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Side-by-side financial comparison of Madison Square Garden Sports Corp. (MSGS) and TIC Solutions, Inc. (TIC). Click either name above to swap in a different company.
TIC Solutions, Inc. is the larger business by last-quarter revenue ($508.3M vs $403.4M, roughly 1.3× Madison Square Garden Sports Corp.). Madison Square Garden Sports Corp. runs the higher net margin — 2.0% vs -9.3%, a 11.3% gap on every dollar of revenue. TIC Solutions, Inc. produced more free cash flow last quarter ($37.1M vs $31.6M).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
MSGS vs TIC — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $403.4M | $508.3M |
| Net Profit | $8.2M | $-47.2M |
| Gross Margin | — | 35.2% |
| Operating Margin | 5.5% | -3.8% |
| Net Margin | 2.0% | -9.3% |
| Revenue YoY | 12.8% | — |
| Net Profit YoY | 641.9% | — |
| EPS (diluted) | $0.34 | — |
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 | $508.3M | ||
| Q3 25 | $39.5M | $473.9M | ||
| Q2 25 | $204.0M | $313.9M | ||
| Q1 25 | $424.2M | $234.2M | ||
| Q4 24 | $357.8M | — | ||
| Q3 24 | $53.3M | — | ||
| Q2 24 | $227.3M | — | ||
| Q1 24 | $430.0M | — |
| Q4 25 | $8.2M | $-47.2M | ||
| Q3 25 | $-8.8M | $-13.9M | ||
| Q2 25 | $-1.8M | $-233.0K | ||
| Q1 25 | $-14.2M | $-25.8M | ||
| Q4 24 | $1.1M | — | ||
| Q3 24 | $-7.5M | — | ||
| Q2 24 | $25.5M | — | ||
| Q1 24 | $37.9M | — |
| Q4 25 | — | 35.2% | ||
| Q3 25 | — | 32.2% | ||
| Q2 25 | — | 23.6% | ||
| Q1 25 | — | 18.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 5.5% | -3.8% | ||
| Q3 25 | -69.5% | -1.4% | ||
| Q2 25 | -11.1% | 5.8% | ||
| Q1 25 | 7.6% | -4.0% | ||
| Q4 24 | 3.7% | — | ||
| Q3 24 | -15.5% | — | ||
| Q2 24 | 23.0% | — | ||
| Q1 24 | 18.5% | — |
| Q4 25 | 2.0% | -9.3% | ||
| Q3 25 | -22.3% | -2.9% | ||
| Q2 25 | -0.9% | -0.1% | ||
| Q1 25 | -3.4% | -11.0% | ||
| Q4 24 | 0.3% | — | ||
| Q3 24 | -14.1% | — | ||
| Q2 24 | 11.2% | — | ||
| Q1 24 | 8.8% | — |
| Q4 25 | $0.34 | — | ||
| Q3 25 | $-0.37 | $-0.08 | ||
| Q2 25 | $-0.08 | — | ||
| Q1 25 | $-0.59 | — | ||
| Q4 24 | $0.05 | — | ||
| Q3 24 | $-0.31 | — | ||
| Q2 24 | $1.07 | — | ||
| Q1 24 | $1.57 | — |
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 | $439.5M |
| Total DebtLower is stronger | — | $1.6B |
| Stockholders' EquityBook value | $-282.1M | $2.2B |
| Total Assets | $1.5B | $4.4B |
| Debt / EquityLower = less leverage | — | 0.74× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.3M | $439.5M | ||
| Q3 25 | $48.6M | $164.4M | ||
| Q2 25 | $144.6M | $130.1M | ||
| Q1 25 | $96.5M | $155.7M | ||
| Q4 24 | $107.8M | — | ||
| Q3 24 | $52.3M | — | ||
| Q2 24 | $89.1M | — | ||
| Q1 24 | $40.0M | — |
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $751.3M | ||
| Q1 25 | — | $752.4M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $-282.1M | $2.2B | ||
| Q3 25 | $-294.2M | $2.0B | ||
| Q2 25 | $-281.4M | $1.2B | ||
| Q1 25 | $-283.4M | $1.1B | ||
| Q4 24 | $-273.1M | — | ||
| Q3 24 | $-277.5M | — | ||
| Q2 24 | $-266.3M | — | ||
| Q1 24 | $-294.0M | — |
| Q4 25 | $1.5B | $4.4B | ||
| Q3 25 | $1.5B | $4.2B | ||
| Q2 25 | $1.5B | $2.2B | ||
| Q1 25 | $1.5B | $2.2B | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $1.4B | — |
| Q4 25 | — | 0.74× | ||
| Q3 25 | — | 0.83× | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | — | 0.67× | ||
| Q4 24 | — | — | ||
| 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 | $49.7M |
| Free Cash FlowOCF − Capex | $31.6M | $37.1M |
| FCF MarginFCF / Revenue | 7.8% | 7.3% |
| Capex IntensityCapex / Revenue | 0.2% | 2.5% |
| Cash ConversionOCF / Net Profit | 3.94× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-480.0K | $61.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $32.4M | $49.7M | ||
| Q3 25 | $-85.0M | $19.0M | ||
| Q2 25 | $49.7M | $-6.5M | ||
| Q1 25 | $6.3M | $32.8M | ||
| Q4 24 | $61.8M | — | ||
| Q3 24 | $-26.2M | — | ||
| Q2 24 | $108.4M | — | ||
| Q1 24 | $4.0M | — |
| Q4 25 | $31.6M | $37.1M | ||
| Q3 25 | $-85.3M | $10.3M | ||
| Q2 25 | $49.4M | $-14.5M | ||
| Q1 25 | $3.9M | $28.3M | ||
| Q4 24 | $61.2M | — | ||
| Q3 24 | $-26.5M | — | ||
| Q2 24 | $108.0M | — | ||
| Q1 24 | $3.9M | — |
| Q4 25 | 7.8% | 7.3% | ||
| Q3 25 | -216.3% | 2.2% | ||
| Q2 25 | 24.2% | -4.6% | ||
| Q1 25 | 0.9% | 12.1% | ||
| Q4 24 | 17.1% | — | ||
| Q3 24 | -49.7% | — | ||
| Q2 24 | 47.5% | — | ||
| Q1 24 | 0.9% | — |
| Q4 25 | 0.2% | 2.5% | ||
| Q3 25 | 0.9% | 1.8% | ||
| Q2 25 | 0.2% | 2.6% | ||
| Q1 25 | 0.6% | 1.9% | ||
| 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% |
TIC
| Consulting Engineering Segment | $300.1M | 59% |
| Geospatial Segment | $131.3M | 26% |
| Fixed Unit Price Contracts | $54.3M | 11% |
| Other | $22.6M | 4% |
