 24 | 11.2% | 14.8% | ||
| Q1 24 | 8.8% | 14.6% |
| Q4 25 | $0.34 | $4.37 | ||
| Q3 25 | $-0.37 | $-0.02 | ||
| Q2 25 | $-0.08 | $1.46 | ||
| Q1 25 | $-0.59 | $0.83 | ||
| Q4 24 | $0.05 | $0.70 | ||
| Q3 24 | $-0.31 | $0.87 | ||
| Q2 24 | $1.07 | $0.94 | ||
| Q1 24 | $1.57 | $0.89 |
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 | $578.8M |
| Total DebtLower is stronger | — | $670.1M |
| Stockholders' EquityBook value | $-282.1M | $1.4B |
| Total Assets | $1.5B | $2.4B |
| Debt / EquityLower = less leverage | — | 0.49× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.3M | $578.8M | ||
| Q3 25 | $48.6M | $428.2M | ||
| Q2 25 | $144.6M | $369.4M | ||
| Q1 25 | $96.5M | $341.8M | ||
| Q4 24 | $107.8M | $324.9M | ||
| Q3 24 | $52.3M | $280.8M | ||
| Q2 24 | $89.1M | $315.9M | ||
| Q1 24 | $40.0M | $280.9M |
| Q4 25 | — | $670.1M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $647.9M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $-282.1M | $1.4B | ||
| Q3 25 | $-294.2M | $1.1B | ||
| Q2 25 | $-281.4M | $1.1B | ||
| Q1 25 | $-283.4M | $1.1B | ||
| Q4 24 | $-273.1M | $1.1B | ||
| Q3 24 | $-277.5M | $1.1B | ||
| Q2 24 | $-266.3M | $1.1B | ||
| Q1 24 | $-294.0M | $1.1B |
| Q4 25 | $1.5B | $2.4B | ||
| Q3 25 | $1.5B | $2.1B | ||
| Q2 25 | $1.5B | $2.1B | ||
| Q1 25 | $1.5B | $2.1B | ||
| Q4 24 | $1.4B | $2.1B | ||
| Q3 24 | $1.4B | $2.0B | ||
| Q2 24 | $1.3B | $2.1B | ||
| Q1 24 | $1.4B | $2.1B |
| Q4 25 | — | 0.49× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.58× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $153.0M |
| Free Cash FlowOCF − Capex | $31.6M | $147.8M |
| FCF MarginFCF / Revenue | 7.8% | 43.9% |
| Capex IntensityCapex / Revenue | 0.2% | 1.5% |
| Cash ConversionOCF / Net Profit | 3.94× | 0.70× |
| TTM Free Cash FlowTrailing 4 quarters | $-480.0K | $353.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $32.4M | $153.0M | ||
| Q3 25 | $-85.0M | $54.7M | ||
| Q2 25 | $49.7M | $85.4M | ||
| Q1 25 | $6.3M | $86.0M | ||
| Q4 24 | $61.8M | $100.0M | ||
| Q3 24 | $-26.2M | $49.0M | ||
| Q2 24 | $108.4M | $78.6M | ||
| Q1 24 | $4.0M | $54.8M |
| Q4 25 | $31.6M | $147.8M | ||
| Q3 25 | $-85.3M | $49.6M | ||
| Q2 25 | $49.4M | $80.2M | ||
| Q1 25 | $3.9M | $75.7M | ||
| Q4 24 | $61.2M | $95.5M | ||
| Q3 24 | $-26.5M | $43.3M | ||
| Q2 24 | $108.0M | $72.3M | ||
| Q1 24 | $3.9M | $43.8M |
| Q4 25 | 7.8% | 43.9% | ||
| Q3 25 | -216.3% | 14.5% | ||
| Q2 25 | 24.2% | 23.5% | ||
| Q1 25 | 0.9% | 22.7% | ||
| Q4 24 | 17.1% | 27.7% | ||
| Q3 24 | -49.7% | 12.7% | ||
| Q2 24 | 47.5% | 21.3% | ||
| Q1 24 | 0.9% | 13.6% |
| Q4 25 | 0.2% | 1.5% | ||
| Q3 25 | 0.9% | 1.5% | ||
| Q2 25 | 0.2% | 1.5% | ||
| Q1 25 | 0.6% | 3.1% | ||
| Q4 24 | 0.1% | 1.3% | ||
| Q3 24 | 0.7% | 1.7% | ||
| Q2 24 | 0.2% | 1.9% | ||
| Q1 24 | 0.0% | 3.4% |
| Q4 25 | 3.94× | 0.70× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.17× | ||
| Q1 25 | — | 2.02× | ||
| Q4 24 | 55.61× | 2.71× | ||
| Q3 24 | — | 1.06× | ||
| Q2 24 | 4.25× | 1.56× | ||
| Q1 24 | 0.11× | 1.16× |
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% |
TDW
Segment breakdown not available.
