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Side-by-side financial comparison of Madison Square Garden Sports Corp. (MSGS) and T1 Energy Inc. (TE). 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 $210.5M, roughly 1.9× T1 Energy Inc.). Madison Square Garden Sports Corp. runs the higher net margin — 2.0% vs -62.0%, a 64.1% gap on every dollar of revenue. T1 Energy Inc. produced more free cash flow last quarter ($55.0M vs $31.6M).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
Sony Energy Devices Corporation , is a Japanese multinational company specializing in a variety of areas in the energy industry, and is a wholly owned subsidiary and part of the Devices Group of Sony. The company was established in February 1975 in Fukushima, Japan.
MSGS vs TE — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $403.4M | $210.5M |
| Net Profit | $8.2M | $-130.6M |
| Gross Margin | — | 10.0% |
| Operating Margin | 5.5% | -45.0% |
| Net Margin | 2.0% | -62.0% |
| Revenue YoY | 12.8% | — |
| Net Profit YoY | 641.9% | -375.2% |
| EPS (diluted) | $0.34 | $-0.87 |
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 | — | ||
| Q3 25 | $39.5M | $210.5M | ||
| Q2 25 | $204.0M | $132.8M | ||
| Q1 25 | $424.2M | $53.5M | ||
| Q4 24 | $357.8M | — | ||
| Q3 24 | $53.3M | $0 | ||
| Q2 24 | $227.3M | $0 | ||
| Q1 24 | $430.0M | $0 |
| Q4 25 | $8.2M | — | ||
| Q3 25 | $-8.8M | $-130.6M | ||
| Q2 25 | $-1.8M | $-31.9M | ||
| Q1 25 | $-14.2M | $-16.2M | ||
| Q4 24 | $1.1M | — | ||
| Q3 24 | $-7.5M | $-27.5M | ||
| Q2 24 | $25.5M | $-27.0M | ||
| Q1 24 | $37.9M | $-28.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | 10.0% | ||
| Q2 25 | — | 24.7% | ||
| Q1 25 | — | 33.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 5.5% | — | ||
| Q3 25 | -69.5% | -45.0% | ||
| Q2 25 | -11.1% | -22.0% | ||
| Q1 25 | 7.6% | -44.2% | ||
| Q4 24 | 3.7% | — | ||
| Q3 24 | -15.5% | — | ||
| Q2 24 | 23.0% | — | ||
| Q1 24 | 18.5% | — |
| Q4 25 | 2.0% | — | ||
| Q3 25 | -22.3% | -62.0% | ||
| Q2 25 | -0.9% | -24.0% | ||
| Q1 25 | -3.4% | -30.4% | ||
| Q4 24 | 0.3% | — | ||
| Q3 24 | -14.1% | — | ||
| Q2 24 | 11.2% | — | ||
| Q1 24 | 8.8% | — |
| Q4 25 | $0.34 | — | ||
| Q3 25 | $-0.37 | $-0.87 | ||
| Q2 25 | $-0.08 | $-0.21 | ||
| Q1 25 | $-0.59 | $-0.11 | ||
| Q4 24 | $0.05 | — | ||
| Q3 24 | $-0.31 | $-0.20 | ||
| Q2 24 | $1.07 | $-0.19 | ||
| Q1 24 | $1.57 | $-0.20 |
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 | $34.1M |
| Total DebtLower is stronger | — | $547.3M |
| Stockholders' EquityBook value | $-282.1M | $96.9M |
| Total Assets | $1.5B | $1.4B |
| Debt / EquityLower = less leverage | — | 5.65× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.3M | — | ||
| Q3 25 | $48.6M | $34.1M | ||
| Q2 25 | $144.6M | $8.5M | ||
| Q1 25 | $96.5M | $48.9M | ||
| Q4 24 | $107.8M | — | ||
| Q3 24 | $52.3M | $181.9M | ||
| Q2 24 | $89.1M | $219.6M | ||
| Q1 24 | $40.0M | $249.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | $547.3M | ||
| Q2 25 | — | $591.2M | ||
| Q1 25 | — | $603.2M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $602.3M |
| Q4 25 | $-282.1M | — | ||
| Q3 25 | $-294.2M | $96.9M | ||
| Q2 25 | $-281.4M | $183.9M | ||
| Q1 25 | $-283.4M | $201.9M | ||
| Q4 24 | $-273.1M | — | ||
| Q3 24 | $-277.5M | $538.7M | ||
| Q2 24 | $-266.3M | $561.6M | ||
| Q1 24 | $-294.0M | $582.3M |
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | $1.4B | ||
| Q2 25 | $1.5B | $1.4B | ||
| Q1 25 | $1.5B | $1.4B | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | $615.0M | ||
| Q2 24 | $1.3B | $644.4M | ||
| Q1 24 | $1.4B | $670.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | 5.65× | ||
| Q2 25 | — | 3.21× | ||
| Q1 25 | — | 2.99× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.03× |
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 | $63.9M |
| Free Cash FlowOCF − Capex | $31.6M | $55.0M |
| FCF MarginFCF / Revenue | 7.8% | 26.1% |
| Capex IntensityCapex / Revenue | 0.2% | 4.2% |
| Cash ConversionOCF / Net Profit | 3.94× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-480.0K | $-42.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $32.4M | — | ||
| Q3 25 | $-85.0M | $63.9M | ||
| Q2 25 | $49.7M | $33.4M | ||
| Q1 25 | $6.3M | $-44.8M | ||
| Q4 24 | $61.8M | — | ||
| Q3 24 | $-26.2M | $-28.4M | ||
| Q2 24 | $108.4M | $-28.0M | ||
| Q1 24 | $4.0M | $-16.2M |
| Q4 25 | $31.6M | — | ||
| Q3 25 | $-85.3M | $55.0M | ||
| Q2 25 | $49.4M | $10.6M | ||
| Q1 25 | $3.9M | $-74.0M | ||
| Q4 24 | $61.2M | — | ||
| Q3 24 | $-26.5M | $-34.0M | ||
| Q2 24 | $108.0M | $-35.6M | ||
| Q1 24 | $3.9M | $-37.7M |
| Q4 25 | 7.8% | — | ||
| Q3 25 | -216.3% | 26.1% | ||
| Q2 25 | 24.2% | 8.0% | ||
| Q1 25 | 0.9% | -138.4% | ||
| Q4 24 | 17.1% | — | ||
| Q3 24 | -49.7% | — | ||
| Q2 24 | 47.5% | — | ||
| Q1 24 | 0.9% | — |
| Q4 25 | 0.2% | — | ||
| Q3 25 | 0.9% | 4.2% | ||
| Q2 25 | 0.2% | 17.2% | ||
| Q1 25 | 0.6% | 54.5% | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | 0.7% | — | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 0.0% | — |
| 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% |
TE
| Related Party | $120.1M | 57% |
| Nonrelated Party | $90.4M | 43% |
